Best Insurance Options For Restored Bronco

[shima77]

Hey guys, I am jst wrapping up my frame off Bronco Restoration and build...I have about $20,000 into the Bronco and it turned out beautiful. I built it heavy duty with 1 ton drivetrain, zf 5 spd, 351w,ect so that I will not be replacing broken parts down the road. I will be pleasure driving the vehicle with some mild 4x4 trail use. I am looking for some options on insuring it now. I can go with my regular insurer but they seem pricey considering the fact that I will only drive this 2000 miles a year or so. Also checked Haggerty online and they seem very resonable as all they do is Classic and Antique collectables...my concern is that they have may have issue if the truck is taken off-road. I would appreciate any info on the best course of action and what most guys are doing. Since I did the entire build I would probably repair the truck if I got into any kind of fender bender so I must factor that in with my decision. Thanks in advance for any ideas and input.

 

[patterdale]

There are a lot of options. If you are going DD with it the classic policies seem to be out of the question. They have a lot of restrictions as to mileage/year and must be in a locked garage when not driven. There are "stated value" policies and a myriad of other options. I would talk with my regular insurance and see what is available through them if it is to be a DD. You will find out quickly that just because you spent 20k on it does not mean it is worth that much to the rest of the world and especially the ins. company. Do a search on here for EB insurance and you will find some recent threads that address the issue better than I can. It is interesting to see the differences between states. You need to go with the policy that suits you best more than worry about the money spent on it. I personally only have liability on my EB because I don't drive it that much and would probably do all the work on it myself in the event of damage. Or, if it were too bad off I would have to part it and spend the cash on another one.

 

[bknbronco]

I just have a liability policy on my DD 20 grand bronco and it from progressive. Id rather drive it and take my chances than dick around with these classic policies and there rules! And why only 2000 miles a year for ya? Get in that thing and drive the snot out of it! But if your more of a living room driver than hagerty is perfect for ya!

 

[rwill]

Check out a stated value plocy from a traditional carrier.Mine has no limits on when where or how I drive and only cost 176.00 a rear more than my libility.Did have to have it appraised,but the appraiser thought more of it than I did.$$$.

 

[JefeAZ]

Read up on both threads:

http://classicbroncos.com/forums/showthread.php?t=203514
http://classicbroncos.com/forums/showthread.php?t=205688

 

[greatguy57078]

I talked with our insurance agent today, and she gave me this quote via email ..."$651.00 a year for the 1968 Bronco; this would have the “special use” driving to work endorsement (unlimited mileage), and the vehicle rated at $20,000 (includes Agreed Value) so you get the $20,000 if the vehicle is totaled."

She also included this note ... "I did check with some of our other personal auto companies, and I am hearing the same thing…..they cannot insure for “Agreed Value”, the vehicle would still have to be insured for ACV (Actual Cash Value), so you may not get the $20,000 in the event of a total loss with the regular auto companies. That’s why the Collector Car policies are better for you to get the increased value, especially if you’ve spent so much to restore it."

The name of the company is Continental Western Insurance (CWI) and they are out of Luverne Minnesota. My agent says they are very easy to work with and easy to contact. Apparently there are companies out there that don't get back to you right away with answers, either by email or phone.

The down side for us is that my son (18) who just started college, will not be able to drive the Bronco anymore. No drivers with less than 10 years experience. Has to be kept in a locked garage. It also has a 2.5" lift, 33 x 12.5" tires, and stock engine. Oh, and NO "timed racing" events, and NO coverage off road.

I don't know what other people might think, but this is the closest thing I could find that fit my needs, and I didn't think that $54.25 a month was a big deal considering that I can actually drive the truck anytime and unlimited mileage.

 

[ericbee]

Add me to American Collectors Ins. They covered me for $45k and I have had no issues.

 

[patterdale]

Add me to American Collectors Ins. They covered me for $45k and I have had no issues.

They covered you for 45 k but you don't say for how much or what conditions on the policy. It also depends on a person's intentions for insurance. On a new car after 5yrs you are a fool to carry anything more than liability from an economic standpoint. In case of a wreck you will not come out ahead. The ins company will total you for what it is "worth" Yes it sucks to have to buy a new car but after the 5yr limit you are giving the insurance company your hard earned dollars. Insurance beyond liability is nothing more than a gamble except when you have a loan out and then it only protects the lien holder from taking it in the shorts.

 

[Broncitis]

Add me to American Collectors Ins. They covered me for $45k and I have had no issues.

Some of these companies will insure for whatever you want, and you will pay accordingly.

We have collector insurance on the Balloon Chase Stroppe Ambulance (arguably one of the most valuable original Broncos in existence), my Dad's "40th Anniversary" 66 U13, and my mom's 67 U14 that is soon to be competed. We had it on the 77 Ranger up until we sold it last fall.

We could get them each insured for $75K -$100K or more if we wanted, but it would cost a lot more. We accept some of the risk in exchange for lower premiums.

We had Hagerty originally, but are now with Grundy.

 

[Hozr]

My AAA agent set me up with their "collector" policy. unlimited miles, $25,000 AGREED VALUE, no restrictions other than stored inside when not used "regularly".

I tacked on my Factory Five MkIII as well with agreed value of $25,000 and mileage of 5000.

$450 / year for both cars with 2 drivers

 

[LTL4life]

Hagerty, $149.00 for the year.

 

[ericbee]

I have a 7500 mile a year limit and must be garaged in my home when not in use. This works for me as I have a garage and plan to keep my Bronco in it. 7500 is a lot more miles than I thought it would be and to be honest it is nearly impossible to enforce.

What if I drove 12,000 miles in year one from Jan-Dec and it got totaled in February of year two. Who is to say I didnt drive 4500 miles in January and February? How can they tell?

Example 2: I drive 4000 miles year one, 4000 miles year two and decide to go nuts and drive 13,000 miles in year 3. Truck gets totaled after 3 years and speedo says 21,000 miles. Technically I violated the 7500 mile rule in the 3rd year but, how do they know how many miles I drove in year one and two?

Finally, and not that I would ever do it but, these old speedos can be reset to any number you like, its not like the new ones that are sealed and calibrated with stickers and seals. If you drove 30,000 miles you could still turn it back to zero at any time.

I faxed them receipts proving the cost of the restoration and they agreed to a 45k replacement value. I pay a couple hundred bucks a year so, it isnt a lot of money.