Latest Insurance thread who are you using?

[rogue]

I need agreed Value on 3 cars. Currently using Condon/Skelly but they were bought out by Metlife and now I'm not happy with the mega company's handling of a claim.

Who do you guys use.

I was paying around $800 for 3 cars....

Grundy already denied me on the grounds that I take the camaro to the track.

[camcojb]

Grundy had no problem with me at the track, but like pretty much everyone else they don't cover you on the track. You can buy special riders or policies for that, but none of the regular agreed value companies cover racing or track days that I am aware of.

Jody

[moreHP]

I am using State Farm on my cutlass. They have a collector car insurance program and you set the value. The downside is your limited to how many miles you can drive a year (I think it 3000, but I would have to look it up) I dont drive it that much so its not an issue for me.

I had to make a claim and they were fantastic. They far exceeded my expectations on the claim. Very helpful on setting up the time to see the car, instant payment once they saw it. Overall, I was really happy with them.

I dont know what they would say about running a track day though.

[Matt@BOS]

Hagerty. They did eventually start to cooperate with me on my claim, and paid out. I wish the process had been quicker for me, but can't complain too much in the end. Knowing that they would handle everything in regard to my claim right away, rather than sending me to deal with the at fault driver's insurance first was worth every penny of the policy. It made things simpler. From what I understand, Hagerty is usually good about getting a check out in about two weeks from the time of an accident. Apparently my case was an uncommon occurrence.

Matt

[vintageracer]

Haggerty and Heacock were BOTH a PIA concerning our claims last January when the tent fell on our cars at the Russo & Steele Auction. Poor communication by the companies and payouts offered that would not repair the cars to before loss condition. It would have been MUCH easier if the cars were both totalled. One car was 2 months out of a COMPLETE nut and bolt restoration with all receipts, pictures and documentation. The second car was also complete with restoration receipts, pictures and documentation concerning restoration, quality of part, labor and materials. Both companies wanted to patchwork paint both cars and bondo severely dented panels rather than replace.

State Farm was SUPERB this May 2010 when paying the total Flood loss on my race car from the Great Nashville Flood.

[John Wright]

Haggerty and Heacock were BOTH a PIA concerning our claims last January when the tent fell on our cars at the Russo & Steele Auction.

State Farm was SUPERB this May 2010 when paying the total Flood loss on my race car from the Great Nashville Flood.

<makes mental note to keep all vehicles away from vintageracer>

You better go outside and check to see if your lightening rods are in good working order...sounds like natural disasters follow you around...LOL...j/k....

[mpozzi]

Grundy already denied me on the grounds that I take the camaro to the track.

You should be covered while AT the track, just not while ON the track, per se ...

Also, the internet really helps with claims as almost everything we do is talked about or photographed ad nauseum. Things like track days, autocrosses, cruises, even "for sale" ads, are fair game for us when we investigate a claim. And you'd be surprised what we sometimes find out.

As for me ... I'm very up front concerning my activities with my Camaro and with filing a claim (hope I never have to ...). My carrier knows this and I know that I assume ALL risk during track days and autocross events during the sessions or runs.

Cheers,
Mary Pozzi

[vintageracer]

<makes mental note to keep all vehicles away from vintageracer>

You better go outside and check to see if your lightening rods are in good working order...sounds like natural disasters follow you around...LOL...j/k....

Direct Insurance was also a PIA when THEIR insured HIT and damaged 4 of my cars at the Spring Rod Run 2010 in April in Pigeon Forge and then DROVE OFF. The PF police caught him and he was charged with leaving the scene of an accident and filing a false Police report. The dumbschit parked his car 2 blocks away and called the PF Police saying HE was the victim of a hit & run.

Direct finally paid off on the last of the 4 cars which was totalled in September. That's 5 months later before they finally agreed to the fair market value that was easily established.

I guess I should be careful. The years not over yet!!!

Insurance is a WONDERFUL thing!

[bochnak]

I was paying 400/yr for liability only through American Family. I just switched this week to Grundy, 170/yr, 10k agreed value, full coverage.

[teamplex65]

I found this thread after having a meeting with my State Farm agent. She mentioned that they have a collector car section, but it is not advertised very heavily. I currently have Haggerty agreed value of 45k and it runs $502 a year. She quickly pulled up one of her clients that had just totalled his car and it was valued at 50k and he was paying $175 per year. She cut the check yesterday as it was deemed totalled. Does anyone else have any experience with State Farm and their collector car coverage?

She did say that I would have to get it appraised. Haggerty just needs photos. I think Haggerty could care less what kind of car you have and its just a calculation of how much you want to insure and what your past driving record is. The pictures seem to be just for proof that it "might" be worth what you say. State Farm needs an actual appraisal and she said a local guy around here charges $200.

[vintageracer]

State Farm offers "stated value" policies for older cars and collector cars that are not primary transporation vehicles. Stated Value (SV) is a policy were the value of the vehicle is stated in the policy which helps determine a premium of the policy and a general value of the car. SV does not necessarily mean State Farm will pay the stated value amount of the policy if there is a loss. Could be less AND/OR could be more! All this depends upon the value of the asset on the date of loss. These policies are a method to allow the insured and the insuror to make sure that a policy with adequate coverage is in place along with payment of a premium that supports the "stated value" listed in the policy.

A good example would be a little later model car than most PT cars such as a 1988 Saleen Mustang. These cars already have collector car value over a plain 88 Mustang. Let's say I insure the car as a plain Mustang and have a loss. I should expect to paid the Blue Book value of a plain 88 Mustang which is not much. With a SV policy the insuror and I both know the car has a value above and beyond the Blue Book value of a regular 88 Mustang. Since the car is not primary transporation the premium is still cheaper than a regular premium however a "stated value" of the vehicle has been established before the policy takes effect.

Is a State Farm "Stated Value" policy any good? YES!

My 1969 Datsun 510 Vintage Race Car was insured under a State Farm "Stated Value" policy with a stated value of $25K. The car was flooded in the Great 2010 May Flood here in Nashville. My policy was only for Comprehensive (Act of God coverage) and collision coverage. No liability since the car is not street legal. State Farm sent out a KNOWLEDGEABLE appraiser to look at my car and handle my claim. The appraiser actually had a knowledge of vintage race cars and determined by car was a total loss. State Farm quickly paid the full "Stated Amount" listed in the policy as the appraiser also quickly determined that the "Stated Value" listed in the policy was also the MARKET VALUE of the car on the date of the loss. The car ultimately went to Copart for disposal at auction at which point I bought the car back at the Copart auction and the car is once again sitting in my basement garage getting ready for the 2011 racing season.

Once again State Farm performed FLAWLESSLY in their handling of my claim and the State Value State Farm policy worked as it was intended.



Good Job State Farm Insurance!

[vintageracer]

Most "Collector Car" policies are "Agreed Value" policies. You and the insuror agree on a value. Many of these polices are also very restrictive. Many do not like modified cars such as a PT car, track use or autocross use.

All the Collector Car insurors are good. If you don't believe it just ask them! Ask enough people and you will find problems with ALL OF THEM! Pick your insuror based upon the policy they write NOT what friend and relatives tell you. READ THE POLICY BEFORE YOU BUY! Make sure the coverage and limitations are what you expect, understand and most importantly agree with. All the policies offered by all the collector car insurors are DIFFERENT in some way. Whether it limits mileage, if the car must be stored in a locked and alarmed garage, when and where you can drive the car and the level to which your car is modified. THIS should be your MAIN CONCERN when shopping for coverage! If you have a loss event on your car that is outside the specifics of the policy they will not pay. Example: Your involved in an accident in morning rush hour traffic on the I5 corridor driving your collector car on a sunny day to work. You policy says you cannot drive the car to work. Don't bitch and complain when the insuror denies the claim. What other reason would you have to be driving on the I5 corridor in morning rush hour traffic headed in the direction from your home to your place of employment other than you are driving your collector car to work!!!! Another example would be driving your car at an Open Track event or Autocross when the policy specifically exempts this type of activity. There are collector car policies that specifically prohibit this type of car use so make sure your policy is NOT one of them if you use your car in those activities. Again, READ THE POLICY and make sure you can live with the POLICY RESTRICTIONS. That's why collector car policies are CHEAP! The insuror wants to limit their exposure and they do that by the limitations in the policy.

There really is a LOT more to shopping for collector car insurance than just asking your friends and other hobbyists where they buy their insurance since everyone's car and insurance needs are different. Again READ THE POLICY BEFORE YOUR BUY THE COVERAGE to make sure it fits your needs. Hagerty is not for everybody. Neither is Grundy, ACI, State Farm and all the other insurors. Price should be the last consideration when buying insurance. PROPER COVERAGE for your needs should be paramount not just the price of the policy!

[Nothingface5384]

I have state farm for my truck and have the maverick and skylark with hagerty

[SicMonte]

Does State Farm and Hagerty ask if you have a "roll cage" or not? I have been trying to get agreed value insurance on my monte carlo through a certain insurance company...and they wont cover me b/c I have a "roll cage" in the car. The car has historic tags and is eligable for the insurance but the "roll cage" kills it. I have the car under my regular policy and it is only covered like a regular car..so if it gets totaled I would get a check for the blue book value, and that won't even cover my rear wheels.

[trapin]

Good information Mike.

It's like all things...you choose what you need based on what your needs are. For instance with my car, I know I'm not going to race it competitively so all I'm really worried about is theft and damage under normal driving conditions. For this I wanted an Agreed Value policy and I went through Hagerty to get it. If I was going to race the car than I might look at other options. Right now that is not a concern.

Make informed decisions.

[vintageracer]

Does State Farm and Hagerty ask if you have a "roll cage" or not? I have been trying to get agreed value insurance on my monte carlo through a certain insurance company...and they wont cover me b/c I have a "roll cage" in the car. The car has historic tags and is eligable for the insurance but the "roll cage" kills it. I have the car under my regular policy and it is only covered like a regular car..so if it gets totaled I would get a check for the blue book value, and that won't even cover my rear wheels.

All I can tell you is ask!

My 510 Vintage Race car was insured with State Farm on the Stated Value policy. The car certainly has a roll cage, fire system, fuel cell, no interior and everything you expect of a dedicated race car. My car WAS NOT insured with liability insurance since the car was not street legal nor was it registered for the street. My car was covered only with Comprehensive and Collision insurance. The underwriter at State Farm had no problem accepting my car for coverage under the State Value policy. I am a longtime State Farm customer and probably more important was the VERY LIMITED liability (exposure) State Farm would have insuring this car. Their exposure loss was limited to Act of God loss (Flood, Storm or theft) and Collision damage (car falls of the trailer or in an accident while being towed on the trailer). That's the only liability to which State Farm was exposed.

I am sure a State Farm underwriter along with all the other insurance carriers underwriter would ask the same question. Why do you have or need a rollcage in a street car? Imagine the answers to that question that must run through the mind of an insurance underwriter when trying to decide whether to accept the coverage! No wonder you got turned down for coverage. I would tell you if they ask tell the truth. If they do not ask do not say anything. Their out to not paying a loss claim would be IF they ask for a list of modifications you have done to the car and you do not list the roll cage. I suggest you apply to all of them and fill out their applications for coverage COMPLETELY answering all the questions on the application truthfully and in full. Provide the pictures requested and/or an appraisal if needed. REMEMBER, some stated value policies from some carriers will REQUIRE a yearly re-appraisal of the vehicle. Don't forget to do that if required. That's your responsibility not the insuror's. Again, read the policy!

When I insured my car with State Farm I told them it was a dedicated race and provided detailed pictures of the car inside and out. IF the car has actually been street legal (licensed) I have no doubt coverage would have been denied. Once again it's all a matter of exposure of loss for the insurance company.

[SicMonte]

Thank for the reply Mike! Let me ask you this though...what do all the street cars on this site do about insurance with a roll cage? I know numerous members here have cars with cages in them that are street cars but see the track at times too? They have to have some sort of liability insurance don't they?

[sr73bu]

Thank for the reply Mike! Let me ask you this though...what do all the street cars on this site do about insurance with a roll cage? I know numerous members here have cars with cages in them that are street cars but see the track at times too? They have to have some sort of liability insurance don't they?

Hey Doug... I can tell you this i just signed up with Grundy, the process was very simple: e-mailed a few pics, signed paper work, done in 2 days. They didn't ask anything about a cage and with all insurances I understood that i'm not covered as soon as i set foot on a race track to "race". I'm covered at the track, just not when "racing"... at that moment I must assume all responibilty, and pray nothing happens... look into Grundy, i've also heard many good things about them...

cheap too.. i'm covered for $20,000 at around $315 a year...

[wmhjr]

State Farm offers "stated value" policies for older cars and collector cars that are not primary transporation vehicles. Stated Value (SV) is a policy were the value of the vehicle is stated in the policy which helps determine a premium of the policy and a general value of the car. SV does not necessarily mean State Farm will pay the stated value amount of the policy if there is a loss. Could be less AND/OR could be more! All this depends upon the value of the asset on the date of loss. These policies are a method to allow the insured and the insuror to make sure that a policy with adequate coverage is in place along with payment of a premium that supports the "stated value" listed in the policy.

A good example would be a little later model car than most PT cars such as a 1988 Saleen Mustang. These cars already have collector car value over a plain 88 Mustang. Let's say I insure the car as a plain Mustang and have a loss. I should expect to paid the Blue Book value of a plain 88 Mustang which is not much. With a SV policy the insuror and I both know the car has a value above and beyond the Blue Book value of a regular 88 Mustang. Since the car is not primary transporation the premium is still cheaper than a regular premium however a "stated value" of the vehicle has been established before the policy takes effect.

Is a State Farm "Stated Value" policy any good? YES!

My 1969 Datsun 510 Vintage Race Car was insured under a State Farm "Stated Value" policy with a stated value of $25K. The car was flooded in the Great 2010 May Flood here in Nashville. My policy was only for Comprehensive (Act of God coverage) and collision coverage. No liability since the car is not street legal. State Farm sent out a KNOWLEDGEABLE appraiser to look at my car and handle my claim. The appraiser actually had a knowledge of vintage race cars and determined by car was a total loss. State Farm quickly paid the full "Stated Amount" listed in the policy as the appraiser also quickly determined that the "Stated Value" listed in the policy was also the MARKET VALUE of the car on the date of the loss. The car ultimately went to Copart for disposal at auction at which point I bought the car back at the Copart auction and the car is once again sitting in my basement garage getting ready for the 2011 racing season.

Once again State Farm performed FLAWLESSLY in their handling of my claim and the State Value State Farm policy worked as it was intended.

Good Job State Farm Insurance!

Stated value policies are often fine in the event of damage. They are also often a nightmare in the event of a theft. Because there is nothing left to evaluate actual value, you are at the total mercy of the insurance company with no legal recourse at that point. For that reason, I would never, ever consider a stated value policy for a valuable collector vehicle. As we all know, thefts are more and more common. I'm actually far more concerned about theft than of damage myself. In your case, since the vehicle was available to inspect, the appraiser could also see the likely initial condition of the vehicle as well. So, you had the best possible circumstances to "test" your insurance company. If somebody has a street legal vehicle that they use to get to events, or other than at a track where theft is far more likely, stated value has very obvious negative issues with it.

Every policy and company can have issues, and every one can also have success stories. Just ask your insurance company exactly what happens, step by step, in the event of a non-recovered theft. At any point if there is a question about the payout, move on. In the case of stated value, there will always be a question. State Farm was under no legal obligation to pay out the "stated value".

[vintageracer]

Thank for the reply Mike! Let me ask you this though...what do all the street cars on this site do about insurance with a roll cage? I know numerous members here have cars with cages in them that are street cars but see the track at times too? They have to have some sort of liability insurance don't they?

Sure they have some sort of liability insurance on the car if the car is licensed and used on the street since most all states now have a liability insurance law. I have no clue what owners of these cars are telling their insurance company concerning a roll cage in their car or track use with their car. I would guess that a lot of this information not discussed with the insuror since the car owner is already having a Hell of a hard time finding coverage OR they are not willing to pay the premium cost when the insuror knows the real use of the vehicle. The other alternative is that insuror accepts the risk and writes the policy.

Once again that all depends on the individual insurance company and their requirements. I would wager to say that the track time issue and a roll cage is never discussed by the owner when obtaining insurance quotes. It's up to the OWNER of the car to agree to the terms and limitations within the policy. When YOU buy the policy and YOU have agreed to the insuror's terms and conditions whatever they may be. Again, READ THE POLICY!

Wreck your car on a track and you find that nobody will cover that loss since the car was on a track or in a competition. Maybe you can tow the car off the property and dump it in a ravine off the side of the road and say that's where you wrecked the car. That's insurance fraud however that stunt has been tried more than once! Many times the policy exclusions would include an autocross like Goodguys or RTTH. Some specifically exclude an autocross or track event in their policy limitations. Again, READ THE POLICY! Just because you do not have a claim during an autocross when your policy specifically excludes this activity does not mean it's OK. If you agree to No autocross, go ahead and use your car in an autocross, the information becomes public knowledge, you wreck your car in a road driving accident, your agent/adjuster finds out about you and your cars past autocross participation while under the insurors coverage the insuror CAN AND WILL deny coverage for the road accident since your in violation of the terms and conditions prior to the accident. All the insurance in the world is not worth CRAP if they will not pay as agreed per the terms of the policy. It IS two way street. You have to follow the terms of the policy just as the insuror must follow the terms of the policy. THIS is why shopping for and purchasing the proper coverage for your car is SO IMPORTANT!!!