Collector insurance advice? - PeachParts Mercedes-Benz Forum

POS · #1 11-28-2007, 05:01 PM

I have a policy of $25,000 Agreed with Hagerty for the 1983 SL. I currently pay $448 a year, and it's only got a max of $40,000 in liability.

I went to Grundy's website and got a quote for $381 annually (also $25,000 Agreed) and it's got a max of $100,000.

I haven't had an accident since 1989, and I obviously know that $381 is better than $448. Anything wrong with Grundy? Any other collector insurance carriers worth noting?

Dee8go · #2 11-28-2007, 05:13 PM

When I checked on getting that kind of insurance for a car I was anticipating buying, it seems like the rates and coverage varied considerably more than standard coverage.

t walgamuth · #3 11-28-2007, 05:27 PM

I used to have hagerty but for the last fifteen years or so I have had it with my State Farm agent. About the same cost.

Tom W

alabbasi · #4 11-28-2007, 05:46 PM

I have used Hagerty and American collectors. I've heard that all collector insurance carriers can become real hard cases if you get into an accident on the way to work or something happens to it when it's parked in the open.

TX76513 · #5 11-28-2007, 05:53 PM

Some other companies to consider
J C Taylor
Infinity (Classic Auto Insurance)

Infinity opened up their lines lately into two other expanded programs

TheDon · #6 11-28-2007, 05:58 PM

Only thing about the companys that do classic insurance is, you have to be a certain age to get it.. well last time I tried to get rates for a 54 VW Beetle.

Jim B. · #7 11-28-2007, 06:00 PM

What about the concept of ordinary comp/collision on the car COUPLED WITH a separate appraisal made by an auto appraiser for a couple of hundred dollars every now and then, to keep it current?

Would that idea be as cost effective and sensible as "agreed value" insurance?

Just wondering.

Chas H · #8 11-28-2007, 06:43 PM

I use Sneed for my Miata, $10,000 declared value, $100,000 liability, cost $235/yr. No mileage or use restrictions.

nhdoc · #9 11-28-2007, 07:06 PM

You seem to be most concerned about the value of the car, but carrying only $40K in liability insurance seems way too low unless you have no other assets besides the car to protect. If, for some reason, you are in an accident and at fault even partially that $40K will be gone really fast, and so could your home, other cars and future earnings. Liability insurance is so cheap that it seems penny wise and pound foolish to me to carry any less than 100/250K limits, for what it is worth and I carry 250/500 limits on my cars. That's the coverage you should worry about. Remember, insurance is intended to cover costs you cannot afford to pay out of your own pocket even though the risk of such a loss is low. That's the problem with our healthcare system, but that's another wrant altogether.

The other problem with Hagerty is they charge you a penalty for insuring only one car. In fact, I found this out when I added a second car to my policy the first time. The additional premium for an entire year was only $23 because much of the premium was offset by not having to pay the "one car penalty". When you have more than one car insured with them you only pay liability once, which is nice and makes sense and the multi-car discount is substantial.

One of the problems with Hagerty is that your car is considered an exotic not an antique/collectable. I know because they did the same thing to my 560SL and the cost was high. You need to be sure you only use the car when you say you will or they can deny you coverage. Frankly, you might just consider more conventional coverage which would not be too much more costly than the Hagerty policy then you could drive it anytime you want and not worry about anything happening any time. Your thought of having an appraisal is a good one though cause the book on that car is probably a lot lower than $25K.

POS · #10 11-28-2007, 08:02 PM

To be honest, I never even noticed the $40k in liability until today. On my other vehicle policies, I have 250/500 limits and an umbrella that carries me to $3m. When I got the Haggerty policy, I didn't shop around, I just got it because Haggerty came recommended. At the time, I had the 1984 AMG sedan and the policy's cost was only $308 a year. When I replaced the 1984 AMG with the 1983 AMG SL, I just paid the difference ($120).

My policy expires on Dec 22nd, so that's why I'm reviewing this now. I did an Agreed Value of $25,000 so that the appraisal wouldn't be important. I most certainly want a policy that goes to higher than $40k; that's one of my primary concerns.

I'll look into Grundy further, and Classic Auto Insurance, but I've never heard of Sneed and that causes me some concern.

alabbasi · #11 11-28-2007, 08:21 PM

Can you ask them to raise the limits? If you have an umbrella policy, it may require those limits raise and they should be able to accommodate.

ADP · #12 11-29-2007, 08:23 AM

Grundy fought a claim for a friend of mine because he was using the car for ocassional transportation and it got whacked in a parking lot.

They wouldn't even write me a policy because w/o a garage door - technically our car storage is a "car port."

Quote:

Originally Posted by alabbasi

I have used Hagerty and American collectors. I've heard that all collector insurance carriers can become real hard cases if you get into an accident on the way to work or something happens to it when it's parked in the open.

Check out your regular insurer. I've got State Farm for full boat - collision, extra medical, plus replacement value of 15K (which I'm about to increase to 20K) and it was about 685.00 a year. I didn't have to have anyone look at the car either, just send a couple of photos to my agent.

This actually came down - I was over 800.00 a year but was looking at my renewal to discover they'd added my kid (he is on my policy) as a driver too!

The only time he is driving Brunhilda is if he lives past 30...

Ann

TX76513 · #13 11-29-2007, 08:51 AM

Quote:

Originally Posted by TheDon

Only thing about the companys that do classic insurance is, you have to be a certain age to get it.. well last time I tried to get rates for a 54 VW Beetle.

Get your parents to take out the classic coverage and write you onto it. I have added both 17 and 21 yo's to mine with little to no impact on rate.

meltedpanda · #14 11-29-2007, 09:19 AM

look at infinity, they have good coverage, good rates, mileage limits but variable

kpb · #15 11-29-2007, 09:36 AM

Quote:

Originally Posted by alabbasi

I have used Hagerty and American collectors. I've heard that all collector insurance carriers can become real hard cases if you get into an accident on the way to work or something happens to it when it's parked in the open.

About 6 months after switching to American Collector on an agreed value policy, I dinged a deer in my 108 just after midnight, 70 miles from home. Insurance company jumped on it with a quick inspection, estimate, and cut a check within ten days. No hassles at all. (Plus, doing the work myself, but for paint, and careful sourcing of parts resulted in a surplus of $3500, thus my first 124 purchase

)