Car Insurance

[baldeaglemtnman]

Who do you guys use to insure your cars? I know there are probably many specialty classic and antique insurance companies to chose from but was wondering if there was one or two that are considered better or more reputable than others (or perhaps some I should avoid). Any names or suggestions would be appreciated.

[dab67]

I use the same company I insure my other family cars with. It is insured as a "Collectors" full coverage and is limited to 6,000 miles per year, which is about all I can put on it here in Wisconsin during the Summer and fall months. It is insured for "Replacement Value Cost" which means what the market would bring at the time (hopefully never) if it is totaled in an accident. I have it evaluated every two years for this "Value Cost".  My Insurance Company took pictures of the car when I first insured it. They were pretty through, front end and engine compartment, interior, rear end, trunk, wheels and full views.
Never really looked at or researched the specialty companies becasue I feel very comfortable with what my company offered.

dab67

[Adz28]

I use JC Taylor http://www.jctaylor.com/. Although I have never made a claim, my friend (w/ a 71 Camaro) has and did not have any issues. The price is great as both of my cars combined is about $500/yr for full coverage). They use "agreed value" and there is no mileage limit, but they do ask you to prove that you have a daily driver.

[gro51]

I've used American Collectors Insurance for years.  No problems.

http://www.americancollectorsins.com/index.php

[Flowjoe]

I used to insure my old cars through the same insurer I use for my daily drivers (State Farm and AAA).  They too offfered a classic car policy but had much more restrictive requirements.  Less thatn 2500 miles per year (not a problem really) membership in a car club, restricted use of the cars (club events, shows, maintenance)...also required pictures and appraisal and an agreed upon value (which, from my understanding, is better than the market value system as the insurer has less wiggle room - provided you keep on top of setting the argreed value to reflect current conditions at renewal time)...cost about $250 per year per car (had a multi car discount as well) for about $35K worth of coverage (three years ago) and a $500 deductible.  All of teh above had to go through their underwriting process and be approved as a classic worth insuring...

I have since moved over to Hagarty Insurance where it costs about $200 per car (4 cars total - $500 deductible) with values ranging from $25K to $60K.  No required club affiliations, no mileage restrictions (they do require that it not be used to commute or be used as a daily driver), very easily set agreed upon values and a fairly decent staff.  

All in all I 'm happy wiht my move to Hagarty although I've not yet had to file a claim.

[dab67]

Based on what I have read in responses, going to a "specialty insurance company" may not have any advantages over the insurance companies that would insure your every day drivers. I get a discount because I have 3 cars insured with the same company. The only real differnce is the restriction of miles (6,000) I can drive my 67. My cost is under $225 per year full coverage with a $250 deductible. with that said, I hope I never have to find out if there would be any problems if I had to file a claim. I have not had problems with any of my other cars, but then again, I've never had to file a claim.

dab67

[click]

I suggest you all rethink your insurance.... at Team Camaro we get insurance discussions alot and there are major differences in how a conventional insurance company and classic company handle coverages.
 State Farm and most others have typical coverage that WILL depreciate your values and in the case of a total loss THEY alone will determine what THEY think the value of your car was. They do NOT have 'AGREED' value coverage that is the backbone of the specialty insurance carriers such as Grundy, Hagerty and others.
  Agreed value means that on the day of your policy issuance, you and they have agreed to its value, for example, $40,000 for my 69RS. They get pictures of it and I have certain things I must do, such as keep it in locked garage at night except when travel to car events/shows etc. If my car is totaled in accident or stolen, I get a check for $40,000 no deductions or negotiating at all. Period, end of discussion, I get a check for that amount because we AGREED up front as to its value.
  If it was a State Farm policy, they would have gone to Ebay or other sites and found 'comparable to them' sold data and then after depreciating according to their policy, you would get a check for MUCH less.
 I have all my family cars with State Farm, house, life, business etc. so I like them for everyday insurance but if you guys dont do alot of homework, you will get burned in the case of a total loss.
 Instead of hashing and rehashing this, go to www.camaros.net and to the BENCH section and in the search box, type in insurance and read all the info. thats been put foward about this topic.
 I can almost 100% guarantee you that if you are with a traditional insurer, you will not have 100% coverage for what your car is worth, if its totaled.  If you think you do, write a short note to your agent, ask him to give you in writing a statement that if your car is totaled or stolen, that you will get 100% of the value you placed on it. I bet the agent wont sign it.  thats my 2cents worth. 

[VI009DZ]

good points Jim.

I have Hagerty on my '69, and its $239/yr.  I have one car with them, have never been a customer of theirs, or any other collector car insurance company.  I got the "Joe Schmoe" rate, per say; no discounts for multi-cars or being a long time customer, but no rate hikes because of a claim.  They say that I cannot exceed 3,500 miles per year, and that it must be kept in a locked garage.  The mileage does not bother me in the least because in Vermont, 3500 miles in a season puts it around 20 miles per day, if I drove every single day of the late spring, summer and early fall.

[Adz28]

I have a good relationship with my State Farm agent where I have my daily cars insured as well as by business policies. I spoke to him about it and he felt that they were NOT right for classic car insurance and said I should go with specialty insurance. Maybe he just has little experience in classic car specialty, but he does seem to have his act together in general. No warm & fuzzy feeling there...

[wtexz10]

I'll chime in with my support for Grundy.  My car was hit in the rear a couple of years ago while cruising to an event by a Ford Expedition.  I had an adjuster come to my home and process my claim.  I had a check in hand 8 days later and a repaired car 4 weeks after that.   I was also told that if any unexpected repairs were discovered I would be covered.

Grundy is very responsive and they will keep my business.

Kris   

[Mark]

You have a stated value policy unless your policy says this: (and only this)

"In the event of loss to a "your covered auto" described in the Schedule or in the Declarations for which a specific premium charge indicates that Antique Auto Agreed Value Coverage is afforded:


1. We will, subject to the applicable limit of liability shown in the Schedule or in the Declarations for this coverage:

a. Repair or replace the damaged or stolen property with like kind and quality if the amount necessary to repair or replace such property is equal to or less than the limit of liability shown in the Schedule or in the Declarations; or

b. Pay the amount shown in the Schedule or in the Declarations."

If there are any statements about depreciation, or "value at the time of the accident", the insurance company will find some comparible cars in your area (usually the ones with no drive train and missing the floorboards sitting in a marsh) and use that to establish a lowball value, and then they will depreciate it further for excessive mileage or some other factorsthey dream up you will be lucky to get a couple of thousand dollars out of the insurance company.  Check your policies and read them carefully.

[tom]

I do not trust ANY insurance company. I have had prolonged dealings on more than one occasion after being hit (last time a kid ran a light). This was needed in order to receive fair payment - enough to repair the damage. I would lean toward specialty insurance for collector cars. Mine is not yet on the road. I would also READ THE POLICY. No matter what your agent tells you, decisions are based on the actual policy as written.

Tom

[dab67]

As I stated before, with my insurance company, the "replacement value' is based on what that the market is at the time of replacement. if my car is valued at $30k and the market is $30k,then that is what I will get. If it is lower ( I doubt it) then that is what I will get. I guess it all depends on how much you trust your company.

[MMMM_ERT]

I've been with Hagerty for roughly 9 years...the underwriter is "Emcompass Insurance".   It is an "Agreed Value" policy which matches my "regular" car coverage for liability/prop damage.

I've never had any claims so I cannot give advice about how they treat a loss.

[click]

Dab I know you are trusting your agent/company but if its not "agreed" value, that language is extremely important, you will NOT get what you think you have coming. You will get what THEY think you have coming. If your car is worth $30K and if they can find a 'similar' car that sold for $20K, without seeing that comparable car to see if its up to par with yours, you will get $20K. It is their sole discretion as outlined by Mark up above.  I strongly urge you to review your collector car with your agent again, and ask the question I posed in my previous post. Id hate to see you have a claim and find out the hard way. Collector insurance is so cheap compared to standard companies too. Obviously if you want to drive it daily to work etc etc then you are stuck with a standard insurance company and you will never recoup your true value in the case of a total loss. I have seen this happen to members of Team Camaro and its so sad and avoidable. Dont trust what you 'think' might happen in a claim, have your agent guarantee you in writing that you will get "TRUE current like kind value" or AGREED value coverage. If not, you are in for a world of hurt if the unthinkable happens. Those of us that post these thoughts are speaking from knowledge first hand. Have an insurance review with your agent and ask the questions to protect your investment.