Ugh... Insurance Companies. Which One?

[desoto1939]

I have my P-15 insured through the Collector Car portion of Geico. It is a completely different policy than my everyday cars. It's insured for an agreed value with unlimited miles and zero deductible. 200 for the entire year.

Eric:  I would call them to verify that if you have the car valued at an agreed value and have an accident and the cost is more than what you insured the car for then get them to verify that they will pay you the agreed amount and NOT a stated amount or depreciated amount. Do this for your peace of mind. I have seenthis happen and then people get a real surprise when this happens.

 

Rich Hartung

[Captain Neon]

They all have great prices until you have a claim!!!!! I was with Hagerty for years, no claims. One night after a car show I left my car out over night. Got egged by a little :*&t head. Hagerty cancelled my policy. REASON, all insured cars are to be garaged every night (its in the fine print) I went with my local agent for home and other cars, not a huge difference. other than NO SMALL PRINT. Insurance is only good when you need it HAGERTY let me down.

I've never even heard of daily locked garage space much less where I would look for such space while I am traveling out of town.  Makes me glad that I am not with Hagerty.

[desoto1939]

Captain Neon: Daily locked gargae space is your own gargae that is located on your home property or a standalson garge that has a lockable garage door.  You do not need to have a garage when on tour with your car.

As I stated a car port or a free standing plastic metal framed portable storage canopy is not considered a lockable garage. This is according to the Grundy Company. Advise call your individual carrier to make sure you understand their policy and coverage rules.

 

Just spoke to Grundy Insurace and if the above situation happened with their coverage they would not coverage the damage. It is your responsibility to have put the car back into the locked garage during the night to protect the car.

 

But if you were on a sponsored car tour and staying at a hotel and someone then did damage to the car the damage would then be covered. So basically when you are at your home location it is your own personal responsibility to get the car garaged at night and have it under lock and key.

 

 

Rich HArtung

desoto1939@aol.com

[Seaside Pete]

We must be lucky here in the UK as far as classic car insurance is concerned. My P15 cover: unlimited mileage....full comprehensive cover....windscreen cover (which would be hard to get in UK)....full cover whilst driving in mainland Europe (up to 30 days)....full get you home breakdown cover....all for £97 per year. that together with no MOT test.....and no road tax, makes owning a classic car here is quite cheap. Unless of course it's an American car when huge shipping costs and then the taxman's bit, more than makes up the difference HA HA.

 

 

 

Pete

[Ulu]

My P15 was insured with Farmer's.

 

I had a stated value policy which, after selling it to me, the agent explained that they would pay the stated value (but no more) if the car were lost or totaled, only as long as the car was actually worth that much at the time of loss.*

 

I asked how they determine that if the car is stolen and not available for inspection. He really gave me a hokey answer: "We use a formula based on several different factors." He could not, however, recite that formula. That was  "the adjuster's job".

 

In the end it all sounded like a scam to me. They charge you the premium based on a stated value, but they pay out based on some latter "determination". One guy sells you the policy, but someone else determines what it actually is.

 

I did have one minor claim with them over comprehensive coverage. They screwed me over on the repairs, which is silly as it was such a small $ amount. I've had better claims coverage from AAA, which I really don't like either. Anyhow, I'd been with Farmer's for 10 years, and I dumped them like a hot rock for being such cheap bastoids.

 

*I don't know if this is still their policy, as I dumped them about 20 years ago, just as soon as the car was paid off.

Edited June 2, 2015 by Ulu

[James_Douglas]

I was screwed as a kid once with car insurance.  So, every since, I have been "on it" insurance wise.

 

Rich is very correct that anyone who has a classic car MUST understand the difference between "Agreed Value" and "Stated Value".

 

I have the 1947 on State Farm and it is an agreed value policy. Since we do not own a modern car (<20 years old) I have to have one car on a "regular" policy to get an Antique policy from Heacock for the restored 1949 Convertible. Heacock "gets it" that I live in the middle of San Francisco and walk or take Muni for 90% of our transportation.  The other classic car companies do not.

 

I read an article 2 years back on a guy who kept his car in a large shop garage a few miles from his home.  One weekend he went to a show and got home late at night.  He parked the car on the side of his house under a car port, behind a locked fence.  His home was in a gated key-code community.  The next morning the car was gone.

 

His company said the would not cover it as he was in violation of his insurance contract.  The car had to be garaged. 

 

I called my insurance company and made sure they had the addresses of my garage at our flat here in SF.  A spare garage I rent 10 blocks away and our house out in the country.  Photos of all the garages and the addresses on file with the insurance company.

 

I had a long talk with an classic car insurance man who was just retiring after 30 plus years in the field.  He noted several things for me to watch out for.

 

1. Inform your insurance of all garages and never leave it out over night.

2. If taking a long trip with the car, show or not, notify your insurance people at least one week prior to the trip and tell them the general plan for the trip and how long you will be out on the road.

3. If you have a car on a "regular" insurance policy, not classic, then every 24 months have an appraisal.  Not just a "fair market appraisal, but a rebuilding and replacement one. This may be much more money than the market value.  ***!!!! Now here is the catch---if the regular insurance company takes your premium payments after you have submitted the appraisals in all likelihood they will pay off for the amount you were paying for.  They will drop you for sure after a claim, but in court they will have a hard time getting a judge to allow them to not pay out if you paid for $xx amount of coverage and gave them well in advance an appraisal backing it up.  If they did not balk at the appraisal, they are on the hook. 

 

My 2 cents worth.

 

James

 

 

[chopt50wgn]

Had Hagerty years ago on my pro street car. Never had a claim but watched my premium go up every year. Switched to Grundy, same agreed value, premium was half of Hagerty.

Now with my wagon I have Grundy as well and premium is very reasonable .

[46Ply]

Just got the bill for my 47 P15 for liability coverage only.  $220 a year?  Sounds a little steep to me.

[desoto1939]

Just got the bill for my 47 P15 for liability coverage only.  $220 a year?  Sounds a little steep to me.

That is high just for liability coverage. Who did you get a quote from?  Try some of the others major players, JC Taylor, Grundy, Congdon and Skelly, Hagerty.

 

I have full coverage with Grundy for my 39 Desoto valued around 19K and I think my policy is around 130

 

Rich HArtung

[Plymouthy Adams]

Just got the bill for my 47 P15 for liability coverage only.  $220 a year?  Sounds a little steep to me.

this sounds like your daily driver company adding it as a stated value daily driver style to the car...check your driving restriction on this policy closely....

[46Ply]

All I did is call them, and told them to add it to my policy.  It's Farm Bureau.

Time to take care of business!