After the accident that DRD57 had, it made me reevaluate my own insurance coverage for my 40 Coupe. And I'm in the insurance business. I feel my car is accurately insured to value, but I wonder how many are not and won't know they are until an accident or loss happens. My company reccomends increasing your coverage every time you spend $3000 or more on improvements, but I would do it with every $1000 spent. The cl***ic insurance is inexpensive as it is so don't cut corners and opt for cheap coverage. And my last peice of advice is but the coverage from a company/agent that knows cars. Just because it doesn't have paint on it, doesn't mean its not worth alot of money. And lastly, get an appraisal. This is your savior when it comes to dealing with an insurance company, wether it be yours or the other parties.
Ratrod51 If you are in the insurance business, I have a question for ya please I have "declaired value" on my cars so they are insured for "full value" in case something happens -- and MY insurance company has to pay off Well -- so what happens if another guys hits YOU -- and he and his insurance are liable -- you OBVIOUSLY do not have a "declaired value" policy with the "other" insurance company right !? This happened to a friend of mine about a year ago -- and he had to fight like hell with the other insurance company to even come close to the value of his ride. The only thing that saved him was that he had an appraisal done the year before (and it showed full value). Should we all get appraisals every year or what can we do ? Looking forward to some opinions Thanks
NO, the other company does not honor your policy. They have there own rules and if they don't know cl***ic cars, are going to beat you up on the settlement. Thats why a certified apprasial is so valuable. The insurance company can't do much when you have an apprasial from a certified appraiser showing the cars value.
When my 56 was wiped by a water truck while parked, I learned the hard way that appraisals and collector car insurance is as much a waste of money as all other "insurance". They at not in the business of paying claims, agreed value or otherwise. That was my first claim ever. The actual cost was over $12k and my insurance paid the $150 tow bill and I fought like hell for months to get the $6k that I got. The car will never be the same,and I have hardly driven it in ten years because of it. Insurance is a ****ing rip off and you are a scammer.
Wow someone is a bit angry... Thanks for the advice. I just run the cheap stuff for my car now. I really should get some better insurance. My problem is that it's my daily driver and it's a work in progress... I think i'm kinda screwed for now.
I can tell you that American Family does not have a specific cl***ic car policy, so an appraisal doesn't really mean much to them. If it was insured for $12k and they gave you $6k, why? They can't just give you and amount without showing you how they arrived at that figure. If you don't agree with it, DO NOT sign it.
American Family's policy is not designed for a "stated value" vehicle. I know this only because a family member works for them. I wish I had a better answer for you, but sometimes you have to get ugly. Your insurance agent is your first line of defense and if he knows anything about cars, should and can help you out alot.
American Family asked for the appraisal. I took the car to the body shop for repair And they had to be paid. It was either take a reduced settlement or lose the car. Please don't pretend they didn't drag this out to achieve precisely this result. They kept their money for 4 months and made a "take it or leave it offer". So I either sue or take the hit. You bet your *** I'm angry, and I think it appropriate that others know what will happen to them.
Remember American Family didn't pay. My agent gave me an 800 number. He's not my agent anymore. What can I say? It was a stated value policy thru my AF agent, and the 800# went to AF. "Sometimes you have to get ugly" ?!?! You just made my point.
My Brookville roadster is quite a ways from being finished enough to worry just yet about insurance for on the road, but it's been nagging at my head lately about how much I have tied up in it and it's over there in my shop "inna hood" with no insurance. But so is a lot of other stuff in tools, machinery (a complete machine shop), welders, etc. RR51, is there a way to get some coverage while under construction? Or would it be prohibitively expensive? Also, as a guy in the business,in your opinion would I be better off when I do get insurance on the roadster for on the road, to get it from a company that specializes in special interest cars?? Or to go with Allstate, who insures 3 vehicles, a travel trailer, and 2 houses for me? Dave
The offender's company paid $6k. I paid over $6k on my credit card. My insurance paid $150. Sound good to you?
A lot of times insurance is only as good as your agent, and his/her willingness to go to bat for you. Sounds like, due to the fact that "he is no longer my agent", that he didn't get you what you thought you were getting. I deal in insurance as well (Life not P&C) but it is the agents responsibility to try and get the best possible coverage for the client. That being said, if the client says "that's too much money, get me something cheaper" the agents hands are somewhat tied. Not saying that's the case with your situation but it sounds like your agent didn't do his job. Just my two cents.
dirty old man....the car i have today is because someone else thought the same way you do and the way i used to.the car was in a club house,being redone,engine ,trans ,new paint,all of it.why have insurance on it? not on the road,nothing can happen, right? the garage burnt,no insurance,he had to sell the car for what he could,in the shape it was in.because of that,anything i do to this car i up the insurance,about every 1 to 2 thousand,for replacement value.i cant tell you how sick the gentleman was that i bought the car from that he didnt have it insured.you know how much you have in that brookville body and parts....get it insured.
Dirty, some companies offer "under construction" coverage. I know my company does and if you have alot of money invested, you need to do that. At least do COMP only which is wind, fire, theft, vandalism. Your homeowners won't cover the car and a comp only policy is super cheap
Again you make my point. Why did I get like 10 pages of fine print that was "only as good as my agent"? He's a nice guy and only was good at taking my premiums, obviously. Bottom line in my case was that my car sustained $12,200 in damage when it was appraised at the time for $12,800. It could have been totaled and paid out. It could have been repaired and paid by my insurer who then would subrogate with the offender's insurance company. The offender's company could have paid for the damage. You insurance guys know this. What happens is NOBODY will pay for anything until they are absolutely forced to do so. You as the holder of a policy from a ****ty agent and payor of premiums will be LEFT ON YOUR OWN. I think you insurance salesmen know this and like to pretend it isn't true. To all who read this thread: go to your county library and read the law, read your policy, if you get in an accident record every detail. Seem like a lot of work? Watch your ride get crushed, then it won't seem so. Since my nasty little lesson in reality, I have not lost a single dispute with anyone, including the town, the HOA, and Ford Motor Co. I wish I had a dollar for everytime I heard a story like mine.
If your ride was worth $12k and had $12k worth of damage, why the hell did you accept $6k? You should have gone to American Family, paid your deductible and got a check for $11,500 and had them subrogate against the other company. Once they get there money back, you get your deductible back. Something sounds fishy. I can tell you in my 15 years in this industry, I have NEVER had a problem with a claim involving a cl***ic car.
"Read your policy". Very good advice, when I replace a policy I always look at the old policy first. Most of the time they are still sealed in the envelope they were mailed in. It is a leagal do***ent, read it and understand what it says. At least with a car it can be a learning experience and you can recover. With life protection, there are no second chances and I take it seriously. If you don't understand the "fine print" ask questions, and don't just ask your agent. It is your responsibility to know what your getting. Sounds like you learned that the hard way and I hate that because there are agents that do a good job and take care of their clients. The ones who don't, get us all lumped into the "shyster" catagory. Hope this thread gets a lot of folks to go get thier policies and actually read them.
Rat rod you are right. That is exactly what should have happened. Like I said I'd never filed any claim before and was 26 and busting my *** to survive and the claims adjuster read me like a book. The body man was calling ME everyday to get paid, not the insurers, I fronted the money on my card, made a complaint to the state board, who agreed with me but acually did nothing, and I agreed to take the payout out of extreme financial duress. Like I said they saw an easy one. Few lawyers want a low rent case like this and I was bounced around to several offices untill some ***ociate took my info and charged a hundred for it. The clock was ticking the whole time. Since, I have guided several others in a similar cir***stance (with later model cars) in forcefully ***erting their rights with success. The insurance industry has a dirty underbelly that guys like you NEVER hear about.
When I got my Brookville body I started thinking about insurance myself. I already had my 5 window and scooters insured with Hagerty. They insured my "underconstruction" car for $20K less liability for about half what full coverage would have been. I kept it covered with them for about 4 years. When it came time to fully insured, I shopped other companies and changed to Grundy.
OK guys, I'm the guy who writes the estimate when your claim is made. I do work for Grundy and Infinity Cl***ic Collector. American Family as mentioned does not have collector car insurance. If another driver hits you, make the claim under your collector policy. Let them handle your specialized claim, They will seek reimbur*****t from the other parties insurance company. Most collector car policies have no deductible. Most, if not all, have 'construction' policies to cover the investment even while not driveable. I have seen numerous cars that were under insured. I think we can all agree that a '68 Corvette convertible is worth more than $16K, right? You should have the car appraised every year, or at least every two years. Another thing to keep in mind. If your car is insured for $12K and you have $12K in damage, it's a total loss. Insurance companies will pay up to 75% or 80% in damages. After that, they'll consider a car a total. You'll need to decided if you want to keep your car (for a price) or if you don't. If your $12K car has $9K in damage, it's gone. I've handled claims for 23 years in FL, MI, MO and OH. I've handled my first 'vintage' car in 1988 (a '68 Chrysler Newport with 35,000 miles). It sounds like Junkyardroad got screwed, but who knows? This is a one sided conversation without hearing the otherside on a claim that happened ten years ago. I can't defend or attack the insurance company. Know this; there is a big difference between 'Agreed Value' policies and 'Stated Value' policies. Know what you are buying. Buy from a reputable agent and company.
I have State Farm and have had a fender bender or two in the past due to someone else. State Farm always paid my claim and they went after the other company or person. I had one where a guy backed into me, I had to go ahead and pay my $500.00 deductable to get my car fixed and State Farm said when they collect from the other person, who had no insurance, they would pay me back the $500.00. 2 years later I got a check for $500.00, they finally collected from them. I wouldnt go with a company that doesnt handle dealing with the other person or insurance company!
Do the appraisals have to be from a "certified" appraiser ? How do you check his "certification" out to make sure it is real? I have a couple of Cl***ic Car dealers here in Austin that do appraisals -- but when I asked them (today via email) neither one of them answered my questions about if there are "certified" or not -- they just gave me a price ($175) Is that about the right price for an appraisal that you guys pay -- or higher or lower ? Let me know as I want to take care of this issue real soon Thanks again
Swifster I use Grundy -- and I think that I have "Agreed Value" with them -- but will go check right quick. Does Grundy also offer "Stated Value" policies ? == or just "Agreed Value" -- do you happen to know ? Thanks Art
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