Additional Insurance for our project cars

Hello everyone.

As our cars are getting older every year and the recent escalation in value of these iconic 90s Japanese vehicles, has anyone thought of additional insurance coverage? I know the auto insurance policies in the US is different than in Canada. Having said that, it varies from state to state and province to province. I'm in BC, and I know if I don't have additional insurance from a place like Hagerty's https://www.hagerty.ca/insurance, our provincial insurance provider, ICBC, would right off our cars without hesitation based on a 90s GTS that's worth $2000 CAD if you are lucky. Most of us have an Alltrac or GT-Four as a project car or project car/daily driver, and we have spent a fair amount of $$ on them. I'm wondering if people have considered their insurance coverage?

Those of you who have, US or Canada, If you are comfortable, please share what your yearly insurance premium is and what coverage you have. I'm also curious what your insurance providers are valuing USDM and JDM Alltracs and GT-Fours. I'm going to get a quote from Hagerty's this week and see what that option looks like.

I've been considering this for the past while as well. Part of the problem I run into is that I don't keep my car insured for the road all the time and I don't know how much of a hassle that creates for these policies with better coverage. A few years back I was able to get a broker to unofficially tell me that since ICBC doesn't actually have a listing for my car they'd consider it the same as a GTS, which they then valued at $500.

I also know that ICBC has an "Excess Vehicle Equipment - Form APV300" which you can use to insure the value of things that have been added to the vehicle, but you have to have receipts and resubmit every year. I don't think that can be used to cover an additional value of the vehicle itself though.

My insurance coverage for my GT-Four is stupid. I pay $450 a year for a liability/comprehensive collision coverage with a $500 deductible and the accident I had last November was getting close to totalling it. The adjuster worked with me and we kept it from being totalled with a payout of $2350, but it seems clear that the way "normal" insurance is configured doesn't suit what our cars are.

So, I'll be interested in what Hagerty says, and interested to learn more on this topic.

EDIT: I just went to Hagerty.com and did up a quote for my 1992 GT-Four, saying that I garage it, drive it 5000 miles a year, I don't use it as a daily commuter (I don't actually daily it all the time, I have another vehicle I leapfrog it with). I stated no mods because none of the mods they had on the list applied and I am pretty sure that the motor is not tuned to more than 50hp over stock. I stated the value was $35,000. I'm fifty years old.

They quoted me $47 a month or $558 if I pay the whole year up front ($6 discount!). $0 collision deductible, $0 comprehensive deductible. $100K/$300K Liability. Emergency service that pays the first 20 miles of emergency, flatbed towing from point of pickup to destination and the first $100 of other services (such as battery jump, tire change, lockout). It included $750 for spare parts, too, which is a nice feature for a guy who likes to wrench on his GT-Four.

If I pulled the value down to $30,000, it was $43 a month and $517 a year.

Seems like a pretty legit deal, to be honest.

Finally had the time to call Hagerty Ins to get further explanation about the online quote I attempted to fill out. Here are the Coles notes:

Officially they do not accept "tuner" type vehicles. Their definition of a tuner car is a modified car that may see track time and not just car shows or pleasure driving. They are thinking about offering something in the future but not at this time.

If you track your car they do not offer any insurance even if you understand you are not expecting coverage for any track incidents. They will not offer any policies to anyone for a car that has a disclosed intention for occasional racing.

I made that mistake when filling out their online quote. There is a section that asks what the "use" is and I selected pleasure, car shows, parades, occasional race. I disqualified myself as soon as I selection "race" They will not move forward with a policy. You are welcome to re-apply after at least 6 months. They suggest to take the time to really think about what your intention is for your build as they want you do enjoy your project car but also have the correct insurance coverage. If you are intending on racing you should seek motorsport insurance and that is a different department of Hagerty, but they weren't able to connect me to that person. Sounded like a completely separate company. The Hagerty.com website has street/race policies but not on the Hagerty.ca site so it appears that Canada is out of luck. Those in the US look to have some good options.

If you stick to street and pleasure use, I think they are a viable option. for our car, they only have 2019 auction data, but are open to more current auction pricing if you can provide evidence that the car value has been appreciating. They welcome modified vehicles.

My intention was never to falsely mislead the "use" of the car just to get insurance, but honestly, my primary use is pleasure/daily driver with the outside option of taking it to a track day or two. I asked, I'm in the final stage of my build and the car is currently insured and on roadworthy. I wanted proper insurance coverage now while I'm still finishing the build and driving it because my current provincial insurance only sees it as a 30yr old GTS worth $500. They said they cannot move forward with a policy but you can re-apply after 6 months for pleasure use.

So in light of this. Has anyone in BC, or Canada know of an insurance coverage for modified cars that see occasional track time (with the intention of road coverage only?)

America here, but I have a 15k agreed value policy on my car with american family. I can't remember if there were limitations on it, but if they were it was something like can't use it for work, under 5k miles a year, etc. Real easy to meet reqs.

I guess that rules them out for me, I don't want to run into issues if they decide a TSD is a race (even though it isn't).