Double check that Liberty Mutual policy. What matters is how they define replacement value. In most "regular" auto insurance policies, that's defined by book value which, unless it's changed recently is pretty low for MGB's.
There are two other types of policies. One is "stated value". You don't want that either. Stated value simply says YOU are stating the value at $X and they charge your premium based on that. In a total loss, however, the insurance company has the right to give you actual value which is a value they determine - usually based on book value again.
The 3rd type is "agreed value". This is what you want. With this, you and the insurance company "agree" on the value. You pay premiums according and in the event of a total loss, that's what you get (less any deductable of course).
Most classic car insurance policies offer agreed value and will accept pictures to confirm condition and value. If the value you're asking for is higher than they think it's worth, they may require an appraisal.
Most of the policies have requirements for garage storage when home over night, annual mileage restrictions, require that you have another vehicle as your daily driver, and allow only driver's named on the policy to drive the car. Some, like Haggerty, have "usage" restrictions as you've found. If you shop around, however, you can find policies without usage restrictions (except it still can't be your only car/daily driver) and with reasonable mileage restrictions.
I use American National Property and Casualty (ANPAC) Chrome policy. They are known and have a good reputation in the HotRod community. And, they have a local, Houston based agent. They have no usage restrictions and a generous 7500 mile/year limit. I drive my MG a lot (including trips to Colorado Springs, Indianapolis, West VA, and Ohio over the past 6 years and have averaged only about 3500 miles/yr.
Good luck and enjoy your car!
I don’t pick up my car until October, so I have time. I’m also not comfortable with violating Hagerty’s agreement. I did get Liberty Mutual to quote me $500 a year to add it to my current policy. That’s full coverage with replacement value. I’m thinking this isn’t so bad, but may give your company a call.
P.S. Although I’ve just joined the club, I’m finding everyone to be very helpful and nice. I’m hoping to become more involved soon and wanted to compliment the club.
Greg, I found the same limitations with Haggerty. I know a lot of people just ignore them and drive as they want, but I wasn’t comfortable doing that. I finally bought my insurance through American Modern Insurance Group. They do require me to keep it in a garage and their is a negotiable total miles per year limit. They specialize in vintage and classic cars and somehow are related to Geico. I have been very happy with them.
One warning on getting your insurance through standard auto insurance is that you will not get guaranteed replacement value. With classic cars you want insurance where you have agreement on what they will pay to replace the vehicle. It is not market based, but what you agree to.
Hope this helps.
I’m looking for some help on getting insurance for my MGB. I’ve looked into Haggerty but they only expect you to drive to shows and Sunday drives. I hope to drive mine 3-4 times a week. I have my daily drivers with Liberty Mutual and they’re quoting $500 a year to add the MGB, when I only pay $1600 a year for two. Any suggestions are appreciated.
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