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Hagerty Insurance Co. Turning Into Money Grubbers

Viet Nam Vett

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Joined
May 28, 2004
Messages
2,410
Location
Egg Harbor Township NJ
Corvette
65 BB 502 Cp /MSD ATOMIC EFI/ 2009-HUMMER H2
My Colletor car insurance co is charging me $527.00 a year. And as of today ,Grundy Collector car Insurance quoted me $520.00 .

This is for my 65 Corvette with a GMPP ZZ502 and a Keisler 5 Speed which is considered a "Modified " car. So ..after all this talk about How Great Hagerty Collector Car Insurance is...I went on line for a qoute as I thought I'd upgrade to a better insurance co.

The price comes back at $1131.00 Per Year...!!!! So I thought..this must be a mistake. So I input it again.....Same thing..WTF...??? Next, I pick up the phone and call them. Get .."Dave" on the line..he gives me the same price and tells me that it the Vette was stock and had a 396 /425 HP ..Hagerty would charge me around the same ..$520.00.

But..because I have a 502 inbetween the frame rails there charging mean addional $611.00.:mad as the Vette is Modified

So..so much for these A..Holes... So I guess if you have a street rod and you drop in a BB your priemium goes up. What a bunch of Poop...:mad

Did you ever hear of this crap..???:mad
 
Joined
Nov 11, 2001
Messages
5,979
Location
SouthCentral Ontario
Corvette
www.67HEAVEN.com
Yes. I'm paying over $US3,100 per year for Agreed Value coverage. :eyerole

I'd love to pay $1,131.00 :L
 
Joined
Apr 2, 2004
Messages
4,611
Location
Newark, Delaware
Corvette
1965 Coupe L76 / 1978 L82
Mark
I don't know their reason for the difference but I can guess a possible one...

A stock restored car is typically driven less and typically "babied" pretty well. In many cases as you know many cars like that are rarely driven at all unless it's to a show or the infrequent pleasure drive.
A modified car is most likely driven more often and especially with a larger motor such as your ZZ502 the insurance companies probably figure you are
are less likely to baby it and most likely to drive it faster and more often, therefore creating a greater risk of something happening requiring them to make a payout on a claim.
they do EVERYTHING based on statistics so I have no doubt they have statistics to back up that modified cars have a higher claim submission rate and therefore more payoffs costing them money than non-modified cars.

granted, this reasoning probably doesn't make you feel any better but it does make some sense.
 

Viet Nam Vett

Well-known member
Joined
May 28, 2004
Messages
2,410
Location
Egg Harbor Township NJ
Corvette
65 BB 502 Cp /MSD ATOMIC EFI/ 2009-HUMMER H2
Mark
I don't know their reason for the difference but I can guess a possible one...

A stock restored car is typically driven less and typically "babied" pretty well. In many cases as you know many cars like that are rarely driven at all unless it's to a show or the infrequent pleasure drive.
A modified car is most likely driven more often and especially with a larger motor such as your ZZ502 the insurance companies probably figure you are
are less likely to baby it and most likely to drive it faster and more often, therefore creating a greater risk of something happening requiring them to make a payout on a claim.
they do EVERYTHING based on statistics so I have no doubt they have statistics to back up that modified cars have a higher claim submission rate and therefore more payoffs costing them money than non-modified cars.

granted, this reasoning probably doesn't make you feel any better but it does make some sense.

What you say might be true...And I don't agree with all you say about motor to driving and milage.. But who else is surcharging collector cars because they have a larger motor and or a custom paint job, or exspensive aftermarket parts.
This is the age of the "Resto Mod"..I'm sure insurance companies are awhere of what that means.
I spoke and was quoted by 3 other insurance companies..not one was over $530.00.

I'd like to hear from the other guys here on the forum who have after market motors and or custom paint and or parts that are being charged over $1000.00 for collector car insurance for agreed value of 75K or less. I'll guess not many if any...I may be wrong..and if I am then I wrong.


Ok..now for an up date.... Hagerty just called and dropped ther rate down to $522.00 after the flaming email I sent them. Megan...the Young Ladie who I spoke with ...(Very Nice By the way).. said that they reconsidered after looking at the pic's of my car and said as long as I meet the rest of the collector car criteria...
Driving Record ..Locked Garage ..Blah...Blah.. Blah.. Colletor car this and that,
there shouldn't be any problem getting the policy. She said there going to rate it as a stock Corvette......(Stock with a 502):D

As of now I'm waiting for the on line application to come thru and fill out. Then I hear from the Insurance Judges as weather or not I'm approved.



You might think I'm doing this for the first time...:confused
 

hzl6cm

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Joined
Feb 14, 2004
Messages
188
Location
Odessa, MO
Corvette
1970 Laguna Grey Convert., '04 Z06
I realize that my cars aren't nearly in the same league as yours, but I pay about $60 every 6 months for the '70 Corvette convertible (4-speed, 350hp 350) with State Farm. They also recently insured my '82 Camaro Z28 CP autocross car / track day car for $47 every 6 months despite all of the appraisers pictures showing the built 350, roll cage, racing seats and road race slicks on the car (the car is painted up nicely, still retains its lights and glass and is licenced with historic plates). Both cars are under their historic vehicle insurance policies.

Kevin
 

Viet Nam Vett

Well-known member
Joined
May 28, 2004
Messages
2,410
Location
Egg Harbor Township NJ
Corvette
65 BB 502 Cp /MSD ATOMIC EFI/ 2009-HUMMER H2
I realize that my cars aren't nearly in the same league as yours, but I pay about $60 every 6 months for the '70 Corvette convertible (4-speed, 350hp 350) with State Farm. They also recently insured my '82 Camaro Z28 CP autocross car / track day car for $47 every 6 months despite all of the appraisers pictures showing the built 350, roll cage, racing seats and road race slicks on the car (the car is painted up nicely, still retains its lights and glass and is licenced with historic plates). Both cars are under their historic vehicle insurance policies.

Kevin

Heh Kevin,

Also keep in mind the "Agreed Value of your cars. How much did you insure them for.??:beer
 

Viet Nam Vett

Well-known member
Joined
May 28, 2004
Messages
2,410
Location
Egg Harbor Township NJ
Corvette
65 BB 502 Cp /MSD ATOMIC EFI/ 2009-HUMMER H2
Good deal. Okay, would you talk to my company for me? :W

:L


No problem.. I'll get my cousin's to handle this one ... They have a Law Firm that specializes in Insurance..

There firm name is .." Dewy-Cheatem-And How".:D
 

Wilkinshc

Well-known member
Joined
Dec 4, 2004
Messages
242
Location
New Mexico
Corvette
1965 Coupe
I realize that my cars aren't nearly in the same league as yours, but I pay about $60 every 6 months for the '70 Corvette convertible (4-speed, 350hp 350) with State Farm. They also recently insured my '82 Camaro Z28 CP autocross car / track day car for $47 every 6 months despite all of the appraisers pictures showing the built 350, roll cage, racing seats and road race slicks on the car (the car is painted up nicely, still retains its lights and glass and is licenced with historic plates). Both cars are under their historic vehicle insurance policies.

Kevin

But under a the historic vehicle insurance it is only covered while-to and from car show, club meeting, parades, and like. No pleasure driving or racing. It also might be a state value policy.

If you only use it for car shows, parades, club meeting, or likewise and are happy with stated value or actually cash value you are good to go. It is a cheap policy.
 

Viet Nam Vett

Well-known member
Joined
May 28, 2004
Messages
2,410
Location
Egg Harbor Township NJ
Corvette
65 BB 502 Cp /MSD ATOMIC EFI/ 2009-HUMMER H2
But under a the historic vehicle insurance it is only covered while-to and from car show, club meeting, parades, and like. No pleasure driving or racing. It also might be a state value policy.

If you only use it for car shows, parades, club meeting, or likewise and are happy with stated value or actually cash value you are good to go. It is a cheap policy.


What about your Proect ZL-1 65 Chuck? Who are you insured with and is it agreed policy with unlimited milage and driving.?
 
Joined
Nov 11, 2001
Messages
5,979
Location
SouthCentral Ontario
Corvette
www.67HEAVEN.com
But under a the historic vehicle insurance it is only covered while-to and from car show, club meeting, parades, and like. No pleasure driving or racing. It also might be a state value policy.

If you only use it for car shows, parades, club meeting, or likewise and are happy with stated value or actually cash value you are good to go. It is a cheap policy.

Correct, Chuck. I have absolutely no mileage or usage restrictions on my policy, other than I must have proof of a registered and insured daily driver in the household.

It does include Agreed Value for a substantial sum. Like Larry (IH2LOSE) has pointed out many times on this forum, we sure want agreed value with these old classics. ;)

I've driven over 13,000 miles (four times to the U.S.A.) in mine in the last two years.

:beer
 

Viet Nam Vett

Well-known member
Joined
May 28, 2004
Messages
2,410
Location
Egg Harbor Township NJ
Corvette
65 BB 502 Cp /MSD ATOMIC EFI/ 2009-HUMMER H2
I've driven over 13,000 miles (four times to the U.S.A.) in mine in less than two years.


And only dropped the 4-5 Shift rod on the tranny once at 70 MPH ..:D
 

Wilkinshc

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Joined
Dec 4, 2004
Messages
242
Location
New Mexico
Corvette
1965 Coupe
What about your Proect ZL-1 65 Chuck? Who are you insured with and is it agreed policy with unlimited milage and driving.?


I have mine with hagerty insurance. I have it insured for 50k right now but was going to up that once bodywork was started (still waiting on that). I pay something like 310.
 

Viet Nam Vett

Well-known member
Joined
May 28, 2004
Messages
2,410
Location
Egg Harbor Township NJ
Corvette
65 BB 502 Cp /MSD ATOMIC EFI/ 2009-HUMMER H2
I have mine with hagerty insurance. I have it insured for 50k right now but was going to up that once bodywork was started (still waiting on that). I pay something like 310.

Well, one thing to keep in mind that old 67Heaven always says... When estimating the total cost for insurance in case of a loss..Remember to add your labor in building the car in hours.....so how much is your labor worth . $30..$40..$50 an hour..?? Add that total amount of hours to finish the car.

The ZL-1 Alone I think goes for $18K-to some $20K or more. Correct me if I'm wrong. So that means your Vette is only worth $30K.

Sounds a bit cheap to me. I bet your vette when done should be close to a replacement value of at least $100K. Who knows..maybe I'm wrong ..but there's a lot of sweat and labor that went into my vette..not to mention 67Heavens's ride.

:beer
 

Wilkinshc

Well-known member
Joined
Dec 4, 2004
Messages
242
Location
New Mexico
Corvette
1965 Coupe
Well, one thing to keep in mind that old 67Heaven always says... When estimating the total cost for insurance in case of a loss..Remember to add your labor in building the car in hours.....so how much is your labor worth . $30..$40..$50 an hour..?? Add that total amount of hours to finish the car.

The ZL-1 Alone I think goes for $18K-to some $20K or more. Correct me if I'm wrong. So that means your Vette is only worth $30K.

Sounds a bit cheap to me. I bet your vette when done should be close to a replacement value of at least $100K. Who knows..maybe I'm wrong ..but there's a lot of sweat and labor that went into my vette..not to mention 67Heavens's ride.

:beer

Mark,

You are right, I don't mind saying what I have into it. This is how it breaks down so far:

purchased car- 15k
engine- 17,800
tranny-5500
rearend-8000
gas tank-1100
front suspension-2500
brakes-1400 I think
radiator-1000
pulleys-1600
shifter-1500
ac-1200
Frame & other powder coating-900
tilt column-600
gauge cluster restored-900
ron francis wiring harness-500
hooker headers-1500
nitrous kit-800
total 60,300

I'm sure there is a couple thousand on odds and ends. But something my homeowners insurance covers is auto parts under personal property as long as its not installed in the car yet and in the garage.

Guess it time to up the coverage.

Chuck
 

Viet Nam Vett

Well-known member
Joined
May 28, 2004
Messages
2,410
Location
Egg Harbor Township NJ
Corvette
65 BB 502 Cp /MSD ATOMIC EFI/ 2009-HUMMER H2
Mark,

You are right, I don't mind saying what I have into it. This is how it breaks down so far:

purchased car- 15k
engine- 17,800
tranny-5500
rearend-8000
gas tank-1100
front suspension-2500
brakes-1400 I think
radiator-1000
pulleys-1600
shifter-1500
ac-1200
Frame & other powder coating-900
tilt column-600
gauge cluster restored-900
ron francis wiring harness-500
hooker headers-1500
nitrous kit-800
total 60,300

I'm sure there is a couple thousand on odds and ends. But something my homeowners insurance covers is auto parts under personal property as long as its not installed in the car yet and in the garage.

Guess it time to up the coverage.

Chuck

Excactly... Let's call it 61K... Buy the time your done with your labor and add ons body work and paint your gonna have at least another 40K..

To replace a car like yours in 5 years from now(Completed) ..and I'm guessing..I'm no expert here but I'd say at market values..150K..

Bet old 67 is up in that neighboorhood now..:D
 

midyearroadster427

Well-known member
Joined
Jul 25, 2004
Messages
190
Location
Massachusetts
Corvette
1967 Red 427 Roadster, 2012 Grand Sport Coupe
Well.......

I'm here in Massachusetts ....a high insurance state ..which several insurance companies won't come into..... I have Grundy for an insurer on my 67 big block roadster...its insured for 66500.00 and I pay a yearly sum of $816. They do require the same as most other specialty insurance companies ie. locked garage, other vehicle registered as daily driver etc.. but are not restrictive on mileage or use..other than shopping or going to work . I used them only once when I got a cracked windshield driving to Carlisle...and not one word from them...great to deal with ..so far....
 

o2bnkc

Well-known member
Joined
May 3, 2004
Messages
450
Location
Carson City, Nv.
Corvette
2002 M.Y. convertible
I've got Grundy, but just the stock engine. $320.00 a year, for an agreed price of $45000. I'm happy, I guess. Never had to deal with them about any problems, yet.
 

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