# Insuring my GTO



## dmrock (Dec 17, 2014)

I think I've found the GTO I want, its an 05 and just what I've been looking for. What is the best insurance to get for my GTO? If I spend all this money on the car I want to make sure I can recoup it, in the event something would happen to the car. My insurance for my dd car is Geico, but for something like the GTO will I need something different? Do I need a company like Hagerty and what will I need to do to make sure the car is properly covered? Thanks


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## svede1212 (Nov 1, 2005)

The problem with those type insurance companies is that they insure classic cars. They will not cover a DD but only for transportation to shows, etc and only for very limited yearly mileage (<3,000 IIRC). If you wreck it in the grocery store parking lot or on the way to work you're out of luck.


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## dmrock (Dec 17, 2014)

The GTO wont be my daily driver, so what's my best option for insurance coverage?


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## svede1212 (Nov 1, 2005)

You can get Hagerty or Grundy and take your chances or buy regular insurance. Who you get that from is going to depend on your record, age and area so you have to shop.

Is Your Car Really Insured? a review of classic-car insurance


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## dmrock (Dec 17, 2014)

Thanks for the info, the car will be mainly garaged, definitely stored in winter. I'd like to have a policy that would allow for pleasure driving and be able to cover the car for full value in the event of an accident


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## silversport (Mar 23, 2007)

I have regular insurance on mine...it is not my daily driver and I get a bit of a discount for the low mileage as well as for having more than one car (my daily driver) insured with the same company...

Bill


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## MikeT (Dec 26, 2014)

I have geico as well, it is not daily driven and it is used for pleasure, ins co is aware and i have full coverage, i wouldent take my chances with Hagerty, Grundy or American colletors, i have 2 collector cars and the verbage on the coverage is specific.


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## SANDU002 (Oct 13, 2004)

I have my 2 06's and my '65 insured with Grundy. They are only driven for pleasure and since I am retired pleasure has a vague definition. There is no restriction for mileage since I could and have taken the 06 on road trips. The good thing about classic car insurance is you determine the value of the car to determine your full coverage. My premiums are about the same as what I was paying for liability only on the car thru my regular insurance. As stated before, age, driving record will be a factor. 

Regular insurance companies are only going to give you that book value if your car is damaged beyond repair, where the classic insurance will pay the agreed value you set on the car and that increases (like cost of living) each year with a slight increase in your premium.


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## dmrock (Dec 17, 2014)

Mike, I have Geico as well for my DD..Did you have to do anything special as far as insuring your GTO?. My concern is I pay a good chunk of change for the car and something would happen to it, wont Geico only give you what book value is on the car and not take in account the true value and the money that has been put into it?


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## HP11 (Apr 11, 2009)

Don't know about the others but I doubt that Hagerty would insure a 2004-2006 GTO. Not old enough. Check their website. I had their insurance for years on my 1978 Datsun 280Z and 1964 Datsun L320 pickup. Both with agreed value. There isn't a mileage limit. Pleasure use, including road trips, cruises, trips to car shows, trips to the store, etc. were okay. What you couldn't do is use it for daily transportation like going to work or school. You also need to have a 'regular' car insured by a 'regular' carrier in order to insure your 'classic' with them (Hagerty).


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## MikeT (Dec 26, 2014)

dmrock, lets not kid ourselfs, these are not collectible, not at this time anyway. rare maybe but not somthing that is worth more than market value will allow, I did nothing special to insure it, i have full coverage, collision, liability, full glass, whatever is on my 2 2014 Honda's. I never bothered checking with hagerty, or grundy, american collectors, most will not insure if not a classic.


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## GTO JUDGE (May 14, 2005)

Doesn't matter if this car is collectable yet or not. Grundy will insure you for agreed value. You can go with standard insurance and pay 500+ a year and use it as a DD and see the car's insured value depreciate. It takes little to total this car, the parts are obscenely high. OR................

Since its a pleasure vehicle and not subject to the DD routine... you can go with Grundy and pay agreed value for 200.00 or so a year depending on what you agree the value at and see the cars insured value appreciate. Mine appreciates about 2% a year.

If someone totals your car for you you are subject to KBB value and will lose out $$. If it happens with collector car insurance at agreed value, you will be properly compensated. For your needs it makes no sense to go with DD insurance. You'll be surprised at the cost factor when comparing the 2.

You will need a secure place to store the car.
pleasure driver meaning driving to work or Walmart is a no no. There are some other restrictions. You'd be wise to inquire. I have Grundy and there are no mileage restrictions and the value offered me was better than Hagerty.


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## HP11 (Apr 11, 2009)

GTO JUDGE said:


> pleasure driver meaning driving to work or Walmart is a no no.


The way the agent at Hagerty explained it to me when I was with them is that you probably wouldn't specifically get in your 'pleasure' vehicle solely to go on a shopping trip but if you were on a drive to a cruise, show, whatever; they wouldn't begrudge you stopping at a store to get refreshments, cigarettes (if that's your thing), etc.


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## GTO JUDGE (May 14, 2005)

HP11 said:


> The way the agent at Hagerty explained it to me when I was with them is that you probably wouldn't specifically get in your 'pleasure' vehicle solely to go on a shopping trip but if you were on a drive to a cruise, show, whatever; they wouldn't begrudge you stopping at a store to get refreshments, cigarettes (if that's your thing), etc.


Same way it was presented by Grundy as well ..... I was referring to doing your normal shopping or going to work as routine.


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## HP11 (Apr 11, 2009)

I was just looking at the Grundy site and they let you choose from various mileage ranges. Hagerty gave no such choice. I might look into their insurance for our Benz and GTO since they are driven _considerably_ less than our DD's. 

dmrock, I don't know your age but Grundy says they won't insure anyone under 25 years old.


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## GTO JUDGE (May 14, 2005)

HP11 said:


> I was just looking at the Grundy site and they let you choose from various mileage ranges. Hagerty gave no such choice. I might look into their insurance for our Benz and GTO since they are driven _considerably_ less than our DD's.
> 
> dmrock, I don't know your age but Grundy says they won't insure anyone under 25 years old.


Not only that, no one under the age of 25 is covered while driving an insured car and if the car is in an accident you will not be covered. My son had to wait until he was 25 before I allowed him to drive my '70. 

I have unlimited mileage on my '70, '05 GTOs and my '02 Trans-Am. The mileage selection may be a new addition? I do know Grundy was getting into the DD insurance end ...


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## MikeT (Dec 26, 2014)

I have american collectors for my other 2 cars, i had inquired with them if they would insure the GTO for agreed value like the other 2, i could live with the milage ristriction but it was not old enough, Im going to inquire with Grundy, i had assumed all collector car insurence had an age restriction (car). Im not paying a high price with Geico, but you right about replacement cost or i should say the agreed value as opposed to retail or market value. i honestly dident think of it, i also didnt know how difficult it would be to replace body panels. and expensive if you can find them, it explains why so many have salvage titles, i honestly didnt know any of this before i joined this forum . still the car is a blast and since i am a glutton for punisment, im not a bit sorry i bought it. Thanks for the insite on Grundy.


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## dmrock (Dec 17, 2014)

Thanks for all the help guys, I'm really glad I checked on here. I'm 47 and definitely checking on Grundy. I probably wont put 3,000 miles on the car a year and I have an attached garage, I just cant bear to shell out the money I'm going to pay for this car and not be protected. Thanks again!


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## Outback (Mar 7, 2009)

Hagarty covers 2004-2006 GTOs


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## HP11 (Apr 11, 2009)

Outback said:


> Hagarty covers 2004-2006 GTOs


*Hagerty*. They appear to have changed that because when I bought mine in 2009 they didn't. That's why I went elsewhere. The vehicles I sold prior to buying the GTO were insured with Hagerty. 

Also, comparing the two, Grundy's rates are considerably lower than Hagerty's for the same coverage on the vehicles I ran through the quote process.


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## DEX (Feb 12, 2015)

Outback said:


> Hagarty covers 2004-2006 GTOs


This is correct and compared to my SF coverage it was significantly less and the coverage was more.


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## dHLOL (Apr 29, 2015)

Totally depends on your situation. I use State Farm for all my insurance and due to having everything with them, I had a pretty good price - it was in the neighborhood of $400 every 6 months. That being said, I'm over 25, am married, and have children which is something I've been told insurance companies consider when issuing a premium. Definitely shop around.


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