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*Insurance

7K views 32 replies 21 participants last post by  ChuckG 
#1 ·
Would like some feedback on what companies others are using to insure their cars. I have had my 55 included under my house/driver car/ umbrella policies and although the insurance company is doing fine on my day-to-day insurance needs, they are killing me on my 55 with an annual premium of $493. They are covering me to the tume of $198 for physical damage, which I am willing to delete but it probably will still not get me down to around $200+, which is where I feel I should be.
 
#2 ·
#27 ·
I called and spoke to someone there and she emailed a form to me. I have to get the interior back together before I can take any pictures for them. The agreed upon value is what is making me want to change. With State Farm there is no way of getting a value out of them, until AFTER something happens.
 
#3 ·
Haggerty, Farmers , Condon and Skelly. I even did one last year with my USAA policy , Mike
 
#4 ·
FWIW........... years (decades) ago, I was with American Collectors.

Then, I switched to Hagerty. I was with them for many years, up until maybe 5 years ago, when I switched to the National Corvette Museum policy.

I have always been a "Corvette guy", so the switch was natural for me. I had 4 cars insured with Hagerty.... still have 4 cars insured with the NCM.

The NCM policy saved me about $200.00 compared to Hagerty.

I've never had a claim with any company.

I'd call around... JC Taylor, Hagerty, American Collectors, etc. I'd even call the NCM, as they insure collector cars other than Corvettes.

IIRC, I pay about $800.00 for 4 cars, the 56 Chevy, the 37 Chevy, the 63 Corvette, and they agreed to take my 06 Corvette.
 
#5 ·
Grundy was the best deal overall for me
 
#9 ·
Do you all get stated value? You pay extra. Mike
You want "agreed value" when buying classic insurance. I have my 57 with Grundy.
Terry
 
#22 ·
Grundy w/ agreed for me.
Hagerty is good by me but I have never had a claim on my classic cars. I am sure that the other big name collector car insurers are also good.

It is not a good idea to just add your classic to your regular auto policy from State Farm, Allstate, Nationwide Progressive etc. Collector cars are not what they want to insure and they will do it just to accommodate good customers that have multiple policies with them. They do not have enough data to accurately price these policies nor do they want to put expensive actuaries on it to try and do better. So, they price them high to cover themselves and quite frankly, high enough to have their customers shop and hopefully not insure with them.

The second reason not to insure with them is that when there is a loss, the same adjuster who settles claims for your 2012 Tahoe will settle your classic claim. And, these people don't have a clue what they are doing in dealing with classic car loss. In the end, you may get a fair settlement but it might be a tedious process.

I worked in the Allstate Home Office for 32 years. Allstate bought the remains of Kemper insurance 25 years ago and renamed it Encompass. Hagerty is a subsidiary of Encompass. But Hagerty has it's own pricing, marketing, claims etc. departments.
 
#12 ·
I have Grundy as several members do...Haven't had any significant claims yet...H0wever, I have concerns, after what Bruce posted in a previous thread:

I have had a few customers that have Grundy that had their cars in my shop. Grundy was a MAJOR PITA to get the claim settled in a reasonable time. One took the adjuster almost a month to come and see the car for the first time before I could even touch the job and way too long to settle it. That car (56 Nomad) was fixed and back to the customer before Grundy even sent a check. I have a Grundy insured car in my shop now and the claim (clear cut other party at fault) just got settled this week on a crash that happened in October, NOT GOOD!!! :anim_25:
 
#15 ·
I have Hagerty and have had 2 claims. Adjuster was out to my home within a couple days and I had the check within 1 week. Mouse damage to my headliner.
I also had a hole in the headliner I caused by a screwdriver by me. Adjuster said they would have covered that also.

Second claim was a broken passenger window. I told them the price and estimate to install. All settled within a week.

Can't ask for any better service.:tu:bowtier:
 
#18 ·
Allow Me to Honk My Horn

Gentlemen, If I may, I have been an Insurance Agent going on 37 years and a car guy for much longer, and quoting a line from A League of their own " I have seen enough to say I have seen to much" There is a lot of EXCELLENT info on this site and probably one topic that varies across the USA is Insurance. Each state has it's own Rules Regulations and Cost factors. WE put a lot of Blood Sweat Tears and $$ into our cars, don't insure your cars by price alone. Know what your buying, I'm not saying study the whole 165 page ISO auto policy, heck us men have a reputation of not reading directions as it is. But get an agent or broker and company that you can relate to and trust. Ask Questions. When the rubber meets the road that's when it counts. I have jumped in and got things done for my clients over the years. When things just don't seem to go just right or the adjuster tells you it's not covered doesn't matter how much you paid for the policy having the right coverage and someone On Your Side is what can make the difference. I'm just saying cost is a factor but be sure to get the right coverage.
Honk Honk and Be Safe Cruising out there !
Hot Rod Frank
:gba:
 
#20 ·
Gentlemen, If I may, I have been an Insurance Agent going on 37 years and a car guy for much longer, and quoting a line from A League of their own " I have seen enough to say I have seen to much" There is a lot of EXCELLENT info on this site and probably one topic that varies across the USA is Insurance. Each state has it's own Rules Regulations and Cost factors. WE put a lot of Blood Sweat Tears and $$ into our cars, don't insure your cars by price alone. Know what your buying, I'm not saying study the whole 165 page ISO auto policy, heck us men have a reputation of not reading directions as it is. But get an agent or broker and company that you can relate to and trust. Ask Questions. When the rubber meets the road that's when it counts. I have jumped in and got things done for my clients over the years. When things just don't seem to go just right or the adjuster tells you it's not covered doesn't matter how much you paid for the policy having the right coverage and someone On Your Side is what can make the difference. I'm just saying cost is a factor but be sure to get the right coverage.
Honk Honk and Be Safe Cruising out there !
Hot Rod Frank
:gba:
OK you got my attention! Could you be more specific about what to look for in our policies? (I really can't read a policy and be able to make heads or tails out of it. (ADD)). Do you know if State Farm with collision and comprehensive is a fairly safe bet? Like I mentioned before, they paid me thousands to rewire my car after a wiring meltdown. I think that was covered under comprehensive?
 
#19 ·
Maybe a chat??

H.R.Frank,
Thanks for your input, sounds like you have experience in this category, and probably one we (at least myself) don't really think about that often, or until it's needed.
I've had Hagerty for many years, never thought about who the adjuster would be, where agent might be located, etc.
Maybe it's time to have a chat with my agent (if possible), make sure we are on the same page.
Cheaper isn't always better, sometimes you get what you pay for, but a good bang for the buck is always a nice plus.
As a matter of fact, my Hagerty packet is here on the desk, I think I'll peruse through it and study a bit, O.M.G., I might learn something.:sign0020:

Later,:burnout:
Jim
 
#21 ·
Whats what in insurance

Again I emphasize EACH state is different so I am going to speak in general terms. and I don't want your eyes to glaze over and fall asleep!
There are a lot of excellent companies, some are the BIG ones we all know and trust and probably insure our homes & regular autos, The St Farms Nationwides Allstate just to name a few etc then there are the specialty carriers, The Hagerty's, Taylors' Grundy's and so on.
With that being said, Coverage on the car: Be sure you have the needed coverage in case the "It will never happen to me happens". Fire Theft Vandalism Flood Falling Trees Deer, Glass & Collision. Also discuss if it will be settled on an Guaranteed, Agreed Value, Stated Value or Actual cash value. and the deductible if any. and how each work. Take pictures, Receipts and possibly an appraisal.
Along with adequate Liability coverage IF you cause the accident and are held responsible. Don't just carry the state minimum thinking "you Don't drive it much" what could happen That is a recipe for disaster. Carry the same limit you have on your daily drivers.
Another point to consider Speaking for my state again, check yours, most of us have lots of parts and some of our cars are still under construction but not registered with the state "tagged" so are NOT covered under our home policy as "contents", as they used to be. So you have your project in the garage totaling a zillion $$. House catches fire, or theft, lose your car, parts etc Guess what, Bad news. So if you have a project in the making check with your agent. You know what happens when you ASS/U/ME
And then there's the Medical or what we call here in Pa First Party Coverage, That covers YOU IF you get hurt, Remember these cars are made out of real metal and no air bags, in addition to the daily dose of idiot drivers. You can increase your medical coverage under your policy for a small amount. If your state has a minimum like PA's $5,000 that has been the same since 1976, go figure, won't get you very far IF you get hurt.
One other point IF you venture any distance from home Roadside assistance and towing may be important like Hagerty Plus guarantee Flat Bed Towing w/soft straps and the operators understand and care about our cars.
Most of us will help each other get back on the road and can fix most stuff but, Insurance is Peace of Mind coverage and you don't want to be wondering or worrying what Page 5 Line 42 said was covered for. Most of the companies will do a good job. Read what our buddies have to say here and talk to your agent/broker/company. When the unthinkable happens is NOT the time to figure it out. It's too late whether you paid to much or too little.
Hope this helps and as I said this is just some point to ponder.
I have seen a lot I have stories, some good, some funny and some not so.
HR Frank
:gba:
 
#23 ·
It's A Small World After All

Correct lovemy55ba
I have been On Your Side for 37 yrs and N/W recently partnered with Hagerty to insure our "collector" vehicles on the books.. Rates, coverage's and they are more in tune with values and what we really need. I have had claims under the old program and they were handled well but insurance is more complex today as our collector cars are too. I feel the specialty companies do a better job today.
I Agree to Agree.
HR Frank
:gba:
 
#26 ·
Correct lovemy55ba
I have been On Your Side for 37 yrs and N/W recently partnered with Hagerty to insure our "collector" vehicles on the books.. Rates, coverage's and they are more in tune with values and what we really need. I have had claims under the old program and they were handled well but insurance is more complex today as our collector cars are too. I feel the specialty companies do a better job today.
I Agree to Agree.
HR Frank
:gba:
Good move by Nationwide. Let them concentrate on regular car insurance which is where their bread and butter is.
 
#24 ·
My problem with State Farm is there is no agreed value. I've asked a few times and they just tell me they will handle it, and I will get close to "collectors value", but nothing in writing. Then again when I first got it insured they took some pictures and it wasn't even running then. I did get *real* insurance when it hit the road, and I don't have the numbers in front of me but I don't think I have the state minimum on anything. I'm guessing my medical is about $100,000., which some think is high, but money gets spent awfully fast in a hospital.

My girlfriend had a heart attack due to a clogged artery and the local hospital sent her to Knoxville where they have heart specialists. The helicopter sets down about a block from the hospital, so the local ambulance had to come and take her 1 block, that bill was over $1000. The helicopter ride, boy I really forget but I'm thinking it was 30 to 40 K. Now that's without any hospital and separate Dr. bills!

What a fiasco that whole ordeal was, if it happens again we will have the local ambulance drive her to Knoxville and save at least 2 or 3 hours time. They wait 3 hours for blood test results, then decide she has to get there quick?

OK, got a bit off the subject but just saying medical bills are not cheap. $100,000. doesn't go far. And I do need to put my interior together and take some more pictures. I question pictures of the engine bay, will someone see it and say "A BBC! Better triple his rates!"? They never asked but if they do ask what size motor is in it, my reply will be "an 8 cylinder".
 
#29 ·
Insurance

I previously had Classic insurance from the Agent and Insurance Company that has my house and other vehicle covered. I had to have my '57 appraised to get covered for Appraised value. Over the years premium kept climbing and I had to keep adjusting the deductibles to keep it reasonable. I kept asking agent if it was covered for Appraised value and answer was always YES. Reading the rider, I discovered I would get whatever the adjuster thought it worth.
I got an online quote from Hagerty for AGREED value and called my agent to ask if they could get me a policy from Hagerty. I was told OF COURSE and we will match your online quote. They got me a policy and I saved $175 a year with no deductibles. In addition I get up to 15 miles of flatbed towing and emergency road services. You never expect to need any insurance, but I'm feeling more comfortable now.

Joe
 
#30 ·
I have a 68 Camaro SS Conv insured through Grundy. Never made a claim but they seem fairly priced for vehicle value. They do raise the policy rates and vehicle value annually, so you have to keep an eye on that.

I do have a question: I have a 55 210 that's about 80% complete; (Custom frame with independent rear suspension, LS3/4L65, and a ton new parts). Still needs painted. Grundy said they wouldn't insure the car until it's 80 or 90% complete (I forgot which one). Has anyone purchased insurance during a build, and how did you determine what the value should be?
 
#31 ·
I know this thread is a bit old, however, I would love to throw our name in the hat....

We are a new sponsor of the site, and would love to earn your business! We are the NCM Insurance Agency. We are a collector vehicle insurance agency that offers agreed value protection.

We offer mileage options and deductible options to help reduce premium.

Give us a call at 877.678.7626 or check out our website at www.ncminsurance.com.
 
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