Insurance question

[pb24]

I currently have Hagerty insurance on my 1969 Dodge Charger and my policy is up for renewal next month. In was at my local AAA office today(Automobile Club of Southern California)  and thought I would get a quote from them under their classic car policy. Their price was about $300 a year cheaper than Hagerty with better coverage. I've never filed a claim with Hagerty so I don't know how easy they are to work with  if I ever have a problem. All my other cars are insured through AAA and I have that with them I've always felt even very fair just wondering what insurance companies you guys use and experience with AAA under the classic car policy?

[Ghoste]

I had never heard anything but good about Hagerty but that makes me wonder.  My own Charger is with Intact and it is a classic policy.  I was considering Hagerty this year and I should still get a quote toc ompare but I wonder now.

[XS29L9Bxxxxxx]

For my collectible vehicles, and not just cars, my insurance is through www.ncminsurance.com

[303 Mopar]

I have Grundy for my collector cars and have found them to consistently be less than Hagerty.

[chargerperson]

I have Hagerty and have had an interesting 12 months with them in the last year.
They raised my premium from $950 to $2,200/year.  I have the car covered for $125k.
While the car was at a shop, the shop flooded with water up to the bottom of the seats.
That resulted in a slightly over $100k insurance claim that ultimately Hagerty covered which was quite commendable but the end to end claim process was a bit more painful in spots than it had to be.
After a complete restoration in 2015, I know have almost another complete restoration as a result.  No body or paint work on the claim, but the car had all powertrain, suspension, interior (except headline, dash), etc. removed and replaced where appropriate.  650+ hours and several thousand dollars of new parts, I have almost a newly restored car again.

[John_Kunkel]

I haven't shopped for insurance for many years but some collector car insurance companies used to forbid pleasure driving in addition to the annual mileage limit. IOW, all driving was limited to car-related activities.

[chargerperson]

I have Hagerty and have had an interesting 12 months with them in the last year.
They raised my premium from $950 to $2,200/year.  I have the car covered for $125k.
While the car was at a shop, the shop flooded with water up to the bottom of the seats.
That resulted in a slightly over $100k insurance claim that ultimately Hagerty covered which was quite commendable but the end to end claim process was a bit more painful in spots than it had to be.
After a complete restoration in 2015, I know have almost another complete restoration as a result.  No body or paint work on the claim, but the car had all powertrain, suspension, interior (except headline, dash), etc. removed and replaced where appropriate.  650+ hours and several thousand dollars of new parts, I have almost a newly restored car again.

Amazingly enough I received a renewal notice and despit a 109k claim they did not raise my insurance.  While they had raised the premium from 900 to 2,300 before the claim I was fully expecting an increase or to be dropped

[BrianShaughnessy]

  I've had https://americancollectors.com/
  For awhile I was pissed as I said Black Betty was modified for the few modifications I had made.   (hint:  DON'T).   I called them back up and put it back to 'stock' as it was basically doubled in price to be modified.
  I shopped hagerty awhile back when adding Sinnamon.   I have both cars under AC for about the same as Hagerty quoted for 1. 

[Just 6T9 CHGR]

  I've had https://americancollectors.com/
  For awhile I was pissed as I said Black Betty was modified for the few modifications I had made.   (hint:  DON'T).   I called them back up and put it back to 'stock' as it was basically doubled in price to be modified.
  I shopped hagerty awhile back when adding Sinnamon.   I have both cars under AC for about the same as Hagerty quoted for 1. 

Ive had American Collectors on my Charger for 22 years....

[moparstuart]

https://ncminsurance.com/collector-car-insurance/     I have the National corvette Museum Insurance   Great coverage and very reasonable     Adam Boca will hook you up 

[Birdflu]

https://ncminsurance.com/collector-car-insurance/     I have the National corvette Museum Insurance   Great coverage and very reasonable     Adam Boca will hook you up  

I just switched from Hagerty to NCM. My annual premium for (6) collector cars went from $2586 down to $1283! That ALSO included adding a 2013 ZL1 Camaro (for a total of (7) cars) AND increasing my liability limits from 100/300 liability to 250/500! Sure wish I had used them from the get-go! Who knew!  

[Charger_Dart]

https://ncminsurance.com/collector-car-insurance/     I have the National corvette Museum Insurance   Great coverage and very reasonable     Adam Boca will hook you up  

I just switched from Hagerty to NCM. My annual premium for (6) collector cars went from $2586 down to $1283! That ALSO included adding a 2013 ZL1 Camaro (for a total of (7) cars) AND increasing my liability limits from 100/300 liability to 250/500! Sure wish I had used them from the get-go! Who knew!  

LOL - I live in Massachusetts and they sure have the right response! This is what their website displays:

[Birdflu]

WOW! That sucks! 

[lloyd3]

I've used American Collectors for many years now (24?). Had a significant claim ($10k plus) back in 2008 for an accident that they handled appropriately. My rates still seem reasonable and the limits on use seem reasonable as well (2,500 miles per annum).  I'm only using them for one car and that car is only driven for local toots around town and the occasional show. I also have limited my stated value on the car to $50K, which I'm sure helps with the cost of the coverage, which is something like $400.  If somebody here has better way to do this, I'm all ears.

[Aero426]

The only reason to not have your classic insured with Hagerty, etc, is if you are going to drive it every day.     Your rate might be better, but is likely a "stated value" compared to the guaranteed "agreed value" you have with Hagerty and others.    That said,  I would shop your car to different collector car insurers and get some quotes.     Hagerty is a good outfit, but you are "paying for the magazine", if you know what I mean.   The two times I have shopped Hagerty, they were significantly more than what I paid through Heacock or Classic Collectors.   

Most important thing: if you go with AAA, is to make sure the policy language is "agreed value",  not "stated value".     Check any usage restrictions on the policy.

[Chargen69]

my neighbor got smashed in his 69 vette. covered by Hagerty.  he had a lot of trouble getting paid, they told him to take it to whoever he wanted and when the time came to pay they held back.  it wasn't until somebody in his club who has 10 cars under Hagerty called them that he got paid

[Aero426]

my neighbor got smashed in his 69 vette. covered by Hagerty.  he had a lot of trouble getting paid, they told him to take it to whoever he wanted and when the time came to pay they held back.  it wasn't until somebody in his club who has 10 cars under Hagerty called them that he got paid

Gotta be more to the story.     

[Chargen69]

nope. there isn't.  he was going 60mph down the interstate and a punk running 85 didn't change lanes fast enough.  I think the problem is they thought it was going to be an easy fix, but since they told him to take it to whoever he wanted, he took it to the top of the line corvette shop in charlotte NC.  whole back half of the car is brand new

[Birdflu]

The only reason to not have your classic insured with Hagerty, etc, is if you are going to drive it every day.     Your rate might be better, but is likely a "stated value" compared to the guaranteed "agreed value" you have with Hagerty and others.    That said,  I would shop your car to different collector car insurers and get some quotes.     Hagerty is a good outfit, but you are "paying for the magazine", if you know what I mean.   The two times I have shopped Hagerty, they were significantly more than what I paid through Heacock or Classic Collectors.  

Most important thing: if you go with AAA, is to make sure the policy language is "agreed value",  not "stated value".     Check any usage restrictions on the policy.

Doug brings up a good point in regards to "stated value" vs "agreed value". That was the first thing I verified when checking into NCM. Turns out their quote, which was less than half of what we were paying with Hagerty, covers our cars with the exact "agreed values" that we had with Hagerty. I made sure I was comparing apples to apples. Just to be fair, we did reduce the annual mileage to 1000 or less for all of our cars. Usually, we're lucky if we can stretch the legs on 3 of them over our very short Minnesota summers. Any mileage that doesn't get used, accrues from year to year. I also know that I'm not going to let a mileage restriction keep me from using a car or two. If I get close to the 1000 mile limit, I'll call 'em and pay the difference to increase that particular car.

[ACUDANUT]

Stewart,

At this time, your risk does not qualify for this program.

Please contact us at 877-678-7626, during 9:00 AM - 5:30 PM EST to determine eligibility

That is what I got from your info.

I use American Collectors . 700 a year for 6 cars.

[Aero426]

nope. there isn't.  he was going 60mph down the interstate and a punk running 85 didn't change lanes fast enough.  I think the problem is they thought it was going to be an easy fix, but since they told him to take it to whoever he wanted, he took it to the top of the line corvette shop in charlotte NC.  whole back half of the car is brand new

Point is, we don't know the specifics of what took place between the shop and the insurer.      It is true that the insured can take their car anywhere they prefer.   If the repair was more complicated and the estimate was revised close to or just over the damage threshold, I can see that complicating things.     This is honestly the first time I've heard of Hagerty or any other classic insurer dragging their heels. 

[Aero426]

Stewart,

At this time, your risk does not qualify for this program.

Please contact us at 877-678-7626, during 9:00 AM - 5:30 PM EST to determine eligibility

That is what I got from your info.

I use American Collectors . 700 a year for 6 cars.

I don't know how you get a 100 percent accurate quote online.    A good bet is to call the company up front, or better yet, call an independent agent and have them shop multiple companies to get you the best deal.    I use Rally Insurance in Chicago.   Very easy to deal with.  They got me three apples to apples quotes and I made a decision.     Plus you don't have to do any of the work.    

[Chargen69]

nope. there isn't.  he was going 60mph down the interstate and a punk running 85 didn't change lanes fast enough.  I think the problem is they thought it was going to be an easy fix, but since they told him to take it to whoever he wanted, he took it to the top of the line corvette shop in charlotte NC.  whole back half of the car is brand new

Point is, we don't know the specifics of what took place between the shop and the insurer.      It is true that the insured can take their car anywhere they prefer.   If the repair was more complicated and the estimate was revised close to or just over the damage threshold, I can see that complicating things.     This is honestly the first time I've heard of Hagerty or any other classic insurer dragging their heels. 

well now you've heard it

[Old Moparz]

Here's a copied & pasted reply from a similar topic on here but it's still relevant. I may need to adjust the values this year but I haven't been driving them so there less risk involved. I'll admit that I've never had to file a claim so I don't know how well the company is when it comes to settling an issue.

"I'll do my infomercial now.   

I've had the same company since 1989, Condon & Skelly, & started out with just one car, my Satellite convertible on the policy for $55 per year for $2500 value. That price went down to $45 when the car turned 25 years old. I added more over the years, & adjusted the value of each one as the market changed. Right now I have 5 cars on the policy ranging in value from $2500 for the rough Coronet convertible project, up to $18,000 for my Road Runner.

The premium for all 5 cars for one year, with full coverage that includes liability, comprehensive, collision, fire, theft, vandalism, glass, spare parts, & some more, is $360. That's cheaper than one rust free fender at a swap meet. They have to be in a locked garage & you must have a daily driver that they want the VIN of as proof. It doesn't matter if it's stock, modified, a finished car, a project, disassembled, or whatever stage it's in, all they need to know is that you are restoring it & that you supply photos of it."


Edit:....I saw that the original poster is MIA but I know others may be interested in saving a few bucks.  

[lloyd3]

How does "agreed-to" value compare to "stated" value?  Those terms get tossed about fairly blithfully here and I'm not sure folks realize that there might be a difference in how the insurance folks see them when a pay-out time comes for a totally destroyed car (like in a fire?). The devil is always in the details. Also...seeing fairly frightful numbers for the various restored 4-speed cars being listed for sale these days.  My concern is that I'm under-insuring mine.