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  #16  
Old 02-25-2014, 04:37 PM
unkl300d's Avatar
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Location: San Francisco, Ca
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Looking for current experience/opinions.

Hello, I was chatting with an acquaintance and he mentioned his VW bus (1970's) was insured by some agreed value outfit but he could not recall the name.
The rate was low per year and required pictures of all sides of the vehicle.

After reading this thread, I understand that one can purchase comprehensive and liability insurance, and also apparently increase the level of liability in order to include it under the homeowner's umbrella policy.

My 1979 300D would benefit from such a policy since the 'value' in case of catastrophic loss would require arguing with the current insurance co. etc.

I like the idea of the 'agreed value' policy.

Can you folks share your current experience, avg. cost, and satisfaction with your vintage car policy?

Thanks,

__________________
1979 300D 220 K miles
1995 C280 109 K miles
1992 Cadillac Eldorado Touring Coupe 57K miles SOLD
********************
1979 240D 140Kmiles (bought for parents) *SOLD.
SAN FRANCISCO/(*San Diego)
1989 300SE 148 K miles *SOLD
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  #17  
Old 02-25-2014, 04:47 PM
Save the manuals!
 
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Quote:
Originally Posted by unkl300d View Post
Hello, I was chatting with an acquaintance and he mentioned his VW bus (1970's) was insured by some agreed value outfit but he could not recall the name.
The rate was low per year and required pictures of all sides of the vehicle.

After reading this thread, I understand that one can purchase comprehensive and liability insurance, and also apparently increase the level of liability in order to include it under the homeowner's umbrella policy.

My 1979 300D would benefit from such a policy since the 'value' in case of catastrophic loss would require arguing with the current insurance co. etc.

I like the idea of the 'agreed value' policy.

Can you folks share your current experience, avg. cost, and satisfaction with your vintage car policy?

Thanks,
I have had my 240D insured with Hagerty for the past 9 years and as was previously posted in this thread you do need another car insured for each driver in the household and the classic car can't be your primary car but they do encourage you to drive the car on vacations and to shows and to work from time to time. I pay somewhere around 170 per year for an agreed value policy and roadside assistance with flatbed towing. The folks that run Hagerty seem to be real "car guys" and believe that all classic cars should be enjoyed and driven often. They also have a very cool magazine and e-mail that comes every few weeks with lots of neat articles on the classic car world. I highly recommend them.
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  #18  
Old 02-25-2014, 06:19 PM
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Location: Mooresville, NC
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I have been very happy with Hagerty the last 3 years, they insure my 68 230 at agreed/stated value. I pay about $170 a year with towing and roadside service for all my cars: wife's Odyssey, my Buick DD, my son's Jetta and of course the Mercedes. I have used the towing and roadside assistance and can say I got better service than our AAA membership, which we dropped. I drive my Mercedes a lot, no questions asked.
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1985 300TDT S123
1985 500SEC C126
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  #19  
Old 02-25-2014, 07:32 PM
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Hey all, that's great info. I actually just started generating a quote online with Hagarty.

My insurance comes up in July so I plan on doing some research.

What really motivates me is the 'stated insured value' as opposed to "actual cash value".

Thanks again !

Anybody else share experiences?

p.s. they even offer by default, "guaranteed value $1MIL, limited earthquake" !!! for $10
__________________
1979 300D 220 K miles
1995 C280 109 K miles
1992 Cadillac Eldorado Touring Coupe 57K miles SOLD
********************
1979 240D 140Kmiles (bought for parents) *SOLD.
SAN FRANCISCO/(*San Diego)
1989 300SE 148 K miles *SOLD
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  #20  
Old 02-25-2014, 09:24 PM
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Quote:
Originally Posted by pedrocamp View Post
I have been very happy with Hagerty the last 3 years, they insure my 68 230 at agreed/stated value. I pay about $170 a year with towing and roadside service for all my cars: wife's Odyssey, my Buick DD, my son's Jetta and of course the Mercedes. I have used the towing and roadside assistance and can say I got better service than our AAA membership, which we dropped. I drive my Mercedes a lot, no questions asked.
Great ! I generated online quotes from both H and G.

This is great ! I will try to get the 95 C280 in there also !

2 cars is about $380/yr full limits. so far. UPDATE. H is not ijnterested in a 1992 auto, so only the 300D is eligible.
After the underwriting dept. reviews the pics and my current insurance schedule, I will know what's real and what's not.
I did not forward payment immediately like the website online application requests.
Nonetheless, they processed the application.

So, for any readers who may be compelled to pay by the website, you don't have to.
Hey its just a quote anyway.
I am not committal. I need to study the caveats before making any move and look up other alternatives !
__________________
1979 300D 220 K miles
1995 C280 109 K miles
1992 Cadillac Eldorado Touring Coupe 57K miles SOLD
********************
1979 240D 140Kmiles (bought for parents) *SOLD.
SAN FRANCISCO/(*San Diego)
1989 300SE 148 K miles *SOLD

Last edited by unkl300d; 02-26-2014 at 10:18 PM. Reason: update
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  #21  
Old 02-25-2014, 10:47 PM
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Location: Yucca Valley, CA
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now i just need a really good looking car to put my plates on for some pictures LOL

seriously though if it's old, tired and needs paint and whatnot will they still insure you? or does it need to be a trailer queen?
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  #22  
Old 02-26-2014, 04:33 PM
is thinning the herd
 
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Couple of things, agreed value, means the insurance company must also agree to the value, its not just what you think it to be. If your car is rusty and worth $1,000, they aren't going to AGREE to a $20,000 valuation of the car.

ALSO, the agreed value does not mean you get X amount in a check, that is an agreement to the limits of the insurance policy, not what they pay out.

In addition, your premium is related to the value of the policy, people sometimes are paying huge premiums because they got hagerty to over-insure their $1,000 car.

I have American Family, and have most of my cars on limited use / classic car policies. They do not require you to garage your car like Hagerty, and do not have limitations on driving your car (Hagerty told me to NOT drive any of my cars to my office, American Family told me I could go whever I wanted as long as I did not drive said car every day), as long as you insure a car as a full time driver with them as well. They were exactly the same price as Hagerty in my case. They did require that all of my cars be appraised to determine their value. I have 14 cars on my policy with American Family and their attitude was, with 14 cars I can't drive anything daily.

As far as I know Hagerty also will not insure you if you cannot show them you have another car insured as a daily driver with another company.
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68 280SL - 70 280SL - 70 300SEL 3.5 - 72 350SL - 72 280SEL 4.5 - 72 220 - 72 220D - 73 450SL - 84 230GE - 87 200TD - 90 190E 2.0 - 03 G500

Nissan GTR - Nissan Skyline GTS25T - Toyota GTFour - Rover Mini - Toyota Land Cruiser HJ60 - Cadillac Eldorado - BMW E30 - BMW 135i
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  #23  
Old 02-26-2014, 05:25 PM
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Location: Mooresville, NC
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Hagerty asked for a photo of my car on application and do ask for the car to be garaged. They also require a daily driver for all licensed family members in the home. I do like that Hagerty actively promotes the classic car hobby, good for their business of course. Their monthly magazine is actually quite good.
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1968 230 W110 +3.5 M116 & 4-Speed Manual
1985 300TDT S123
1985 500SEC C126
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  #24  
Old 02-26-2014, 10:25 PM
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Good insight

Quote:
Originally Posted by DieselPaul View Post
[sic]

ALSO, the agreed value does not mean you get X amount in a check, that is an agreement to the limits of the insurance policy, not what they pay out.

[sic]

I have American Family, and have most of my cars on limited use / classic car policies. They do not require you to garage your car like Hagerty, and do not have limitations on driving your car (Hagerty told me to NOT drive any of my cars to my office, American Family told me I could go whever I wanted as long as I did not drive said car every day), as long as you insure a car as a full time driver with them as well. They were exactly the same price as Hagerty in my case. [sic]

As far as I know Hagerty also will not insure you if you cannot show them you have another car insured as a daily driver with another company.
All the above comprehensive info is great. I am learning as I go along.
Especially about agreed value caveats.

That is very important because if its going to be no different than dealing with my existing 'market value' policy, then it may not be worth the trouble even if it 'appears ' to be 50%+ less expensive.

Fine print, fine print !! After the fact disclosures are of no value if one gets nicked. You all are very helpful.


Regarding American Family, do you only have your cars insured with them or combine it with your home insurance? (i.e. better rates)
Sounds like they have a subcategory for car insurance: limited use. Is that how it works?
__________________
1979 300D 220 K miles
1995 C280 109 K miles
1992 Cadillac Eldorado Touring Coupe 57K miles SOLD
********************
1979 240D 140Kmiles (bought for parents) *SOLD.
SAN FRANCISCO/(*San Diego)
1989 300SE 148 K miles *SOLD

Last edited by unkl300d; 02-26-2014 at 10:33 PM. Reason: new question
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  #25  
Old 02-27-2014, 06:08 AM
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I used J.C.Taylor for many years, then switched to Grundy when I moved to VA (JCT didn't write ins in VA at the time).

I recently had a conversation with a Grundy agent, I had sold a car and was dropping coverage, and he told me that they had recently raised the rates on sub 20K insured cars due to increased payout. As three out my five were sub 20K cars, I wasn't pleased by this disclosure....

When my policy comes up for renewal, I may be looking hard at Haggerty. It's not so much the cost, I was really put off by the agent's attitude. If that is emblematic of their new attitude toward small potatoes like me, I'm not sure I want the pain of a claim.

Haggerty seems to be much more liberal with usage according to friends who are insured with Haggerty, and this may be the reason for me to do some comparision shopping come renewal time.

I've never submitted a claim to any of the antique companies in the 35+ years I've had antique insurance, so I'm unable to speak about payout from personal insurance.

Jim
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94 E320 Cabriolet Emerald green 152k miles
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  #26  
Old 02-27-2014, 08:56 AM
is thinning the herd
 
Join Date: Mar 2010
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Quote:
Originally Posted by unkl300d View Post
All the above comprehensive info is great. I am learning as I go along.
Especially about agreed value caveats.

That is very important because if its going to be no different than dealing with my existing 'market value' policy, then it may not be worth the trouble even if it 'appears ' to be 50%+ less expensive.

Fine print, fine print !! After the fact disclosures are of no value if one gets nicked. You all are very helpful.


Regarding American Family, do you only have your cars insured with them or combine it with your home insurance? (i.e. better rates)
Sounds like they have a subcategory for car insurance: limited use. Is that how it works?
You need to speak to an insurance agent who knows more than I do. Agreed value or stated value policies do work differently than normal policies, but it is important to know the stated value does not equal your payday. If your car is a part time driver that you do not use every day, a classic car / limited use policy is totally worth it. It is not really a "caveat" its just some people think they are going to pull one over on the insurance company by grossly over-insuring their car. The adjuster will look at your car if there is a claim, and if your car is not worth what you claim it to be, then you probably won't get paid that amount.

Yes I get a discount for combing policies.

Jim, when it comes to "small potatoes policies" in my case I found that's all the insurance agents wanted. Someone like me with a huge policy who changes cars often is a "lot of work" (an agent told me that when I told her about what I was looking for in a policy) and it takes away from their time on the golf course. Everyone here wanted to a sign you up for a 2 car policy you had no intentions of altering and they could just collect their commission.

My agent bought a car from my dad, and he actually goes to the local cruise in and passes out business cards. He deals almost exclusively with classic and exotic car owners, many of whom cycle through a couple cars a year. So finding him was ideal in my case.
__________________
68 280SL - 70 280SL - 70 300SEL 3.5 - 72 350SL - 72 280SEL 4.5 - 72 220 - 72 220D - 73 450SL - 84 230GE - 87 200TD - 90 190E 2.0 - 03 G500

Nissan GTR - Nissan Skyline GTS25T - Toyota GTFour - Rover Mini - Toyota Land Cruiser HJ60 - Cadillac Eldorado - BMW E30 - BMW 135i
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  #27  
Old 02-27-2014, 01:53 PM
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Jim and Paul, American Family does not offer their product in California.

Haggerty has approved my 79 300D only.
BUT I think they do not want to offer 'uninsured motorist' although I currently have that in my current policy.
(UPDATED 3-3-14 H. did include ininsured motorist. To their credit, after my pressing for it, they sent me a copy of a sample Calif. policy and the complete insurance quote details.)

Sure the rate is like 65% less for the one car compared to my regular insurance package (3 cars w home and umbrella) but I am waiting for them to clarify the schedule of insurance details.
They seem to want payment before the facts so far.

Grundy gave me a competitive quote for all three cars without bothering me for payment etc. So far they are very forthcoming in details.
One car was categorized as a regular car, one was a classic, and the W123 was an "antique".
However, it includes a $500 deductible but does include stated value.
BUT all cars are included in liability and comprehensive and collision.

The cars are very reasonably valued, so that is not being exaggerated.
For e.g. $5K for the W123, which is in very good condition and low miles.

So, if I change Grundy variables to match my current policy, it might be within $100-$200 difference (not significant money wise) , BUT my current policy excludes one car from collision (my choice) and the entire policy and cars are covered by my umbrella policy issued by the same carrier.

As I write, it helps filter my concerns.

What I don't know yet is under what scenario H. can deny a covered incident, whether it is liability or collision. Grundy MVP seems to cover all cars regardless of normal use behavior. I have never dealt with 'specialized' insurance before. My W123 car my not be a daily driver since I don't commute etc. but I do use it for 'pleasure' and annual miles are about 1200.
Having read somewhat unreliable internet gossip (yelp-google) etc., I come across anecdotes of H. cancelling insurance for seemingly petty stuff. That just alerts me to do more in depth research.
I'd hate to have an incident (one which I do not care to prophesize- knock on wood-) where my dear W123 gets 'disrespect' and the insurance co. denies because of some petty technicality.
Liability is especially critical for me since folks are so alert to sue for dropping a hat, regardless of who dropped it !

The good thing is that I am not pressed, and prefer to continue the 'discovery period' regardless of whether it takes a year or less, or more...

penny wise pound foolish !

I still welcome opinions, since this topic may help others with vintage-antique cars.

Thanks !

FYI UPDATE for the archives,

"Thank you for your inquiry. In order to qualify for our program, the vehicle must be at least 30 years old and a minimum of $25,000 in value. We apologize for any inconvenience and appreciate you considering Chubb Collector Car."

-Chubb Collector Car

__________________
1979 300D 220 K miles
1995 C280 109 K miles
1992 Cadillac Eldorado Touring Coupe 57K miles SOLD
********************
1979 240D 140Kmiles (bought for parents) *SOLD.
SAN FRANCISCO/(*San Diego)
1989 300SE 148 K miles *SOLD

Last edited by unkl300d; 03-05-2014 at 12:19 PM. Reason: FYI update
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