Finally Put Classic Car Insurance On My Cars

[70bigblockdodge]

Usually below $25000 agreed value is not a problem. A car that does not show as trading hands anywhere on the planet as high as you want to value it at, is also suspect and may be questioned.
Sometimes these companies will put a mileage limit for the first few years.

 

[Imperialist67]

After years of stalling/not wanting to leave USAA & waiting (to no avail) for them to "partner" with someone on classic insurance. I switched over to Haggerty last year. The New Yorker and Imperial were easy, I kept it conservative on the agreed value, sent in a few pictures, sales receipt on the just-bought New Yorker; and had no issues. For the Diplomat I sent in more photos, and documentation on work done for good measure. I don't drive any of them a lot, so I got a very reasonable rate. Despite having the only Diplomat wagon in their system, they didn't put me through extra hoops. Have been happy with them since, and don't know if that would change in the event of a claim, but at least I have better peace of mind.

 

[Mudeblue]

Almost.

I say almost because the other guys insurance cannot total you if you have an agreed value - stated value policy. My ‘66 Dart got whacked and I went down to farmers claim center to settle up. The girl came out snickered at my car and then went in to get my check. She totaled my car and handed me a check for $600. I laughed and said you’d better add about $4000 dollars if you want to junk it cause it’s a stated value policy. She went back inside and an adult wrote me a check for $3800. I had three estimates each for about $4000. They do work guys and it’s the best kept secret in auto insurance. My insurance has been with State Farm since 1984.

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I also have a stated value insurance policy but I had to get an appraisal; same as for scheduled property. Question, did you have to have an appraisal at time of policy or did they just take your word for it?

 

[azblackhemi]

I also have a stated value insurance policy but I had to get an appraisal; same as for scheduled property. Question, did you have to have an appraisal at time of policy or did they just take your word for it?

No appraisal, they took my valuation no questions asked.

 

[CBODY67]

Back in the later '80s, one of the guys in our car club was insuring his '66 Charger and his agent mentioned a "stated value" policy as the best way to go on an older car. It sounded great at the time, until I realized that ALL insurance is "stated value", just depends upon whom states what the value is, their tables or otherwise. Everything's based on a rate per $1000.00 of valuation.

Several years ago, on my regular auto policy, where I've got everything, as the newest car was my '80 Newport, they wanted me to put a value on them as their books didn't go back that far. So I did, after looking at the price guides and adding a little for this or that. Surprisingly, it came back cheaper than before! The local agent's employee had no general rate books for antique insurance, only using some other policies they had done as a guide.

Used to be a mileage limit of 2000 miles/year. One guy in another club challenged JCTaylor on that. As he noted, in Texas, it's a good ways between shows each weekend. They approved of that. The other issue is that, as noted in a Ford club newsletter, a few members were going to drive to the Henry Ford Museum in MI, from TX, which would go past their mileage limit. The company wrote back and said. Write down your starting and ending mileage on the car, for the "club function" trip. Then they'd cover them on the trip and not worry about the mileage limit that year. So, there are some ways to work with the insurer in these areas, IF you ask.

The "garage" has usually been in the mix, too. OR a covered space with limited access that YOU control. An off-site rented storage unit might work, too.

To me, "agreed value" is an extension of "stated value", except that as I understand it, "agreed value" is if the car is totaled, they write a check for the agreed value and the car leaves your possession. No haggling over salvage values or "market value" or whatever. Or telling them to "replace it with an equivalent vehicle", which used to send the adjusters to an AutoTrader to look at.

I opted not to do the "antique" insurance back then, as it seemed that I'd still have to justify the vehicle's value to an adjuster, just like I'd have to do with my normal policy. Plus the limited use and garage issues. So I decided to keep them all on regular policies instead.

Now that I've got a 50x40 building, it's probably time for the change.

CBODY67

 

[The Goose]

I also have a stated value insurance policy but I had to get an appraisal; same as for scheduled property. Question, did you have to have an appraisal at time of policy or did they just take your word for it?

My insurance guy was my best friends dad. When he retired about 15 years ago I switched over to my uncle Kurt. The first time I did stated value a million years ago went like this.

What brads dad laughingly told me as we filled out the papers was ; you’re telling me my max liability is 4500 bucks. Most run of the mill cars are over 20. Therefore no big insurance company considers it a risk. It’s small potatoes to them.

Ive never had to do an appraisal with State Farm. Even out here in California after we moved with an insurance agent who didn’t know me from Adam. Not even pics.

 

[70bigblockdodge]

Back in the later '80s, one of the guys in our car club was insuring his '66 Charger and his agent mentioned a "stated value" policy as the best way to go on an older car. It sounded great at the time, until I realized that ALL insurance is "stated value", just depends upon whom states what the value is, their tables or otherwise. Everything's based on a rate per $1000.00 of valuation.

Several years ago, on my regular auto policy, where I've got everything, as the newest car was my '80 Newport, they wanted me to put a value on them as their books didn't go back that far. So I did, after looking at the price guides and adding a little for this or that. Surprisingly, it came back cheaper than before! The local agent's employee had no general rate books for antique insurance, only using some other policies they had done as a guide.

Used to be a mileage limit of 2000 miles/year. One guy in another club challenged JCTaylor on that. As he noted, in Texas, it's a good ways between shows each weekend. They approved of that. The other issue is that, as noted in a Ford club newsletter, a few members were going to drive to the Henry Ford Museum in MI, from TX, which would go past their mileage limit. The company wrote back and said. Write down your starting and ending mileage on the car, for the "club function" trip. Then they'd cover them on the trip and not worry about the mileage limit that year. So, there are some ways to work with the insurer in these areas, IF you ask.

The "garage" has usually been in the mix, too. OR a covered space with limited access that YOU control. An off-site rented storage unit might work, too.

To me, "agreed value" is an extension of "stated value", except that as I understand it, "agreed value" is if the car is totaled, they write a check for the agreed value and the car leaves your possession. No haggling over salvage values or "market value" or whatever. Or telling them to "replace it with an equivalent vehicle", which used to send the adjusters to an AutoTrader to look at.

I opted not to do the "antique" insurance back then, as it seemed that I'd still have to justify the vehicle's value to an adjuster, just like I'd have to do with my normal policy. Plus the limited use and garage issues. So I decided to keep them all on regular policies instead.

Now that I've got a 50x40 building, it's probably time for the change.

CBODY67

Your mixing and matching. The value on the antique policy is the value your premium is based on. That's the value they write the check for.
My big truck insurance is a stated value, but can be adjusted per market value, plus I have to prove value of all chrome, lights, accents, etc. Much more similar to regular auto policy. They do require me to state a value for the truck.

 

[commando1]

plus I have to prove value of all chrome, lights, accents, etc

There's value there?

 

[70bigblockdodge]

There's value there?

The bastards certainly don't give it away for free.

 

[commando1]

The bastards certainly don't give it away for free.

Stop killing time by walking around at the 76 stores, then.
The CFO approves these "Misc." items? Lol

 

[70bigblockdodge]

Stop killing time by walking around at the 76 stores, then.
The CFO approves these "Misc." items? Lol

You just slide them through with legitimate parts.
"How much did you spend at Truck Parts Unlimited?"
""Oh that was for the steering, some brakes and a airbag."
"Okay, get back to work"
Yes boss.

 

[jason99]

This is what they list about storage on their policy page. I have a stated value policy through Hagerty on my 74 that is in my garage.

######
Storage
Though we prefer that collector vehicles are stored in an enclosed, secure structure when not in use — such as a private garage, pole barn or storage unit — we will consider other storage types, including*:

Carports
Driveways
Parking garages
Car hauling trailers
#####

 

[Mudeblue]

Your mixing and matching. The value on the antique policy is the value your premium is based on. That's the value they write the check for.
My big truck insurance is a stated value, but can be adjusted per market value, plus I have to prove value of all chrome, lights, accents, etc. Much more similar to regular auto policy. They do require me to state a value for the truck.

Sorry, not true! I have first hand experience with that one!

 

[70bigblockdodge]

Sorry, not true! I have first hand experience with that one!

Well then I'm going to have to have a talk with someone.

 

[Yeahrightgreer]

... if the car is totaled, they write a check for the agreed value and the car leaves your possession. No haggling over salvage values or "market value" or whatever. Or telling them to "replace it with an equivalent vehicle", which used to send the adjusters to an AutoTrader to look at.

They also do offer a coverage where in the event of a total write off - they will write you a check for the guaranteed amount and let you keep the salvaged vehicle with no deductions.
Sounds like a good coverage to have if it’s a family heirloom or of great emotional significance. Rather than trying to haggle and struggle to buy it back at an auction.

 

[Yeahrightgreer]

Well, I guess that leaves me out....no garage.

I’ve had 6 cars with Hagerty in the last year, all in a parking garage, but while I was rewriting my policy last month - one of the underwriters required me to change my storage to some kind of enclosed garage.

They’re reasoning was my close proximity to the coast (5 miles) and all the recent storms. If you’re in a much more environmentally accepting area I’m sure it wouldn’t be too much of a deal.

 

[CBODY67]

I’ve had 6 cars with Hagerty in the last year, all in a parking garage, but while I was rewriting my policy last month - one of the underwriters required me to change my storage to some kind of enclosed garage.

They’re reasoning was my close proximity to the coast (5 miles) and all the recent storms. If you’re in a much more environmentally accepting area I’m sure it wouldn’t be too much of a deal.

It might also be an issue of "public access" rather than "private, controlled access"? Although there might be some wiggle-room on these things, the whole orientation of "collector car insurance" is limiting the perils the vehicles might be exposed to, which is why it's less expensive.

CBODY67