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hey all,

anyone know of a classic/collector car insurance company that will insure a 23yo?
all the places I've called so far want me to be at least 25, in some cases 30 :confused:

any ideas? if not, I may have to resort to state farm :rolleyes:

thanks,
 

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I think I know somebody who is 23 and has classic car insurance from State Farm. It's agreed value, not stated (which is good). The premium is the same as Haggerty and the rest (about $10 a month). Call an agent and find out.
 

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My buddy was told the same thing 19yrs old.After constantly harassing them he got it but had to take out the race seats and roll cage from his 70' chevelle.I'll try to get the insurer he used this week.I'm 22 so I'll be going through this in the spring.
 

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Originally posted by Silver69Camaro:
I think I know somebody who is 23 and has classic car insurance from State Farm. It's agreed value, not stated (which is good). The premium is the same as Haggerty and the rest (about $10 a month). Call an agent and find out.
State Farm does not offer agreed value, only stated. You do "agree" on the value, and your rates are based on that value, but the policy is stated value and there is no guaranteed payout amount in the event of a full loss. They can still depreciate, look at comps, etc. just like a regular car policy (which is what it is).

On the other hand it may be the only way to go at your age.

Jody
 

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Matt my state farm agent on my other cars says that an 'agreed value' policy is non existant, in Minnesota anyway, not sure about other states but I doubt that is a truely 'agreed value' policy from state farm. Id re-read the fine print carefully if I was you.
Hagerty requires 5 years of no tickets or chargeable accidents on a driver to insure. Starting at 16 add 5 and they should insure a 21 year old for a classic car then, but must be squeeky clean driving record too.
Call all the classic insurance outfits and ask them their position on this.
 

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You guys bring up a good point. Who can you call for sure? I have the State Farm also, and my premiums SAYS Agreed, but who knows. I call my agent, and they confirm it is. Where can I read the fine print?

Hagerty is only a little more for me, by $40. I might do that instead...
 

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Originally posted by Silver69Camaro:
You guys bring up a good point. Who can you call for sure? I have the State Farm also, and my premiums SAYS Agreed, but who knows. I call my agent, and they confirm it is. Where can I read the fine print?

Hagerty is only a little more for me, by $40. I might do that instead...
Matt,

I guess it's possible that in your state they offer it, but I'd doubt it. It's confusing because of the way they write the policies and have you get appraisals and you agree on a value in order to figure the rates.

My agent has been with State Farm for nearly 30 years and told me he was positive they did not offer agreed coverage. Maybe ask your guy that if the car was stolen would he GUARANTEE you'd get a check for the amount of your policy?

It was because of the mainstream insurers like State Farm, Allstate, AAA, etc. not offering agreed value coverage that the collector car insurance industry came to be.

My agent could not figure how a company could insure my Camaro for say $65K and have the value NOT go down as the car grew older like a normal car policy would. They think different than the classic car industry does.

Please re-post what you find. If he claims it is agreed value and guarantees the payout in a loss, I'd get it in writing with him. He is likely incorrect and his written guarantee might make all the difference if something happens.

Jody
 

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I agree with Jody there. Have him put it in writing that if the car is stolen or burned up in a fire or totalled in a wreck that they "will write you a check for the 'agreed' value with no deductions or depreciation or limitations, period." If you insure it for $25000 then they WILL write you a check for $25000 if totalled. If they put that in writing at State Farm Id be very surprised. My agent also has been with SF for almost 30 years and he called the regional office and they said NO to agreed value guaranteed payoff. They also told him not to write any kind of letter outside the actual policy itself, so that tells me they wont do a true 'agreed value' policy. Let us know what your agent says and if he puts anything in writing.
 

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I am 18 and just went through this. No one would give it to me, called a whole lot of places. Hagerty agreed to let me be insured if it was under my Dads name and only he and I would drive it. Had to talk to supervisors and things to get them to do it but they have finally covered me.

Tim
 

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Ok, I just called up my Agent. Here's my background:
I've got my '69 insured with them for a value of $12,000. Both State Farm and I believe this is an accurate value for the vehicle. It was appraised and they have photos. My policy always states "Insured for the value of $12,000".

So I called up my agent just now. He said that with the collector/antique insurance, a check WILL BE written for the amount of the agreed value (minus $250 deductible), $12K in my case, if it is stolen or destroyed.

He also mentioned that State Farm will insure the vehicle for no more than the APPRAISED value. Mine was $12K, so that's what they insure it at. I can't just say $20K and be done with it. He also said I can have the car appraised every year if the value changes.

So there it is. I still may get it in writing...
 

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Thats great Matt. I wish state farm offered that across the country but my agent said 'no way' here in minnesota with its current laws.
Question tho. How much does it cost for an 'Appraisal' and who selects that person? If its 'their' appraiser Id question the value right away. These cars are increasing in value daily and to change my coverage I just call Hagerty and we discuss it and bingo we changed 'agreed value' over the phone with no 'appraisal' involved. I pay a slightly higher premium of course then.
If you have to pay someone $300 a year to appraise it, the cost of that insurance is actually $300 higher than those that dont require a hired appraiser.
SF is a great company, dont get me wrong, I use them for all my other vehicles, but what is the cost of that appraisal?
 

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Matt,

You're probably safe with that policy and a value of $12K; there is not a big problem proving that value along with the appraisal. The problem with that policy would be if you had say a $45K valued Pro Tour style car. In that case State Farm would not be a good way to go as they're going to call it a 69 Camaro for example and can find hundreds for less money. It will be hard to find many complete cars for less than yours is insured for. I would also consider getting another appraisal, I think you're likely under-valued.

Jody
 

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Have mine insured with State Farm too for 25k. Had to bring in a magazine with same info same year etc. To show them/ compare with. Brought in a
Hemmings book with the prices and photos. So got full coverage for the 25k amount.
 

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Jim,
I apoligize, I wasn't clear with what I said, now that I re-read my post.

Let me explain it this way:
Lets say I hand State Farm some photos of a total rust bucket with no motor, 1 wheel, etc etc. Then, I say the value is $15K. State Farm will say "Appraise it", because they would want to challenge my judgement.

Now, I handed State Farm photos of my car, said $12K would be OK, and they agreed. If I said $20K, they probably would have asked for an appraisal. Honestly, I didn't research how much my car is worth. I frankly don't know, and I should get a formal appraisal.

If the appraisal says mine is worth $30K, they'll agree to that value. Also, YOU get to choose the appraiser, they don't.
 

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I had to get an apprasial for my State Farm policy. Kind of a joke, really. After I finally found somebody to do it, he walked around the car once, asked ME what I wanted it valued at and said OK, that sounds good. He filled out the form and signed it, with the value I gave him. $50 fee, I think (7 years ago).
 

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My apprasial was also pretty much a joke. He walked around the car once, looked inside, said nice car and let me pick the value. By the way, my insurance is from Allstate and they insured me when I was 19.
 

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Has anyone used this place?
http://www.aoncollectorcar.com/index.jsp?link=utilitynav

$500 a year with a value of $30,000 unlimited miles as long as you have another non classic car registered in your name! I am wondering if they actually pay out, how do you do research on insurance companies?
 
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