Insurance

[Kurt B.]

Re: Insurance

I have Haggerty and they came highly recommended from many on this and other forums.
Also have a few friends who tried several other companies and they are now with Haggerty.
I have two cars with them on an "Agreed Value" policy and I'm happy and none of the restrictions some of the other companies have.
Kurt

[Jaime G.]

Re: Insurance

I am also with Hagerty and just renewed for a few dollars more than last year. No hassles and no rerstrictions on storage since I keep my cars in a warehouse which is alarmed and monitored. The policy is "agreed value".
JG

[Ron H.]

Re: Insurance

Grundy raised rates this year for most states.

John H. is absolutely correct, must have Agreed Value on your policy. I am in the insurance business and have multiple clients with collector policies. If people want to go with an insurer who only offers Stated Amount, with ACV adjustments, I tell them I cant insure them. For me its a lawsuit waiting to happen.

The next most important thing is the "use exclusions". Some insurers only cover you when you are in "parades, exhibits or shows".

Lastly look out for mileage limitations. Usually these arent a problem with classic Corvettes.

A lot of reputable agencies/insurers around. Some of the good ones are:

Hagerty, Grundy, Leland West, JC Taylor, Sneed, and others.

I would highly suggest you go with a specialized classic car agency. Most insurers that insure your everyday vehicles dont understand this market.

BTW, I have seen at least 6 different State Farm endorsements, They are a terrific company, but of the wording in their antique endorsements scare the heck out of me.

[Pat M.]

Re: Insurance

I re-checked my State Farm policy for my 70 and it is identical to Bill's. As long as you provide them with current photos to prove condition, it'll be tough to wiggle outta that one.
I do have a mileage restriction, but so what - I've only put 7800K on my 96 in 13 years, so I don't think that'll be a problem!

[Wayne K.]

Re: Insurance

That's the clincher phrase. ACV (Actual Cash Value) is the number they arrive at based on their depreciation formulas, Kelley Bluebook numbers, market surveys, etc., and that's what they'll pay for a total loss (it's always less than the "stated value" on the declarations page). All "stated value" does is to "cap" their maximum liability (which protects them, not the policyholder).

"Agreed value" policies have endorsements written as shown by Bill Mashinter in his post; no formulas, no bluebook numbers, no negotiations, no hassles, no arguments with adjusters - if you have a total loss, they send you a check for the "agreed value" amount on the declarations page, period.

John is correct here but as an insurance agent I would just like to add to what he has said.
First, the agreed or stated value policy makes no difference on a partial loss. The vehicle should be brought back to its prior to loss condition wether it is agreed or stated value.
Second, the big difference is in the event of a total loss and the vehicle at the time of loss is no longer worth the stated value then a lower settlement will be made. An agreed value policy eliminates this dispute. If the vehicle at the time of loss is worth at least its stated value or agreed value it doesn't matter as the full amount shown on the policy will be paid.

[Rick S.]

Re: Insurance

I had a woman back into me with her Suburban a few years back, that the restoration shop estimated a repair total of 12k. Hagerty sent a claims rep out and he agreed that the estimate was good and that the higher labor rate was appropriate. The total claims experience with Hagerty was outstanding!Rick

[Jimmy G.]

Re: Insurance

We have invited Hagerty Insurance to set up a booth at the Speedway Regional. It is my understanding that they will give NCRS a discount. I think it is 5% but hopefully Jeff Cook or some NCRS Board Members can get it moved to 10% with our potential volume. I have had excellent service from them. Had Grundy for one year with nothing but headaches.

[Larry M.]

Re: Insurance

We have invited Hagerty Insurance to set up a booth at the Speedway Regional. It is my understanding that they will give NCRS a discount. I think it is 5% but hopefully Jeff Cook or some NCRS Board Members can get it moved to 10% with our potential volume. I have had excellent service from them. Had Grundy for one year with nothing but headaches.

Jimmy:

Excellent! Keep us posted on progress/details.

Larry

[Chris L.]

Re: Insurance

I called them and went over my policy and then called Haggerty and for the same exact coverage they were $374 per year higher. Both were agreed value policies and I have had no claims ever....so needless to say, I renewed with Grundy. I know they are both reputable companies, but can't understand the difference in the premium amounts. Guess we'll do this again next year. THanks for all the responses.
Chris

[Kurt G.]

Re: Insurance

Michael. A word of caution. Read the definition of insured value very carefully on your State Farm policy. I'm betting it says something like the cost to repair, actual cash value or stated value, whichever is less. Hagerty is one of only 3 popular classic auto insurance agencies that will write true agreed value coverage on your car. Also, ask your agent to put into writing if the car is totalled you'll get a check for your agreed value. I'm betting he won't. I spent 25+ years in the insurance business, I read my policies, and recently change all of my insurance to different companies due to my agents inability to explain some coverage questions to me. Also, remember, your State Farm agent can only write coverage with State Farm, so he won't have a clue what other companies will do or won't do. Also, guys, it is very important to remember, is loosing a $45k investment worth $374 a year. Unless you go to Golden Corral for good steak, I'll pay a little more to know I have agreed value coverage with no questions asked. Hagerty, Grundy and American Classic are the only ones that will do that.

[Zale P.]

Re: Insurance

Darn, I am calling American Collectors tomorrow..

They raised mine some, but not a whole lot. I have been with them for many years and never had a claim.

They just raised my policy to $732. per year on my 1966 L36 that I have insured for $125K..

Cheers, Zale

[Michael A.]

Re: Insurance

Michael. A word of caution. Read the definition of insured value very carefully on your State Farm policy. I'm betting it says something like the cost to repair, actual cash value or stated value, whichever is less. ...... Unless you go to Golden Corral for good steak, I'll pay a little more to know I have agreed value coverage with no questions asked. Hagerty, Grundy and American Classic are the only ones that will do that.

Kurt,
Thanks for the thoughtful note. I DO eat and appreciate better steaks than those served at the Golden Corral.

The policy reads:

The limit of our liability for loss to property or any part of it is the lower of:

1. the actual cash value; or
2. the cost of the repair or replacement. The cost of repair or replacement does not include any reduction in the value of the property after it has been repaired, as compared to it value before it was damaged.

You and 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. parts have been removed from your car; or
3. your car's condition has changed due to abuse or neglect

after the vehicle value shown on the declarations page was agreed to and prior to the loss.

As I read this, as long as the condition of the car has not deteriorated since we agreed the value, then in the event my car was totaled I would get the agreed value.

The thing that the great number of responses in this string has me thinking about is in the event of a repair, what kind of hassles would I get. I am weighing that vs. the benefit of having one agent and the benefit of the Corvette being covered under the umbrella liability insurance. The cost is a side benefit but not the primary motivator. I will get with my agent and talk this over some more, particularly on the issue of whether I'd get the agreed value in the event the car were totaled (heaven forbid!).

Cheers,

[Kurt G.]

Re: Insurance

As I said in another thread tonight, your policy says actual cash value. RUN AWAY, cuz if you have a loss you're screwed. You'll get Kelly Bluebook for your car, maybe $10,000. Just an estimate. Let me guess, American Family?

[Kurt G.]

Re: Insurance

Chris, If you haven't read the posts on your insurance comments, go back and read them all. You'll find one in there about State Farm. I agree completely with the comments made. I've been involved in 5 accidents in my 40 years of driving, with only one at my fault. 3 of the 4 remaining were insured with State Farm. Total, and I mean Total nightmares to deal with. Then, ask around for people who have had claims with them to find out how long it took State Farm to send notice of cancellation after the claim was settled.

[Zale P.]

Re: Insurance

Holy Mackeral!!!!

3 years ago my policy said $90K actual cash Value at American Collectors... I told them 2 years ago to up it to $115K , then $125K last year....

I feel awfully stupid because I just read the declarations page, and the last 2 years it says $15.5K last year and the new one they just sent me last week says $16K. Luckily I have had no claims..

I just learned a lesson.. Always read everything ourselves like my older attorney brother always preaches to me..

Trust me, I will be all over American Collectors Ins. in Cherry Hill, NJ

like White on Rice tomorrow morning early...

Cheers, Zale