Insurance coverage

[dang]

Just FYI for anyone who might get a benefit from this.  I talked with my insurance company (21st Century) that I have all my daily's with and they reminded me that they have "depreciation" coverage on their insured vehicles.  That means that if you have a '70's vehicle they'll reduce the value because of the age.  Make sure the coverage you have is stated value or an agreement that makes sense.  I moved my classics to Hagerty and got better coverage at a lot less cost.  I'm getting ready to insure my '73tii soon so it was on my mind...

Edited August 2, 2017 by dang

[bmdubl02]

Couldn't agree more. Before switching to Hagerty 5 years ago Progressive would only pay me $6K if someone ran into my 73tii.

It's now insured for $30K for approx. $300ish per year. Bargain IMO.

[ZMO]

Isnt the catch though you cant daily drive the car? Im hoping to use my 73 pretty frequently 3 days a week or so. Which comp's insure for agreed upon value with no restrictions? Possible?

 

[bmdubl02]

6 hours ago, ZMO said:

Isnt the catch though you cant daily drive the car? Im hoping to use my 73 pretty frequently 3 days a week or so. Which comp's insure for agreed upon value with no restrictions? Possible?

 

Hagerty allows (my policy anyway) 2500 miles per year. Mileage restrictions like that are common with classic insurance carriers.

[theluketaylor]

8 hours ago, ZMO said:

Isnt the catch though you cant daily drive the car? Im hoping to use my 73 pretty frequently 3 days a week or so. Which comp's insure for agreed upon value with no restrictions? Possible?

 

 

They are quite flexible in what you can write into the policy.  I just got a quote and you could specify daily driver, occasional car that still included some commuting, weekend car and very occasional.  Your use case would fall under their occasional use quite easily.

[CoastalCrush]

I have State Farm for all my vehicles. 2 or so years ago I totaled my 71' 02. They wanted to give me 3.5k for the car. I ended up arguing my case, stating that the car had a lot of rare/non stock parts on it. Eventually we ended up going through a third party appraisal company that had me write a list of everything not stock to the car and what it would cost to replace it all. In summation I ended up getting close to 12k for the car and bought it back for 400.00 usd. I came out waaay on top. Car was probably with 6-7k tops at the time. 

[abe2002tii]

On ‎8‎/‎2‎/‎2017 at 7:55 AM, bmdubl02 said:

Hagerty allows (my policy anyway) 2500 miles per year. Mileage restrictions like that are common with classic insurance carriers.

I was told my an agent of my insurance company that in the state of Kalifornia those mileage restrictions are not enforceable.  I was also reading up on Hagerty and though they say it is expected that one would drive 2-3000 miles/ year that there is no actual mileage restrictions written in the policy. 

I use American Collectors insurance but my car said it is covered by American Bankers Ins  and I have  4 cars.  I have used them for 20 years.  Maybe I will call Hagerty....we do become complacent after a while.

Abe

[John_in_VA]

3 minutes ago, abe2002tii said:

I use American Collectors insurance but my car said it is covered by American Bankers Ins  and I have  4 cars.  I have used them for 20 years.  Maybe I will call Hagerty....we do become complacent after a while.

 

Hagerty policies have a different name on them, too.  Fortunately I have not had to make a claim for any cars covered by Hagerty, but you only know the quality of the insurance company when they're helping you with a claim.  Otherwise, we're just comparing premium prices based on car & stated value.  USAA used to cover "classics" through American Collectors - not sure if they still do.  I need to do some comparison shopping before the spring driving season next year! 

[abe2002tii]

Well...I went through their site and although there were minor differences in coverage....I got a quote for a Porsche 83SC Cab,  Jaguar 69 E OTS,  BMW  74 2002tii, and MB  91 560SEC......$1326.  My current company with American Collectibles  charges me $891/year.....I had to make sure  they were both yearly v 6 months. 

Guess I will stay with them.  At least complacency did not bite me in the butt this time.  BTW  if you are comparing prices,  take into account that I am in Kalifornia where everything is more expensive.

Abe

Edited August 4, 2017 by abe2002tii

[abe2002tii]

 

 

Quote

....the car had a lot of non stock....

Well....be careful because when I just filled out the Hagerty insurance form they asked those questions and if you put your car is stock then I will assume they will only pay for stock  items.

Abe

Edited August 4, 2017 by abe2002tii

[dang]

I guess this is when its nice that most of our odometers don't work!

Edited August 4, 2017 by dang

[bmdubl02]

9 hours ago, abe2002tii said:

I was told my an agent of my insurance company that in the state of Kalifornia those mileage restrictions are not enforceable.  I was also reading up on Hagerty and though they say it is expected that one would drive 2-3000 miles/ year that there is no actual mileage restrictions written in the policy. 

I use American Collectors insurance but my car said it is covered by American Bankers Ins  and I have  4 cars.  I have used them for 20 years.  Maybe I will call Hagerty....we do become complacent after a while.

Abe

Have no idea if that's the case or not. I don't come close to their (Hagerty's) mileage restriction so it's a non issue for me.

[josh72ooh2]

I got in two accidents with my 72 and BEGGED Mercury to NOT total the vehicle each time.  Neither accident was my fault.  I was researching for the adjusters the actual value of the car, etc... it was a nightmare. I since switched to Geico for my wife's car and my Eurovan and Haggerty for my 2002.  And no accidents since then... thankfully