1967 M38A1CDN2 Insurance value

[Phil Waterman]

Hi All

I have had Hagerty Insurance on my three CMPs for many years, you need to remember that Hagerty is "agreed value" Insurance meaning a number/value that you and the insurance can agree on. It has little to do with what you can sell the vehicle for. This means it can take into account how much effort or $$$ that went into restoration.

Insurance is a little like gambling they are betting you will not make a claim they have to pay, and you are betting that the premiums you will pay in over time will be less than they will pay you if you have a loss.

My Hagerty Insurance of course includes the liability insurance required/suggested for my state. Which is actually a pretty good deal because they figure you can only drive one vehicle at a time. While regular car insurance figure multiple cars in one family can all be on the road at the same time.

Back to value to insure for, my HUP was insured for $10,000 USD for many years, I doubled that to $20,000 USD and Hagerty didn't even ask a question. All three of mine CMPs are now insurance for $20k each. Hagerty has always been more interested in where they are garaged.

When I spoke directly with Hagerty for an article on antique vehicle insurance it was explained, garaging is an indication of how much the owner values the vehicle. This is despite the fact that, at that time, Hagerty paid more claims because of building collapse or fire than than to vehicle accident.

I now look at antique car insurance as being an Enjoyment Tax, when I stop enjoying them that much each year I'll reevaluate the insurance premium.