trying to get insurance, this is the response I got...

Not really. I have my old cars insured thru State Farm. Stated value, same basic rules as Hagerty/ Grundy but in my case actually cheaper then the specialty companys. Other bonus for me the just add it to my DD car policys, bill me monthly instead of having to pony up the whole year at once. Never had a claim with the old cars so I don't know how well they handle that part but I been real happy with claims I've had on regular cars.

 

How old are your old cars?

 

NOT in every state. Check to see if you are a No Fault state.

I have Hagarty, and they are great. I have never felt a need to check elsewhere. I even got a notice that they felt my '47 was undervalued. Based on their research of selling trends and auctions, they suggested I increase the $ coverage on my vehicle.

 

I insure all my stuff with my regular car insurance at an agreed value of the vehicle. Cost is low, I don't have mileage logs, they don't have to be garage kept.

 

Stated value is NOT the same as what Haggerty and Grundy offer;
"In the event of theft or a total loss we will pay the Stated Value
or the Actual Cash Value, whichever is less." and Actual Cash Value is defined as "What its worth in cash, today (just before you crashed it)." After your accident, an insurance company adjuster will come out and look over your vehicle. After that, using sources of their choosing, they will look up what the typical value should be for your car, and this will be their settlement offer. They may adjust this offer if you object and have some evidence to back up your claim. Or they may not. So you will Not get what you "stated" it was worth, you will get the lowest amount they can justify for the typical value of that year and model of car.

What they offer is Agreed Value;
"In the event of theft or a total loss we will pay the Agreed Value."

BIG difference - and State Farm does Not write Agreed Value policies

 

This is the dumbest agent ever. FIBERGLASS CHASSIS? Replica is a production of an antique!?!?!/!? Run, run fast to a real agent that knows cars or will listen to you!

 

Bingo. I think that's where a lot of guys get confused. Knowing the terms used by a company can help in the choice, but how many REALLY understand the terms. It was a discrepancy in terms that got me screwed by a Chrome agent.

My Grundy policy is up for renewal next month and it's gone down in price. But I'm going to increase my agreed value to compensate for inflation. Prices have gone up, since I first insured my T.

 

i've got agreed value full coverage insurance through AAA. not the collector policy. i walked in, told them i wanted agreed value, she asked how much, i asked how much can you offer. she said, i can write it for $xxx and see what underwriting says. she took some pictures, submitted it and i'm covered for twice what i paid for it.

 

Interesting - they just told me that Agreed value is ONLY available on a collector policy but this is what they will cover

Antique
Classic
Custom/modified
Historical
Muscle cars
Vehicles under active restoration
Street rods
Replicas
Trailers

 

It seems like agents have their own criteria.

 

yeah, it was weird... my 52 was insured agreed value. i sold it and went to insure my 54 and they said no go. collectors only. bought and sold 2 others and just ran liability on them. when i called in over the phone the agent told me the same thing, but when i asked at the office, she was more than happy to write the policy. i'm looking into AAA collector coverage in a couple of weeks, but for now i'm covered to the teeth with no restrictions on driving or storage.

 

Find another broker, this broad is clueless. FWIW, I have been an insurance broker for close to 20 years. Not everyone out there is this UNBELIEVABLY stupid.

 

Been with American Collectors out of NJ for about 12 years, Good coverage, not expensive, you can also select your rate by limiting mileage. Car needs to be registered as Antique, collector, or Historic, based on whatever your state calls them for "limited use" vehicles. I believe they are on the list of alliance vendors or at least advertise on this site.

 

Seems funny that they let you chose the mileage but then require that you have it registered as a Historic or Antique which most states limit the number of miles to those vehicles.

 

tfeverfred, 1957 (Daily driver, no restrictions), 1940 & 1939 ( limited mileage/ usage). Since the 57 had no restrictions it cost 3 times as much as the older cars even though it was insured for half as much.
Hotrodden, interesting point, I always thought stated value and agreed value was the same. My agent sure never said I could get less then I insured them for. I'd ask him about it if he wasn't in jail! I would probably be ok, I have my cars insured at real world price so it would be no dought I could prove they are worth what I say.

 

Sherrie's:
So a Kit Car is fiberglass chassis but a REPLICA is a production of an antique so I would consider this a REPLICA…Still would be the same rate as KIT CAR I believe ...

As George said...Rediculouly STUPID...lol. If it was me, I'd be taking all my insurance business elsewhere after this little episode. Definitely Hagerty or Grundy for the oldies.

 

Dealing with any of the specialty car insurance companies has got to be better than your daily driver insurance. My only experience has been Hagerty's and They have proved themselves in taking care of a claim with no hassles. In my book Hagerty's are going to be hard to beat.

 

rember state farm and American family will write agreed value 500 deductible
good rates, coverage may not be so great, but will be legal and pay for some of the car in case of wipe out

 

The latest:
Now I need to decide what I want to do, I've been with these State Farm guys (not Sherrie) for 43 years.... and they are local. Grundy's was cheaper by $15...

"All set on the vehicle insurance. They would not to this normally but for existing customers who have been with us for a while they do&#8230;State Farm calls these &#8220;hot rods&#8221; which I thought you might get a kick out of. The premium will be cheaper than I thought&#8230;$184.59 every six months which I think may be a little cheaper. .can&#8217;t remember. .Thought you should see the definition of &#8220;stated Value VS &#8220;agreed value&#8221; Cars written at Stated Value means that we use the value from the insured for &#8220;rating purposes&#8221; only and than at the time of the loss, if they pay market Value. .so if the market value at the time of the loss has dropped to $5000, they pay $5000 but if the market value of the vehicle has gone to $20,000, they pay $20,000. You can only get an &#8220;agreed Value&#8221; on an antique auto policy and that is paid based on the agreed value which was from an appraisal or whatever. Wanted you to understand the difference. This price is not for an &#8220;AGREED VALUE&#8221; policy. Thanks Pat"<?xml:namespace prefix = o ns = "urn:schemas-microsoft-comfficeffice" /><o></o>

 

StateFarm.... Stated / agreed value. I doubt I will ever change insurance companies.

My house was trashed by a tornado, and I was hit in Fla while on vacation. They treated me like family.

Very generous pay outs, handled quick. Much faster then any of my neighbors ins companies.

1 word... accommodating

 

"mustang" that's been my experience with thm so far too... I thought this was going to be a problem, but I think Sherrie got some "help" this time.

Thanks guys for all your input... it was a very good thread!

 

HAGERTY, HAGERTY - Just cant say it enough.
Over the years I had many cars insured by them here in the "Unconstitutional" state of Connecticut and never a single problem.

After many years of driving, during those years I have been -

A) run over by a "hit and run" driver while riding my motorcycle,
B) run into by two uninsured drivers,
C) rear ended by a stolen car (driver ran off),
D) had a car stolen,
E) car hit in a parking lot while at a street rod show as visitor,
F) car hit while in hosptial (as patient) and no note left,

I recommend you over insure the shit out of everything !

My everyday cars are through Nationwide and street rods thru Hagerty.
We carry 100/300/50 on everything automotive, because who sues for cheap or charges cheap to fix anything nowadays.

 

Oh sorry White64, SWEET CAR !

 

I have State Farm on 2 "HOT RODs" and like their policies and prices. I do have to take the car to the agents and have pictures taken for the policy to start and for them to approve the value. My rides aren't mega dollar trailer queens so I don't feel I would ever have an issue with proving the value in case of a claim.
On a daily driver theft I did have an issue with Progressive. After the truck was recovered and determined to be a total loss their first offer was 60% of what the truck should have been worth so i just refused to settle at that price. I printed out a few ads and listings for the same vechicle and used that to back my arguement. By the third offer over a 1 week time span I accepted and believe a received a true 100% value for my claim.

 

Call another company ,
because the one you spoke with ,
DON'T KNOW JACK...

 

Interesting regarding costs. The insurance just renewed the policy on our cars, a 29 Coupe, 58 TBird, and a 68 Olds Convertible for $269 a year. It changed by $14 when I dropped the 65 TBird we just sold. Granted the usage I estimated was under 1,000 miles on each car. The most expensive one was the coupe, I guess cause it is considered modified.

 

You need to get another agent, this one is as dumb as a box of rocks.

 

I had Chubb for my pretty much stock '51 3100. They agreed to a value but dropped me two years later saying that the condition of my truck wasn't worth it even tho i had done a ton of work on it over that time span. Had it appraised that week and it came out higher than I thought and a lot higher than Chubb thought. I went with SafeCo's antique policy...no mileage cap and they said restoration, custom or hotrod didn't matter. Plus I'm around $125-150/yr for full coverage.

 

I talked with an equally flatlined brain at my insurance company. She made similar comments, acted like some 'know-it-all', and mispronounced 'financial'!
(she called it 'fine-ann-shuall')

I took down everything she said, then emailed it to her boss.

There was someone else at her desk the next time I went in there...

 

Glad you had good service on your house, but Stated Value and Agreed Value are NOT the same thing and State Farm DOES NOT write Agreed value. Go back to post #35 to see what the difference is.