Insurance Question

[camarilla]

Hello all,

I’m back with the perennial question around insurance. I am looking at a long hood - it’s pretty beat up but I would like to drive it as a daily. I’m considering selling my main car. Is there any possibility of getting any of the big insurance companies (State Form, Allstate, etc.) to sign off on a stated value insurance with a car that is valued multiples over it’s MSRP from the 1970s?
I’m aware of the nuance (and drawbacks) of stated versus agreed value, my ‘72 is on an agree value policy with Hagerty but I’m just trying to sound out if anybody has managed to get their ‘other’ classic car approved by the usual insurance suspects that do not specialize in classic cars.

[NorthernThrux]

When I originally bought my ‘73 and towed it to Robert Gross’s shop, I had to insure it and the easiest thing to do was add it to my existing Statefarm policy. All they would insure it for was their book value for a non-running old 911. Which was less than I had actually purchased it for. Eventually they agreed to insure it for the purchase price (which was low, even by 2012 standards), but by that time I was already with Hagerty. I don’t think the big companies are the ones to look to for classic car insurance...

[camarilla]

When I originally bought my ‘73 and towed it to Robert Gross’s shop, I had to insure it and the easiest thing to do was add it to my existing Statefarm policy. All they would insure it for was their book value for a non-running old 911. Which was less than I had actually purchased it for. Eventually they agreed to insure it for the purchase price (which was low, even by 2012 standards), but by that time I was already with Hagerty. I don’t think the big companies are the ones to look to for classic car insurance...

Thanks, yes that’s I figured. I’m not trying to get a full coverage of the value but just want to get a sense for how much I could get. I’ve seen some posts mentioning that they’d peg their stated value on the NADA price. Again, wouldn’t cover the value of the car but definitely better than the book / MSRP

[doigthom]

Where are you located? I'm in NJ and new Jersey Manufactures Insurance offers classic car insurance along with there liability policy. I still have time left on my Hagerty Policy which I kept in effect while car was in shop. At the end I will investigate NJM's policy since their brochure says stated value insurance. I understand that they all write their policies through a secondary insurer so maybe the same cost. Cost will probably be the determinant for me.

[camarilla]

Hey doigthom,
I’m in California. I called AAA yesterday and spoke with a (very helpful I might say) agent. Basically no problem to get a long hood insured for stated value. As mentioned, there’s obviously a risk with going with stated value but I digress. With about 5,000 annual mileage (I don’t commute to work very often) it comes out to around $1,599 per year with stated value at $65,000.

[NorthernThrux]

That seems very expensive, but maybe that’s a California thing.

[camarilla]

That seems very expensive, but maybe that’s a California thing.

Based on my experience living in California, it likely is. Seems inline with what I pay for my other car.

[TheBen]

I had my 67S insured with Hagerty and it was less expensive than that for much more coverage but less mileage.

Hey doigthom,
I’m in California. I called AAA yesterday and spoke with a (very helpful I might say) agent. Basically no problem to get a long hood insured for stated value. As mentioned, there’s obviously a risk with going with stated value but I digress. With about 5,000 annual mileage (I don’t commute to work very often) it comes out to around $1,599 per year with stated value at $65,000.

[G69]

I also hoped I could get NJM but they don't actually write classic cars. NJM refers customers to American Modern Property Insurance. That's my current carrier. My experience with all these 'sisters' in the insurance 'business' has been abysmal. But I have always tempered my choice based on premium cost.

I know from being involved with a claim with the 911 that Allstate doesn't pay.

I needed to get my own carrier to pay the amount needed to properly fix the car. When I asked my insurance man (It was MET) to go get the money from Allstate he told me it wasn't possible. Allstate doesn't pay anyone.

There you have it.

A friend who is a public adjuster told me Allstate is the worst. Followed by State farm. It is east to tell who is the best- those who advertise the least.

If you have assets that bring you to a level of worth that Chubb will write your insurance pay them whatever they want- They are the very best.

Of course National Flood Insurance for our wealthiest waterfront property owner friends pays and pays well- and we all subsidize it if we need and buy it or not...

That's the way insurance should work. Enter wing-tipped profiteers and the whole system gets skewed.

Go figure.

I'm reminded of a little thing I heard years ago-

"Socialism is when the Fire Department saves your home-
Capitalism is when the insurance company denies your claim"

Small and medium sized business owners have the option of off-shore "self insurance" clubs that many think are better than the mainstream carriers we can access.
Lovely insurance business meetings in the Bahamas in February are a business deduction.

That sounds like fun-

[Bullethead]

We have been with Amica Mutual for nearly 40 years. A couple of years ago at a car event insurance was a hot topic, so out of curiosity I comparison-shopped our agreed value policies for eight vintage cars with Hagerty, Grundy, American Collectors, etc. None of them came close... our annual premiums are currently about $7400, with a slight bump this year on the fresh '67 S with agreed value at $250K. Our small collection ranges from modest VWs to a nice 356, the 911s and a couple of classic Mercedes.

We also have our home with contents and a small boat insured with Amica. They have been a sterling company to deal with, prompt resolution when we needed them after hurricanes, and were great when our Targa was hit... twice.

Plus, there's the pleasure of a dividend check each year.

Unlike most of the collector insurers there are no mileage or use restrictions. It probably helps that our "garage" is a stand alone climate controlled warehouse.