Robert Street

Insurance Consideration

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In most states Uninsured and Under Insured coverage apply only to Bodily Injury Liability, not Property Damage Liability.   It has nothing to do with either owners property.

For your property carry Collision & Comprehensive, for others property you carry Property  Damage Liability. in higher amounts.. Some insurance companies offer a single

limit like $300,000 for a combined liability.  You need to know which you have.   Liability Umbrella policies can add to the underlying limits mentioned above, but they will

require higher underlying limits on you car, home, boat, motorcycle policies, usually #250,000/$500,000 on Bodily Injury Liability and $100,000 property Damage Liability, sometimes higher.  The $250,000/$500,000  means $250,000 per Person Liability and $500,000 per accident Liability.  Know your numbers, but don't tell anybody you injure.

The most common problem is people who shop by price, not coverage limits.  Why risk everything you have to save peanuts.  You are self insured for the difference.

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Thanks for the comments everyone. I am going to stay with the antique car insurance company that I have been with for years.  As another issue that came up in comments I do also have an umbrella liability policy even though one of my cars has been accepted at the Hemmings Lake George Concours event not Pebble Beach as the commenter used an example.

Now to find none exploding trailer tires!

Robert

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On 4/4/2019 at 8:48 PM, kevin1221 said:

Chris

 

Is this State Farm agreed value policy obtained through your local agent, or do you have to go to a Special State Farm site? Reason I asked, when I tried to get an agreed value policy on my 2008 Shelby, my local agent told me they don’t offer agreed value policies. It’s possibe my local agent just wasn’t aware of this type of policy. I live in a rural area of Nevada.

 

Thanks,

 

Kevin

Kevin, sorry for the delayed reply.

 

Yes, the agreed value is through my local agent.  No special channels.  I will find out what the policy is called.

 

Chris

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32 minutes ago, first64riv said:

Kevin, sorry for the delayed reply.

 

Yes, the agreed value is through my local agent.  No special channels.  I will find out what the policy is called.

 

Chris

Thanks Chris. I appreciate it.

 

Kevin

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I thought of this thread a few times yesterday while traveling to/from my niece's volleyball tournament.

 

First time, was when I saw an empty open car trailer on the highway with a few pieces of UNSECURED pieces of 6"x 6" wood blocks (ie wheel chocks) cruising down the road. I guess the driver of the truck thought gravity was good enough to keep these blocks on the trailer when he hit a pothole. (Potholes here in Pennsylvania are often deep and big)  Needless to say I steered clear of this fella.

 

Later in the day I saw a car on an open trailer that was secured by only two wheel baskets on it's front wheels and nothing else. Definitely explained why the rear of the car was sitting cock-eyed on the back of the trailer. No doubt at all that the unsecured rear of the car was moving especially as seeing the tow vehicle taking turns way faster than most here would consider safe.

 

Sadly these and other sights I saw yesterday are becoming more and more commonplace. All the more reason for the rest of us to think long and hard about the insurance we have on our antique and modern vehicles.

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Posted (edited)
2 hours ago, charlier said:

All the more reason for the rest of us to think long and hard about the insurance we have on our antique and modern vehicles.

 

Not to mention our lives............................Bob

 

 2 years ago I sold a 15' canoe to a Pa state trooper. He showed up with a 6' bed pick up with a cap. He tried every combination of lashing the canoe to the truck. I kept shaking my head. He finally decided he could make it home with about 8 feet sticking out, lashed over the cab and tied to the door handles. I finally asked him, very seriously, what he would do if he saw that on patrol and how would that affect his career if it broke loose and hurt someone. He came back the next day with a trailer...........Bob

Edited by Bhigdog (see edit history)

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On 4/6/2019 at 7:29 PM, kevin1221 said:

Thanks Chris. I appreciate it.

 

Kevin

Kevin, it's a classic car policy and it's insured for a stated value.  Those are the exact terms my agent just relayed to me.

 

Chris

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On 4/5/2019 at 8:04 AM, 39BuickEight said:

Based on my 10 years of experience as an automobile adjuster with a major brand carrier, and dealing with other major carriers in liability claims, their agents are quick to sell the product (because they are salespeople), but when it come to claims, they are extremely lacking in the knowledge/ability in how to properly deal with a damaged antique/classic/collectible vehicle.  It doesn’t matter if the premium is lower, if, when you need them, they don’t know how to handle your claim.  That’s where the specialty insurers excel.

 

I still work for a major carrier, and use them for my house and daily drivers, but I have Hagerty on my collectibles.

 

I have Hagerty on my antique cars, and I'm a fan.  I had an issue around a decade ago when a car of mine caught fire on the road, and they were great: They paid the shop in full with no questions. 

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