Insurance question

[vintageracer]

Where did you buy a $40 Camaro? If that's all you Camaro is worth to you? Sell it to me! You are worried about $40.00 to properly insure a 69 Camaro? Say it ain't so?

Ask your Geico agent only 1 question that is this:

Is the policy you are selling me an "agreed value" policy or a "stated value" policy?

If the Geico agent says the policy is an "agreed value" policy, make him/her show you specifically in writing that term in the policy. I hope it is there but I'll take the bet that it is not!

Agreed value insurance policies are the only type of policies Hagarty and all the other dedicated collector car insurors sell. This is the only policy to have for a collector type car. I suggest that others on this site who have their collector cars insured with a main line carrier like Geico or State Farm read their policy. Chances are REAL GOOD you will find you have a stated value policy and not an agreed value policy. Read your policy. Don't take you agents word for it.

Concerning insuring your car as something it is not now, ie a big block car. Purchasing the wrong insurance or purchasing insurance based upon misreprestation is as good as having no insurance. If you are going to misrepresent your car, why buy insurance at all? Have a claim and it can be denied since you did not properly insure your car based upon misreprentation (fraud).

[TheRealDSTRYR]

The VIN on a 70 'cuda will tell that it is a 'true' big block car. That is not fraudulent because that is what it is. Numbers matching adds value. Stating it is numbers matching is fraudulent if they agree to a greater value based on that statement from you. I have had Hagerty for years and they also are underwritten by 3rd parties. They can provide cheaper rates because generally the cars they insure are 1) driven less, 2) more safely, and 3) on nice days which contributes to a lower accident rate than daily drivers. That is a major reason you must provide proof that you have a daily driver other than your pro-touring/muscle car with Hagerty. I agree with the previous post, make absolutely sure you will get paid if you have a loss.

One other thing, Hagerty's liability coverage isn't 'standard' 100/300/100 like Geico or other 'general coverage' policies:

Liability Coverage Part - Limit Vehicle 1
A: Bodily Injury: $25,000 Per Person / $50,000 Per Accident
A: Property Damage: $25,000 Per Accident
B: Medical Payments: $1,000 Per Person/Per Accident
C: Uninsured Motorists Coverage: $25,000 Per Person / $50,000 Per Accident

[vintageracer]

One other thing, Hagerty's liability coverage isn't 'standard' 100/300/100 like Geico or other 'general coverage' policies:

Liability Coverage Part - Limit Vehicle 1
A: Bodily Injury: $25,000 Per Person / $50,000 Per Accident
A: Property Damage: $25,000 Per Accident
B: Medical Payments: $1,000 Per Person/Per Accident
C: Uninsured Motorists Coverage: $25,000 Per Person / $50,000 Per Accident

Liability is an issue to which you should pay particular attention. As noted above, the standard limits from Hagarity are pitiful and useless at best. These limits are generally the minimum liability rates required by most states in the USA, nothing more.

If you have a liability umbrella policy for $1MM or more you should discuss your decision to insure your collector car with a collector car insurance carrier with the agent who is holding your umbrella liability policy and make sure that your umbrella liability policy will extend coverage to your collector cars insured with another carrier which in this case is a collector car carrier. More cars on the umbrella policy means "Mo Money" for the umbrella policy no matter who insures the cars. You "may" find that higher liability limits on the collector cars may be cheaper to purchase through the collector car insurance policy carrier than it is to add the additional collector cars to your umbrella policy since you generally pay only 1 (one) libility insurance charge no matter how many collector cars you have insured with that collector car carrier. The ultimate goal is to make sure that your collector cars have the same limits of liability coverage that you purchase for your home, regular auto's and your business.

Why is this important? You can kill and mame people just as well and as easily in a collector car as you can in daily driver car. Since reducing cost and trying to guarantee the value of your collector car is the goal, don't minimize the fact that you also need to be properly covered as far as liability to match your needs based upon your success in life.

If you do not own anything you do not need to buy insurance. Insurance is for people who own something and have acquired some amount of success in life. No success in life, no need for insurance. No success in life also probably means you have NO concern about your responsibilities in our society and could care less about anyone you hurt in an accident.

Buying the correct and proper insurance for your needs is different for everyone. Buy the right insurance or don't buy any all!

[TheRealDSTRYR]

Good post. That digs way deeper into it than just looking at the numbers.