Insurance Question...

Nabco

Nabco

Senior Member
I know this subject has been discussed several times here but thought I would start a new discussion based on an experience I have had with my agent over the last couple days, and maybe it will be helpful to some of our new members.

So our local club is doing a 210 mile trip next weekend, I have not not participated in any of these before. So my wife and I were thinking about going for it and I started to woonder if this kind of trip would be covered under my insurance.

I called my agent at State Farm and talked to one of the women in his office. She did not know the answer to the question and said she would contact one of the antique car underwriters and get back to me....the attached documents are what I received....now I'm even more confused.

In a cover letter to these docs she said that there is no special policy booklet for this type of car, the underwriter said "the only difference in a regular auto policy and an antique policy is the endorsement for actual cash value...the antique policy has a stated value, and is limited mileage" I would not classify these as ONLY DIFFERENCE" these are pretty major differences.

At best the documents she provided are very vague on both the "actual cash value" and the allowed mileage.

I'm giving them a call today to get some clarification but thought I would put the question out there for the guys with way more experience.

Thanks

Nick
 

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Don't worry about it! you're covered! What they are saying is that your antique policy is better than your regular auto policy. Ron W
 
I like the 'historic interest and exceptional quality' comment in the letter.

There are a number of cars I have seen around that are clearly people skirting the rules. A beat up rusty old Mercury may not quite fall into the above categories depending on who you ask.
 
Nick, What state are you in? State Farm does not write "Agreed Value" in about 3 or 4 states. It sounds like you are in one of them. They tell us that it is coming in the near future. I carry mine thru the National Corvette Museum and it is underwritten with "Agreed Value" by American Modern. Once we get it here in Texas I will switch back to State Farm.
State Farm agent.
 
Nabco said:
........................At best the documents she provided are very vague on both the "actual cash value" and the allowed mileage.
I'm giving them a call today to get some clarification but thought I would put the question out there for the guys with way more experience.
Thanks Nick
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Gary WA said:
Hagerty! The best! Inexpensive also.
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I have my vehicles insured through Hagerty. You send them a photo and your level of insurance, they insured both my 1931 68B and my 1931 160b at the values I provided with no questions. And like Gary said Inexpensive!!
 
I have Hagerty on all my Hot Rods also 1958 Delray ,1927 essex and 1931 Boat Tail Speedster I have good luck with claims and very resonable on cost. I would recommend them to any one. Don in N. W. Indiana
 
Redbird said:
Nick, What state are you in? State Farm does not write "Agreed Value" in about 3 or 4 states. It sounds like you are in one of them. They tell us that it is coming in the near future. I carry mine thru the National Corvette Museum and it is underwritten with "Agreed Value" by American Modern. Once we get it here in Texas I will switch back to State Farm.
State Farm agent.
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I'm in Ohio, according to what I was told today I do have agreed value
 
160B said:
I have my vehicles insured through Hagerty. You send them a photo and your level of insurance, they insured both my 1931 68B and my 1931 160b at the values I provided with no questions. And like Gary said Inexpensive!!
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I'm going to start checking around, my policy with State Farm is not expensive, $122 per year....and I'm not sure the coverage is bad, they just don't spell it out.
 
Mike V. Florida said:
Don't forget the national club coverage if your club is chartered.
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If you are a MAFCA member go to this site and review what MAFCA insurance covers. The MAFCA insurance does not cover your vehicle, it is a liability insurance for the club functions and club officers. It is the responsibility of the vehicle owner to have his own vehicle insurance.

http://www.mafca.com/insurance.html

"MAFCA provides General Liability as well as Directors and Officers Liability Insurances to Chapters, Regions and Special Interest Groups that are in good standing and located with United States and Canada. Although the Board of Directors' desire and plan is to continue this coverage, future decisions on coverages and cost to the Chapters will have to be based on future insurance premium cost growth."
 
I just checked Hagerty and their website is very specific as to what is covered, how you can drive your car, where you can drive it, etc.....I like it, and after running a quote it is about the same price
 
160B said:
If you are a MAFCA member go to this site and review what MAFCA insurance covers. The MAFCA insurance does not cover your vehicle, it is a liability insurance for the club functions and club officers. It is the responsibility of the vehicle owner to have his own vehicle insurance.

http://www.mafca.com/insurance.html

"MAFCA provides General Liability as well as Directors and Officers Liability Insurances to Chapters, Regions and Special Interest Groups that are in good standing and located with United States and Canada. Although the Board of Directors' desire and plan is to continue this coverage, future decisions on coverages and cost to the Chapters will have to be based on future insurance premium cost growth."
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On the link you gave me I read;
WHO IS INSURED?

The Named Insured (The Club), all its Members including Officers and Directors.

Coverage is limited to Bodily Injury and/or Property Damage Liability arising out of an occurrence associated with activities of The Club.
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If you belong, are you not a member?
 
Make darn sure your policy is an "agreed value" policy-not a "stated value" policy!!- No matter who you buy it from. Agreeded value policies state that if there is a total loss/theft of your vehicle you will get the agreed value. A stated amount policy only guarantees that the value figure you have on your car is the most they will pay-not what they will pay. On a stated amount policy-let's say you have your car insured for $25,000. There is a total loss. The insurance company says they found one like yours for $15,000-that's all your gonna get without a major hassle. On an agreed amount policy-you get what the car is insured for-no questions! Stay away from "stated amount" policies! Smitty-auto ins. Agent in Pa. For 36yrs.
 
smittykid said:
Make darn sure your policy is an "agreed value" policy-not a "stated value" policy!!- No matter who you buy it from. Agreeded value policies state that if there is a total loss/theft of your vehicle you will get the agreed value. A stated amount policy only guarantees that the value figure you have on your car is the most they will pay-not what they will pay. On a stated amount policy-let's say you have your car insured for $25,000. There is a total loss. The insurance company says they found one like yours for $15,000-that's all your gonna get without a major hassle. On an agreed amount policy-you get what the car is insured for-no questions! Stay away from "stated amount" policies! Smitty-auto ins. Agent in Pa. For 36yrs.
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Thanks Smitty, the endorsement says "actual cash value" not "agreed value" or "stated value" in your experience what does "actual cash value" mean.

I completed the application for Hagerty last night but have not pulled the trigger yet, they call it "guaranteed value"

Thanks for your help
Nick
 
Mike V. Florida said:
On the link you gave me I read;


If you belong, are you not a member?
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You are a member but note the below which requires each individual to maintain their own policy.

NON-OWNED AUTO LIABILITY
This coverage is designed to protect The Club when a member is using a vehicle not owned by The Club in connection with Club activities.
Note: Each member must maintain adequate Personal Auto Liability and Physical damage on all of his/her vehicles, including Antiques, Classics, and modern vehicles.

link to above statement http://www.mafca.com/insurance.html


link to The full text of the MAFCA Insurance Policy http://www.mafca.com/members_only/policies/P2S03_Insurance.pdf

Feel free to contact MAFCA’s Insurance liaison for additional answers or comments.
 
I have $150,000 worth of classic cars insured through Hagerty.

I trust them with my collection and they have been great for many years.
I've had one claim and they were exceptional.

I have Allstate for everything else.

I would recommend Hagerty for all things classic cars.
 
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