Collectible Car Insrance

[Jay Rondeau]

Has anyone used Sneed Robinson & Gerber who is advertized in the Driveline? Good/Bad experience? Other suggestions?

[Nick Vigorito]

Re: Collectible Car Insrance

I have State Farm and have no complaints. I think their rates are good.

Nick

[Martin M.]

Re: Collectible Car Insrance

Hi Jay -

All my street rodder buddies love Sneed, Robinson. Apparently no hassles if you have a problem.

Personally, we have State Farm an an insurer on our vettes, as well as everything else. Haven't needed them, but their rates are good for Collector cars.

Marty

[Bill Lucia]

Re: Collectible Car Insrance

Jay, beleive it or not I use good old State Farm, my regular carrier. They generally do not advertise for collectible car insurance but they do offer it to their long time good risk customers. We insure both of our Corvettes with them (2000 & 1966). They insure for "replacement" value up to $35K (stated) without an appraisal. Above $35K you need to get the car appraised (should do that anyway). Also, see the article by Michael Pierce(North West Chapter Judging Chair) in the Restorer (can't remember how far back). He explains how to insure using "replacement value". The idea is to insure for replacement value on a total loss. This is so you do not end up getting paid actual cash value for your 1967 435HP Corvette, which roughly translates to a "1967 Chevrolet"!!!!!

regards

Bill #8620

[Patrick T.]

I Don't Trust Appraisals....

When I bought the '67 last August, I just added it to my Allstate policy intending to go back to J.C. Taylor sooner or later. I read a post here about an owner who totalled his '67, and although his appraisal was for $40K, the company's appraisal was for $33K. To me, appraisals aren't worth the paper their printed on. I can hire an appraiser for $150 any day of the week and he will appraise it any way I want it.

So I asked the Allstate Agent what would happen if the car was totalled or stolen and not recovered, he said I would recover monetary damages based on the "fair market price" and Allstate's appraisal. I just didn't like the sound of that statement, because to me, they are no different from car salesmen.

Needless to say the next day, I sent JC Taylor my application, several recent pictures, a copy of the notarized bill of sale, and a check, with no appraisal, and got a fixed amount for my estimate of "fair market value".

[Everett]

Re: I Don't Trust Appraisals....

I too have bad feelings about the policy value vs an actual settlement value. I tried to get a straight answer from State Farm on my Corvette policy regarding stated value vs agreed value, and here is a direct quote:

"When a vehicle is insured under our Antique/Classic program, we ask that you and your agent complete a valuation form describing the vehicle and it's value. In some cases, we may also ask for an appraisal to assist in assigning the vehicle value. Once the value has been established and agreed upon, the value stated on the declarations page of your insurance policy is considered the actual cash value unless:

1. your car has been damaged; 2. parts have been removed from your car; or 3. your car's condition has changed due to abuse or neglect after the vehicle value was agreed to and prior to the loss.

If a loss occurs we will settle with the vehicle owner in one of the following ways: 1. pay the agreed upon actual cash value (as previously agreed upon and listed on your declarations page) in exchange for the damaged vehicle; 2. pay to repair or replace the damaged property or part; 3. return stolen property to you and pay for any damage due to the theft."

Item number 3 above (regarding the car's condition) would appear to give them an out... and I have heard that you have to prove the condition was the same at the time of the loss as at the appraisal time.

[Steven S.]

Re: Collectible Car Insrance

If you live in the northeast, the only one to talk to is Alan Blay (516 679 0001). He has written many articles in the Restorer about insurance. He knows Corvettes. It's important to have someone in your corner when things go wrong. He had me with American Collector, but switched me to Hagerty to get me a better deal.

[Ken Karsen]

Re: Collectible Car Insurance

Joe, I have been with Hagerty for almost fifteen years, never a problem and rates that compare with J.C.Taylor. The policy they write seems to me to be a bit less restrictive than Taylors. I was surprised a short while ago, I contacted my Independent Agent for a quote and he refered me to Hagerty. I asked when they started using Hagerty as a underwriter and they said "when they were bought out by CNA". I went with them anyway, the Jury is still out.

Ken

[Dennis Churchill #31836]

Re: Collectible Car Insrance

I use Hagerty Insurance. They use the "agreed" value for your car vs. "stated" value. If you read some of the other posts on this, you'll have to agree that "agreed" value it the only way to go. If you have two or more cars, you will only pay one liability premium. I have two cars insured, the agreed value is $26,000 on a 64 roadster and $18,000 on a 56 chevy hot rod. My premium is $454 a year with no deductable on anything.

[Mike #32924]

Re: Collectible Car Insrance

I, too, have State Farm on my '64. They charge me $164.00 for a six month policy that I renew bi-annually. Maybe they give me a break because I insure my three other cars as well as my house with them. Whatever the reason, I can't complain about the rate and I live in the New York metro area, one that is typically high to begin with.

[Bill Lucia]

Re: Collectible Car Insrance

I can't disagree with any of the isssues raised in the posts on this subject. There certainly are some things to think about. I have heard good and bad things about State Farm, Haggerty and American Classic as well as others. In any case I did sit down and go "eyeball to eyebal" with the agent and made him explain each of several senarios, theft, toatall loss, damage etc. and how the company pays (or not) and where in the contract it is covered. This takes an hour or so but with the number of cars we have insured with this guy it's to his benefit to do it. Either way the insurance company can twist you just about any way they want. In the end I think you need to get comfortable with a policy/company/agent and understand the coverage that you bought. I could fill up this page over and over with horror stories about insurance, many of them involving very reputable companies (like those mentioned above). Every time it's because the owner did not get the whole story on the coverage. Unfortunately it's the ULTIMATE "buyer beware" scenario.

Regards

Bill #8620

[Bill Lucia]

One more thought..PROBLEM?

I was thinking that each of us in this thread have mentioned that "I have never had a problem with MY insuance". Does that mean that we actually have cars stolen or totaled and the insurance company actually "made good" on it(i.e. within reason)? Or does it just mean that in the all the years that we have used this insurance company we have NEVER had an accident or theft???? My point is this: does anyone have a REAL loss experience to relate with regard to Haggerty, American Classic, State Farm etc?? How did they handle it? Maybe that would be a more accurate example of a "good" insurance company.

just a thought

regards

Bill #8620

[Brian M.]

Re: One more thought..PROBLEM?

Bill, I'm with you. I've been with American Collectors for 14+ years no claims hence, no problems. My insurance agent, mentioned above did offer Hagerty as an option to me last year at renewal time but I re-upped with American Collectors. I was thinking of switching to Hagerty's this fall but would like to hear some feedback from people that have had a loss.

[Steven S.]

Re: One more thought..PROBLEM?

I had a fire in my garage. One car had paint damage when the car cover burned. The other car had water damage. Alan Blay, my agent took care of everything. You can buy direct but going thru an agent didn't cost extra and I got his expertise for free.

[Lee S.]

Re: Collectible Car Insurance

CNA has been quite involved in aggressively courting the classic car business, specifically Corvettes. I know several agencies who were pushing programs aimed squarely at Vette owner's..Be interested to hear how they actually treat people. STW, Mike