This week’s episode of The MuscleCar Place Podcast is out!

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[audio:http://www.themusclecarplace.com/podpress_trac/web/2778/0/the_musclecar_place_podcast_episode75_02282011.mp3]

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This week’s podcast show guest of Jonathan Klinger from Hagerty Insurance. For a lot of us, car insurance is one of those necessary evils we must deal with in life. Since most of the muscle cars we all know and love qualify for antique auto status, the type of insurance that we require is truly dependent upon the amount of coverage we desire and the use of the car.

For the most part, the type of insurance that a majority of classic muscle car owners will use is called “agreed value” insurance, especially if you have a high dollar car.  This is a type of policy where you and the insurance company agree on an amount of coverage value for your car (say $40,000), and you pay a monthly premium on that.

Companies like Hagerty have been issuing these policies for years, and the premiums are far lower than those of traditional car insurance for a car of the same value. If you have your car insured with them for $40,000 and it’s stolen you’ll receive a check from Hagerty for $40,000. It’s that simple.

So, what’s the catch?  Usage. Most companies that issue “agreed value” policies do so with the provision that you are insuring a specialty car that is NOT to be used as daily transportation (i.e. the car you drive to work).

Jonathan did a terrific job of walking us through all of the scenarios, and did make a point to note that while most policies don’t cover cars on the race track (including Hagerty), some specialty policies are available.

They too have a catch though as the race event must be cleared with the insurance company upfront, which is not a simple, or easy task. For the most part, if you plan to drag race or autocross your car just know that you are not covered during the act of racing itself, but you are everywhere else.

One last thing about Jonathan that you’ll be impressed by is that his daily driver is a 1930 Ford Model A. He’s on a run to drive his A every day for a year. You can follow his exploits at 365daysofa.com. I did ask if he uses a Hagerty policy on his Model A, and he admitted that since it’s his daily driver he could not do so, so he’s got a standard auto insurance policy on it and he’s just hoping that nothing bad happens.