Insuring Your Checker

I recently received my classic car insurance renewal package from Hagerty, the company that insures my Checker. This got me to review the various contract documents and riders that normally go with a car insurance policy. It also reminded me that all of you have to deal with this issue. So, here are my thoughts on having your Checker insured.

Disclaimer: I am not an insurance expert. So whatever I say here is stricktly my opinion. Make sure you discuss your own insurance needs with your insurance agent.

First, if you are using your car as a daily driver or as a commercial vehicle, this article is not for you. I am focusing only on classic/vintage car insurance.

Perhaps the most important part of your insurance is the guaranteed value of your vehicle.

Note: Your insurance company may use some other term for "guaranteed value," such as "declared value" or "replacement value." The point is that it's the amount that they will pay out in case the car is totaled or irreparable.

While you may be tempted to put a low value on your Checker, this is not a good idea. Why? Because if the car is totaled, the payoff wont be high enough to buy a Checker of equal quality. So, be prepared to pay the price for selecting a realistic declared value.

In my case, as the owner of a well kept 1973 Checker Aerobus, I have set a declared value of $30,000. This, unfortunately, does not reflect the much greater amount that I have invested in the vehicle but is a fair market price.

Here is the declaration page of my policy showing the guaranteed value:

Note also that the declaration page also specifies other coverage such as Liability, Collision Damage, Other Damage and Spare Parts. The total for all of this coverage is $313 for 12 months.

This is not all.

As the screen shot above shows, Hagerty also gives you the option to select "Spare Parts & Tools Coverage." So, if you have been collecting parts in your garage and buying tools to fix your Checker, you can have those insured as well. I elected not to take this coverage.

In addition, you may have the option to purchase roadside assistance. In my case, I elected to have towing paid for up to 125 miles. If you drive to just one of the conventions, it's likely that your trip will be longer than that. You have to keep in mind that finding the right garage to get your Checker fixed is a trickly proposition. Not any nearby garage will do.

Last, but not least, note that the High-Octane Plan also includes roadside coverage for ALL of your cars, not just your Checker. For me, this meant that I could drop AAA coverage on my VW Passat.

Of course, there are many other riders and documents related to your classic car insurance. Make sure you read them since there may be some restrictions that you may not like. Discuss those with your insurance agent.