When to up insurance....

[trapin]

I'm looking to get some advice on insurance. In a couple of weeks I'll be bringing my car home from the paint shop. When that happens...I'm sure the value of this car is going to go up significantly from when it was just a rolling shell in primer. As it is now, I have fire and theft through AAA of Michigan. I'm curious if I should now be looking to get more insurance on my Camaro in the unlikely event that it is stolen. Should I have it appraised, even though there's no dirvetrain in it? And should I stay with AAA or go with someone else? Thanks.

[camcojb]

I'm looking to get some advice on insurance. In a couple of weeks I'll be bringing my car home from the paint shop. When that happens...I'm sure the value of this car is going to go up significantly from when it was just a rolling shell in primer. As it is now, I have fire and theft through AAA of Michigan. I'm curious if I should now be looking to get more insurance on my Camaro in the unlikely event that it is stolen. Should I have it appraised, even though there's no dirvetrain in it? And should I stay with AAA or go with someone else? Thanks.

No real sense in raising the values if you're sticking with AAA or similar. They can still depreciate the value, look for comps, etc. if there's a total loss.

You need an agreed value policy to be safe, and in that case, if the car goes up in value you should raise the value of the policy.

Here's a link to the differences between Hagerty/Grundy agreed value policies and the classic policies through AAA/State Farm and similar.

http://www.faia.com/web/2005/08/stat...eed_value.aspx

Jody

[Jim Nilsen]

Definately get some other type of insurance to bring it home. You will never get anything for an incomplete car from any insurance company. The hauler of your car should be able to help you out since he is the driving and it is on his flatbed. I was in a tow truck once and the guy told me he had to just up his insurance from 50k to 100k because the new cars started pushing the limits of his insurance and that was in the early 90's.

So check with the guy bringing it home and you might be alright there for the trip. Once you get home you will be screwed if you don't change to an agreed value policy since the car is in pieces. In most policies cars are not insured if they are in pieces.

I have a policy on my car for 25k that includes spare parts if they are stolen and your homeowners insurance won't cover them in a case like that ,I checked long time ago.This also covers the paint up to $3,000 in case anything stupid happens. I wouldn't be without it since it is soo inexpensive and the guy who sold me the policy said one of his customers wives drove his car through his back part of the garage and they never batted an eye about it!

I use a company called Continental/Western and you can reach them at 1-800-533-0303 I think they can cover you in your state now but call and see. I pay $161.00 per year for my coverage.

Jim Nilsen

[trapin]

Thanks for the information, guys. So according to that website "Agreed Value" is the way to go when insuring a classic car. I called Hagerty a little while ago and it sounds like the amount they will insure me for will be an "Agreed Value" due to the fact that I must take pictures of the car, tell them what I think it's worth, and they have to agree. The quote they gave me was $376 a year for an insured value of $20,000. Sound right or is this a bit pricey?

[Krashyman]

There is some helpful information in this recent thread (about my quest for insurance):

https://www.pro-touring.com/forum/sh...ight=insurance

[BB69]

Thanks for the information, guys. So according to that website "Agreed Value" is the way to go when insuring a classic car. I called Hagerty a little while ago and it sounds like the amount they will insure me for will be an "Agreed Value" due to the fact that I must take pictures of the car, tell them what I think it's worth, and they have to agree. The quote they gave me was $376 a year for an insured value of $20,000. Sound right or is this a bit pricey?

Trapin,
Whatever you do, make sure you absolutely understand what would happen in the event of a loss. It took me over two months to come to an agreement with State Farm on my Camaro that was hit in August. Even then, I basically gave up. I am going to have a friend (he works at a good body shop) do the work.

State Farm, and the others I'm sure, have bullied the shops into accepting a flat rate for repair work. For our area, it's $36/hour. Now, try finding a reputable shop that will duplicate your car for $36/hour. Here's another point: State Farm was originally going to total the car. They started telling me the car wasn't even worth $12K because I didn't have some pieces on it (still finishing some things). They had no idea what the car was worth. Imagine someone telling you a 69 big block, four speed Camaro, that runs and drives isn't worth $12K. I've seen rusted out basket cases sell for that.

I am going to be dropping State Farm for at least my Camaro and Vette, and probably everything once I get started shopping around.

Finally, you need to realize that many agents have NO idea what they are selling. When I asked my agent how the process was going to unfold, she said she had no idea. She's been in business for at least 10 years (how long I've been with her) and she can't tell me how the process of a claim works???? BS.

You can probably tell I'm not happy. Anyway, spend whatever little bit of extra money it may cost to go with a specialty company. You don't want to spend two months on the phone arguing with some dumbass about how well replacement panels fit and how much work it will take to make your paint job look as good as it does now.

Ken

[Jim Nilsen]

To make it more clear...


$25,000 coverage

including spare parts and paint up to $3,000 for a car that is still in the process of being built.
$161.00

You can't find another policy or insurance company that will match

Continental Western

and I am pretty sure they sell in Michigan.

Also make sure you get an appraisal for your car as soon as you can, they will say you don't need one but your car is different than stock and they will want proof someday. Better to be ahead of them when playing the game than behind or that is just where you will get it.

Jim Nilsen

[camcojb]

Trapin,
Whatever you do, make sure you absolutely understand what would happen in the event of a loss. It took me over two months to come to an agreement with State Farm on my Camaro that was hit in August. Even then, I basically gave up.

Ken

Was yours under their collector car policy? Was there a value for that policy?

Jody

[BB69]

Was yours under their collector car policy? Was there a value for that policy?

Jody

That's a good question. Basically, between my agent and the claims person, it took them 3 weeks to figure that out. To be honest, I thought I had an agreed value policy. The claims agent said I didn't, then I did, then I didn't. My policy clearly states on the front that the car was appraised at a certain value. Apparently though, that was just a guideline, not a stated value. Also, my agent put the Camaro down as a normal policy, not a classic or antique. I asked them to make it the same as the Vette, which is agreed value and antique. Hopefully, you can see the problems here. My agent doesn't really know/care about the details, and I didn't take the time to read every single syllable. That is why I advise people now to read, and understand, every sentence of their policy. You cannot trust someone like State Farm to sell you the best policy for your collector car. They just don't insure enough of them to get it right. And, from what I saw, they don't really care.

Ken

[Krashyman]

There is a BIG difference between "stated value" and "agreed value" policies. Just because your policy has an amount stated in it (and even if you had an appraisal to get that amount) does NOT mean that you have an "agreed value" policy. The differences are explained in the link to the thread that I put in an earlier post to this thread.

Sorry to keep posting on this, but my guess is that a large percentage of the pro-touring community think they have an agreed value policy when they don't. And it's a shame that people think they have full coverage for a certain specific amount and then find out they don't when they have a total loss.

Take a quick look at the entire thread from my earlier link. Lots of people provided helpful information in that thread.

And spread the word that everyone, after reading these threads, should check the fine print of their policy to see exactly what coverage they have. Again, just because your policy has a specific amount identified in it does NOT mean that you have guaranteed coverage of that amount.

Thanks,
Josh

[BonzoHansen]

My insurance agents have all told me spare parts (things on shevles, etc.) are covered by homeowners, just like the TV or kitchen table, but the car itself is not - it is covered by its own policy.

[EFI69Cam]

Can you get liability from one company, and get the other coverages from another?
The liability portion of my state farm policy on my Camaro is dirt cheap.

[vintageracer]

EFI 69,

Generally no, you cannot get multiple coverages from different carriers on the same insurable asset. You may find are carrier who will split the coverages with another carrier however then you will have opinions as to which carrier covers what and who should pay when there is a claim. You think you will have problems with one carrier, try collecting from 2 on the same asset!

Liability is based upon your driving record and the general liability rates established for your area of residence. Carriers "claim" that the type of car you drive does not affect the liability rate however that has to be bullsheet since the liabiltiy they assume is much great for a Corvette than a Corvair.

I carry comprehensive and collision insurance on my vehicles that DO NOT RUN! Since they do not run or drive these cars do not have liability insurance coverage. These vehicles ARE COVERED for theft, fire, act of god etc. The coverage is CHEAP considering the potential loss possibility if a Tornado came through my neighborhood. My none running project cars are covered. I have met VERY FEW people who carry this coverage. Most think it is a waste of money. It is until you need the coverage. At $50-$70/year per none running car, it is cheap insurance since several of these non runners are worth a bunch of money!

Something to consider since your State Farm liability policy is "dirt cheap". Do you have the proper limits of liability set on all your automobile insurance policies? Minimum state required coverage requirements will put you in the poor house quickly if you have any assets, cause an accident and get sued. Since the minimum coverage requirements in most states are for $25K or less, there's a great chance that the person you hit will have a car worth more than $25K and the medical will be more than $25K if the accident is chargeable to you. Get the proper liability limits in place on all your policies and get an insurance umbrella policy to provide extra liability coverage.

[Jim Nilsen]

When I asked my insurance agent from American Family if my spare parts for my car were covered he said that they were not covered. Read below and other threads here and you will find that the agents sometimes don't know and will tell you they do but when it comes time for the claim they regretfully tell you that they were wrong.

Check with the underwriters of your policy if you want to be sure about what is covered and not covered . The info to reach them is in your policies in most cases or you can call the main offices and get their numbers. Relying on your agent to tell you the truth is a chancey thing. If they have told you that your spare parts are covered have them put it in writing and notarized and that you will pay for the notarization with no problem. If they give you the story that they don't need to just tell them that you don't want to change insurance companies but that you do want to change to a different agent and listen to the story telling then. I have changed agents and know that they are not all the same for each company and what they tell you now and what happens when you make a claim are always 2 different things. Get it in writing and make sure you understand it all. Several members here keep stating it and if you aren't listening I can only hope that you are not being lied to.

My policy with Continental/Western is less expensive and is underwritten in a way that is clear and direct from any legal standpoint and if you want to try to use your regular insurance companies because of what an insurance agent tells you then goodluck but make sure they are personally willing to pay up if the company doesn't.

Jim Nilsen