Insurance

[Jeff B.]

Re: Insurance

I've used Condon & Skelly (now part of MetLife) since 1980. Never filed a claim for anything; until about 2 months ago. My '67 was keyed on the passenger side while parked at a shopping center. The adjuster readily agreed to the repair estimate from the restoration shop of my choosing. Has since been repaired (repainted). I was more than happy with Condon & Skelly. I carry full coverage year round, as I do try to drive it at least once a month, even in KY winters, on the nicer days.

[Bill M.]

Re: Insurance

I concur--and with "regular" insurance, be careful to know what you're buying--a typical fair market value policy or an agreed value policy (Hagerty is agreed value, and the typical regular insurance policies, even ones that State Farm calls a collector car policy, are fair market value policies).

Nope.

Here's the State Farm Antique and Collector Car vehicle value definition.



The difference between normal insurance and antique&collector will be the vehicle value on the Declarations Page, which is part of the policy. Normal insurance won't have a vehicle value on the Declarations Page.

Here's American Collector's very similar definition.



I'm not recommending State Farm for a midyear, but it's cheaper and better (less restrictive) for my '92. I have American Collector's on my '65.

[Pat M.]

Re: Insurance

Nope.

Here's the State Farm Antique and Collector Car vehicle value definition.



The difference between normal insurance and antique&collector will be the vehicle value on the Declarations Page, which is part of the policy. Normal insurance won't have a vehicle value on the Declarations Page.

Here's American Collector's very similar definition.



I'm not recommending State Farm for a midyear, but it's cheaper and better (less restrictive) for my '92. I have American Collector's on my '65.

Yup, good illustration, Bill. It never ceases to amaze me that the "State Farm won't pay agreed value" myth simply will not die, despite repeated slayings.

[Ronald L.]

Re: Insurance

Let's face it, double talk words and all, the big houses don't want to insure your collector car, too much hassle and not enough chance they can raise your rates.

I cut regular insurance in half by market testing SF, the P word, the gecko, against more local but still name brand insurers.

Think about it, every not so humorous commercial, not so cute chick commercial on TV you watch - you are paying for in your cost of coverage.

[Thomas H.]

Re: Insurance

I use Hagerty also. I just found out that they will insure my 2005 also for $350 less per year then what I'm paying now. It will be limited to 3000 mi per year, but I don't see that as a problem.

Tom

[Michael L.]

Re: Insurance

Hi All
I have Hagerty on my 1972. I was in a pretty bad wreck and the other driver Had NO INSURANCE and was at FULL fault. Hagerty has been a pleasure to deal with. They sent an adjuster out with in 24 hours They sent me a check to get thing started within 5 Days and have sent supplements just as quickly
My 2005 is insured with Grundy as the rate for same coverage was much
more I think Hagerty does not want the newer cars anymore.
Both Policies have NO milage limits They Both Require the cars be in a locked garage they may NOT be used to drive to work or as backup to everyday transportation
I know Many people that had clams after Katerina and were Well satisfied
with Both Hagerty and Grundy

[John H.]

Re: Insurance

Yup, good illustration, Bill. It never ceases to amaze me that the "State Farm won't pay agreed value" myth simply will not die, despite repeated slayings.

Pat -

It depends on the state. State Farm writes "agreed value" coverage in some states, and not in others; they haven't filed "agreed value" rate schedules with the insurance regulatory folks in every state.

[Pat M.]

Re: Insurance

Pat -

It depends on the state. State Farm writes "agreed value" coverage in some states, and not in others; they haven't filed "agreed value" rate schedules with the insurance regulatory folks in every state.

You're right, John, as we've discussed many times before. I just wish some posters would acknowledge that there are some states in which State Farm will write "agreed value" policies.

[Valeria H.]

Re: Insurance

Just thought I'd throw my 2 cents in to this conversation. I have American Collector's insurance on my '60. It insured for $95,000 for a very reasonable amount yearly. Even USAA could not beat their price and coverage limits.

I had a claim and they were extremely helpful and cut a check within days.
I have not purchased coverage on my new 2005 vette so this conversation has been helpful.

[Mike G.]

Re: Insurance

hagerty is the way to go. i have all 4 corvettes insured with them for about the same price i pay to statefarm for my truck. i have never had a claim but i have used the free towing twice. if something were to happen i know what the agreed price is, no negociating. thats the way to go.

[William G.]

Re: Insurance

Curious??? Some of you have stated Hagerty will not allow you to drive your Vette to work ---is that correct??? Do I understand that correctly ?? Do they limit where you can drive the car? If so, where can you drive it??? What are the limitations???


Bill

[Joseph K.]

Re: Insurance

Check out Barett Jackson Ins. great rates and nice people to deal with

[William G.]

Re: Insurance

FYI--I talked with my State Farm Agent today and asked him if my current policy was fair market value or agreed value -- found out it was fair market value --not agreed value ---so I'm definitely looking elsewhere.
He did say they had a collector car insurance that was agreed value.

Thanks to all of you for the info given.

Bill

[Paul S.]

Re: Insurance

Yup, good illustration, Bill. It never ceases to amaze me that the "State Farm won't pay agreed value" myth simply will not die, despite repeated slayings.

Guys, not to be a jerk, but just so you know, I am a lawyer and by training and by termperment, I read insurance policies. I assure you the Texas collector car policy I received from State Farm in April 2010 does not have these same definitions. It was the lesser of the stated value or ACV. I did not keep the policy after I cancelled it and reinstated Haggerty. So I cannot quote you the exact language, but it doesn't change the point that each insured needs to make sure the policy provides the coverage you think (and in my case, what the insurance agent incorrectly said) it has. And it has been said here many times.

Policies vary by state and you have to read yours to know. If yours reads the way Bill's does, great for you. What you should not do is base your decision on what your insurance agent says about their policies. Read them, and if in doubt, have a lawyer read it for you, before you have a loss.

My State Farm agent was flat wrong on the policy--fortunately I didn't have a loss in the month that lapsed from the time I cancelled the Hagerty policy, waited for the actual State Farm policy to arrive in the mail, read it, and went back with Hagerty.

The collector car policy State Farm gave me would never have paid the stated value unless it was less than ACV. The policy definitions in the collector car policy State Farm issued to me, border on deceptive as I doubt any insured (myself included) has an interest in capping the insurer's liability to the LESSER of: (i) ACV or (ii) the stated value on a collector car.

[Paul S.]

Re: Insurance

Curious??? Some of you have stated Hagerty will not allow you to drive your Vette to work ---is that correct??? Do I understand that correctly ?? Do they limit where you can drive the car? If so, where can you drive it??? What are the limitations???


Bill

That depends on the state. In many states (not Texas) Hagerty requires that the insured have a regular use vehicle which is used for regular driving to work, school, shopping, errands or for general transportation and is not an "antique vehicle" or "classic vehicle". If a regular use vehicle is required, then you need one. Even in Texas which has no regular use vehicle requirement, you wouldn't want to drive your Corvette to work every day or most days.

The definition of both antique and classic vehicles is a motor vehicle primarily for club activities, exhibitions, parades, other functions of public interest, or for a private collection and is used only infrequently for other purposes.

Those are the main limitations.

In short, the "infrequently for other purposes" does not mean you can never drive to work, the store, ect... On the contrary, it is broad enough to allow one to infrequently drive to work, to the store, school, etc... Use your discretion on how many "days" is infrequent. In my case, I don't drive my 67 to work, and I drive basically to cruise around usually within a 30 mile radius of my home. There's no annual mileage restriction in my policy and I've not heard of any for other states.

Also when I applied, I recall being asked to specify where I keep the car when at home (which is in a garage). If garaging or other circumstances change after the policy is issued, you have to notify Hagerty so they can reassess your rates and coverage as applicable.

That's pretty much it, on limitations of when/where you can drive.