Classic Car Insurance - Team Camaro Tech
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post #1 of 28 (permalink) Old Aug 7th, 00, 04:30 PM Thread Starter
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Do any of you have experience with classic car insuance companies. I could not believe the quote from my regular insurance company for full coverage. It was more than my other two vehicles combined. I have looked at Great American and American Classic and the quotes are quite different in price. One is 400 and the other is 200. Any experince or recommendations on a good company would be appreciated. I dont't drive my car everyday, but people in Austin don't drive to well.

Kent
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post #2 of 28 (permalink) Old Aug 7th, 00, 05:41 PM
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I have my 69 insured with American Collectors Insurance Inc. (609)779-7212 They seem real reasonable. Only requirements are that you only drive the car for pleasure (not work);you don't drive more than 2500 miles per year; and no one who hasn't had a drivers license for at least 10 years can drive the car. My rates are $113.00 per year with 0 deductable.
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post #3 of 28 (permalink) Old Aug 7th, 00, 05:46 PM
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I have State Farm Insurance on both my 69's the Z28 is about $14 a month and the vette is about $12.50, same restrictions, 2500 miles for events and exhibits, 250 deductible, I also have house and other vehicles with State Farm so I have a multi line discount.. Call your local agent and see about a multi line discount, house renters, life, can save you $$$$ on car..

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1969 RS Z28 Black, white deluxe interior,
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post #4 of 28 (permalink) Old Aug 8th, 00, 01:20 AM
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KSWISS,

I have a "Stated Value" policy from Farmers insurance and it costs roughly $600.00 a year. There are absolutely no restrictions on it (I drive my car evry day when I have it). The way this works is that you get an appraisal and you then insure the car for the appraised value. I currently have the car insured for 16,500 but I will need to get it reappraised again as I have done alot of extensive restoration on it since it was initially appraised.

Now the key to this is what happens if you have a claim. Well unfortunately I found out when I crunched the right front fender. I made a claim on the car and Farmers paid the parts cost of a NOS fender without hesitation (about $1,000 which I had a receipt for). In talking with other agents and people PRIOR to me insuring the car the impression I got was "stated value" was the way to go. When I made a claim on the car, my agent told me to make sure to tell the adjuster that I had a stated value policy and when I did, things went VERY smoothly. So IMO it does make a difference.

Things may have turned out exactly the same way if I had standard classic insurance but I don't want to have to fight with an insurance company over a claim or why fenders and quarter panels cost a grand a piece to replace. I basically want my car fixed NOW and I want to use my energy to make the car better than before.

I live in Texas like you and I know this information is correct for Texas. I am pretty certain you guys in the other states though, have similar insurance programs.


[This message has been edited by sr71bb (edited 08-08-2000).]

[This message has been edited by sr71bb (edited 08-08-2000).]
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post #5 of 28 (permalink) Old Aug 8th, 00, 02:15 AM
Greg
 
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Stated Value contracts only make the insurer liable for the actual cash value at the time of loss. In other words if the car were insured for $10,000. but only had a value of $8,000 at time of loss that's what you would be paid. Most of the big companies write this contract. Agreed value contracts are preferable. The amount the company agrees to insure the car for is what you are paid at time of loss. The specialty companies usually write these contracts and are often cheaper than the big guys for a better contract. Always check the type of contract.
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post #6 of 28 (permalink) Old Aug 8th, 00, 02:58 AM
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I have used Condon & Skelly for years and found them very reasonable in price but that comes with the restrictions mentioned above. I believe the liability was $28/yr plus $7/1000 of the value of your car. ie. a $10,000 car would cost $98/yr.

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post #7 of 28 (permalink) Old Aug 8th, 00, 04:05 AM
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I have my 69 insured with State Farm for stated value. I drive it everyday and could not find another company willing to insure it without a lot of rerstrictions. I pay about $600 a year for $10,000 worth of coverage.

Mike
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post #8 of 28 (permalink) Old Aug 8th, 00, 04:50 AM
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Greg,

That is incorrect. A stated value policy will pay off a total in the amount of the stated value on the policy.

The value is NOT depreciated over a period of time. At least, this is the way it works in Texas.

I think what you may be thinking of is a Cash Value policy which takes into consideration depreciation and the actual cost to replace vehicle with one in like condition.
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post #9 of 28 (permalink) Old Aug 8th, 00, 04:56 AM
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I have Haggerty. I need a locked garage, and my car can't be my daily driver. Otherwise I can put up to 10,000 miles a year on the car. I pay $200 a year for $24,000 worth of coverage. The only thing bad is they undervalued my car and told me to get an appraisal to up it. Does anyone know where I could get an appraisal?

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'69 RS SS 396 375hp L78 Convertible, M22, 3.31 posi, deluxe interior, gauges, rosewood wheel, AM-FM,fold down seat, tilt wheel, SS wheels, console mounted 8 track player, chambered exhaust
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post #10 of 28 (permalink) Old Aug 8th, 00, 05:15 AM
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Couple of places to check. Look in Hemmings Motor News and I would check any classic car dealer in your area and ask who he uses. Generally they have to get apprasisals for their own insurance coverages on their classic car inventories.

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post #11 of 28 (permalink) Old Aug 8th, 00, 05:26 AM
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I too have Hagerty.

Want to know what living in a different zip code will cost? I have a very similar policy to Chris and pay $340/year.

I guess being able to go to Venice Beach and watch the 70 year old guy in speedos standing on his head while he plays the banjo and harmonica has a price.

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post #12 of 28 (permalink) Old Aug 8th, 00, 06:27 AM
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I too have Haggerty, and have all three cars insured for declared value (no appraisal required) for around 350.00 for all three (56,000.00 declared value total). Restrictions are only that I can not use them as work cars (like I would anyway). I had to show proof of ownership of another vehicle. The mileage restrictions don't amount to much. They ask you to estimate the amount of miles so I say about 5000 per car knowing that I probably won't put on 5000 for all three. And anyways, do you think the insurance company is going to check your odometer every year?

I think they are one of the best deals going out there. Especially isf you have more than one classic to insure. Pay liability only once and comp on all three. Their logic is that you can't be driveing all three at the same time. Makes sense don't it? Try getting that logic out of State Farm, or any of the other major companies.

Had only one problem on the declared value. They knocked me down a couple grand on my 70 Chevelle SS but still was well within reason if I had to replace. The true merit however of an insurance company comes when you try to make a claim. Fortunately, I have not had to. But my insurance agent told me that the only claim that he has processed through Hagerty's was processed without question and he indicated that he thought that it was a marginal claim at best. A street rod bottom out going over a bumpy road and tore up the bottom of his car pretty bad. Probably going too fast. Hagerty's had check within a couple of days for the full amount to repair.

Robert Stacho (a.k.a. Mytmouse)

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67 SS 396 Chevelle 350HP 4speed
70 SS 396 Chevelle 350HP 4speed
68 RS Z/28 302 350+HP? 4speed

[This message has been edited by Robert Stacho (edited 08-08-2000).]
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post #13 of 28 (permalink) Old Aug 8th, 00, 09:09 AM
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sr71bb, I am correct. I've been in the insurance business for 21 yrs. What you are describing is an agreed value contract. The insurer and policyholder agree on an amount payable upon loss. Stated value contracts are when the policyholder declares value, (even if appraised) and insurer agrees to pay value UP TO that amount. Read your policy. Most agents aren't really aware of the difference and since for the big companies this is accommodating business and a small percentage of their overall business, they don't put a lot of emphasis on it. State Farm, Nationwide, and the other major companies write stated value policies. American Collectors and other specialty companies write agreed value contracts and are usually cheaper than the major companies. They do however place limitations such as low annual mileage, restricted usage, and storage requirements on the policies. They are not designed for everyday drivers and modified cars.
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post #14 of 28 (permalink) Old Aug 8th, 00, 01:58 PM
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Greg,

My agent may have a misunderstanding of how this works and quite frankly I do not have my policy to look through the fine print.

Having seen your response however, I have asked her to call underwriting for a clarification.

I specifically asked her if the car was totaled three years down the road would the insurance company still pay the "stated value" of 16,500 and she indicated YES.

I will let everyone know what underwriting says however since they and yourself obviously have a deeper understanding of this than my agent does.

Thanks for the food for thought!!!

[This message has been edited by sr71bb (edited 08-08-2000).]
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post #15 of 28 (permalink) Old Aug 8th, 00, 02:21 PM
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I too have Hagerty. I pay a little less than $200 a year for $20,000 worth of coverage, towing and no deductable. thank goodness, i've never had to use it to see how good it is.


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