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mercman86

Insurance advice?

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When I set up my original policy, my agent just asked me what I thought the car was worth and thats what they would insure it for.

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<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: ted sweet</div><div class="ubbcode-body">still not same as agreed upon value, stated value only caps the most you can receive, the payout is determined at claim time and maybe less. </div></div>

And you just KNOW that you will get that full stated value, right? wink.gif

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How can you ever know just how great the policy is until you have a total loss, which is hopefully never going to happen?

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I did an online quote with JC taylor today for the heck of it and I was quoted 60.00 a year for full comprehensive and collision. Not bad, but i am still going to call around for other quotes.

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In my 35 years of doing this I have owned many cars and appraised many cars, and also had to act as an expert witness in court for guys who had their cars insured with conventional insurance companies. These type of companies have no clue about collector cars, seldom pay up without a fight and seldon pay the full amount.

We are blessed with a number of great specialty insurers in the industry that are exactly the opposite. Grundy, Haggerty, J.C. Taylor, American Collectors, etc. etc are all good. and the rates are super low, as their loss ratios are really low. My advice to anyone, don't trusts the company that insures your home or late model car with your collector car, go with a specialist.

Edited by Peter J.Heizmann
Bob, You make good points however we will not allow the negative naming of any vendor on this forum. Thanks in advance. (see edit history)

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I just took out ins. with Safeco for 67.10/6months full coverage 250 deductible 10k value. Has anyone used this company?

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I know people who have had claims with Grundy and I've been to Mr. Grundy's garage. If you could see his garage, you'd understand why he understands car people. He's one of us... a collector.

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Folks,

I "re-titled" this thread as the referenced Insurance Vendor in the original thread title and negative comments in some posts directed at them will not and cannot be tolerated due to possible legal actions. Thank you in advance for understanding.

Peter J.

Edited by Peter J.Heizmann (see edit history)

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My '66 Ranchero runs and drives like a dream. I spent a lot of time and money to make it drivable. However, its not pretty. Not too bad but not done yet. Anyway I called up my agent and set up a policy, sent him photos and warned him that the car does not look pretty. He assured me that it would be no problem and that he has insured cars that looked much worse. I pay him and all is good. Untill I get a bill a month later for 500 bucks for the same policy. OK, someone made a mistake. Call them up and after being put on hold several times, some wise guy comes on the line and told me that my original Antique policy was cancelled because they suspected that i was using the car as a daily driver and was trying to fradulently insure it as antique for the low rates. I reminded them that it was registered as an antique and it would be illeagle for me to do so. Also I still have my 2004 F-150 on my policy as my daily driver. On hold again..... "sorry the car doesnt have a show quality finish so it does not qualify as an antique." So it is insured for storage, but I cant drive it unless i call em up, tell them its on the road and i have to call immediently when it is placed in storage. ANyone else run into this BS or am i just out of luck untill i can afford to have it painted.

Thanks in advance!

You may check this online-autoinsurance.net for more information.

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Go with Hagerty or one of the other specialists for antiques. I have my daily driver with AAA and my classics with Hagerty. There is no "one size fits all" when it comes to insurance.

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Thanks for all the imput guys!

Sorry its been a while and I figured i should tell everyone that after much thought I decided to stay with state farm. My main reason was that I was able to get my agent to match the competiton. JC taylor quoted me at about 55.00 per year and Hagerty was about the same. Since I started this thread, my cars been painted and put back together. From state farm I am covered for up to $8,000 for collision or any other damages while it is in storage plus all the standard coverage while it is in storage eg.. rodent damage, fire the building falls on it ect ect... So for all that im paying 58.XX per year. For as much as its driven thats fine with me. Its stored indoors, in a gated yard in a safe area so im not too worried about somthing happening to it. Havent made a claim but we'll see what happens if and or when that happens.

once again, thanks again to everyone who gave advice!

Alex

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Thanks for all the imput guys!

Sorry its been a while and I figured i should tell everyone that after much thought I decided to stay with state farm. My main reason was that I was able to get my agent to match the competiton. JC taylor quoted me at about 55.00 per year and Hagerty was about the same. Since I started this thread, my cars been painted and put back together. From state farm I am covered for up to $8,000 for collision or any other damages while it is in storage plus all the standard coverage while it is in storage eg.. rodent damage, fire the building falls on it ect ect... So for all that im paying 58.XX per year. For as much as its driven thats fine with me. Its stored indoors, in a gated yard in a safe area so im not too worried about somthing happening to it. Havent made a claim but we'll see what happens if and or when that happens.

once again, thanks again to everyone who gave advice!

Alex

If it is not an "agreed value" policy, it is worthless as far as antique coverage goes. You will never get full value back if something happens.

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Rods & Relics also recommends that antique and classic car owners to get agreed value insurance. It is also important to use an insurance company that specializes in these types of vehicles. It is a headache trying to get insurance for older cars from auto insurance companies that mainly deal with newer cars.

Classic Car Insurance

Auto Insurance FAQ

Edited by fraso
link update (see edit history)

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If you are having heart trouble you don't go to a bone specialist. They are both doctors though. My point is, you will be better off in the long run going to whoever specializes in whatever. I have been with Hagerty's for 13 years and am completely satisfied. Hagerty's, J.C. Taylor, Grundy, etc. have a good grasp of the hobby because they are hobbyists themselves.

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If you are having heart trouble you don't go to a bone specialist. They are both doctors though. My point is, you will be better off in the long run going to whoever specializes in whatever. I have been with Hagerty's for 13 years and am completely satisfied. Hagerty's, J.C. Taylor, Grundy, etc. have a good grasp of the hobby because they are hobbyists themselves.

In agreement 100%. Insure your antiques with an antique insurer, and never with a daily driver insurer. Why? Because the insurers represent two different insurance worlds, and seldom do the two mix. I was there twenty plus years ago with Nationwide. My antiques are with JC Taylor, and my daily's are with 21st. Century. Nationwide is gonzo after 50 plus years for me. I have noticed that a lot of insurance companies are trying to change, and be maybe more customer oriented. Must be because they are losing market share due to past practices. ccident forgiveness is what insurance should be about.

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Anyone have issues with getting "collector car insurance" due to their driving record?

The don't seem to want to touch anyone with more than a single violation over the past 5 years.

That is why mine are all with 21st Century....

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I had State Farm for over 40 years. Had one small claim (daughter backed into someone) and they raised my premiums on everything I own. Got to looking around and discovered they'd been sticking it to me for a long time. Dumped them, went to Grundy (and AIG for daily driver) and cut my premiums by over a third. 40 years from me - nothing from State Farm. You feed them if you want to, I never will again. Will

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Had my cars insured with Haggerty for 10 years. Never had a problem, they are always pleasant to deal with and you can reach a live person easily. They now insure my 87 Boston Whaler dive boat as well. Everything from the 42 up to the 89 TC Maserati. All the car events I go to usually always has a Haggerty booth and they are super supportive of the hobby. Found out that in order to even be a receptionist at Haggerty, you have to take and pass a course on old car knowlege.

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