Insurance Coverage

[NWYENKO]

I am contemplating shopping insurance. There has been a big discussion on the Camaro site re various companies and coverage. There seems to be somewhat a concensus that Hagerty is worth checking out. I am currently with Safeco but there is confusion re the "stated" vs. "agreed" value stuff. Also my umbrella requires a $500k liability and don't know if that is a problem with some of these specialty companies. Any help or thoughts would be appreciated. Jim

[9566 BA]

I have allstate insurance. I called my agent and told him I wanted to insure my copo for 50K. He said no problem they have a special policy for that kind of car. It is full coverage insurance, uninsured the same as the rest of my cars. On the policy it states 50,000 or actual cash value. My agent told me if I got in a wreck they would pay whatever it cost to fix my car or if was totally distroyed or stolen up to 50K. I can drive the car 7000 miles a year and it cost $ 500 a year. Jeff

[Edited by 9566 BA (04-01-2002 at 09:24 AM).]

[Z28DZ]

Here's the link to the discussion, interesting:


http://www.camaros.net/forum/Forum2/HTML/002911.html

and an update:


http://www.camaros.net/forum/Forum2/HTML/002926.html

[Edited by Z28DZ (04-01-2002 at 10:52 AM).]

[DjD]

I have Hagarty and what you guys want to do is ask if the policy is "stated" or "agreed" value. In Jeff's case I bet they call it "stated value" Which if it were a brand new car would be the sticker or purchase price. Payout on that new vehicle is depreciated as time goes by. The payout on a totaled "classic" would be an avg of the first few like year camaros they verify sale price on. That 50K copo might have a replacement value od 10-20K with stated value. Here's the links to the Team Camaro threads...

http://www.camaros.net/forum/Forum2/HTML/002911.html

http://www.camaros.net/forum/Forum2/HTML/002926.html


...Dennis

[tom406]

Hagerty is the WAY. I know two people who have actually had to collect. One was an accident he caused, the other a major engine fire. Hagerty was there quickly and paid up fairly. THAT's what you're looking for. The cheap premiums are just icing on the cake.

[ssl78]

I have state farm and just called to insure my 69 big block Camaro with a value of 35,000.00, like allstate I can also drive up to 7000 miles a year the premium is 100.00 every six months. I hung up and called back and asked if she made a mistake she said no because it is a classic it is relatiely cheap. I also have a L-78 Chevelle conv insured for 40k for just fire and theft and the premium is 28.00 for six months.

[Edited by ssl78 (04-01-2002 at 12:00 PM).]

[9566 BA]

I called my agent at Allstate and he said I have a "stated" policy. I read the post on team camaro and drilled him pretty hard about the limitaions of my policy and the payoff and several other issues they had discussed.
All he told me was he would take care of any problem I had not to worry. I think I will call Hagerty's. I would rather not find out if my agent is right. It would be too easy to blame corperate. Jeff

[BBIGG BLOCK 396]

On the insurance around here in Houston that I have checked on for my chevelle,rather it is stated or agreed upon, you also need a legitimate classic car appraisal! I had a couple of agents that told me as long as you have an appraisial!! they would have to pay that amount!! for $35,000.00 it is $300.00 a year full coverage,fire,theft,liability uninsured, and 7000 limited miles per year.

[Kurt S]

Be careful on those appraisals. I know of a buddy who had his car insured for 15K with an appraisal to back it up. It was stolen, they told him he needed 3 appraisals, paid him $4500. He challenged in court and lost.

Agreed value is the way to go. Currently shopping around myself.
I believe State Farm has an agreed value policy now for classics, btw.

Kurt

[Stefano]

State Farm has a special policy,as Kurt stated just for classics. They insure all my cars and bikes at not only the best coverage but also the best rates.
No Company is perfect but this has been the best overall program for me.