Pantera insurance

Rick,

I just changed to Hagerty with a fixed value of 60K and it is half the cost of Allstate. My Allstate agent actually carries Hagerty and they were the ones that suggested it. The agent was able to get the Pantera as a stock unmodified which cut the original quote in half. I had to send pictures of course and they agreed at the 60K value for about $460 per year with unlimited millage. Hagerty only wants the car garaged and not a backup car.

Good luck

I use Grundy on my cars. Agreed value (basically what ever you want) and no mileage restrictions. Not sure about track use.

Good question, I forgot to ask. I do plan to go to Reno in June. I better ask.

I recently went through this exercise quite comprehensively when adding the Ultima to the stable. Being able to track any of my cars was of some importance to me. What you will find is that most insurance companies have tightened up and closed the ambiguity and loopholes on Track days and they are now not covered.

I got quotes from Hagerty, Grundy, Sneed, Classic Insurance, Heacock and a few others and virtually all I enquired with have track exclusions. It's right there on the application form in most cases now, if you are an existing customer than I suggest you check teh policy exclusiosn carefully. Grundy were the worst I think the car wasn't even covered at any racing event paddock or car park!!

In general I have to say Heacock were exemplary in their dealings and offered the lowest rates; Hagerty were the most expensive, but their reputation permits some peace of mind factor I guess.

I ended up staying with American Hobbyist (they have just changed to parent company name of American Collectors) and they made me sign an exclusion specific to the Ultima only. Even then it was 'competitive and timed racing events' so permits High Performance Driving Track days.

If you only do very limited track time, you can now purchase a weekend or days track insurance through www.MotorsportReg.com, underwritten by Lockton Affinity. The cost is around $240 for $30K cover, this is physical damage cover, no liability.

I went through this 2 summers ago, I wanted to have a unlimitied/high milage policy so I could drive my car. Got kicked off of natiowide and then off of state farm since the pantera was "...too hard to get parts for."

After the stuff with normal car insurance compaies I decided to go the collector car insureance route, I settled on ANPAC's Chrome policy. I thought it beat out every other classic insurance policy when I was calling around, on both price and features. Its agreed/stated value (good kind) and a 10K mile a year policy. FYI, if you choose this you will need to get an appraisal for the value of your car, they were kind of strict about that with me.

Not sure about track days though.

Its working out well so far for me, I'd say its worthwile to look into.

Dave

Thanks for all the ideas. It sounds like I have a few good choices. I assume I will be able to google these companys to locate them. American Collectors sounds good since they will cover some track events. ANPAC's Chrome policy also sounds good with the high yearly allowable milage. I am planning on driving alot. I did take my Pantera to Dennis at Pantera performance here in castle rock for an appraisal. I told him if my car gets wrecked what would it cost to return it to this same condition without me doing the work again. He apraised my car at $150k with that in mind. I know I couldn't sell it for that but I really don't want to go thru all of that work again myself. Now I just need to decide if I want to pay the price for that much insurance.

I've used Hagerty for the 9 years I've had my Cat, and I added the extra coverage for longer distance towing (up to 125 miles);that covers any of my vehicles. I've been extremely satisfied with it.

The restoration of my Pantera was just recently completed by PI Motorsports. So, I had an appraisal done for insurance purposes. I had an appraisal done during restoration an it came out to $93,500. State Farms Antique or Classic Division agreed to that amount. When the car was completed, I had the car reappraised at $124,500 and am trying to up the insurance agreed value on the policy. I know that sounds high, but Jerry Sackett and the appraiser both said it was a good number. Of course, State Farm, thinks the number is too high and wants a comparable appraial from another similar car or another Pantera. After the appraiser offering to help then completely flaking on me(the problems I have had with this appraiser would fill a book), does anyone here have any ideas or an appraisal I can use. Thanks, Steve

I'll add to this, I looked at ANPAC Chrome, Hagerty, and Grundy among others. Grundy came in the most competitive with a stated value. ANPAC wanted me to go through hoops to get an appraisal. Grundy website says unlimited mileage, but when they sent documents, they questioned the mileage I planned to put on the car. I confronted them about the advertising on their website and didn't hear anything back except that they had approved my policy.

quote:

Grundy came in the most competitive with a stated value.

I assume that's for an "Agreed Value" policy where you merely stated the value. I have an agreed value policy with Hagerty and I was able to merely state the value of the vehicle without question. I also increased the coverage value by 25% last year, still agreed value, without question.

quote:

I had the car reappraised at $124,500 and am trying to up the insurance agreed value on the policy. I know that sounds high, but Jerry Sackett and the appraiser both said it was a good number. Of course, State Farm, thinks the number is too high and wants a comparable appraial from another similar car or another Pantera.

A PCNC member increased his agreed value coverage with Hagerty from $60,000 to $100,000 recently without question or need for a new appraisal. And, Hagerty had just paid out a $58,000 accident repair claim on the car too. No claims payout horror stories with Hagerty; One of the most important considerations when I was shopping for insurance for my Pantera.

I have had my cars appraised and it was an interesting process. I know of two different ways that the my cars could have been appraised. One was comparative -- where the appraiser looks at comparable cars out there to get to a value; not a good way to appraise if you just had your car restored to the nth degree.

The other way to appraise cars is by replacement of said car. The appraiser "builds" your car again with given knowns -- like how much a good donor car would cost, the driveline cost, interior cost, body and paint cost, etc.... This is the more fair appraisal process for a car like yours, MBLotus. To have to accept an appraisal from the comparative standpoint in this market would be reason enough to jump ship to another insurance company, IMHO.