Found this Hagerty insurance ad in the latest issue of Keith Martin's "Sports Car Market" magazine; kinda says it all... 
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Re: Neat Hagerty Ad...
Awesome, ad! Obviously it made a connection. -
Re: Neat Hagerty Ad...
It certainly does John!! Seems with an ad like that they are ENCOURAGING the owners of these cars to DRIVE them. I am a HUGE fan of Hagerty Insurance, for our collector cars. All it takes one incident with one of the bigger insurance companies (AAA, Allstate, State Farm, etc.) and a vintage auto, to learn you should be using a specialized insurance company such as Hagerty. They truly do back up what they sell.
LynnComment
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I'm a very satisfied Hagerty customer, and I think they put out a pretty good quarterly magazine too.
Jim C.
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Hi John,
Thanks for the picture.
Insurance is an odd part of life... you're betting your going to need it, the company is betting that you're not, and you're hoping they're right!
Regards,
Alan71 Coupe, 350/270, 4 speed
Mason Dixon Chapter
Chapter Top Flight October 2011Comment
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Like the ad and I have my 73 insured with them.Comment
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I'm a Claims Manager for one of those big bad ass insurance companies and to be honest, we're not geared up to handle the vintage car market. We don't even attempt it. Go with the specialized carrier for your special toy. I'm insured with Hagerty but there are others out there as well.
Neat ad.
MarkComment
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Ok, so I have to chime in here. I'm witih State Farm. My family (dad and I) have been for a very long time with the same agent.
When I insured the 67, I went with stated value. I told her how much the car was worth and we insured it for that.
I asked a lot of questions about what would happen if xyz were to happen.
She said if I was in an accident, they'd send a claims person out. If the damage was bad enough (in other words, not just a bent bumper, but rather if I hit a tree at 30 mph), they'd write a check for the stated value of the car.
What am I missing? Why are the big insurance companies less desireable to use for classic car insurance?
On another note, I've had to use my insurance company when my wife got into two separate accidents with her car. The first one was handled extremely well. Very easy, very few intereactions and the car was fixed. The second one was much worse and the car was totaled. We signed over the title and were given a check. Easy peasy.
Chris Enstrom
North Central Chapter Judging Chairman
1967 Rally Red convertible, 327/350, 4 speed, Duntov @ Hampton in 2013, Founders @ KC in 2014, family owned since 1973
2011 Z06, red/redComment
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Re: Neat Hagerty Ad...
Chris:Ok, so I have to chime in here. I'm witih State Farm. My family (dad and I) have been for a very long time with the same agent.
When I insured the 67, I went with stated value. I told her how much the car was worth and we insured it for that.
I asked a lot of questions about what would happen if xyz were to happen.
She said if I was in an accident, they'd send a claims person out. If the damage was bad enough (in other words, not just a bent bumper, but rather if I hit a tree at 30 mph), they'd write a check for the stated value of the car.
What am I missing? Why are the big insurance companies less desireable to use for classic car insurance?
On another note, I've had to use my insurance company when my wife got into two separate accidents with her car. The first one was handled extremely well. Very easy, very few intereactions and the car was fixed. The second one was much worse and the car was totaled. We signed over the title and were given a check. Easy peasy.
How lucky do you feel today....or tomorrow??
Things may turn out alright as you said above. But they could also be different. Your adjuster may say that Corvette values are down 30 percent this year, so your payout check will also be reduced. They might also try to figure in deteriorated condition due to mileage and age. Or require that you use "hand-laid" fiberglass repair parts, or that Joe's Auto Repair down the strret is where you need to go to have your repairs done.
I had SF for many years on my 1967 Corvette, but after calling and talking to the main office folks (Bloomington, Illinois) a few years back, I switched to Hagerty. Even my local agent thought it was a good idea after we discussed particulars.
But it's your choice.... and everyone has their own opinion.
LarryComment
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Nominal notion here - cost. Same car.
Big company vs Haggerty or American Collectors, the cost? Half. And yes it is a bet they are right.Comment
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My understanding of the State Farm policy is that the value of the car doesn't change. It is what I insure it for.
I also asked specifically about repairs, and they said that the process would be to get a shop to estimate it and I could get it repaired anywhere I wanted to.Chris Enstrom
North Central Chapter Judging Chairman
1967 Rally Red convertible, 327/350, 4 speed, Duntov @ Hampton in 2013, Founders @ KC in 2014, family owned since 1973
2011 Z06, red/redComment
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I also have an agreed value policy with State Farm. I don't drive my cars so that simplifies things but I have coverage against fire and theft.Comment
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I was told the same thing after EXTENSIVE discussions with State Farm. I was also told that I could use correct parts for repairs, not whatever junk parts would work.
After CAREFUL reading I see nothing in my policy that makes me believe this is not the case. And if State Farm later tries to lie, cheat, and/or "change their swear," I'll see 'em in court.Comment
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[quote=Chris Enstrom (46481);485283]Ok, so I have to chime in here. I'm witih State Farm. My family (dad and I) have been for a very long time with the same agent.
When I insured the 67, I went with stated value. I told her how much the car was worth and we insured it for that.
I asked a lot of questions about what would happen if xyz were to happen.
She said if I was in an accident, they'd send a claims person out. If the damage was bad enough (in other words, not just a bent bumper, but rather if I hit a tree at 30 mph), they'd write a check for the stated value of the car.
What am I missing? Why are the big insurance companies less desireable to use for classic car insurance?
Chris, you're missing 2 things. First, what your agent tells you will happen and what actually happens can be 2 different things. Second, you need to read the fine print because the policy will say something like 'In the event of a loss, the policy will pay the stated value or ACTUAL VALUE, whichever is less, at the time of the loss. Who determines actual value?
Here's what my latest State Farm News & Notes says:
" The current estimated value of your older car is shown on your renewal notice. We use this value to calculate your premiums for physical damage coverages. However, if there is a covered loss to your car, we pay based on the actual cash value of your car at the time of the loss. "
This tells me that they charge a premium based on what YOU say the car is worth and they pay out based on what THEY say the car is worth.
I have State Farm and have never gotten satisfactory answers from them, but I know that I will be coming out on the short end if a claim or total loss happens. What will they pay if there is a repairable accident? How about if the car is stolen? I still can't figure it out.Comment
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In section 6171BV "Antique or Classic Motor Vehicle" of my policy it says in the case of "loss" (which includes accidental damage or theft):
"you and we agree that the actual cash value of your car is the vehicle value shown on the Declarations Page unless: (the car is damaged, has parts removed, or is abused after the initial value is agreed to and prior to the loss)."
So, my vehicle's value is shown on the dec page, which I chose; there's no either/or value in my policy if it gets damaged or stolen. And the policy IS the contract, and what governs in case of dispute.Comment
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