During this weekend’s Amelia Island Concours d’Elegance, I sat down with Ford Heacock III of Heacock Classic Collector Car Insurance to talk about how the economy is affecting collector-car values, and what these changes portend for classic insurance. Heacock’s family has been in the insurance biz for eight decades (offering specialized classic car policies for the last two) and was instrumental in founding the famous 12-hour endurance race in Sebring, Florida, so he has a pretty good finger on the pulse of the market. He equates it to real estate, noting that beach-front property, like genuine numbers-matching rare Hemis, COPO Chevys and other blue-chip cars are holding their values pretty well, while the more ordinary fare slides a little, and Hemi clones and other fakes take a serious beating. What should you, the classic owner, do? Heacock has three tips: Make sure you insure your vintage or classic car on a dedicated classic car insurance policy that offers … [Read more...] about Three Classic-Car Insurance Tips for the Current Economy
Collector car insurance
Classic car insurance company Hagerty has announced its annual “Hagerty Hot List,” a top-ten list put together by the company’s valuations experts that predicts which current cars will be future collectibles. With Hagerty’s experience in valuing classic cars, the list might just preview the vehicles that will be hot on the auction block in a few decades. To qualify for the list, vehicles must be mass-produced, sold currently, and have an MSRP under $100,000. Hagerty tasked its team of experts, who also maintain the largest database of classic cars and closely monitors car-collecting trends, with selecting ten cars with the best projected future collectability. “This year’s Hot List includes cars that are sure to develop a cult-like following because their characteristics resonate with driving enthusiasts,” said Hagerty CEO McKeel Hagerty in a release. Here are the ten cars Hagerty chose for its list: Buick Regal GS – Hagerty singles out … [Read more...] about Hagerty Names its Top Ten Future Collector Cars – Do You Agree?
You really have to feel pity for “the other guy.” He’s the one you always hear about, and bad luck seems to be his constant companion. Maybe his car was stolen, wrecked in a crash, or burnt to a cinder in a fire. May 5, 2007, was the day I became the other guy. I had just taken my ’68 Camaro out of the shop, and was finishing the last details. Two weeks on the road and 500 miles on the odometer was all I got to enjoy before an inattentive driver crushed my car, along with my hopes of a summer filled with cruising. I was just happy the guy had insurance, and that I wasn’t on a gurney. I was simply in the wrong place at the wrong time, and it can happen to anyone. In a way, I lucked out. I was zero percent at fault, and the other guy had a good policy through State Farm. My car was also freshly done and heavily documented. The rough estimate to fix the carnage was $35,000, and State Farm offered $21,000 to fix it, to which I chuckled. Insurance companies … [Read more...] about Car Insurance Tips – Worst-Case Scenario
PHOENIX, Ariz. (March 14, 2007) – Nearly 500 car enthusiasts assembled along the Wesley Bolin Memorial Plaza at the Arizona State Capitol on March 7 to show their support and enthusiasm for collector cars. Arizona’s Collector Car Appreciation Day celebrated the recent approval of an emissions testing exemption for the state’s collector vehicles and motorcycles. The event was organized by Hagerty Plus, the country’s largest collector car membership organization, which is part of Hagerty Insurance Agency. The occasion also honored State Representative Ray Barnes with Hagerty’s first Hobby Advocate of the Year award for his tireless support of Arizona’s collector vehicle community. To further mark the state’s support of the collector car hobby, Governor Janet Napolitano issued an official proclamation naming March “Arizona Collector Car Appreciation Month.” “We were pleased to see the amazing turnout at this event. We … [Read more...] about Car Enthusiasts Converge at Arizona Capitol for Hagerty’s Collector Car Appreciation Day
Hagerty Insurance Agency launched their youth focused programs at the first annual Barrington Concours d’Elegance in Barrington, Illinois, in September 2007. At the recent second annual Barrington Concours d’Elegance-just one year later-Hagerty celebrated the occasion that nearly 2,000 kids under the age of 16 have been given the chance to actively take part in the collector car hobby through the company’s youth initiatives. “I will always equate my love of cars to the early experiences with my Dad working in the garage,” said McKeel Hagerty, CEO of Hagerty Insurance. “At Hagerty, we feel it is extremely important to introduce today’s youth to collector cars to further the hobby and have been extremely pleased with the response from the community and the kids regarding our youth initiatives.” Hagerty’s youth advocacy efforts include the Youth Judging Program, hosted by Hagerty at select car shows and available as a “kit” … [Read more...] about Hagerty Insurance Introduces 2,000 Young Kids to the Collector Car Hobby
“The Real Horsepower behing the Current Market “ “Values vs. Trends” Car Crazy’s Barry Meguiar will be the moderator for the seminar while acknowledged market experts like Corky Coker, Tim Studdard, Drew Alcazar, McKeel Hagerty, Michael Kunz, and Jim Fiske will be on the discussion panel. This is an interactive seminar; participation from the audience is strongly encouraged. Due to the overwhelming response, spots are limited for the seminar. Breakfast will be served during seminar. Barry Meguiar is the third generation owner of Meguiar’s Inc., originally founded by his grandfather in 1901. In addition to running Meguiar’s Inc. Barry hosts his own top-rated television show, Car Crazy. Andrew Alcazar is a notable award winning restorer, avid vintage car racer, but best known as the CEO and co-owner of Russo and Steele Collector Automobile Auctions for the past 11+ Years. Corky Coker is a fellow car enthusiast that happens to be the president and … [Read more...] about Talk Collector Cars with Corky Coker at Russo and Steele
How was the market at the winter Arizona collector-car auctions this year? Better than the last few years, with quality cars bringing good money, and very little crazy money bidding and selling like there was before 2008. And when it comes to muscle cars in general, and muscle Mopars in particular, they got plenty of interest from the biddersand two of them wound up among the top-10 sales of the entire Arizona winter auction season. Only one of them broke the million-dollar mark: A ’70 Hemi ’Cuda convertible sold for $1,705,000 at Russo and Steele’s Scottsdale auction. Meanwhile, at Barrett-Jackson, there were no million-dollar sale prices this year, but a restored ’56 DeSoto Fireflite convertible brought Duesenberg money when it sold for $368,000, the highest-selling Mopar at their big five-day event. In all, according to one auction observer, it was a very good year. We’re almost back to 2007 overall sales at all the auctions, says McKeel Hagerty, … [Read more...] about 2011 Winter Arizona Collector Car Auctions – On The Block In Arizona
I don't really have a lot of sympathy for people who say "If only I'd held on to my Barracuda" or suchlike. Maintaining a car– keeping it taxed, insured and running for decades– is a time-consuming and expensive business. Besides, for every car we once owned that's now worth a fortune, we owned many more than are still worth bupkis. "If only I'd held onto my Ford Pinto station wagon." I don't think so. Anyway, Hagerty Insurance wants to brand that whole "collector car of the future" deal. They've released their "Hagerty Hot List," selected by none other than McKeel Hagerty, CEO of, well, you know. Frank reckons the Crown Vic fits the bill. My money's on the Chrysler 300C SRT8 (not literally of course). What motor do you think you should stash for cash? Here's Hagerty's take.Cadillac XLR-V RoadsterLotus Exige SAudi S5Mustang Shelby GT 500 KRChevrolet Corvette Z06SmartSubaru Impreza WRX STiHonda S2000 CRPontiac Solstice/Saturn SkyDodge Charger Super Bee … [Read more...] about Hagerty’s Collector Cars of the Future… And Beyond!
Did you know that this Friday is Collector Car Appreciation Day? This marks the second year that SEMA has lured the U.S. Senate away from more-pressing matters to designate the second Friday in July as such, and we admit we are a bit perturbed that we don’t get the day off. Maybe once Collector Car Appreciation Day progresses from annually renewed observance to federal holiday . . .We’re just planning to celebrate by grilling out in the office parking lot, but Hagerty Insurance—valiant guardian of classic and collector cars—has bigger plans. The company is gathering 10 vintage cars ranging from a prewar Packard to a split-window Corvette at the Automotive Hall of Fame in Dearborn, Michigan, to teach local kids the ins and outs of classic-car ownership and maintenance. This is the first so-called Hagerty Driving Experience, but the company has plans to develop it into a national program with dates throughout the year. As this month also marks the one-year … [Read more...] about Hagerty Insurance Wants You to Help Celebrate Collector Car Appreciation Day
James writes: Are there any good insurance options for old, low-value non-collector cars? I’m going to have a pretty good handful of antique-plated vehicles in the next few years, and it seems silly to have regular insurance for stuff that might get driven once or twice a month, but “collector” car insurance is geared towards show-winner ’65 Mustangs and such.Sajeev answers:As much as I hate that picture and the publicity stunt behind it, the point is proven: nobody treats an antique like a late-model machine. Long story short, not all insurance plans are only for guys with ’69 Camaros, ’65 Mustangs or even more valuable antique machinery. But you gotta do your homework.I’ve discussed this before, and in the interest of not being a complete shill (again), I will just say that I left the big insurance company for that other group mentioned in the hyperlink.The big insurance company did cover my under-appreciated 1988 Mercury Cougar XR-7, … [Read more...] about Piston Slap: A Tale of Collector Car Insurance