Collector Car Insurance

[Donald T.]

Re: Collector Car Insurance

Brad,

State Farm does offer "agreed value". I have "agreed value" and have it in writing. Maybe time for a new agent?

[John Fowler]

[Rick S.]

Re: Collector Car Insurance

My policy with Hagerty for my 67 roadster, $60,000 value, is $445.00 a year with standard roadside assistance.

[Rob Dame]

Re: Collector Car Insurance

What was the damage and what is Chubb's excuse for not paying?

I thought American Federal was the underwriter for Grungy

[Verle R.]

Re: Hagerty, Pays it's Claims!!!

I had a claim on a 65 a number of years ago. I had to fight, claw, scratch, bite and have a lawyer send a threatening letter before they would work with me. It then only took a few months with more fighting, and finally an inspection by their own appraiser (who had no idea what he was looking at) before they finally made a reasonable settlement.

I now have my specialty cars with Haggerty.

Verle

[Robert Willis]

Re: Collector Car Insurance

Posted By: KEN BUTCHER
Date: Tuesday, 14 June 2005, at 4:09 p.m.

In Response To: Re: Collector Car Insurance (Robert Willis)

In British Columbia, Canada we have I.C.B.C. (Insurance Corporation of British Columbia) which is a government run company and it costs me $30.00 per month for full coverage just as long as I don't use the collector car for to and from work or school. Other than that I can drive it till the cows come home,how about you,how much do you have too pay?

Ken.

$360 a year. I'm getting the car reappraised so it may go to $380 or $400.

Bob

[mike cobine]

Re: Collector Car Insurance

I don't know where the rep at the show got off with the "no miles, no restrictions" as they definitely had those in the information they sent me last year. 2500 miles, show or club events only. They would pay if you messed up elsewhere, but kiss your policy goodbye.

Only Grundy listed no mileage limits and actually had that in their paperwork. However, Grundy advertises 25 year and older, BUT they really mean 30 year and older. The 25-30 year old cars are insured ONLY if you have an older one with them also, or as they say, "part of a collection where at least one is 1974 and older", although they don't specify how many make a collection.

Grundy was also cheaper than Haggerty.

I went with American Collector as they were about half the price of Haggerty. If I have to have a 2500 mile limit, it should cost less, not more.

[Timothy B.]

Re: Hagerty, Pays it's Claims!!!

I also have 300,000. liability with American collectors. I just renewed but it seems in there advisory notice that comes with the statement that they now exclude loss from short circuits in the car. Does Hagerty also exclude this?

[Warren F.]

Re: Collector Car Insurance

That sure seems high. Condon & Skelly Collector car insurance co has a premium for my '71 LS-6 coupe insured for 140K at $546.40 a year.

[Jack W.]

Re: Hagerty, Pays it's Claims!!!

Hagerty here.

I saw no "loss due to short circuits" exclusion in the policy form, but that is from memory (although such an exclusion would have gotten my attention). I'll read the policy again tonight.

Can't imagine how ACI or Grundy could cost half as much as Hagerty as an earlier poster suggested, but that may have been driven by particular facts - my experience on this topic is that the premium rates charged by the major Collector Car Insurance agencies (these are not insurance companies, but they underwrite and adjust claims on their behalf, so they are the folks you will be dealing with going in and in the event of a claim) writing AV coverage don't vary that wildly on rates.

Hagerty was also the most flexible of the big names when it came to permitted use of the car, my test question was "would it be within the terms of coverage if I was to drive the car to work on a sunny day a day or two a year?" and only Hagerty could give a postive response - they advertise permitting more than just parade or car show usage. But that was just what I determined, have nothing against ACI, Grundy, etc.

And I have paid close attention to reports of claim handling experiences, have only seen very positive reports (generous and rapid) as to Hagerty.

[David K.]

Re: Collector Car Insurance

"What was the damage and what is Chubb's excuse for not paying?

I thought American Federal was the underwriter for Grungy"

They are only acknowledging the torn conv. top and some dings in the windshield trim. All other damage (dings to trim rings, piant damage, etc) they are claiming was "Prior Damage". This is despite the fact that I hvae provided them with pictures and judging sheets from the Louisiana Regional, one moth prior, where no such damage was noted and the car scored a 98.4%. They have only offered about $440 for a new top and $430 to repair the windshield trim. I have gotten two estimates from qualified restorers and a new top installed ranged from $700-900 and the windshield trim restoration was around $1000. Bottomline is they do not care and figure I will have to spend money to get money from them which is not worth it.

This is why I am shopping around. I am leaning toward Hagerty due to all the postive posts here. As to Grundy, I would recommend that if you have them switch to another carrier ASAP and tell Grundy I sent ya.

Chubb is the undrwriter and who I am fighting with for now. I do not understand why, but Federal is listed in my insurance card but I do not know who they are and how they fit into the picture. All I know is, I will not ever buy any insurance with Chubb as an underwriter.

[Brad K.]

Re: Collector Car Insurance

I would really like to hear from people who have actually had a claim with any one of these companies. I think you are really being lulled to sleep if you have insurance with a lousy company and you say you are happy with them when you've never had a claim. That's when you REALLY get surprised. The finest company in the world will quickly turn into an a--hole if they don't pay off!

Don....As far as State Farm offering agreed vs stated.....My agent was very certain they did not. He also said they allow you to "state" the value of your Corvette to determine the premium....but that still allowed THEM to set the payoff in case of a total loss. I don't doubt that there is still some confusion in their understanding of stated vs agreed.

[Jack W.]

Re: Collector Car Insurance

Federal Insurance Co. is a member of the Chubb Group, to explain that issue.

Grundy, like Hagerty and ACI, is a general agent of sorts who produces business on behalf of the actual insuance companies. With that said, Many such general agents adjust the claims that arise under the policies they underwrite, surprised that you are dealing straight with Chubb, although perhaps the fact that it has risen to a claim civerage dispute you have been kicked up to the insurance company. Or perhaps Grundy does not adjust claims, just produces business for Federal / Chubb.

Hagerty does adjust the claims that arise under the polices they issue (on CNA Group paper - that's the actual insurance company) - pleased to see that they have not generated a negative claim handling post. I tend to agree that claims handling practices are a big factor that should be considered - saving $20 a year in premium by going with Company B over Company A, for instance, would turn out to be unwise when Company B fails to honor a $2000 claim that Company A would have paid without question.

[John H.]

Re: Collector Car Insurance

One of my neighbors also has a State Farm "collector policy" on his '58 Corvette, and thought he had "agreed value" also; I advised him to check with his State Farm agent on the difference between "agreed value" and "stated value" coverage. Turns out his agent didn't know the difference (not familiar with collector car policies), agent checked with State Farm home office, and was told they don't write "agreed value" coverage - only "stated value" in their "collector" policy. BIG difference, agent didn't know, that, gave the customer BAD advice. Neighbor has Hagerty now.

[Wayne K.]

Remember, agreed value MAY make a difference .....

only in the event of a total loss. With a partial loss it means nothing. I always advise people to carry their liability insurance for all their vehicles with their regular carrier. With no restrictions ( except for the racing exclusion in most policies ) you can rest assured that no matter when your using your car if you run into someone that your liability insurance will respond. Cars can usually be fixed or replaced but not always humans. Also most companies that issue umbrella policies require they provide liability for all vehicles to be covered.

Wayne