Classic Auto Insurance

D

Dave D

Senior Member
I'm considering changing my Classic Auto insurance this term. Have any of you had to file a claim with your policy holder and how was your claim handled? A policy is useless if the company will not support it.

I'm considering Hagerty or Taylor or ????
 
I am in the business and sell classic car insurance. I would go with an "agreed value" carrier as a must. Dont settle for less. I have had a few claims and they get handled very well. Its more specific so theres less intrusion.
 
Hey 3deuce40, just curious but what does the agreed value do ?? I have been thinking about changing my insurance also. Thanks
 
With an "Agreed Value" policy you state to the insurance company the vaule of the car when you bind your policy and that is what they base your premiums on. Most classic car insurance companies like Haggerty and Grundy have this type of policy

On the other hand your daily driver policy is what is considered "Stated Value".

Everyone should know exactly what type of policy your classic car has BEFORE there is an issue. If you have a stated value policy for your classic car you are just asking for problems when you have a claim.


Grundy has Agreed Value Policies, great customer service and decent rates.
 
I have never had a claim but friends of mine have had claims with Taylor.They were excellent to deal with.One case involved a grass fire where my friend lost three classic cars.Taylor required him to mail them the titles.They responded with a check by return mail.
 
Dave D said:
A policy is useless if the company will not support it.
Click to expand...

This statement hits home with me as I deal with it on a daily basis, not for insurance but rather in home improvements. I have to remind or educate my customers on a daily basis that 90% or more of small business's go out of business in less than 5 years (according to SBA)....so that 'bargain' roof you got at a great price literally has NO warranty on it. The installer (small business) won't be around to do anything about it, and the manufacturer (big business) will absolve themselves from any responsibility for the roof by saying it was improperly installed.
Although many roofs last 20 or more years, the average lifespan is about 12-15 years....and this is for a shingle the installer will tell you is a 25 year roof! :mad:

So Dave, I applaud your doing research on insurance companies and for having the foresight to know that a bargain policy is no bargain if the underwriter can't or won't honor it.
 
Scott H has it right. What is insurance? It's the plan for IF something happens, and you are betting it wont. In this day and age, I would rather pay a price for good insurance and be able to sleep at night, than save a few bucks and not be sure what I had.
Better yet, look at it this way --- if you care about the car you have, how easy would it be to replace it? And do you have the money to do that?
 
Dave D said:
I'm considering changing my Classic Auto insurance this term. Have any of you had to file a claim with your policy holder and how was your claim handled? A policy is useless if the company will not support it.

I'm considering Hagerty or Taylor or ????
Click to expand...
I have Hagerty great comanty
 
Switched from State Farm to Grundy agreed value a couple years ago. I feel comfortable with the move but I've never had a claim.
 
nelsb01 said:
Scott H has it right. What is insurance? It's the plan for IF something happens, and you are betting it wont. In this day and age, I would rather pay a price for good insurance and be able to sleep at night, than save a few bucks and not be sure what I had.
Better yet, look at it this way --- if you care about the car you have, how easy would it be to replace it? And do you have the money to do that?
Click to expand...

That sounds exactly like what Dave is looking for...value and security. He's looking for a company that will stand up to what it says.
 
In my experience it is cheaper getting quotes online. Some of the bigger companies offer discounts when ordering online, because it is less work for them. But to be safe you could compare quotes online, pick the best offer and try a local agency to see if they can match it or do better.

I have used this site for online comparing: http://www.quotes-center.com/auto-insurance-calculator
 
I have American Collectors Insurance. I had a claim with them a couple of years ago and found they were easy to work with and more than fair in getting things fixed back to pre-crash condition. I'm very satisfied with them and am getting ready to renew.
 
I've had JC Taylor insurance for over 20 years with just one claim. Someone hit the right rear fender on my '34 roadster in a Walmart parking lot about 12 years ago. It was dented up badly but there was no other damage and I wasn't able to find out who did it. Taylor paid for the damage and allowed me to pick the repair shop. I was well satisfied with the repair and Taylor's service.

In spite of this, I changed to Hagerty last month at renewal time. The reason for this was two fold. First, the policy was a little over $100 cheaper (6 cars) for the same coverage. Second, the Hagerty policy includes towing (50 miles) at no extra cost. This is important to me at my age. I do have towing coverage for my motorhome which includes our cars and trailers but it excludes vehicles over 25 years old.
 
My company also has towing, but its a "flat bed" versus the other kind and we will tow to the nearest shop that can do repairs. Most of the top companies offer that. I prefer a company that can take care of all me needs and there are some out there. Shop, compare, and ask questions BEFORE something happens!
 
Folks,

I'm sorry if this is a little off topic but, as we are all getting older, you also might want to consider a AAA membership as part of your "insurance" package. They also provide 100 mile free towing and give me a little piece of mind on long tours. I have had Taylor on my old cars for 30 years, no claims. . . Chuck
 
Auto insurance just like any other insurance can be a big problem if you purchase same based on the assumption of a good price.
Generally speaking there is two types of auto insurance; Stated Value and Actual Cash Value (ACV). Most policy's are written as ACV, the cheapest type. The purchaser "ASSUMES" ACV means the value of his car..WRONG.. When dealing with the average daily driver, if there is a claim, the payout by the carrier will be based on current "Blue Book" values, i.e. high book or low book depending on condition, mileage etc. If the carrier thinks the damage exceeds the "book value" they total the vehicle, usually paying LOW BOOK which could leave the owner owing money on a vehicle he no longer has.
Don't be mislead into thinking that ACV will cover your $45,000 '34 conv when the Price Guide only says a #1 is worth $26,000.
Stated/Agreed Value on the other had has a premium based on the appraised and/or stated value of the vehicle. The cost of the premium will be in proportion to the dollar amount of the policy.
I have had Hagerty for over ten years, insuring five cars ranging from a value of 65k to 15k, my policy is slightly over $1,000. I switched from the carrier I had for over 20 years because some of my cars are modified, some are dead stock.. The previous carrier hassled me every year about my modified cars. The modifications were only later model engines, hydraulic brakes and some speed equipment on my '36 Ford.
Hagerty wanted a statement of facts, two pix of each vehicle and an official appraised value on the cars over $50k.
 
I moved my two cars from State Farm to Grundy at a substantial savings. I haven't had a claim so far(actually don't want one), but Grundy is easy to work with and has a good reputation.
 
I am not trying to hijack this thread but a while back I was part of a discussion about old car insurance. The hypothetical situation is this, you have a "generally" restored car but it does have some engine modifications such as a later flathead with a couple of carbs and hydraulic brakes. Somehow you neglected to tell the insurance company about these modifications as you believed they are basically inconsequential.

Everything is going along great but you end up in an accident and the car is now inoperable. The insurance adjuster comes to see the car and sees the "modifications." The question is this... Can the insurance company refuse any payout because you "concealed" changes that altered the vehicle from its original condition?

Comments?

Tom
 
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