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Due to unfortunate events and a total loss of the 49, I haven't been on the forum for 7 months now. It's still a hard pill to swallow after all that work. I had an urge to lurk on the forum today and just wanted to check in.

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No replacement yet still arguing with insurance company. Word of advice don't use regular insurance company for historic cars.

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9 minutes ago, Hickory said:

No replacement yet still arguing with insurance company. Word of advice don't use regular insurance company for historic cars.

Welcome back to the forum.  I'm sorry to hear of your loss and the difficulties you're having with your insurer.

 

Do you mind elaboratimg on this?  When I get my vehicle running again, I am planning to get full coverage insurance from my regular auto insurance company.  I had wanted to avoid using classic car insurance due to my perception of how restrictive the policies are.  I understand that classic car owners are restricted to pretty low annual mileage limits, and classic truck owners are subject to the same mileage limits and are not allowed to carry cargo.  Also, I think we're not allowed to leave our vehicles unattended, except in our own garages.

 

I intend to drive my vehicle (a truck) regularly and use it to haul cargo on occasion, and will leave it in a parking lot from time to time.  If my insurer wants an appraisal or two, I'm happy to pay for that kind of thing, and I'll pay premiums commensurate with those appraised values, in order to be sure I have full replacement coverage.

 

Maybe this is a topic for another thread, so that I'm not hijacking your thread, but I just figured I'd ask.

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I've heard nothing bad about haggerty and you can customize the policy. What ever milage and what not. My big box store insurance company is trying to give me 3,000 for the car according to  some made up value. We had an agreed upon value of 20,000 which is more than it's worth but I was constantly doing upgrades. The taped phone records have all disappeared and they didn't have updated pictures

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Hi Hicory. Did your ins co require an accredited appraisal to give you a policy? Is there any appraisal documentation that exists for your car? That would be the ticket to counter the ridiculous offer to settle that they made. Insurance companies can sometimes be lower than a snake’s belly in a wagon track. Welcome back and hope you are hitting the clutch an pedal soon! M

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2 hours ago, Matt Wilson said:

.  I had wanted to avoid using classic car insurance due to my perception of how restrictive the policies are. 

 

I have done the same thing.  However, I understand I'll loose my shorts if something happens.

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No appraisal, was doing so much work on the car they wouldn't be able to keep up. I restored this car in 2 years, I should have kept up with the insurance policy but I guess you never expect a barn fire. The company never required photos for full coverage, it all seamed odd to me and my policy seemed overpriced also. The price was higher than my full coverage on the 2021 SUV I own.

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I've used collector car insurance for 17 years in order to avoid the very unfortunate situation described in this thread. If the policy doesn't implicitly specify coverages then they don't exist.

 

I've never had a collector car insurance carrier ask for odometer confirmation at time of policy renewal. Just sayin'...........

Edited by Sam Buchanan
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I have had issue with Classic Cars for years and insurance. In my case here in San Francisco since I have only 2 garage spaces (on street is not an option) for my cars I do not own a "modern Car". The companies usually will not write a classic car insurance policy unless one owns a modern car on regular insurance. I convinced them that our "regular car" was in fact the San Francisco Municipal Railway. We take a bus or trolley for 75% of our trips or just walk. My wife and I have driven a combined total of about 3000 miles a year and have for 30 years...

 

It took years for me to find a company that would give me classic car insurance. The deal I had to make was to keep the 1947 Desoto on a State Farm policy and now the 1949 Convertible is on Classic Car Insurance.

 

If I every have a big claim on the 1947 DeSoto, I know I will be in for a fight as they use market value not replacement value.

 

James

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One thing we have in Quebec which is well sorted for a change is that the insurance companies operate in a “no questions asked” manner. Before writing you up they require a written appraisal with photos of every aspect of the car from a provincially accredited appraiser which usually costs 400 bucks or so. This appraisal is renewable every 5 years at the request of the insurance carrier. However, if the need for a claim arises they do not hesitate to pay out with fairness. I throw all receipts for my project in a file in a safe place to keep a running tally on what is being invested in the car in case of a loss. I would challenge your insurance company’s offer with the dollar value that    the value guide for antique autos which is published in magazine form yearly offers up for a car that is in the condition your car was. I would also consider calling your jurisdiction’s consumer protection agency or Better Business Bureau. You gotta keep fighting these BS artists! M

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As much as I think it's overdone in many areas I'd think you're probably in need of a good lawyer. If you agreed with them on 20k they shouldn't be paying 3. I'd hope a good threatening letter from a law office would change their path....

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To top it all off the DMV sent us a letter that we owe 2800 for dropping the insurance policy and not turning in the plates. We have TD them the plates melted off the car and it's not even registered anymore. It's just been a clusterflock

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  • 1 month later...

Update folks, I'm back... I'm a new owner of a 1930 desoto ck.  I will have alot of questions I'm sure

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with agreed values on antique car or truck when you complete your application you state the value that you want to insure the car or truck for.  The insurance company then has the option to either accept or reject the policy after reviewing it.  If they think that the value that you established in your request is above the normal value then they would ask for an appriasal to be done by a certified apraiser.  They might also ask for pictures of the car to also verify the requested coverage.

 

So basically if they accepted your stated value and you were paying the annual coverage cost then they are libal to payout the amount that the car was insured for.

 

Most regular car insurance companies such as Geico, Allstate offer antique car insurance but at stated valued and if the car is totalled then they play the deprection factor just like on a modern car.  So please do not use your regular car carrier insurance.  This is always a major topic at the AACA annual convention and and meeting in Philadelphia every yer.  We have at lest one information session to encourage antique car owners to go with the specilaty insurance companies.

 

I use Grundy and they do not have any mileage limitations, here inthe state of PA you can drive your car at night and according to the State Police so long as the car has the original lighting system and it is functional for you to see then they are acceptable for night driving.  They stated that it is your responsibility to be able to see the road at night.

 

Also most insurancee companies will not permit you to have a car or truck sitting under a carport or in a parking lot. It must be enclosed in a closed garage. The exception is to when you are on a tour or at a National car show.  I know Hagerty will permit you to use your car in a wedding but you need to contact them prior and they have a special program for this and they have a surcharge to your car.

 

Also some states have a different way to figure the value if a car is totalled so read your policy and or contact your carrier directly.  This happened to one of our P15 member even with the stated value clasue the state had a special law and he did not get that amount becsue of the damage and only got if I remember like 75% of the value.  So again read your policy and everyone should contact their antique car insurance carrier to verify how their individula policy works and what is covered and the amount they would get back if the car istotalled.

 

Also would suggest that if you have done major workto the car take picture and send to the carrier.

 

Rich HArtung

Desoto1939@aol.com

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Hickory:  I was a a major car show today and was speaking with the JC Taylor representative.  And he told me that if you have an agreed valued car then the car insurance company has accepted that amount and they are responsible for that amount. Did you use a specialty company or your regular company  also they said read the poicy to make sure that it did not same that they will payout up to the amount that you set and they agreed on.

 

If no action from the insurance company then they said to contact your state department on insurance and get them involved.  So basically you need to review your policy with a fine tooth comb to make sure you fully understand if there are any loop holes 

 

So what company was covering your car and were there any loopholes inthe policy.  The state should not fine you because the car was a total lose because of the fire. Send them pictures of the car and I would have thought that the Ins Company would do the same.

 

Rich Hartung

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OK OK for all of you car owners that have used you regular car insurance company thinking that you are saving money and have an agreed values on your car It is time to offically contact a Specialty Antique car Insurance carrier.

 

I discussed this last year.  Your regular car insurance carrier does not know anything about antique cars and they willdepreciate a car just like your regular car if it get totalled plain and simple

 

If youuse  companies like JC Taylor, Grunday, Haggerty they all have an official Agreed Value policy.  So you set the price you want to value your car at so lets same you have a 1946 Dodge Deluxe and it is still original and some what fair condition.  You think it is worth 30000. And you put in the policy and ask for 30K of Agreed value policy.  They all know what the car values are based on being a fully restores car all the way done to a diamond in the rust parts car..  They will then ask you for proof that the car is worht 30K and ask for pictures and also and documentation such as pictures and fully written report from a Licensed appriaser so verify that the car is worth 30K.

 

At this point they can accept the request to insurr for 30K or reget and thne inform you based on their input from you history and picture that the car can only be insured for 7500 and they wil lthen state you the cost for the policy. You then have to either agree or look for another company...

 

If you accept and adhere to th epolicy specifics such as it must be stored in a garge and also locked inthe garage on your property, etc.  If the car gets totaled becasue of a fire or is hit in an accident and is totalled then they are required to pay you directly the amount of $7500  which the policy stated becsue it was an Agrred value not a Stated value.

 

This is all you are going to get nothing less.  So lets same the car is totalled but you want to keep the car then they can offer you an option to purcahse the car and that changes some other issues.

 

Yes there are stipulations with collector car insurance, can not drive on a daily basis to use as your everyday car to go to and from work, Should be used to go to car events and car club events. Most insurance policy

is no longer have a mileage limit and or that you can not drive the car an night.  Most state the the car has to be garaged in a closed and locke garage, can not be under a carport.If you are on an extend tour for a week or at a car convention the car does not need to be garaged. They understand that you are traveling to and from the event and the car is fully covered.

 

So get a quote for your antique car get an agreed valued not a Stated value [policy read the policy completely and understand it.  If question then call the carrier to get clarity on you policy and questions.

 

I have coverage from Grundy collector car Insurance, unlimited mileage full coverage medical and all and parts coverage. The annual cost is $175 per year.  That breaks down to being under $15 per moth and my car has an agreed value of $22k.  each year the amount of coverage value is increased. 

 

 

So if you think that $15 a month is expensive then roll the dice with the local car insurance agent and pray real hard everynight that nothing happens to your car becsue the $15 a month was too much to pay.  You pay upwards to thousands to insure your regular car and the people inthe car so why not the same people in you antique car.

 

The antique car has more of a change to be in an accident becasue of the age, not seat bels no airbags, lack of turn signal no antilocking brakes, small stop light or only six volt and small dots on the car.  So think of all the possibilties of driving your old antique and how much do you value your car or truck and the people in your car or truck.

 

Hope this makes some people become aware of the potential issue with the use of your regular carrier versus and antique car specalist company.

 

Any comment or question are welcome but please look into what you are paying for and not wait until it to late to change and cover you buts and the butts or your family and friend.

 

I have been in this hobby for 35 years and have attend many seminars on this topic at the AACA annual meeting in Philadelphia and this topic comes up every year.

 

Rich Hartung

Desoto1939@aol.com 

 

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