Insurance

[Steven S.]

Re: Insurance

I just changed from Hagerty to Grundy. My Hagerty bill was very competitive on the corvette (all stock) but was way higher on my 57 Belair due to engine being a 327 instead of stock 283. My total yearly bill for the 2 dropped by $300.

Steve

[Dave B.]

Re: Insurance

I insured with Grundy for years. Late last year I competitively shopped my collector car insurance. I was shocked at how much I was being overcharged.

http://www.mkinsuranceagency.com/pc2/index.aspx?tp=100&cm=2&sid=17981

[John H.]

Re: Insurance

included the words "the lowest of ACV, or applicable limit of policy liability shown on the declarations page".

That's the clincher phrase. ACV (Actual Cash Value) is the number they arrive at based on their depreciation formulas, Kelley Bluebook numbers, market surveys, etc., and that's what they'll pay for a total loss (it's always less than the "stated value" on the declarations page). All "stated value" does is to "cap" their maximum liability (which protects them, not the policyholder).

"Agreed value" policies have endorsements written as shown by Bill Mashinter in his post; no formulas, no bluebook numbers, no negotiations, no hassles, no arguments with adjusters - if you have a total loss, they send you a check for the "agreed value" amount on the declarations page, period.

[William V.]

Re: Insurance

Just to add to the list. Check out JC Taylor insurance

http://www.jctaylor.com/

[Keith L.]

Re: Insurance

Buy your classic car insurance from a classic car insurance company. No regets latter.

[Ralph P.]

Re: Insurance

i took the advice of a few people and booked my insurance with Tamra Petro at MK Insurance who uses American Modern for Agreed Value Insurance. Mine is very reasonable and she provides excellent service.

[Ridge K.]

Re: Insurance

I might mention that when I discussed insuring my '67 Corvette with Leland-West Collector Car Insurance, they will not cover the car while it is under restoration.
This may be common, but I found it odd. I checked with a couple of other firms, and they had no problem with insuring it while being restored.
Ridge.

[Bill M.]

Re: Insurance

Bill,
I too had State Farm including the agreed value endorsement you mentioned. But I just wasn't comfortable with the possibility that I would have to resolve my claim with an adjuster that fixes Escorts and Hondas all day. Lots of people on this board have been happy with Hagerty CLAIMS resolution so I switched and paid more.

By the way to those of you out there that have all their insurance with State Farm except their corvettes I recently discoved that I pay a 50% surcharge on my State Farm personal umbrella policy because I do not have all my cars with them.

I have yet to see someone post a positive claim experience with State Farm...it sure would be cheaper for me.

Randy

Hi Randy:

I have a 2-car heated garage and 3 Corvettes. I found a winter storage spot that is a large industrial building in Detroit. It is sprinklered and heated all winter. I doubt any of the specialty insurers (I've insured with ACI, Grundy, and another I've forgotten) would cover my "92 stored there, but I think heated storage is very important here in condensation-land. State Farm has no storage restrictions. The cars are stored on the 3rd floor of this building, and I'm very comfortable with the building security.
Another advantage to State Farm: I can drive the '92 on an errand. I'm comfortable doing that because the '92 has a great security system and is not worth much; I would not be comfortable walking away from the '59 or the '65!

I have had State Farm for 40 years and have had several claims, including having my '59 stolen in 1970. I've had no problems. (I got the '59 back.) I have to agree with you that having an adjuster who is used to grocery getters is a concern. In my situation, it's a risk I'm willing to take.

(I've had the '65 insured with ACI for 19 years and the '59 is not insurable because it's all apart.)

Bill

[Dale S.]

Re: Insurance

All insurance companys are great until you have a claim. I found I needed to get competitive quotes for my business insurace each year. The companies started out low and raised the rate each year. One business I bought(his son in law was the agent), the premium was about 20K a year. The low competitive bid I got was a little under 14K and had a 2 million umbrella ( not a 1 million ). That company was not the low bidder the next year when its rates went up. I found the longer you are with a compay the higher the rate. I hope I have not offended any Insurance agents on this board, this is just my experience in Albuq. N.M. I have a quote from USAA, Hagerty and will now contact Grundy. Dale

[Paul J.]

Re: Insurance

Over the years I've had a couple of claims on my parents and in-laws' State Farm policies, as well as the State Farm policies of at least four people who damaged my cars. State Farm is absolutely horrible to deal with! You also have to be very careful as they will sneak things into your policy, as some of you have mentioned.

Apparently, State Farm was very popular 40 or 50 years ago, and most of the younger people I've talked to who have it do so because thier parents had it. But over the last 30 years, I've never seen them ranked number one in any category, particularly customer service.

I've used and unfortunately had to deal with several other insurance companies recently. These experiences were relatively painless, a far cry from what State Farm will put you through.

[Dale S.]

Re: Insurance

Paul, my only experience with State Farm was in 1958. I had a new 1958 Ford. I was stopped at a traffic light and was rear ended by by a stolen car and the driver fled never to be found. They fixed the car and cancelled me. I just wish here to thank them. Dale

[Dave B.]

Re: Insurance

"
All insurance companys are great until you have a claim. I found I needed to get competitive quotes for my business insurace each year. The companies started out low and raised the rate each year. One business I bought(his son in law was the agent), the premium was about 20K a year. The low competitive bid I got was a little under 14K and had a 2 million umbrella ( not a 1 million ). That company was not the low bidder the next year when its rates went up. I found the longer you are with a compay the higher the rate. I hope I have not offended any Insurance agents on this board, this is just my experience in Albuq. N.M. I have a quote from USAA, Hagerty and will now contact Grundy. Dale"

How true the above post is. I found this especially true with my collector actr insurance, but also with most of the other insurance I carry. You really need to bid out apples and apples each year. I would highly recommend Tamra with American modern for agreed value coverage. If you have been with Grundy, etc. for a long time you might be surprised what you will learn.

Dave

[Jeffrey S.]

Re: Insurance

Haggerty is the only insurance company I would use for my '69. Not only are the rates very good, the service before AND during a claim is terrific. Check the archives for anecdotal evidence of how good they are.
Jeff

[Michael A.]

Re: Insurance

Well John, once again your response causes me to do some good homework and thinking. Thanks for sending me to my policy to do some looking. Here in Bloomington, IL (home of State Farm) the amendment for Antique or Classic Motor Vehicle (6171AH.1) clearly states that it is an agreed value policy with the same conditions that Bill Mashinter referenced for his Michigan policy. It required pictures but no appraisal. Frankly I hadn't read the policy that closely before but after doing so, and due to the good relations with my local agent I'll probably stay put with "the Farm" as we refer to them here in Bloomington.

The upshot of course is buyer beware. Everyone's situation is different and a policy with the same company in one state isn't necessarily the same as a policy in another state. Fortunately there are a lot of good choices available and I wouldn't hesitate going back to Hagerty if I felt the need. Thanks for starting this great dialogue with your warning. Once again I feel just a tiny bit smarter as the result of it.

Cheers,

[Jaime G.]

Re: Insurance

I just renewed with Hagerty and the premium was just about even with last year. I have my cars in an industrial building and there are no issues with the policy. JG