Vintage Auto Insurance Recommendations??

[magicv8]

State Farm gives great rates, and they have stuck by me through claims.

 

[ctjackster]

Hagerty. For appreciating in value cars, you need the coverage they write (Agreed Value). If your C1 or C2 is not your primary driver, there is no reason to have a conventional auto policy covering it, as it will cost more inpremiums and not provide the agreed value coverage you really want. To be sure, other companies write Agreed Value collector car cover too, like Grundy. I researched the options, I found that Hagerty was the most flexible among the agreed value collector car insurers when it came to permitted use of the vehicle.

ps, I am now and have always been working for insurance companies, either as in-house counsel or while at law firms providing legal services to my insurance comany clients.

 

[SeaLawyer]

I researched the options, I found that Hagerty was the most flexible among the agreed value collector car insurers when it came to permitted use of the vehicle.

This is EXACTLY why I went with Hagerty. The price was right too, but I didn't want all the limitations the other companies I talked to would have imposed.

Jack -- ever do any Med Mal defense? Getting out of Navy soon, and exploring that option locally.

Vaughn

 

[motorman]

what is your property damage and liability limit with these companies? you need at least $1,000,000 total these days if you own any property because the way the jurys give away money

 

[IH2LOSE]

what is your property damage and liability limit with these companies? you need at least $1,000,000 total these days if you own any property because the way the jurys give away money

The policy I have with condon skelly

I have written as 500,000
500,000
then 150,000
Per occorance

After that my 3,000,000 umbrella thru my homeowners/regular car policy takes over.I forgot what the minimum coverages were from the collector car policy but hopefully some one will look at there dec page and chime in but in order to have my umbrella cover the collectors car I had to raise it up to 500,000 .as for the umbrella I originally wanted a 5 mil policy but they would not right it for that.It took about 3 weeks for the underwrighter to raise it from my existing 1.5 to 3 I thought because they make more money selling a higher policy the would right it to any amount you ask.But they said they only wright the umbrella to realisticly cover your assets.As of now I do not think my assests are close to 1.5 and absolutley NO where close to 3 mil (maybee ctjackster or sea lawyer could explain it ) But if you want 1 mil in coverage I would suggest an umbrella.I also recomend an umbrella to anyone with over 500,000 worth of assets. they are very afourdable.

As a matter of fact I insist you guys study all of your insurance policies and get an education on insurance coverages.

New york state has just inacted some insane llaws regaurding car insurance and your spouse being able to sue you personally and you have a choice to add a rider to your policy for 5% of the liability cost to protect you from a suite brought on by your spouse.

NO I am not in the insurance industry,But I find most people are more concerned with the price of insurance and dont fully understand if they are properly protected.When I hit 53 and retire I do plan on free lanceing for companies to determin if they are properly insured.

 

[SeaLawyer]

As I recall, my Hagerty's coverage is $500,000/$250,000, but I might be wrong. It's not much of an issue for me for a couple reasons.

I have a $1 million umbrella as part of my homeowner's package. I highly recommend them! The nice thing is that in Florida, your primary residence is homesteaded, meaning (among other things) that it's protected from any creditors other than the actual mortgagor or construction liens. For now, my house is my largest asset (although my wife thinks it's my brains and good looks)... If someone sued me and WON (unlikely), they can't touch the LARGE amount of equity in my house. The Harley is and always has been in my wife's name. The Vette is in my name, but there's a note on it. The income rental properties I own are mostly leveraged, so for me, $1 mil is probably a little overkill at this point.

Also, since I'm still in the Navy, I don't have to worry about legal malpractice just yet. Once I'm out, I will get malpractice insurance and probably bump up the umbrella coverage. I don't recall exactly what I pay for the $1mil coverage, but it's not much at all!

 

[ctjackster]

no need to take your auto up to $1mm if the third party liability situation scares you, that is an expensive place to buy that cover (your auto policy) and it only works for you in that coverage context (auto accidents) and not, for instance, where a kid wanders through your unlocked gate and drowns in your pool.

instead, if you have any such liability exposure or want to put that issue to bed, get yourself a personal umbrella (like SeaLawyer, others have said) very reasonable cost (assuming you are not an unusual risk) and it's on top of all your other coverages (or drops down to pick up liabilities not otherwise insured, excess of your PU deductible).

and no, I don't do med mal defense, although I have worked in law firms alongside of med mal defense lawyers, I knew one woman who handled delivery-room incidents on behalf of a group of client hospitals exclusively - I myself would lose my mind.

 

[VETTE1966]

You've got me thinking---I think my policy says stated value. What's involved in getting Agreed Value coverage? Is some independenat appraisal required? Where's the best place to get contact information on Haggerty's
Thanks

 

[JonM]

http://www.americancollectorsins.com/default.htm
http://www.classicins.com/
http://www.classiccollectors.com/
http://www.sneedcompanies.com/
http://www.grundy.com/
http://www.hagerty.com/

 

[Montana]

Listen to Tom, the insurance companies (especially the big ones) are not your friends. My company sells equipment to the collision repair industry and the stories we hear and the attitudes of the body shop owners/managers in regards to the insurance companies is very negative. They fight with insurance companies everyday just trying to get daily drivers safely repaired. The only "good hands" are the ones at the ends of your own arms.

 

[dennisinmaryland]

Insurance

What are the liability limits you get from Hagerty? As I've said before and will continue to say; you can get it cheap and keep your tags, or get it right and keep your house.
As far as I am concerned, State Farm is still the way to go. Yes, it's an ACV policy but the liability limits are 250/500/100 and so is the uninsured/underinsured. If a driver carrying 20/40/15 slams into your $50,000.00 car and his company pays $15k, the rest has to be paid by the driver. Wanna wait for that to happen?

What if you're the driver of the car that hits another (say a $35,000.00 Blazer) and your company pays $15k, ready to pony up the difference?
Yes, the MOST an ACV policy will pay is the stated amount but that's the MOST an agreed policy will pay, too.
Keep your car documented and I've never heard of State Farm paying less than the ACV max on a collector car. After speaking with many underwriters with State Farm, I know what they pay and how they react to collector car coverage.
Also, I can drive my classic 5000 miles per year. It's insured for $100,000.00 ACV and the premium is $168.00 for 6 months here on Maryland.
I know I'm gonna hear about ACV vs Agreed Value, but from all I've seen and read about some of these companies, their 'Agreed Value" is no value to me.
I got a quote from Hagerty and it was $648 per year with 20/40/15 liability,
Where's the value in that? :eyerole
O.K. so I'm ready., let's hear about how good Hagerty and the others are and then let's check JD Powers and A.M. Best for customer satisfaction and strength of performance. I know I've just made a rookie lawyer's mistake by asking the question without knowing the answer but I'm confident you guys will come up with an answer. I'm gonna go look now.

 

[65vettish]

I've been in the insurance industry for 20+ years as both a commercial lines underwriter and agent. When I purchased my '65 I shopped around for an insurer who specialized in collector car insurance. I knew that as a group, classic car owners are very desirable insureds. We're older, most of us are more mature than we were in our youth, and we baby our cars. I was surprised to find just how cheap we could purchase very good insurance coverage and "value added" service. Before finalizing my decision, I checked with my state farm agent and wasn't satisfied with his explanation of their Stated Amount coverage. It was obvious that he insured very few, if any, vehicles of this nature. I ended up insuring with Hagerty on a CNA policy form. Unfortunately, my State Farm personal umbrella will not follow over the CNA policy even though my State Farm agent originally told me it would. Consequently, I purchased higher liability limits on the '65 than I carry on my other vehicles' primary policies. The premium is still very competitive.

I recommend Hagerty from a premium and coverage standpoint. Their "value added" products are very desirable. Hopefully their claims service, will be as good as their premium should I ever need it. For me, Hagerty was the right decision.

 

[IH2LOSE]

What are the liability limits you get from Hagerty? As I've said before and will continue to say; you can get it cheap and keep your tags, or get it right and keep your house.
As far as I am concerned, State Farm is still the way to go. Yes, it's an ACV policy but the liability limits are 250/500/100 and so is the uninsured/underinsured. If a driver carrying 20/40/15 slams into your $50,000.00 car and his company pays $15k, the rest has to be paid by the driver. Wanna wait for that to happen?

What if you're the driver of the car that hits another (say a $35,000.00 Blazer) and your company pays $15k, ready to pony up the difference?
Yes, the MOST an ACV policy will pay is the stated amount but that's the MOST an agreed policy will pay, too.
Keep your car documented and I've never heard of State Farm paying less than the ACV max on a collector car. After speaking with many underwriters with State Farm, I know what they pay and how they react to collector car coverage.
Also, I can drive my classic 5000 miles per year. It's insured for $100,000.00 ACV and the premium is $168.00 for 6 months here on Maryland.
I know I'm gonna hear about ACV vs Agreed Value, but from all I've seen and read about some of these companies, their 'Agreed Value" is no value to me.
I got a quote from Hagerty and it was $648 per year with 20/40/15 liability,
Where's the value in that? :eyerole
O.K. so I'm ready., let's hear about how good Hagerty and the others are and then let's check JD Powers and A.M. Best for customer satisfaction and strength of performance. I know I've just made a rookie lawyer's mistake by asking the question without knowing the answer but I'm confident you guys will come up with an answer. I'm gonna go look now.

As quoted from my earleyer reply

The policy I have with condon skelly

I have written as 500,000
500,000
then 150,000
Per occorance

After that my 3,000,000 umbrella thru my homeowners/regular car policy takes over.I forgot what the minimum coverages were from the collector car policy but hopefully some one will look at there dec page and chime in but in order to have my umbrella cover the collectors car I had to raise it up to 500,000