Hey All,

I am getting close to getting my car back from the body shop. Started thinking about insurance options. I work with several guys that have classic vehicles from early 60 impalas to late 60s and mid 70s pickup trucks. One uses Hagerty, the other goes through his regular insurance company.

Does anyone have any preference?

I talked to my agent (state farm), they have a classic car policy, for stated value, keep miles around 2k, has deductibles like my daily driver. $215 a year.

I spoke to an agent that sells Hagerty, priced a policy for same stated value, same deductibles, has about the same limitations for miles a year. Price a year $450..

Anybody have and pros and cons for hagerty, are they worth the extra $.

 

You do not want a stated value policy. You want an agreed value. There are many different classic car insurers and I suggest getting a few other quotes. I use Safeco and in the past have also used JC Taylor.

 

As a restoration body shop, I settle claims on collector cars with many different insurance companies many times a year. So far all the companies I've had to deal with were helpful and understanding when it came to a customers special car. The problem claims have happened only when a car is either under insured or over insured. Most insurance companies don't notify you if the value of your car is not the same as the insured value. So for everyone reading this thread. Re-evaluate you cars value every year to stay current with the right amount of insurance.
Also, insurance regulations are different in each and every state. So in some states (like Michigan) hagerty is a good deal. In other states maybe not so good. ~BOB

 

Ditto what Carshinebob said. Hagerty is a deal in Michigan -- probably in large part because most of the cost of auto insurance in Michigan is for liability, not the car. Hagerty recognizes that, since a collector car is driven so few miles and very carefully at that, their liability exposure is far less.

I don't know anything about insurance costs in Iowa, but I can't believe that State Farm is giving you much for your $215 a year. Either their liability limits are much lower than Hagerty's, or it's because it's a stated value policy. You do not want stated value! In the event of a total loss you will not get the stated value on the policy. You will get whatever the insurer says your car is worth, which for some reason will be less than the value you stated..... All that stated value does is place an UPPER limit on what the insurer has to pay you. They are free to appraise your car for as little as they feel like -- after the fact.

 

I have been using J C Taylor for the past 25 plus years.... I insure 6 vehicles with them and I am satisfied with the yearly premiums....

 

Been using Hagerty for a few years and am happy so far.

 

X2 on JC Taylor.

 

Thank you for the input guys. Will definitley be asking more questions to the agent when I sign up. What pay out would be if car was a total loss. How claims are handled, shops to use etc.. WOuld prefer the body shop that did the resto to do any repairs..

 

I'm insured with American Colectors Insurance Corp. They are located at Cherry Hill NJ. I have two cars with them for far less than Hagerty's $450 quoted previously. I fairness unless policies are reviewed, have no idea of coverage differences.

 

Has anybody ever had any actual CLAIMS with these outfits, and if so, how did they work out? Otherwise we're just talking about them taking your money every year, and I bet they're all pretty good at that.

 

I had small claim for mine through Hagerty. Windsheild replacement with no issues. I live in Michigan.

What we have not heard for $450. What was the agreed value?

I have Grundy now for both of the Oldsmobiles and they charge me $430.00 for both rigs 1970 supreme hardtop coupe and 2004 Alero GLS coupe.

Pat

 

I have had 2 or 3 towing claims with American Collectors and they paid promptly. The claims reps were very courteous and no run arounds. Of course a towing claim is pretty straight forward.

 

I'm insured through Grundy and had a $7,000 dollar claim that they handled for me. It was being charged against another business so no money changed hands from Grundy to me but they kept a eye on the process of making my car right. from my experiences I would recommend them.... Tedd

 

I had a small claim ( spare parts in a fire) claim through American Collectors. They were great. I sent them a couple photo's, and the claim was processed. I only had insurance for $500 on the parts though, so I lost my shirt on that end, but that's my stupidity, not theirs.

 

Grundy Insurance. 10+ years. From 1 car to seven. Couple of Vette's and the rest 442's. Had a 69 convertable stolen few years back, called them with police report. 30 days later had a check for agreed value. My rates didn't go up either. Very happy with "The Old Man" Jim Grundy. Even offered it back to me when it was recovered.

 

just got a quote from haggety 600 for the year for 20000 coverage on my 71 442 and i live in Michigan, does this seem like a great deal

 

Seems high, whats the coverage?

 

Liability $100000 / $300000 (Per Person/Per Accident) $26
Liability - PD $100000 (Per Accident) $9
Property Protection Coverage $1000000 (Per Accident) $6
Additional Property Damage Liability $1000 (Per Accident) $2
Personal Injury Protection Coordination of Medical Benefits Coordination of Work Loss $85
Personal Injury Protection Full Medical Benefits Declined (Per Person Per Accident) $0
Uninsured Motorist $100000 / $300000 (Per Person/Per Accident) $11
Underinsured Motorist $100000 / $300000 (Per Person/Per Accident) $4
Motorcycle Passenger Liability Declined (Per Person/Per Accident) $0
Motorcycle Medical Declined (Per Person Per Accident) $0

 

JC Taylor. Been with them since the 80s. Daily driver insurance is a nono IMO. I have seen JC in action when my friends 55 was rear-ended. 25K worth of damage not to mention his neck. JC said "find a shop your comfortable with and if they cant match the House of Colors paint with phantom flames we will repaint the entire car for you". Hows that for an insurance company. I do body work. I could not find evidence of the hit anywhere when he got it back.
I think he pays just over 300/year stated/inspected value. I pay 265/annually for stated value total loss flatbed towing etc...My daily insurer wanted 5 times that much for less coverage.

 

I pay around $280/yr for the same coverage with Safeco. You might get some additional quotes from other. I may also be the difference of where we live.

 

my father and I have Hagerty and have the following cars covered :1970 GS stage 1, 1969 1/2 440 6BBL Road Runner, 83 Hurst olds and 95 monte carlo SS. i think the total bill for all 4 is around $700. the buick and road runner have an agreed value of $50K and the hurst and SS are at $15K.

my Hurst was hit by a minimum coverage motorists. hagerty gave me almost 6,500 to get my car fixed. They paid for NOS parts, they paid for an entire stripe kit. basically they let me find all the parts and paid the prices I found them for on all except 2 itmes, fender and bumper. They sent out an independent adjuster who was also an appraiser. I couldnt have been happier with their process.

 

My Hagerty policy is around $250 a year on my 65 442 insured for ~$17500..

I recently added a 1930 Pontiac which added a whopping $51 a year for $10000 coverage.

I live in Alabama..

 

State farm quoted me 215, for stated value of 30k, 250/500 deductibles. May push for an appraisal. But have to have the completed for pics and guy... Hagerty quoted $450. This is in Iowa, for a classic policy 3k or so miles...

Think I will go with state farm who does my truck and home..

 

You do not want a stated value policy. You want an agreed value as the difference was explained in post #4. You need to research and understand the terms, conditions and coverage limits for insurance to make an educated decision or you will be sorely disappointed in the event you need to make a claim.

 

Will definitely ask them about it when comes time to sit down and cut the check for the policy. A week or two out yet. By then won't beable to drive it this year...

 

$600 definitely seems high..... Also, your coverage costs don't add up to the $600... what's missing.....

 

i am up in cherokee,and use am fam and they requested an appraisal for my 66ss chevelle and my 66 pontiac.which is fine with me.that way they can't argue when it comes time to file a claim.

 

Do you have the historical plate? That will lower your premium! It does sound high! My last policy with them two years ago for $13K agreed was $172.00 for about the same coverage and I do have a historical plate.

Pat

 

here in iowa we can use build yr plates.i have 66 plates on both my chevelle and pontiac.only stipulation is you must carry your current plates in the car at all times.