[angie rs/ss]

I need some help. Where I work, there is **potential** to develop a collector car insurance program. I can't promise this will go anywhere, but it is being looked into. So, consider yourself market research.

I need to know from you:

1. What do you like about your current policy?

2. What would you improve on your current policy? or What would you like to see in a collector policy?

Thanks!

 

[3forme]

I have 3 Classics but only room for 2 inside forcing me to insure the third with my family cars................expensive seeings how I've driven the car less then 2k miles in 15 years. I prefer to have the car on MY property not in storage as Hagerty suggested.

 

[camaromaniac]

What I like:
* Big name collector car insurance company

What I don't like:
* My premiums for two collector cars just seam too high, especially when you consider it on a per mile basis! Yes, I appreciate the fact they are insured while sitting in the garage, but still, the premiums outweigh the risk in my opinion.
* They want an additional premium for roadside assistance
* No apparent discount for long time insured

My premiums are due the end of April, so I am shopping around--- let me know of any good leads besides Haggerty & Grundy

Charlie 69 RS

 

[robert68]

I am currently insured with state farm, I know, I know, I need to switch to an agreed value policy but simply haven't had the time. So, my vote goes for an agreed value policy that will allow me to drive the car where I want when I want, if I want to drive it to work that would be allowed and covered, knowing that the camaro is not my primary vehicle. also, maybe a premium based on a sliding scale of miles driven?? just my 02.$ - Rob

 

[RickD]

I don't care for a 50% bump because I have a rollbar and am told it puts the car in a modified catergory. I can (no flames pls) better understand that if I had twin turbos, 572, etc., etc.

 

[davezila]

In my opinion.... Grundy is better than Haggerty. The policies and rates are very similar however Grundy understands that some of us actually like driving our rides and do not restrict mileage. My Grundy agreed value policy cost was within 6 bucks of haggerty's (and American Collectors) quotes.

Grundys website is a bit less interactive than I would have preferred - but really, but if thats the worst I can say - go get your policy from them.

BTW. Just drove the '68 vert from DC to California and back. It was great peace-of-mind being insured with Grundy and having the Geico as supplemental Ins. Good thing I did not need to use them.

Never filed a claim, so I don't have info in that area. However - it is agreed value - so I do know exactly what and how much to expect in the event of a claim.

 

[click]

Hagerty has been VERY good with us on long trips and travels. They had a mileage limit when we first got them but they dont check it, dont ask for it and when I called about a single trip of over 5000 miles, they said "fine" since its to a car show. It was covered in motel parking lots etc overnight as well.
They've been quite flexible if you call them and ask. Agree value is only way Id buy camaro insurance too. The proof is in the claim handling and paying. I had windshield cracked and they paid FAST for replacement with date coded etchings and all. :thumbsup:

 

[kausboy]

I was with AON and really liked them. Not too expensive and no mileage resrtrictions. I switched to Hagerty because New Mexico has a mandatory insurance law (good law as far as I am concerned) but if you get your insurance from an out of state provider you are required to fill out an affidavit. AON is in Washington, I think. I did this every year and every year without fail I would get a registered letter telling me my cars registration was suspended and that I owed a 30 fine + court costs because I wasn't in compliance! My Hagerty rep is in state and therefore notifies the state of compliance.

Things I Liked about AON -There was NO mileage restriction! The cost was competitive. Seemed like very good coverage (never made a claim)

Hagerty, They are "instate" and the cost isn't bad. Again, I have never made a claim with them.

Things I don't like about either company --Both require the cars to be in a locked (dedicated) garage most of the time. Both companies require a seperate registered vehicle for each licensed driver in the house. (My wife and I both work at the same place -no concessions made). Neither company wants you to drive your car to work or basically leave it unattended when not in the locked garage. No concessions made for multiple vehicles insured through their company.

I tried State Farm and was told there is a very short list of cars they deem "uninsurable" --The Pantera was on that list.

 

[keypilot]

i agree about the garage thing also. just not enough room in there. because of that i cant even get an agreed value policy right now.
mileage is important too.
a good interactive website.
and roadside allowance to cover a flatbed

 

[57plymouth]

I linked this post to Moparts. There is a discussion going on over there about insurance. It's actually the post that got Angie looking closely at our coverage and got her working on this project.

 

[mjs-13]

It's all about risk and exposure on the part of the insurer. No garage, risk goes up therefore cost of insurance goes up. Drive more miles, risk goes up, cost goes up!

Think about it, would YOU accept the potential exposure (loss) of your $30K Camaro for a period of 6 months for $150 that a collector car insurer charges? I don't think so!

Insurance is for people who have something to lose. If you do not own anything why have insurance? People/companies won't sue since you have nothing to take. However if you have assets such as a home, savings, cars etc that you own and are not mortgaged to the hilt, you need insurance!

Personally I think Collector car insurance is CHEAP! There is no way in hell that I would accept the risk/liabilities they do for the little amount of money they charge. Yes, I know that statistically the loss ratio is very low for collector cars but I have seen a lot of your driving habits and they ain't the best!

Which insurer is the best? The one that will pay off your claim! The $20-$50 you save by changing carriers to "get a better rate" will be insignificant if you have a loss and your claim is audited/questioned or even denied. Yes, your insurer will do that to "insure" that you have followed the contractual agreement you signed when you bought the insurance. There has "never" been any insurance fraud on a collector car.

If you are purchasing insurance "saying" you have a garage for your car and you do not, this is insurance fraud. That is a felony in most states. You may think its a little white lie but it will be a BIG deal when your claim is investigated and the insurance investigator finds out from your neighbor that you car always sits outside. Your claim will be denied and you will be pissed. All over $20-$50!

Purchase the best coverage you can from a highly rated insurer and follow the terms of the contract. If and when you have a claim, you will be happy you did!

 

[bobjs67rsss]

I have been with these guys for years, very reasonable.

http://www.americancollectorsins.com/index.php


Qualifications
Your collector vehicle (original or modified) may qualify if it is:

At least 15 years old (In Massachusetts vehicles must be at least 25 years old to qualify.)
Garage-kept
Driven on a limited, pleasure-only basis (up to 5,000 annual miles - available in most states)

You may also qualify by:

Having at least 10 years driving experience
Having a good driving record
Having at least one "regular" vehicle for every licensed driver in the household

Since American Collectors places certain usage restrictions on the vehicles we insure (e.g., cannot be used for everyday driving; must be garage-kept), and since our customers are safe, experienced drivers, we are able to offer low "collector" rates.

At the same time, the physical damage coverage we provide is Agreed Value, which pays a vehicle’s full insured value in the event of total loss - meaning there is no depreciation of vehicle value. Also, our policy provides "Inflation Guard," which increases vehicle value by 2% every three months, up to a maximum of 8%, at no additional cost (not available in MA, TX or VA).

You may request a policy application either directly from American Collectors Insurance or through your local insurance agent (rates are the same either way). Click here to obtain an instant rate quote and policy application.

Note: Program not currently available in AK or HI.


I have never needed a claim, but so far, I am happy with there services. :yes: Bob

 

[Barefoot Dave]

It's all about risk and exposure on the part of the insurer. No garage, risk goes up therefore cost of insurance goes up. Drive more miles, risk goes up, cost goes up!

Think about it, would YOU accept the potential exposure (loss) of your $30K Camaro for a period of 6 months for $150 that a collector car insurer charges? I don't think so!

Insurance is for people who have something to lose. If you do not own anything why have insurance? People/companies won't sue since you have nothing to take. However if you have assets such as a home, savings, cars etc that you own and are not mortgaged to the hilt, you need insurance!

Personally I think Collector car insurance is CHEAP! There is no way in hell that I would accept the risk/liabilities they do for the little amount of money they charge. Yes, I know that statistically the loss ratio is very low for collector cars but I have seen a lot of your driving habits and they ain't the best!

Which insurer is the best? The one that will pay off your claim! The $20-$50 you save by changing carriers to "get a better rate" will be insignificant if you have a loss and your claim is audited/questioned or even denied. Yes, your insurer will do that to "insure" that you have followed the contractual agreement you signed when you bought the insurance. There has "never" been any insurance fraud on a collector car.

If you are purchasing insurance "saying" you have a garage for your car and you do not, this is insurance fraud. That is a felony in most states. You may think its a little white lie but it will be a BIG deal when your claim is investigated and the insurance investigator finds out from your neighbor that you car always sits outside. Your claim will be denied and you will be pissed. All over $20-$50!

Purchase the best coverage you can from a highly rated insurer and follow the terms of the contract. If and when you have a claim, you will be happy you did!

Very well said Mike! I work for the fourth largest auto insurer in the US and I can tell you there is way more to insurance than the lowest price. I'll just say that you get what you pay for. It's a well run, low internal cost company that can give you low rates, great customer service, fast claim service and the proper coverage, not just low rate that should influence your choices. This holds true for auto, home, collector, boat and life insurance.