Agreed Upon Insurance Coverage

[Frank D.]

Sort of a public service announcement. Based on the market I'm seeing lately my split window is under-insured by maybe 15%-20% (its been 5 years since I upped the coverage last) so I'm calling NCM next week to work that out.

A lot of distractions in 2020 (Ugh!) caught me off guard with this as I'm usually more diligent about such things.

To wit, you folks might want to review your coverage during this holiday break.

[Michael J.]

Re: Agreed Upon Insurance Coverage

Good heads-up. I have a couple that are insured at the pre-restoration values that need to be put up into the restored values now that the restorations are complete.

[Keith R.]

Re: Agreed Upon Insurance Coverage

I just switched from Hagerty to NCM and am certainly pleased with the premium difference. Both agreed value. I can't help but doubt Hagerty's valuation tool though after perusing the auction results and BAT. The sceptical part of me makes me wonder if somehow they inflate the value to increase their premiums.

[Michael J.]

Re: Agreed Upon Insurance Coverage

True Keith, and I think it is good to regularly shop around for insurance coverage. I have been with Farmers for my daily vehicles and house for many years, then I started noticing the premiums going up every year by what seemed like well beyond CPI. I finally, at my wife's urging, shopped around and got policies for the cars and the house at 30% of what Farmers was charging me. I felt stupid I had trusted any company that long without shopping around.

[Ray G.]

Re: Agreed Upon Insurance Coverage

Hello;
Just insured one with NCM. Will insure a 1967, also.
my .02

[Frank D.]

Re: Agreed Upon Insurance Coverage

Hello;
Just insured one with NCM. Will insure a 1967, also.
my .02

Yeah - and NCM will insure most limited production cars, my 18,000 mile 2002 retro Thunderbird is also insured with them.
And yes I know - its a Ford, and its the wife's car.

[Harry S.]

Re: Agreed Upon Insurance Coverage

Many States have rather unusual restrictions on auto insurance companies. I believe they are to our benefit. Understand what your State mandates on auto insurance before signing. Some of the restrictions have to do with the maximum percentage of increase year on year. Some have to do with the age of the car, is it an antique, etc. A little research may save your wallet a dent.

[Frank D.]

Re: Agreed Upon Insurance Coverage

Many States have rather unusual restrictions on auto insurance companies. I believe they are to our benefit. Understand what your State mandates on auto insurance before signing. Some of the restrictions have to do with the maximum percentage of increase year on year. Some have to do with the age of the car, is it an antique, etc. A little research may save your wallet a dent.

And wildly varying approaches to "Diminished Value", if the worst should happen.