Collector Insurance - PeachParts Mercedes-Benz Forum

wbrian63 · #1 10-06-2008, 03:26 PM

I'm working on getting insurance for my new "baby" (details later).

I've hit 5 "collector car" insurance agencies for on-line quotes:

Agreed-value policy of $20,000 with 100/300 liability limits as general guidelines.

Haggerty 247.00
American Collectors 155.60
Grundy 161.00
Classic Auto 246.00
Sneed 231.00

These are annual rates.

I want/need to be able to drive this car in a "non club function" on occasion without penalty from the insurance company should something bad happen. Sneed offers an additonal rider for "9 to 5" usage up to 2 times a week.

The differing prices don't alarm me - several of the lower prices have deductibles, and the higher ones generally have zero or very low ($4 is one example) deductibles.

My main question is - what are our members experiences like with the companies listed above. The car will be garaged when not in use, but should the unthinkable happen, I've heard horror stories about companies failing to pay citing some obscure policy detail.

Any recommendations?

POS · #2 10-06-2008, 05:58 PM

If I remember correctly, Grundy had issues with payouts. American Collectors had huge issues with useabilty on my SL - I could only drive it if I had no destination, they said; probably easy for them to prove I had a destination because what's the point of driving Loop 610 in Houston over and over? I went with Haggerty - they've been excellent as far as customer service, therefore I'm okay with paying their tad-higher rates.

Jim B. · #3 10-07-2008, 08:43 PM

I wonder what the mileage restrictions are with agreed value restrictions

I became interested in this agreed value insurance after my Mercedes was appraised last month.

t walgamuth · #4 10-07-2008, 10:47 PM

I used state farm for my last collector car.

AustinsCE · #5 10-08-2008, 12:34 AM

Might also try JJ Best. I had a loan approved from them, but it was ebay so I didn't go for it, but they had good insurance rates, too, from what I remember.

wbrian63 · #6 10-08-2008, 07:49 AM

Quote:

I wonder what the mileage restrictions are with agreed value restrictions

I've taken out a policy with Hagerty. The price of the premium was in part based on my usage estimate of no more than 5K per year.

On the advice of a friend, I reduced the stated value to $10k (far more than I currently have in the car) - I can always increase the stated value of the policy as I pump more $ into the car. Annual premium will be $191.00.

All of the companies I checked have the same general disclaimer - not to be used for regular transportation (except for Sneed, which for an additional $50/year offers a 9 to 5 rider that allows to-work usage 2 times a week).

Some of the usage language was more restrictive than others. Hagerty was more general: club related usage - OK, occasional pleasure usage - OK, for profit use - Bad. Must be parked in locked garage - preferrably at home, when not in use. When in use, due diligence must be made to secure the vehicle from damage.

Some insurers offer more miles per year, but at some point, they're all gonna say "no thanks", as the chance of loss payout increases dramatically once mileage goes above a certain level. This "certain level" varies from region to region, and is also related to the type of car and the driver too.

For me, it's not the $ that are the big concern. If I have to worry about $50 or $75/year between insurers, one could logically question why I'm even getting a car that is eligible to be insured in this fashion.

It only costs about $600/year to insure my '92 300SE. Of course, if there's a loss, I'm screwed, because anything more than a parking lot dent is probably going to total the car.