posted 12-15-2009 09:21 PM                  

The Hagerty quote shocked me and my agent. For $30,000 stated value the annual premium is $807 with $0 deductible and $1044 for $40K stated value. Does this seem right for a person with a clean record?

Bodily Injury $250,000/$500,000
Property $100,00
Medical $5,000
Uninsured/underinsured motorist $250,000/$500,000
Spare parts $750 limit (????)

posted 12-15-2009 09:36 PM                  

As I recall they did not ask for what I would think were relevant details like driving record, claims history or anything else. Made me kind of wary.

I have the Maximum allowable limits for auto insurance in my state with very low deductibles for comparable rates.

The big thing I worry about is the Insurance company may want to low ball the car's value in the event of a claim and total it.

I have gotten the Idea here on POA that this is a problem with regular Insurance companies. I am concerned about it which is why I have started looking for a better alternative.

posted 12-16-2009 06:37 AM                  

You advertise that you offer "Agreed Value" coverage. What is that?

"Grundy offers Agreed Value insurance, where you, the customer, and we, Grundy Worldwide, agree on the value of your collector car. In case of a total loss, you will receive that amount. We understand that collector vehicles do not depreciate in value, over time. In fact, the values of these cars increase! And, that's why we offer Inflation Guard, as well-to protect your car at the value that it's actually worth. Over 60 years ago, James Grundy, Sr. invented the idea of 'Agreed Value' insurance, and it's worked ever since. A lot of other companies have picked up on this idea, but nothing compares the original."

*** Does that differ from "Stated Value" or "State Amount" insurance? ***

"Absolutely," "There is a huge difference between our Agreed Value policy and a Stated Value policy. Some people (including insurance agents) mistake Stated Value for Agreed Value. And, that's a big mistake. If you buy a Stated Value policy and experience a total loss or have your car stolen, you may learn the hard way that your car isn't covered properly. Stated Amount forms say that the insurance company will pay the lesser of: a) The Stated Amount, b) the cost to repair the vehicle that doesn't exceed the Stated Amount or c) the "Actual Cash Value." And, with that third statement, a claims adjuster is allowed to settle your claim for LESS than the Stated Amount! And, this is why all collector car owners need a Grundy Agreed Value policy. If your car is stolen or totaled, you will receive a check for the amount that we agreed your collector vehicle was worth."

>> Hagerty also states: Agreed value coverage

posted 12-16-2009 08:39 AM                  

jmo

sam

posted 12-17-2009 03:56 PM                  

quote:

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Originally posted by spoons:
Jan,

I called 6 collector car insurance companies and Grundy had the best rate. I do however have one concern with collector car insurance; that is they only want to use the car for pleasure drives and car shows. All of the insurance companies I called said they do not cover the vehicle if it is used to run errands or parked in a parking lot of a store or restaurant.

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posted 12-17-2009 04:33 PM                  

Yes if you have invested thousands in actual costs for modifications (and I would assume you better have actual receipts if you have to file a claim)then it makes sense, but if you have a fairly stock Prowler, you probably can come out ok. Insurance is one of those necessary evils in life, and it is how much you want to gamble in the end.

posted 12-17-2009 06:00 PM                  

quote:

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Originally posted by garysss:
Thats why I don't have them, I do take it out to dinner, to a friends house and occassional will run a errand. I don't want to have to worry about if I'm covered. My luck it would be the one time I stop at a store and get hit in the parking lot.

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