Insurance Question...

Mad Mac said:
Insurance companies thrive on confusion. Clarity is their worst enemy. ;)
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If your local club is chartered with either/both national clubs, if you are a member of the national and local club you ARE covered secondary to your own insurance.

The national club insurance is not designed to to replace personal insurance but to augment it and protect the officers and the club as a whole.
 
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160B said:
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.
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That does not mean you are not covered by their insurance.
 
Nabco said:
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
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I have my cars insured with an "actual cash value" policy. My Ins. Co. only offers "stated value" or "actual cash value" policies on antique vehicles. I had a claims adjuster tell me years ago to go with "actual cash value" as that value runs with what the cars are currently "booking" for. " Actual cash value" policies don't lock you into a specific amount of coverage on your car.
"Agreed amount" policies are fine as long as you don't underestimate the value of your car. If you have an "Agreed amount" policy on your car for $15,000 and it turns out your car is actually worth $20,000 you are only going to get the $15,000. With an "actual cash value" policy you would get the $20,000. It's a little confusing. If you over insure your vehicle's value you would get more than it's worth on an "agreed amount" policy. Hope this helps. Also, these facts are based on Penna. Insurance regulations. Your State may vary. Hope this helps. Smitty
 
In the insurance industry, "Actual Cash Value" is equal to "Replacement Cost" minus "Depreciation".
 
It's best to get an agreed value policy so they can't play games with you for a total loss. Antique ins is cheap take out a value double what u need
 
Mitch//pa said:
It's best to get an agreed value policy so they can't play games with you for a total loss. Antique ins is cheap take out a value double what u need
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You got that right, agreed value is a number written down, actual cash value is open to opinion, and not yours!
 
Grundy worldwide has unlimited mileage and agreed values on their antique auto policies
 
i have been with Grundy with no complaints and my buddy had a total loss for 35K double what he needed to break even on the car. they paid out quickly with no issues and their driving requirements seem to be more relaxed than haggertys. reading the posts here of how much cheaper haggerty is i did an online quote yesterday for the same coverages i carry . it came back basically the same as i am paying now so no reason to do any switching. the comments that say they are much cheaper is just a cheer leading section for them for what ever reason. from past experiences dont cheer lead for an insurance comp cause they will be the first to screw ya in the rectum if possible. i dont care who you got they basically operate the same with all their fine print and exclusions..
 
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After years I switched to Grundy, they have the agreed value clause but they don't limit the number of miles you can drive, only that you can't use the car to commute to work. I happen to drive a lot of miles and felt that the policies that said 2,500 miles a year were too limiting to my life style. Just my opinion. I do know people that have filed claims with Grundy and been extremely happy with the results.
 
First off, every state has their set requirements for coverage. What I pay for Hagerty coverage in Colorado may be higher or lower than what one pays in PA. This is beating a dead horse!
 
Update....

After talking to almost every company out there I have decided to switch to Hagerty from Statefarm....here are some details.

Went from a $15K "actual value" policy to a $25K "agreed value" Policy

With SF I had $100 deductible on Collision and $250 on Comprehensive, with Hagerty both are $0

With SF my annual mileage limit was 1500 with Hagerty it is 3500

With SF my roadside assistance was within 10 miles of my home with Hagerty it is 50 miles

With SF I had $500 in spare part coverage, with Hagerty it is $750

And probably most important they were very clear on how and where I can drive the car...with SF they were very "wishy washy' at best.

The annual difference in cost was about $80...well worth it

As always thanks for all the advice and hopefully this will help someone else too.

Nick
 
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