Insurance... Again

[Richard B.]

Yet another Insurance question. I just signed up for insurance with American Collectors Insurance, but have 2 questions:

1. On the binder it says "Requested value" and over the phone they specifically said it was "agreed value." Is this the same thing?

2. It says the car must be in a locked garage, etc., when not being used. What about weekend trips with a hotel, or lunch on a Sunday drive?

Has anyone had any problems with ACI in these areas? Any comments would be most welcome before I send in the payment. Thank you all for your help!

Regards,

Rich.....

[Gary S.]

Re: Insurance... Again

I used American Collectors for a couple of years and yes, when they say locked in a garage, that precluded overnight trips. Same thing with driving the car to dinner. If it wasn't attended it wasn't insured. They did tell me that if it was parked outside of a restaurant and I had a seat overlooking the lot then that was ok.
Gary

[Rick S.]

Re: Insurance... Again

Richard,
Sounds like you should check out Hagerty as they have a more liberal policy in regards to taking your car out to dinner!
Regards,
Rick

[Jean C.]

or Grundy where o'nite & lunch are ok *NM*

[Stephen W.]

Re: Insurance... Again

I would agree with the Hagerty ins. decision too. Rep was very customer friendly and knew his policies. Yes they expect the veh to be secure in a locked garage and reasonable measures taken to protect the veh from theft but they are realistic about going on an outing, club event , show , or as the rep explained ...pleasure driving. As for American Classic ins. They never responded to my e-mails for a quote. Looks like that was a good thing!
The value on the policy is the agreed actual cash value in the event of a total loss. No surpises and a very fair rate.

[Mike Cobine]

Re: Insurance... Again

The American Collectors Insurance is really not much different than the others, other than they are much less expensive. My '79 would have been $130 from Haggerty for $5000, $111 from Grundy for $5000, but was $75 from American Collectors for $7500.

However, a catch with Grundy is that they will not insure anything newer than '74 if you do not have a collection of older cars insured with them. And they were quite rude. Instead of explaining and asking if there was something else that could be done, they simply sent a rejection notice and left no means to regroup and continue on.

As to being out overnight, they all do about the same when it comes down to paying out. A friend had the 2500 mile limit on his '72 but wanted to go off across country with a road tour a couple of years ago, so he called, they bumped him to higher mileage limits, and charged him an extra $25 to do so. Obviously, he was NOT in a locked garage during the trip.

http://www.americancollectorsins.com/cv_faq.htm

I am not so much an advocate of ACI, as I am an anti-insurance person. To me, it is all legalized robbery. And I like to pay as little of my money to them as I just have to.




Paying out if Car Unattended

[Eugene B.]

Re: Insurance... Again

Rich,
I highly recommend that you check out ANPAC. Stands for American National Property and Casualty. They have an insurance program called Chrome. Stands for Classic, Hot Rod, Originals, Modified, Exotic.

They insure my '65 and I think that they are the best. The telephone number is 1-800-CAR-BUFF.

Good luck,
Gene

[Richard B.]

Re: Insurance... Again

Thanks to all of you for your thoughts and comments!!! I called American Collectors, and they said it would not be covered unless it was at a show, or I was in the car. Said taking the car to lunch on a summer day was general transportation, and would not be covered! I'm guessing a weekend trip through the open countryside, with an overnight, would be cause for instant policy termination, with extreme prejudice!

Only having the one Corvette, I didn't qualify for Grundy's, but the people at Hagerty were very helpful, and reasonable. New policy is in the mail.

Thanks again to all for the help.

Regards,

Rich Beauchamp
#36956