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Collector Car Insurance


bosco001
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I have my Riviera insured with State Farm with declared value but it is licensed as a regular driver and has no use restrictions. My understanding of declared value is that in the event of a loss they will pay UP TO the declared value but the owner will need to convince them what the car is actually worth. My Pierce is insured with Heacock Classic for an agreed value, which means that is what they will pay for a total loss no questions asked. This insurance also comes with many use restrictions but so does the antique licensing of that vehicle. The restrictions are how they can insure for such a low rate for higher coverage. The first thing you have to decide is how you want to use the vehicle.

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I use American Collectors for the Buick and J.C. Taylor for the Cadillac. American Collectors is a good price as long as you don't try and make a claim. Taylor is a offers a wider range of product coverages I think and are a lot easier to deal with. Just an opinion.

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Bear in mind that regardless of who your insurance carrier is, if you have a claim the adjuster who attempts to put a value on the damage will likely have little or no experience with collector vehicles. Do your homework. Virtually all insurers farm out their claims work to adjusters local to where you car is housed. We are involved in such a situation now. Car insured thru one of the major collector vehicle insurance companies yet the adjuster had absolutely zero experience with collector vehicles. We have found however that the insurers are generally anxious to settle and will try to reach a fair arrangement when presented with the facts.

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Jeff knows what he speaks of. My son hit a deer 2 months ago. The out of town adjuster looked at the car, wrote up the estimate, and faxed same to my body shop. I received a check

two days later.

There was one stipulation that, if any unseen damage was revealed, the adjustor would send another check. Needless to say, we found the radiator support was broken. The expenses for this were faxed to the adjuster who said he wasn't coming back down to the "country" to look at this car again. We're still waiting for the check. I have still not cashed the first check although my son has the car and is now using it everyday. As long as you do not sign your name, the account is still OPEN.

A little busy now with Christmas, end of year details, and Philly coming up, so I'll deal with this later.

Merry Christmas! frown.gif

At least I still have my job. (thinking of those that are fired around Christmas!)

Wayne

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<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Barry Wolk</div><div class="ubbcode-body">What good is insurance that you know will be a hassle to use? </div></div>

Barry's note goes to the theme of my post. About 25 years ago, a Northern New Jersey restoration shop burned to the ground and destroyed eighteen automobiles. Seventeen of these were covered under policies from J.C. Taylor and the other with a company which will go nameless (but not mentioned so far). J.C. Taylor settled the claims with their policy holders in about three weeks and the other, took over one year and still not certain if it was settled. Both company's had identical rates.

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<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: bosco001</div><div class="ubbcode-body"><span style="font-family: 'Arial'">I understand "agreed value". Is that the same as "declared value"?</span> </div></div>

Most likely not, sounds like Stated Value, which allows them to challenge the value at claim time.

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I posted this on another automotive site:

First lesson. Don't buy insurance through a local agent. They get to mark up the policy for their "personalized" service, which you don't get. It's typically a 10-15% mark-up. Not worth it. Deal directly with the company. The policies are typically "agreed-value" up to a certain point, at which they ask you for an appraisal.

Most of these "insurance companies" are not. They are brokers, plain and simple. They bundle your statistically low-risk automotive peer's toys premiums and sell the risk off to a Lloyd's of London, or some other huge concern. They simply pocket the difference. It's enormously profitable since, statistically, we don't wreck our toys, except me.

They all use estimator services who's job it is to get the repair done at the cheapest price. Nature of the beast. Since our cars aren't '57 Chevys, there are no new sheet metal sources for our beasts. That makes the labor go up and that's where they balk.

If you haven't read my tome on my experience with Hagerty, here it is in a nutshell. I was very fortunate to survive a violent accident while pulling my car hauler with the '55 Porsche in the back of it. They sent out a specialist to estimate the damages to the trailer and another to look at the Porsche. I had just insured the trailer for a tidy sum just two days before the accident. I received the papers that bound the policy and hadn't received a bill or paid a dime in premium. Two weeks later I had a check for over $40,000 for the damages on the trailer alone. All they asked for was proof that I had a clear title.

The Porsche was a bit more of a struggle. Since only one side of the car was damaged they only wanted to pay to paint half the car. Where do you stop painting on a round car with absolutely no normal paint breaks? They tried to tell me that it would be just fine to blend two stage with the existing single stage paint. I did my homework and found several experts that disagreed with their findings and they simply folded. They ended up paying out over $25,000 on the Porsche, so far. I have an open claim on the suspension damage.

You'll find that they're all that way because it's really not their money. They are simply the service department for processing your claim. Why not go with the one with the best service department?

Hagerty's restrictions are minimal. They want you to drive your cars in low-risk situations, but, you're not restricted to short local drives. I've driven to shows as much as 500 miles away. They encourage it. They want you to let them know when you go on a long trip or when you've shipped the car, but that's not restrictive. My cars have been offered some movie parts. They are not excluded from this type of activity. They charge $50 every time you do it, basically to cover the cost of the paperwork.

Hagerty also has another type of insurance you guys should know about. I have a 1988 BMW 750iL that I bought new. It's 21 years old and has 77,000 miles on it. I keep it for formal occasions and the occasional dusting of a stock Corvette. The roar of the V-12 is something that I've had trouble parting with.

I only buy three-month tags for it in the summer as license plates are still over $300 a year, for a 21 year old car. I used to insure it through my business insurance and it was an annual premium of $1,250. Hagerty insures it with full coverage and extra liability to comply with my umbrella, for $250 annually. It's some kind of seldom-used policy that applies to keepers that you'd like to use every once in a while to take a trip, or something.

The only requirement that I know of is that you have to insure a collector's car with them and you have to have one plated and insured car for every licensed driver in the house. Seems fair to me to realize that kind of savings. There is one other thing. The car has to be stored in a covered and locked building. Also seems reasonable.

It's all about money. Low risk, low premium. The agreed value on the BMW is $10,000 for a $250 premium. The '77 Town Car is insured for $15,000 and the premium is under $100. Seldom-used vs. hardly used.

A lot of the insurance brokers sponsor auto-related events. They will provide lanyards or mugs or some other givaway. Many will set up a tent and pass out literature. In addition to that, Hagerty sends people. They send field representatives to assist the show's organizers, whether it be dishing out ice cream at a small car show to aiding in coordinating the awards ceremony. I'm impressed with that.

I know this sounds like I'm shilling for Hagerty but it's all true. It's been a mutually beneficial relationship. BTW, Hagerty has lowered it's rates 5 times as it's only allowed to make so much money. What other insurance business has lowered rates?

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From what I gather, collector car insurance companies require (at least some reportedly do) the car be put to bed at night in a locked garage and be within eyesight whenever it's out of the garage. So, how are these issues addressed at events like the CLC Grand National meet or multi-day driving tours? I'm guessing there's an allowance in the policy that covers car shows/events like this, but I'd like to get feedback from those in the know. Which insurance companies cover this kind of thing and which insurance companies don't? Thanks.

- Steve Parmerlee

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<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: bosco001</div><div class="ubbcode-body">From what I gather, collector car insurance companies require (at least some reportedly do) the car be put to bed at night in a locked garage and be within eyesight whenever it's out of the garage. So, how are these issues addressed at events like the CLC Grand National meet or multi-day driving tours? I'm guessing there's an allowance in the policy that covers car shows/events like this, but I'd like to get feedback from those in the know. Which insurance companies cover this kind of thing and which insurance companies don't? Thanks.

- Steve Parmerlee </div></div>

Hagerty does require that my car be in a locked garage at night. Never heard of anything like keeping it in sight at a show. What would I do when I have to go to the bathroom or get something to eat? As far as multiday tours, I have not done one, but I do know that Hagerty wants you to tell them when you go on one just in case something happens.

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I have done work on cars insured through Hagerty and have'nt had any problems at all. From a simple scratch, an oil pan taken out on a high spot on the road, to one customer with 3 claims in one weekend!(long story but hillarious(but not if it was your own)) On only one did they send an adjuster to look at the damage. On all the others, I just emailed pictures of the damage and they sent the owner the check. Everyone I know is very happy with the service and the rates

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I had J.C. Taylor for many years. It always came due around Glidden Tour registration time. When I filled out the registration it reminded me my insurance was about due. One year I wasn't going on the Glidden. I found later I had gone six months with no insurance. I never received a bill.

I started looking around and found that J. C. Taylor would not permit my grandchildren to drive my cars. I switched to Hagerty. Better price and better coverage and one granddaughter has driven one of our cars on tour.

What better way to get the next generation interested.

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<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: RPrice</div><div class="ubbcode-body">You know, if you ask 100 people which collector car insurance company they prefer, you'd get 100 different answers. That said, I'm very pleased with Hagerty.

Happy holidays.

Rog </div></div>

<span style="font-size: 11pt"><span style="font-family: 'Arial'">Oh yes, I agree totally. This is by no means meant to be scientific research. But, it does give me some insight as to what companies I need to consider. I've posted this topic on other classic car sites and I must say I'm rather shocked that absolutely no one is a customer of Grundy. J.C. Taylor and Hagerty seem to be the front runners. But, I know that I need to talk these companies myself and find coverage that works best for me. </span> </span>

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I have American Collectors coverage on my 1980, 1981 and 1987 Volkswagens for a number of years now.

One company mentioned in this thread was not willing to cover any of these vehicles even though they

are all housed in locked garages and meet all their other requirements.

Two of them have been professionally appraised. Funny how the appraiser reminded me of a AACA Judge.

He covered every square inch of each vehicle in a very time consuming, professional manner.

As of now, I have yet to file a claim with American Collectors so I cannot comment on their service when it comes to that.

I can say that they have been very responsive and friendly when it came to my questions and requests unlike that "other" company.

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bosco001,

Not so fast...

I checked out those same three and for me Grundy worked out as the best choice. I have Insurance for my antique cars throught Grundy. I have also never had a claim, so I cannot comment on their claims service. But I have heard good things about it.

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Bosco001, As best as I recall, I had a couple of friends who recommended Grundy. Grundy and Hagerty seemed very similar in coverage for me. Hagerty also included emergency road service, (that I already have through AAA and did not need) and Grundy was a little bit cheaper.

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I have Grundy and several years ago I had a door handle broken off in a parking lot. I had my insurance only a few months with them and hated to turn in a claim. They were great, even wanted to pay me something for installing a replacement handle myself. They said that this was the reason I had insurance with them.

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Barry, It is obvious that your are telling the truth with "Never been there."

I have been there many times and it is great vacation place for a family.

To each his own...

And now, back to the insurance discussion...

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<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: BamaWildcat</div><div class="ubbcode-body">I've got Grundy.

Hagerty wouldn't insure my vehicle under restoration.

So far, no problems whatsoever. </div></div>

Forgot to mention in my earlier post that American Collectors has no problem insuring one of my vehicles that is being restored.

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