Insurance

[Chris L.]

I just got my renewal bill from Grundy Insurance and it has almost doubled from last year!! No claims ever and no explanation!! Need some input on cheaper insurance that will take stated value. I'm actually underinsured with these folks, and they are increasing the policy. I know times are tough, but give me a break !! Thanks in advance for your input.
Chris

[Patrick H.]

Re: Insurance

I just got my renewal bill from Grundy Insurance and it has almost doubled from last year!! No claims ever and no explanation!! Need some input on cheaper insurance that will take stated value. I'm actually underinsured with these folks, and they are increasing the policy. I know times are tough, but give me a break !! Thanks in advance for your input.
Chris

Did you call and ask them why?

I'd also consider checking Hagerty's website, as it will give you a real time quote, and you can compare directly to your Grundy rate.

Patrick

[Rick M.]

Re: Insurance

Chris,
First thing I would do is call and ask why they raised the rate, something seems amiss. Having said that I use Hagerty, my 69/435 is insured for 45K and it's $300 yr. Also if I remember correctly Hagerty was a little slacker on rules regarding usage than Grundy was.
Regards,
Rick

[Michael A.]

Re: Insurance

Chris,
I found Hagerty to be real good and easy to deal with however.... when I recently moved my home and auto insurance to State Farm I asked them to quote the Corvette as well. I was shocked. I am now insuring with State Farm for stated value of $30K (unrestored 66 roadster driver) for $65 every 6 months! There's no "classic car" driving limitation and it even allows my 19 year old son to drive it. Needless to say I'm very happy with the coverage and the price.

Good luck!

[John H.]

Re: Insurance

I am now insuring with State Farm for stated value of $30K (unrestored 66 roadster driver) for $65 every 6 months! There's no "classic car" driving limitation and it even allows my 19 year old son to drive it. Needless to say I'm very happy with the coverage and the price.

Good luck!

Is it a "stated value" policy or an "agreed value" policy? BIG difference. State Farm doesn't write agreed value coverage in most states.

[Joe C.]

Re: Insurance

Golly, I have grungy, too.
It's an agreed value policy, underwritten by Philadelphia Indemnity Ins. Co.
My bill comes in June.
I can't wait.

[Pat M.]

Re: Insurance

Is it a "stated value" policy or an "agreed value" policy? BIG difference. State Farm doesn't write agreed value coverage in most states.

I have insurance with State Farm (in Louisiana) for my 70, and I'm pretty sure it's based on "agreed value." Now, I had to provide a lot of documentation, including an appraisal, photos, etc.

[D S.]

Re: Insurance

I have mine with American Collectors. The rate increase is consistent with previous years increases. For my '66 Impala SS396 convertible and 1970 Corvette LS-5 convertible, full coverage, the rate this year is $400 total, not each.

Scott Sims
Texas Chapter

[Larry M.]

Re: Insurance

I have insurance with State Farm (in Louisiana) for my 70, and I'm pretty sure it's based on "agreed value." Now, I had to provide a lot of documentation, including an appraisal, photos, etc.

Pat:

I had my 1967 Corvette insured with Louisiana State Farm for about ten years. It was also supposedly "agreed value" and required an appraisal, pictures, etc.

However, I became increasingly concerned when my policy renewals began including words like "ACV" (actual cash value), and " we will not necessarily use domestic produced repair parts", etc. I talked to my local agent, who stated that he was certain that it was "agreed value". I called State Farm Headquarters in Bloomington and talked to an underwriter for the company. After that discussion, I promptly called Hagerty and changed my policy over to them.

I also felt that if I have to deal with State Farm for hurricane damage to my house, I would prefer to deal with someone different for damage to the Corvette.

Larry

[Ernest C.]

Re: Insurance

Chris, I've had American Collectors Insurance on my '61 and '68 since 1993, and have had NO problems. The policy is for agreed value.
They are located in Cherry Hill, NJ, and the phone number is 800-360-2277. I hope this helps.
Ernie Cope

[Dennis D.]

Re: Insurance

just got my grundy. It is actually down a couple bucks

[Bill M.]

Re: Insurance

Is it a "stated value" policy or an "agreed value" policy? BIG difference. State Farm doesn't write agreed value coverage in most states.

I have State Farm agreed value coverage in Michigan.

The endorsement is 6171Z.4 "Antique or Classic Motor Vehicle"
The endorsement reads "We agree that the actual cash value of your car is the vehicle value shown on the Declarations Page unless:
1. Your car has been damaged
2. You have removed parts
3. Your car's condition has changed due to abuse or neglect.

I had to get the car appraised to qualify for this coverage.

Like Michael said, the restrictions are less strict.

[Pat M.]

Re: Insurance

Pat: I had my 1967 Corvette insured with Louisiana State Farm for about ten years. It was also
supposedly "agreed value" and required an appraisal, pictures, etc. However, I became increasingly concerned when my policy renewals began including words like "ACV" (actual cash value), and " we will not necessarily use domestic produced repair parts", etc. I talked to my local agent, who stated that he was certain that it was "agreed value". I called State Farm Headquarters in Bloomington and talked to an underwriter for the company. After that discussion, I promptly called Hagerty and changed my policy over to them. I also felt that if I have to deal with State Farm for hurricane damage to my house, I would prefer to deal with someone different for damage to the Corvette. Larry

Thanks for the heads-up Larry. I already spent a TON of time discussing this issue with my local agent, but I guess it can't hurt to investigate further. However, I'm pretty sure my policy contained none of the other terms you mentioned, and I read it VERY carefully.

[Larry M.]

Re: Insurance

Thanks for the heads-up Larry. I already spent a TON of time discussing this issue with my local agent, but I guess it can't hurt to investigate further. However, I'm pretty sure my policy contained none of the other terms you mentioned, and I read it VERY carefully.

Pat:

I went through my old insurance files, and the policy was State Farm Antique or Classic Motor Vehicle 6171MM. The endorsement was signed (stamped) by the SF President Ed Rust Jr. and clearly included the words "the lowest of ACV, or applicable limit of policy liability shown on the declarations page". This is the page that had the insured value for my car.

As a side note, my SF Agent (who shall remain nameless at this time) recently referred his friend to Hagerty when the friend wanted a "Collector Car Policy".

Take care. Larry

[Randy S.]

Re: Insurance

I have State Farm agreed value coverage in Michigan.

The endorsement is 6171Z.4 "Antique or Classic Motor Vehicle"
The endorsement reads "We agree that the actual cash value of your car is the vehicle value shown on the Declarations Page unless:
1. Your car has been damaged
2. You have removed parts
3. Your car's condition has changed due to abuse or neglect.

I had to get the car appraised to qualify for this coverage.

Like Michael said, the restrictions are less strict.

Bill,
I too had State Farm including the agreed value endorsement you mentioned. But I just wasn't comfortable with the possibility that I would have to resolve my claim with an adjuster that fixes Escorts and Hondas all day. Lots of people on this board have been happy with Hagerty CLAIMS resolution so I switched and paid more.

By the way to those of you out there that have all their insurance with State Farm except their corvettes I recently discoved that I pay a 50% surcharge on my State Farm personal umbrella policy because I do not have all my cars with them.

I have yet to see someone post a positive claim experience with State Farm...it sure would be cheaper for me.

Randy