Insurance Question

[Scooter76]

I posted this on the other forum that I am on & I am wondering if anyone is having similar problems.

I currently have my 76 insured with Hagerty. One thing that is bothering me is that I have to pay the higher "modified " premium just because my L48 has some very mild mods. Edelbrock heads, headers & a very mild cam, (Crane energizer 266). This thing runs good,but far from being a "hot rod" as I would define the term. I emailed them last year & asked them about the minor mods & they replied that it would have to be insured as a modified vehicle. My policy is up for renewal soon & I am wondering if I should shop around elsewhere. Or try again to convince Hagerty that it is
not a Hot rod! Any suggestions? Thanks

 

[fine69]

I posted this on the other forum that I am on & I am wondering if anyone is having similar problems.

I currently have my 76 insured with Hagerty. One thing that is bothering me is that I have to pay the higher "modified " premium just because my L48 has some very mild mods. Edelbrock heads, headers & a very mild cam, (Crane energizer 266). This thing runs good,but far from being a "hot rod" as I would define the term. I emailed them last year & asked them about the minor mods & they replied that it would have to be insured as a modified vehicle. My policy is up for renewal soon & I am wondering if I should shop around elsewhere. Or try again to convince Hagerty that it is
not a Hot rod! Any suggestions? Thanks

I seriously doubt that your minor mods would push you into that category. Yours should fall under their category, "Modern Classics" as shown at http://www.hagerty.com/Auto/vehicle_70s.aspx

Street Rods & Custom Vehicles are described by Hagerty as "...changes that improve performance and/or significantly increase the value of the vehicle are considered modifications..." When I spoke with the representative, I was told this really applies to customized cars that really modded out, e.g., Ford T-Bucket, cars with tricked out engines with blowers, etc.

There are mixed feeling about Hagerty in this forum. I am more than satisfied with their service. In fact, I just renewed my Hagerty policy today. Unfortunately, I am one who has had to make a claim in the past. Hagerty promptly took care of everything, and even followed-up throughout each step of the process.

 

[BruceBed]

I posted this on the other forum that I am on & I am wondering if anyone is having similar problems.

I currently have my 76 insured with Hagerty. One thing that is bothering me is that I have to pay the higher "modified " premium just because my L48 has some very mild mods. Edelbrock heads, headers & a very mild cam, (Crane energizer 266). This thing runs good,but far from being a "hot rod" as I would define the term. I emailed them last year & asked them about the minor mods & they replied that it would have to be insured as a modified vehicle. My policy is up for renewal soon & I am wondering if I should shop around elsewhere. Or try again to convince Hagerty that it is
not a Hot rod! Any suggestions? Thanks

Lying=Denying. Don't do it. Insurance companies are always looking for a way to denying claims. If it's the difference of a couple $$. What do you stand to gain in a claims dispute. It'll cost you more in litigation fees.

 

[Tom Bryant]

I have 3 on my Hagerty policy. 2 stock and one modified. My custom '69 stepside is a mild build too but the peace of mind knowing that I'm covered for what I have is worth the few extra dollars. It's still a lot cheaper than when I had all 3 on my regular auto policy and who know what they would have paid if anything would have happened.

 

[Curtis]

My 76 is insured with State Farm.. limited to 3000 miles annual. 20% show miles and 80% personal.premium is $76 for six months full coverage @ $250 deductibles. Also agreed value of $15,000 which is a little low.

 

[minifridge1138]

Look into Grundy insurance.
My dad has his '41 Chevy insured there.
Best part is no mileage restrictions, so you can drive your car as much as you want.

I'll have my Corvette insured there as soon as I'm old enough (they won't take anyone under 25).

Good Luck!

 

[TimAT]

I just switched my insurance from State Farm to American Modern Insurance Group (AMIG). Found them thru a Mecum Collector Car Auction. Service was a little bit slow at first because of the holidays, but they seem to be on top of it now. I did the Vette and the Model T for around $800/year. $140,000 value on the Vette and 11,000 on the T. For a 300k liability policy. May be worth checking out for you too.

 

[crowvet]

I posted this on the other forum that I am on & I am wondering if anyone is having similar problems.

I currently have my 76 insured with Hagerty. One thing that is bothering me is that I have to pay the higher "modified " premium just because my L48 has some very mild mods. Edelbrock heads, headers & a very mild cam, (Crane energizer 266). This thing runs good,but far from being a "hot rod" as I would define the term. I emailed them last year & asked them about the minor mods & they replied that it would have to be insured as a modified vehicle. My policy is up for renewal soon & I am wondering if I should shop around elsewhere. Or try again to convince Hagerty that it is
not a Hot rod! Any suggestions? Thanks

I am with state farm, no milage limits and agreed value. One thing I would urge you to do, Is call Hagerty and ask them this ? If I am on my way back from a show and I pull into WalMart to grab something and my car gets smacked Im covered Right? I called and was told "we dont consider Walmart a appropiate place for that car" Huh!!!! Made me shop elsewhere.

 

[Glen Braxton]

You guys with State Farm....

When you got the Agreed on Value, were you required to have it appraised?

My SF agent demands an appraisal, and the local "expert" wants $250 to appraise cars, which I deem to be extortion. With out the appraisal, he will only insure it for $8k.

 

[vett boy]

When it comes to minor modifications and specialty under writters. "don't ask ,don't tell " it's that simple.

 

[milo30]

My 76 is insured with State Farm.. limited to 3000 miles annual. 20% show miles and 80% personal.premium is $76 for six months full coverage @ $250 deductibles. Also agreed value of $15,000 which is a little low.

I'm curious about the agreed value. I have had a problem with that before. The agreed value was not the same as what the insurance adjuster decided after an incident. They didn't mind taking payments for a vehicle insured at that amt but had a problem with paying off when it came time. It's been a while since this happened so maybe things have gotten better. My insur co right now won't even offer anything overbook value for my 78 and told me that I need to go to another company for that vehicle to get proper coverage so I am curious how good this policy is for you.

 

[Tom Bryant]

If your adjuster has the authority to alter the value of the car then you don't really have agreed value (even if they told you it was). You have stated value where they will pay up to the stated amount. As you found out they can adjust stated value downward.

 

[crowvet]

When you got the Agreed on Value, were you required to have it appraised?

My SF agent demands an appraisal, and the local "expert" wants $250 to appraise cars, which I deem to be extortion. With out the appraisal, he will only insure it for $8k.

Yes, I did get a appraisel. I had a little different situation, I had just finished restoring the car so I wanted a appraisel. Cost here in Oregon was $125

 

[crowvet]

I'm curious about the agreed value. I have had a problem with that before. The agreed value was not the same as what the insurance adjuster decided after an incident. They didn't mind taking payments for a vehicle insured at that amt but had a problem with paying off when it came time. It's been a while since this happened so maybe things have gotten better. My insur co right now won't even offer anything overbook value for my 78 and told me that I need to go to another company for that vehicle to get proper coverage so I am curious how good this policy is for you.

Hi Curtis, Fortunatly I have not been in a situation where I have needed to use my policy. How do you really Know??? I do know that I want coverage wherever my car is at.Some of these insurance practices seem almost criminal.

 

[Curtis]

Daryl, I do not really know what willhappen in a claim situation. When I got the policy the agent asked if I had documentation of the cost of the improvements to back up the agreed value and I do have them. My only concern is that if I get caught in a bad hail storm that the car be fixed. Even if they say it is only worth book value, then the cost of total paint and repair would still be lower than that and the car would be repaired. The possiblility of my totally wrecking the car in a cataclysmic accident does not concern me as I would not expect to survive an incident as that and it wouldn't matter the insurance value of my car. AS such, I may be shouldering more risk than others might choose to do. That is just my choice.

 

[JohnZ]

I'm curious about the agreed value. I have had a problem with that before. The agreed value was not the same as what the insurance adjuster decided after an incident. They didn't mind taking payments for a vehicle insured at that amt but had a problem with paying off when it came time. It's been a while since this happened so maybe things have gotten better. My insur co right now won't even offer anything overbook value for my 78 and told me that I need to go to another company for that vehicle to get proper coverage so I am curious how good this policy is for you.

There's plenty of info on this issue if you do a search on "Agreed Value".
BIG difference between "stated value" and "agreed value", and many agents don't know the difference.

There's a simple test. Just ask your agent what you'll get if your car is stolen or burns to the ground. If he says it would be the amount you have shown on the policy declaration page or collector endorsement as "agreed value", you're properly covered. If he says it depends on "actual cash value", "market valuation", "depreciation formulas", "the adjuster's determination", or any other weasel-words and you don't get a firm dollar amount as an answer, you're NOT properly covered, DON'T have "agreed value" coverage, and you'll be lucky to get Kelley Bluebook value out of it, just like your daily driver.

 

[crowvet]

Daryl, I do not really know what willhappen in a claim situation. When I got the policy the agent asked if I had documentation of the cost of the improvements to back up the agreed value and I do have them. My only concern is that if I get caught in a bad hail storm that the car be fixed. Even if they say it is only worth book value, then the cost of total paint and repair would still be lower than that and the car would be repaired. The possiblility of my totally wrecking the car in a cataclysmic accident does not concern me as I would not expect to survive an incident as that and it wouldn't matter the insurance value of my car. AS such, I may be shouldering more risk than others might choose to do. That is just my choice.

Totally understand, There is that point where you could be paying for more insurance than the replacement cost of another comparible vet. I have a friend that had a 67 roadster. Long storey short he totalled it. He got $30,000bash because he had the car for years and hadnt updated his coverage in years, That hurts to think about it.

 

[chevy6673]

When it comes to minor modifications and specialty under writters. "don't ask ,don't tell " it's that simple.

i agree

 

[Scooter76]

Thanks for all the comments/suggestions. I talked to Hagerty the other day & they agreed that with my minor mods that they would go ahead & set my premium back to the lower "stock" rate. They said that their policy is if any mods add more than 50hp to the cars original rating that it falls into the higher "modified car" rate. I suggested that they add a third classification,such as a "mildly modified" class. I would bet that 75% of our vettes would fall into this class. I wanted to be strait up with them as far as mods go, I figure that way it couldn't come back in bite me in the rear in case of a claim.

 

[vett boy]

There is no one in the insurance business that is your friend.(even your mother)