Getting "daily driver" insurance on my classic wagon

Expensive cars dont matter unless its something cool. I would only take a Tesla if I could resell it and then buy a wagon and pocket the leftover. People ask me if my Cobra is an original all the time lol. I say no and if I owned an original I would sell it and buy this one and pocket the money. I wouldnt want an original to drive, I couldnt do burnouts, I couldnt go up to the industrial park and do donuts on a dime. I couldnt take it anywhere because it would be too valuable, what fun is that. The fun for me would be to sell it and get something I could drive without fearing the worst. Most wagons are cooler than Teslas, they might not be as fast or worth as much but they have way more character and Teslas are everywhere now but a classic wagon is a damn time capsule that not many kids have ever seen. I drive my cars to baseball practices all the time and I coach the team, my kids dont even blink when I pull up in my vette but go ape shit when I rumble in with the cobra, why? Because not one of them has ever seen a Cobra before. A father of a player has a Maserati and not one kid has even blinked at that car, yes its very expensive but again its not cool. WAGONS ARE COOL!!!

 

So which antique and classic insurance company will write a policy for daily use?

 

@Brad : The issue for me is that Haggerty (I called them and talked to a representative) won't insure a daily driver. If you somehow did, I'd love to hear it. And if you have a recommendation for an agreed value policy company for a daily driver, that would be great info too.

@kevdupuis : Who is your insurer? What you have sounds like the secret sauce.

 

You do realize that was kind of the whole point of this thread, right?

 

Good info on the matter. However, what you said is exactly what (in my naivety on the matter) confuses me : There is no way to buy an old car that's in good condition, use it as a daily driver, and have it insured for a sane value? I feel like I should be able to insure a paper bag for $10k and someone would do it. Again though, maybe I'm living in fantasy land.

 

While the insurance company profits enter into this, the real problem is that there is no way to determine the projected cost of repairs. This makes it nearly impossible to set rates. Keep in mind that the insurance business is all about placing a price on risk. With newer cars, there is an extensive database of both accident probabilities and repair costs. Repair parts are readily available and flat rate manuals allow the insurance company to know how much a repair will cost them. THis database of risk probability and projected claim costs allows the insurers to set premiums that won't lose money and at the same time will be low enough that they will attract customers.

With limited use antique vehicle policies, the exposure to accidents and thus the risk to the insurance company is sufficiently low that they are willing to write these limited use policies. Using an antique car as a daily driver dramatically increases the chances that the car will be involved in an accident and thus a claim, but there are no longer any applicable databases on the risk of accidents or repair costs that allow the insurance company to set rates. Also, repair parts are difficult to find at best, and few shops know how to properly repair these cars. The owners also tend to be, ah, "fussy" about the quality of the repair. The result is that the small market size and high risk make this an unattractive market for insurers.

I'm sure you can get a daily driver declared value policy from a specialty insurance vendor like Lloyds of London. You just won't be able to stomach the premiums.

 

As I see it, the only way to do it the way you're doing it would be a broadform policy, but then, no value is declared by you, only the insurance company. So, no matter which way you go, it's not going to be equitable for you.

 

Again, thanks for the feedback everyone, really informative.

I've got the car, I've got 'daily driver insurance' on it (for what it's worth)... in my 27 years of driving I've never had to do a claim for an accident... let's hope the ball keeps rollin' that direction

If not, I'll call this an expensive experiment and get some boring modern thing I can get full value coverage on

But in the meantime, it comes back from the shop in a few days with all new shocks, springs, highway bars, an custom dual exhaust... so I'll enjoy it while I can