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MarkV

Classic Car Insurance Horror Story

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I believe the issue has little to do with the car(s) but everything to do with your age...

Stats bear out that you are the highest risk group there is.....

Edited by stealthbob (see edit history)

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Nope, I saw the list of what they will accept and not accept at two diff. AAA's, among the luminaries are the 1989 Alante, 1979 Cordoba, etc.

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My wife has been with State Farm 46 years since she was 18. Nine years ago we had a truck and 2 modern cars. The agent had no problems adding a 1931 Hupmobile restored driver. They required photos of front, back, & sides allowing me to establish the value of $15,000 with a $100 yearly premium. I have added an unrestored 40 ford and 53 willys with the same experience. A car valued at $7,500 carries a premium of about $75 yearly. Just a tip, they have a joining fee so ask for the premium for the 2nd year. Dec 2008, my wife totaled a 28,000 mile 2006 Buick on black ice and State Farm said the car was worth 2,000 more than a replacement at our local Chevy dealer. We have been happy over the years.

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My wife has been with State Farm 46 years since she was 18. Nine years ago we had a truck and 2 modern cars. The agent had no problems adding a 1931 Hupmobile restored driver. They required photos of front, back, & sides allowing me to establish the value of $15,000 with a $100 yearly premium. I have added an unrestored 40 ford and 53 willys with the same experience. A car valued at $7,500 carries a premium of about $75 yearly. Just a tip, they have a joining fee so ask for the premium for the 2nd year. Dec 2008, my wife totaled a 28,000 mile 2006 Buick on black ice and State Farm said the car was worth 2,000 more than a replacement at our local Chevy dealer. We have been happy over the years.

Is your car value "agreed value" or "stated value"?

Agreed value: Insure car for $15K. Total car two years later, you get $15K. No depreciation.

Stated value: Insure car for $15K. Total car two years later, you get $5K due to depreciation.

Very important distinction.

What the heck is a "joining fee"?

The statement about the totaled 06 Buick is puzzling. Please explain what you mean.

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It also depends on your limits I have 100/300000 coverage with 100,000 uninsured motorist

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It also depends on your limits I have 100/300000 coverage with 100,000 uninsured motorist

Not sure what this is in response to or what point you are trying to make.

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Well, the other guy said that state farm only charged 100 a year, which is either a # from years ago or for 15/30 insurance

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Well, the other guy said that state farm only charged 100 a year, which is either a # from years ago or for 15/30 insurance

It would help if people quoted the post they are responding to unless their response immediately follows the other post. :)

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state Farm doesnt sell agreed upon value coverage.

My wife has been with State Farm 46 years since she was 18. Nine years ago we had a truck and 2 modern cars. The agent had no problems adding a 1931 Hupmobile restored driver. They required photos of front, back, & sides allowing me to establish the value of $15,000 with a $100 yearly premium. I have added an unrestored 40 ford and 53 willys with the same experience. A car valued at $7,500 carries a premium of about $75 yearly. Just a tip, they have a joining fee so ask for the premium for the 2nd year. Dec 2008, my wife totaled a 28,000 mile 2006 Buick on black ice and State Farm said the car was worth 2,000 more than a replacement at our local Chevy dealer. We have been happy over the years.

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state Farm doesnt sell agreed upon value coverage.

That was my understanding also. I asked on the previous page if coverage was "agreed" value or "stated" value. Haven't gotten an answer. If "stated" value the owner's will be in for quite a shock if anything ever happens to their vehicles.

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I agree with the bulk of the folks here that your company isn't worth the trouble. I have 60 cars insured with Grundy with excellent results, including claims. Haggerty and J.C. Taylor are also great. Your cars should all be insurable with a company like Grundy.

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Wes's problem will be finding a collector insurer that will underwrite him at age 21.

I remember waiting to turn 25 so my rates would finally go down. The year I turned 25, my (nameless, but on your side) insurance company upped their young unmarried male limit to age 30.

Needless to say I went shopping and got more coverage for less money. This after the family had had insurance with that company and that particular agent since 1947.

Edited by rocketraider (see edit history)

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I have an existing classic car policy with AAA it is not a regular policy, I was trying to add it to the policy

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I received the following email from my State Farm Insurance Agent:

Per a claims’ team representative, the antique classic policies would be paid, based on a stated value. We have $10000 listed for the 1953 and $14000 for the 1931. As for the 1937 Mullins, I am told we cannot list a “stated” value. The agreed value we have listed is $5,000, and at the time of a loss claims’ will pay actual cash value, of the trailer. Please let me know, if you have any further questions.

The 1937 Mullins is a rare luggage trailer with only 100 known to exist of the 3,000 built in in 1936 & 1937. There are too few sold for State Farm to calculate the value & I will need to keep documentation of sales and the condition. I plan to track sales values on Ebay should the trailer be damaged.

(State Farm does not have a joining fee, I was with a mutual ins co years ago who had a 1 time fee)

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Edited by huptoy (see edit history)

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I received the following email from my State Farm Insurance Agent:

Per a claims’ team representative, the antique classic policies would be paid, based on a stated value. We have $10000 listed for the 1953 and $14000 for the 1931. As for the 1937 Mullins, I am told we cannot list a “stated” value. The agreed value we have listed is $5,000, and at the time of a loss claims’ will pay actual cash value, of the trailer. Please let me know, if you have any further questions.

The 1937 Mullins is a rare luggage trailer with only 100 known to exist of the 3,000 built in in 1936 & 1937. There are too few sold for State Farm to calculate the value & I will need to keep documentation of sales and the condition. I plan to track sales values on Ebay should the trailer be damaged.

(State Farm does not have a joining fee, I was with a mutual ins co years ago who had a 1 time fee)

Be very wary. They are using "stated value" and "agreed value" in the same paragraph. The terms are NOT the same. If the policy is stated value they will pay a claim that is depreciated from the stated value. You will NOT get full value. An agreed value policy does NOT depreciate the vehicle. If the vehicle is agreed to be worth $10,000.00 and it is totaled, you will get $10,000.00. A stated value of $10,000.00 will be paid at a depreciated rate if the vehicle is totaled.

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That's not a horror story, that's what they all do when they get in a bind. I have been treated far worse than that by insurance companies.

Wait till they bankrupt you and put you out of business, then you can holler.

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When Allstate pulled homeowner's policies out of Florida (they had claims), the agent was surprised I pulled the auto insurance also. Now with Geico for daily drivers (3+MGR) and have JCTaylor for Judge and two Fieros. No problems with either but no claims either.

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I agree with the bulk of the folks here that your company isn't worth the trouble. I have 60 cars insured with Grundy with excellent results, including claims. Haggerty and J.C. Taylor are also great. Your cars should all be insurable with a company like Grundy.

I also use Haggerty and it was no hassle to get set up for my'51 Pontiac.

One thing that I did was to go through my Alstate agent to sign on with Haggerty. It costs the same ammount of money and my agent does all the hard work. It is nice to deal with a local person.

I don't think most people realize that their local agents can provide collector insurance. I will likely move my '68 Vette over to Haggerty with the same agent.

Ken

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