Insurance Woes - New/Recent Issue!

[Peter S.]

Re: Insurance Woes - New/Recent Issue!

I recently switched from American Collectors to Hagerty. American Collectors was alot more restrictive on where I could drive the car - could only use for cruising and taking to car shows. Hagerty, at first sign-up, was $60 less per year. Even with creep, I feel much more comfortable that I will be fully covered in an incident, where I did not have that level of comfort with American Collectors.

[Paul J.]

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

I was hoping that it was'nt going to come to this, but State Farm S*CKS. The archives are full of discussion on this. This first link talks about State Farm being "Stated Value" and not "Agreed Value" in several States. The other links discuss how State Farm will scr** you. There's a lot more about this.

https://www.forums.ncrs.org/showthre...ght=State+Farm

https://www.forums.ncrs.org/showthre...ght=State+Farm

https://www.forums.ncrs.org/showthre...ght=State+Farm

Yes John F., we know you're a State Farm agent. Don't take this personally.

Paul

[Pat M.]

Re: Insurance Woes - New/Recent Issue!

No problems at all with State Farm for me. Agreed value policy, reasonable rates, and a claim effortlessly settled to my complete satisfaction. Unless something changes, I aint going anywhere else.

[Jim D.]

Re: Insurance Woes - New/Recent Issue!

I was hoping that it was'nt going to come to this, but State Farm S*CKS.

Paul

I agree. I went to the local SF agent for a quote. If I transferred all my insurance to them, which includes homeowners, 2 daily drivers, 2 Corvettes and a boat, his "super deal" was almost $2000 a year more than what I pay now. That included a 10% discount for the new policies but he told me the premium would increase 5% a year for the next two years. What a joke. Not to mention the crappy service if you ever have a claim.

[Robert K.]

Re: Insurance Woes - New/Recent Issue!

A little off topic, but did you know that your house (the structure) is covered from ALL perils but the contents are only covered by 18 named perils, and animals is not one of them. Let see here, the guy making the payment is only covered for 18 perils, but the mortgage company is covered for ALL perils. I guess the mortgage companies mandate this and the lonely policy holder is left out. How did I fine out, I had a deer jump threw my front window. No windows in my garage, but I bet some off you guys do. So if a deer jumps threw the window of your garage, we know the home owners insurance isn't on the hook, but will the car insurance pay? I don't know.

[Adam B.]

Re: Insurance Woes - New/Recent Issue!

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

HAHA! Nah, just wont cover it! I hope all is well my friend! We miss seeing you!

[Clem Z.]

Re: Insurance Woes - New/Recent Issue!

HAHA! Nah, just wont cover it! I hope all is well my friend! We miss seeing you!

we will be there at the end of the month. take care

[John F.]

Re: Insurance Woes - New/Recent Issue!

Mortgage companies interest in your home is for the structure only, not your personal contents. Auto insurance will pay under Other Than Collision perils (Comprehensive to old timers) for the deer jumping thru the garage window and damaging your car. Not everything possible in the world can be covered by a home or car policy. Unless you want to pay $150,000 premium, for $150,000 of coverage.

[Clem Z.]

Re: Insurance Woes - New/Recent Issue!

insurance works in funny ways. i had a car that was not insured stolen but i had $3K worth of tools in the trunk and my homeowners paid for the tools.

[John F.]

Re: Insurance Woes - New/Recent Issue!

Clem, Most Homeowners policies cover tools either by extension off-premises or in some states limited in a policy to a certain amount. As I always say, "there are two sides to each story and all claims are unique to the individual". Sit down with your agent at least once per year and discuss your coverages. Things change over time, and none of us like surprises after a claim.
John F

[Don L.]

Re: Insurance Woes - New/Recent Issue!

After spending a couple weeks studying my options and a couple weeks getting great adivce from you folks, I switched away from Hagerty Insurance to AMI (through NCM) today. Adam Boca was helpful as were all of you in helping me understand the differences in coverage and risks that are in play. A big decision for me, as I enjoyed my 7 year "stay" with Hagerty. I must say though, the personal interface that Adam and his team gave me was superior. Add everything I got through you folks, and I am comfortable in making the switch.

BTW, at least on paper, AMI's coverage is also superior to Hagerty. Same agreed to/guaranteed value and same deductible too between both companies. Much higher limits for many categories were realized with AMI vs Hagerty. AMI's premium was SIGNIFICANTLY lower and in the end, I made the switch feeling that I have made the right move. I said I'd focus on value, not so much price. I feel I found increased value with AMI/NCM.

It's been said here that an annual review should be held with your agent. I suggest an annual review also with yourself and potentially, at least, with a competing agent. It worked for me and I hope this thread helps some of you too.

Thanks!

[Bob S.]

Re: Insurance Woes - New/Recent Issue!

I was hoping that it was'nt going to come to this, but State Farm S*CKS. The archives are full of discussion on this. This first link talks about State Farm being "Stated Value" and not "Agreed Value" in several States. The other links discuss how State Farm will scr** you. There's a lot more about this.

https://www.forums.ncrs.org/showthre...ght=State+Farm

https://www.forums.ncrs.org/showthre...ght=State+Farm

https://www.forums.ncrs.org/showthre...ght=State+Farm

Yes John F., we know you're a State Farm agent. Don't take this personally.

Paul

I have to echo what was written above about State Farm's classic car insurance, having just spent a month and a half as a State Farm policyholder. Like many others, I thought Hagerty was a bit expensive, and started shopping around. American Modern Insurance Group was very responsive and was the least expensive, but my local State Farm agent, with whom I had a home policy, was very persuasive, and I decided to give her a try, in spite of the higher rate. I was a little suspicious of the policy being an agreed value policy, so I asked my agent exactly what that meant, and here is what she responded with;

"This is what I received from our Underwriters on how the policy works:

If the vehicle qualifies for the antique classification it is called an Agreed Value policy. This means that in the event of a total loss, the client will be paid the Agreed Value (as long as the policyholder hasn’t let the car deteriorate in condition, remove parts, or have prior damage that we didn’t know about). The value is mainly determined by resources such as NADA and Old Car Price Guide. We will review the car’s current condition, then look up the values in those guides for that vehicle."

Basically it says that regardless of what you state the value as, if there is an incident that totals the car, it's not your stated value that determines what they pay, but what the various price guides say. Nevertheless, because the price guides seemed comparable to what I thought the cars was worth, I went ahead and purchased a policy.

Within a week or two, I was curious as to why I hadn't received insurance cards or the policy declarations in the mail (there is very little web support at statefarm.com, no printing of documents, etc). My agent responded that there were some temporary issues with support that were being resolved, and I would receive them soon. Another two weeks passed, and by then I was able to access basic policy information on-line, including my address, policy description, and payment information. My address was incorrect, as they were using the address of my garage and not my home, the policy was listed as a standard auto policy, not a classic car policy, and they claimed I owed them over three hundred more dollars. My agent apparently was aware of these issues, and said she had been calling the regional office daily and corrections were already in progress. I decided to call the main State Farm support number to verify that changes had been made, and to my surprise, State Farm has no 1-800 national support number for questions or issues, only a claims number and an automated billing number. By now I'm getting worried, as apparently even my agent is having trouble having corrections made, and I had no-one to call other than the very frustrated agent, and there's no web support for such things (I should have mentioned earlier that an email question to the web-site was unanswered, to this day). At this point I realized that if I had a real issue, such as a claim, I had no confidence that it would be handled quickly or accurately, given that an address correction had taken over six weeks at that time. I started shopping again, and AMIG remained responsive and the least expensive, so I bought a policy. The same day I received an excited email from my agent saying that she had just verified that the address change and the policy correction initiated weeks earlier had been completed by the regional office. Great, but way too late. Sorry State Farm, but you're not competitive in service, coverage or support.

I should also mention that I never did received either insurance cards or the policy statement in the mail, so evidently they weren't really "in the mail".

I hope this helps someone else who may be considering State Farm as an alternative to a real collectors car insurance company.

Bob

[Dick W.]

Re: Insurance Woes - New/Recent Issue!

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

I had problems with flood plain zones a few years ago. I had to hire a surveyor to prove that I was out of the COE flood plain zone

[Michael J.]

Re: Insurance Woes - New/Recent Issue!

I use only appraised value policies, have had good luck with them, the others are a crap-shoot IMO, just too subjective and flimsy.

[Michael F.]

Re: Insurance Woes - New/Recent Issue!

it is your money, vote with your pocketbook, they are there to serve you, not the other way around. if enough people do this they will comply or go under as it should be. car rates are governed more by the natural event rather han your driving etc...they have to recover the money from someone and auto area is bigger pocket to pick. as was stated agent is everything.