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Insurance for a classic

10K views 25 replies 25 participants last post by  AUpAUL 
#1 ·
I have just bought a nice custom 55 and put a value on it for my insurance company of $125,000. I use State Farm for all of my insurance needs and they are insuring it for $335.00 for 6 months. I checked with a lot of other insurers and they were all out of wack high. I feel that this was a very good price for full coverage insurance on the car. I had to have an appraisal to prove the value, but that was not a problem. I hope this helps you find reasonable insurance for your classic.
 
#2 ·
Does state farm offer agreed value coverage? If something happens to it do you get the full amount or is it going to be depreciated ? If not then you need to get classic auto insurance for it.
Terry
 
#3 ·
Terry is correct.I have State Farm insurance and when I went to insure my 1940 Chevy Street Rod I was told they would insure it ,but if it got damaged beyond repair,I couldn't get what the car was worth, so I went with Hagerty so I could get agreed value.that was about 15 yrs ago and things could be different now.Better check to make sure. I also have Hagerty on the 55 -Brad-
 
#5 ·
State Farm does sell agreed value policies IN MOST STATES.
In a not so recent post some members said that State Farm does not issue "agreed value" policies.I kept my mouth shut because I didn't want to upset the know it alls.
I have State Farm 35K agreed value on one of my cars.
 
#16 ·
Double check that it isn't "Stated Value". Stated Value is an agreed starting point to apply depreciation. "Agreed Value" is just that......the agreed amount paid by the carrier for a total loss or theft. Most of the big main street carriers like Farmers or State Farm use Stated Value.

Ace
 
#7 ·
I have used several. USAA, State Farm, Farmers and Condon and Skelly. Maybe Haggerty too as well.Mike
 
#9 ·
Hertiage Insurance.

Bryan just for grins and giggles why don't you call or go see Larry Rogers at Heritage Insurance for an agreed value quote. His number is 903 534 1177 and his office is on Paluxy near Loop 49. Welcome to the site!
 
#12 ·
watch out for State farm.

:gba: had them for over 45 years. 11 policy's. one claim in the 90s for a blown off roof of our home.
My 1st claim for my 55 I have had since 1970 and I have had nothing but issues with the 3 d's deny delay delay going on 2 years now. Truly BS I have paid for decade with not one claim. Clean records.. Now I need them an nothing but trouble. A buddy has the same value 57 truck 75K with hagerty. Pays more than me but gets his clamed handled.

I know there could be issues with claimed an stated the State farm is fishy about it too!.. But figured there cheaper than the rest an I do not plan on making claims only if the real bad stuff happens.

Also I know in Calif. State farm stated rising rates but not telling us.. Instead they raze your deductible every year and its up to us to see that little print.. I caught it last year bills a little higher on the home every year But noticed my deductible was $2500 not the 1000 my contract said years ago.. They said to bad so sad. it was in a letter sent some time ago... so you will save with State farm.. Just don't depend on them all the time. Good to use to cover the laws. If you want to cover your car see someone else.
 
#13 ·
You must have a lot of documentation to get a 55 chevy insured for 125K.
My experience has been that the insurance company will only insure to a limit they establish after seeing the car. I have found that classic car insurers are much less money than major companies like State Farm.
 
#19 ·
I've had Grundy insuring all my classic and special interest cars since 1997. All of my tri-five Chevys as well as a couple of muscle cars plus even some late models vehicles like a Corvette convertible and a Shelby Mustang have been insured with them.

Pretty fast claims servicing as well. During all that time I had only one claim but it was handled quickly and efficiently. Grundy had an appraiser out the day after I called in the claim for a tire blowout and I had a check to fix the body damage at the shop of my choice within the week.
 
#20 ·
I have stated value with American Family at $100,000 appraised value. They recommended a local appraiser. They will not depreciate it if I submit a new appraisal each year. If the appraisal goes down, the value goes down. The appraiser said he would do a new one next year for $50.00. First appraisal cost me $150.00. Still cheaper than Haggerty, Grundy, etc.
 
#21 ·
Not trying to cause trouble but who says no deprecation and is it in writing on the policy not the agents word. "Agreed value" is what Grundy and Hagerty sells so no argument, you get that value. :bowtier:

If its not in black and white in your policy, you will be at risk. :bowtier:
 
#24 ·
I have state farm (not going to change, happy with them), but don't have a car that is worth big bucks. hope I never have to find out how good or bad they are. :p3:
 
#25 ·
Carl, you may want to consider a stand alone policy from Grundy just to protect your self. My stand alone policy is about $265.00 per year for $40,000 agreed value. Even if you consider yours not big bucks it will still be better to be covered by a company that does classics. I can't imagine a state farm adjuster or for that matter any adjuster from a regular company even knowing how to write up a collision estimate on our cars. Just something to think about, doesn't cost anything for a quote.
 
#26 ·
I just read my State Farm Policy. And I have a statement that say this an "AGREED VALUE $$"....... I had a hard time when I bought the car as my agent a Long time friend was recommending an Appraiser. And he would never show up to do the appraisal. After more than a year I got a statement that showed a deprecated value. I had talked the agent recently an I wrote on the stated and said "THIS IS NOT ACCECPTBLE Do I NEED A NEW INSURANCE company?"
I then got the THE " AGREED VALUE" policy.
 
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