Insurance Woes - New/Recent Issue!

[Robert K.]

Re: Insurance Woes - New/Recent Issue!

Another interesting story involving insurance. I have State Farm for my regular cars. Originally my 62 was insured with them. It started as a second car not an antique or classic. I then switched to classic insurance and the rate dropped from $450 to $410 a year with limited driving and must be garaged kept, etc. I looked at the bill and collision dropped a huge amount from 2nd car to classic and libility and conprehensive jumped by a factor of 4. What's up with that. I called the regional office and spoke to a VP again, I always speak to VPs. He stated that the jump in costs was due to the increased probability of theft. I explained that the probability of theft was actually less because the car would be driven less (less exposure), stored in a garage and the value was exactly the same. After some banter he agreed and said he would make adjustments to the rates and submit them to the state insurance commissioner, but it would take a year or so. About a year later my rate dropped from $410 to about under $250. So anyone in the state of Maryland with an antique Corvette insured with State Farm has benefitted from my battle.

[Carl N.]

Re: Insurance Woes - New/Recent Issue!

"I ended up changing over to NCM when Hagerty refused to write insurance for my C6. NCM accepted all three cars and didn't balk at the fact that only one is kept at my house. The other two are kept offsite at a local shop that provide secure, temperature controlled car staorage. An added bonus was the rate savings that NCM gave me. Had them for three years now and no rate increase."

NCM insurance rep Adam Boca is usually at Carlisle which is how I found out about them. I asked him if they would cover my C6 along with the other two. He said no problem. Told him about the offsite storage, again he said no problem. I switched that week.

Tom[/QUOTE]

Intersting !! I contacted NCM (Mr. Boca) about covering my C2, C5 & 1965 MoPar. He was all over the C2, but had no interest in the C5 or the MoPar - so I shopped elsewhere - I'm curious why he will insure C6's and Mustangs for some and turn others away. These are also in secure storage and not DD's.

[Jim R.]

Re: Insurance Woes - New/Recent Issue!

Agreed value with them I guess was that if car was a total loss I would get a check for the value I stated and then they agreed upon after seeing photo's of car unless I am missing something ,I will definately call them to double check though thanks Jim .JR

Stated value will leave you screwed if you have a total loss. You MUST have agreed value. They are two totally different things.

[Jim D.]

Re: Insurance Woes - New/Recent Issue!

Agreed value with them I guess was that if car was a total loss I would get a check for the value I stated and then they agreed upon after seeing photo's of car unless I am missing something ,I will definately call them to double check though thanks Jim .JR

Here's a good article explaining the difference between the two - http://www.hhrvresource.com/Images/P...reed_Value.pdf

[Gerry P.]

Re: Insurance Woes - New/Recent Issue!

I switched from Grundy to NCM a year ago and my premiums went down from $494 to just under $300. To be fair, I should mention that I dropped the agreed value from $71k to $60k with NCM and I went from no deductible to a $250 deductible. Five yrs ago, Grundy charged me $423 for $60k coverage. They automatically kept increasing the agreed value (and premiums) each year. It finally dawned on me that they are in the business of selling insurance, so the higher the agreed value, the higher the premiums and consequently, the more money they were making. I could probably have gotten an even higher agreed value, but if I did, I'm playing into their game, with them betting they will never have to pay out a claim and just pocketing a higher premium. Even if they do pay out a claim, they've been paid for taking on that risk, plus making a profit on the incremental premium.

The bigger question for me is how does NCM do on claim payments? So far, I have not seen any comments from an insured who has claim experience with NCM.
Gerry

[Jim M.]

Re: Insurance Woes - New/Recent Issue!

In addition to Hagerty, American Modern and some others whose speciality is classic car insurance, it's not a bad idea to check some of the larger carriers. I have my 69 insured with State Farm and my premium is far less then it was with American Modern.

[Jim D.]

Re: Insurance Woes - New/Recent Issue!

The bigger question for me is how does NCM do on claim payments? So far, I have not seen any comments from an insured who has claim experience with NCM.
Gerry

There have been several post on the CF about it. Everyone loves their customer service. Here's one example- http://www.ncminsurance.com/wildfire...s-handled.html

[Paul J.]

Re: Insurance Woes - New/Recent Issue!

Insurance companies have strange ways of assesing rates. Here in NY I'm 1/8 mile from water, since all the hurricanes came I've been told I'm in a a "flood zone" because of the "Distance" from water. I checked my survey, I'm 117' above the high tide mark!!! Honestly, if my home is threatened due to rising waater I have bigger problems than making an insurance claim. I don't think anyone will figure these guys out.....

Lynn, the Geodetic Survey, Corps of Engineers, and most states started aggressively changing flood levels and redrawing flood zone maps in the late 90's. It has more to do with the amount of rainfall during an "event", as well as downstream development constricting flow channels and floodways. I've spoken to several people in a similar situation to yours. They're not happy either.

Paul

[Adam B.]

Re: Insurance Woes - New/Recent Issue!

Great talking with you Don, and thanks for starting this thread!

Check out this claims blog we just put together with information from a recent claims survey we did.

http://www.ncminsurance.com/our-collector-car-insurance-claims-management-proof-is-in-the-performance.html

All of our claims have been handled very quickly. Only 2 did not get paid out and it was due to racing (On-Track Coverage is specifically excluded, but I dont think we have to worry much about that here!).

Let us know if you have any questions at all.

Thanks again!

Adam Boca
NCRS Member
www.ncminsurance.com
877.678.7626
adam@corvettemuseum.org

[Thomas H.]

Re: Insurance Woes - New/Recent Issue!

That sounds strange, my son has his 2011 vette insured by Hagerty and he is only 28 years old!!! could there be any other circumstances concerning the policy that may have made them "balk"? I have a number of friends that have C6s insured by Hagerty. also have other friends that have chose to use other companys, that plan to go back to Hagerty at renewal.(Multiple Reasons) Bottom line is we each have to do what we feel is the best to cover each individual set of needs. Each company can customize the policy to meet the needs of each customer, could be usage needs(no mileage limits), Storage parameters, and of course Cost. I'm sure Hagerty as the others can get the cost to a level that will make that customer feel comfortable, but like anything in life it would involve some trade offs! Enough said, I will stay with Hagerty, it makes me feel comfortable about my cars.

I was told by Hagerty that since my daily drivers were older then 5 years old, they would not write my C6. Reason being is that, statistically, since my daily cars are not "new" (99 Honda Civic, 01 Explorer, 02 Honda Civic) they are more likely to break down and I would then start to use my C6 as daily transportation.

I hesitate to type the following in case I jinx myself, but we have had no accidents or violations EVER, so only the fact that I don't have a car 5 years or newer prevented them from writing my C6.

Pretty lame if you ask me, but hey they are the insurance company and they can make up what ever rules they want to keep the CEO's making millions............ Bottom line, I switched to NCM and even with their mileage limits (which I'll never reach), I'm very happy so far.

Tom

[Terry M.]

Re: Insurance Woes - New/Recent Issue!

I was told by Hagerty that since my daily drivers were older then 5 years old, they would not write my C6. Reason being is that, statistically, since my daily cars are not "new" (99 Honda Civic, 01 Explorer, 02 Honda Civic) they are more likely to break down and I would then start to use my C6 as daily transportation.

I hesitate to type the following in case I jinx myself, but we have had no accidents or violations EVER, so only the fact that I don't have a car 5 years or newer prevented them from writing my C6.

Pretty lame if you ask me, but hey they are the insurance company and they can make up what ever rules they want to keep the CEO's making millions............ Bottom line, I switched to NCM and even with their mileage limits (which I'll never reach), I'm very happy so far.

Tom

Tom,

Did the NCM cover your DD?

[Clem Z.]

Re: Insurance Woes - New/Recent Issue!

Great talking with you Don, and thanks for starting this thread!

Check out this claims blog we just put together with information from a recent claims survey we did.

http://www.ncminsurance.com/our-collector-car-insurance-claims-management-proof-is-in-the-performance.html

All of our claims have been handled very quickly. Only 2 did not get paid out and it was due to racing (On-Track Coverage is specifically excluded, but I dont think we have to worry much about that here!).

Let us know if you have any questions at all.

Thanks again!

Adam Boca
NCRS Member
www.ncminsurance.com
877.678.7626
adam@corvettemuseum.org

hey adam you may have a little conflict there when the NCM opens its track.

[Edward C.]

Re: Insurance Woes - New/Recent Issue!

Have had Hagerty for years with no claims but I am beginning to feel used. Next time I am dumping them. Ed

[Thomas H.]

Re: Insurance Woes - New/Recent Issue!

Tom,

Did the NCM cover your DD?

Terry,

NCM covers my C1, C3 and C6. None of which are daily drivers. I put about 1000 miles on the C6 each summer. The other two average maybe 200 miles a year, if that.

Tom

[Stephen B.]

Re: Insurance Woes - New/Recent Issue!

State Farm, State Farm, State Farm. No problems, 30 years with them and 4 collector cars. I routinely check with other companies when I'm at car shows and have yet to get a lower quot. State Farm is very diversified and is effected very little by a large lose on a collector car claim. Hagerty and others like them specialize in collector cars thus making them more vulnerable to a large claim. I asked my agent one time how he could insure my cars so inexpensively and his replay was that he hadn't had a claim on a collector car in 20 years.
Stephen Barrett (21558) 59,66,71,73