vaughn_logan

Some time ago, there was a thread circulating about insurance companies who write policies on classic and antique vehicles.

It was split approximately 50-50 on which company was the best.

Both Hagerty and State Farm would insure my 1960 Corvette at an AGREED VALUE of 155K ... here is the breakdown:

Hagerty = $2,270 per year for full coverage zero deductable 500K Bodily Injury / 100K Property Damage.

State Farm = $882 per year for full coverage zero deductable 500K Bodily Injury / 100K Property Damage.

State Farm Gets My Business !!!

SolidAxle

You are not comparing apples to apples. State Farm uses "stated value" and Haggerty uses "agreed value". The difference can be huge if you have a claim. I used State Farm for years for my collection but last year switched to Parrish Heacock, in part, for the above stated reason. Parrish Heacock was approximately 10% higher overall than State Farm and provided an "agreed value" policy as well as annual fleet billing. State Farm only offers individual policies and no annual billing plan. Don't just compare the policy limits when deciding. Haggerty, Parrish Heacock, Condon & Skelly, and the like become much more price competitive when you insure multiple cars. There is little, if any, price advantage with State Farm for multiple classics.

crw41

I used to have State Farm.

In Ohio, they won't write agreed value policies.

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Like most insurance companies, thier policies are cryptic and full of disclaimers.

Example:

A friend had "replacement value" policy for homeowner's insurance and a pipe sprung a leak. The water trashed a $,5000 leather couch. The insurer wrote a check for $1,123. This amount is their "replacment value" for a couch.

Since 9/11, Katrina etc. these companies are devising more and more ways to make up their losses (not antcipated) + a little bit of extra profit.

Yearly premiums rise as do exclusions.

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Use Haggerty or Grundy.

Sate Farm "is not on your side" when it comes to insuring your collector car.

Joel 67

I agree. State Farm will never really understand the value proposition on your car. To them it is another policy. Hagerty, Grundy, American Collectors, any of them would be better than a traditional carrier

Kensmith

I checked with Hagerty, Allstate, and Grundy. Went with Grundy as best rate and less restricted on miles and I plan to drive my car.

66jack

How does a Homeowners ins. policy affect the outcome if something was to happen while the car was in the garage???
jack

JohnZ

Won't pay you a dime for your car - homeowners policies specifically exclude cars.

Kensmith

Homeowners is seperate from car insurance. If you are storing the car, suspend liability and keep comp in case it's stolen or burned. But homeowners only covers home and personal property and not vehicles.

Biggus Blockus

I am an 11 year State Farm Agent.

The policy we write on Collector cars is AGREED Value in Iowa.
This means we have an iron-clad value already in place if the car is totalled.

I cannot say for 100% sure it is the same in all other states - but I cannot see a reason why it would be different than AGREED value.

State Farm has an excellent policiy for collector cars that is certainly just as good (and often better) as any of the specialty insurers. I have compared the policies, and State Farm's usage restrictions are much less than many of of our competitors.

DZRick

Any way as an Agent you could find this out for everyone.

For the guys stating "agreed vs stated values" I read the first post and he claimed that both were agreed value.

66jack

Can't you ad what is called a RIDER to you home policy?
jack

win1876

I use Grundy with an agreed value of $50K
I would not use State Farm. Heard too many bad things about them before Katrina.

Tintin

Can't you ad what is called a RIDER to you home policy?
jack

You need a garage policy , like I used to have when I owned a bunch of tire stores if you do not want to specify vehicles or you have a number of cars. It wasn't cheap as I recall, perhaps the Roman State Farm guy can give you an idea... I use AHI for my cars, no mileage restriction at all and pretty good rates... Not to start trouble , but how could a 60 Corvette be over $150K? Outside of the fool's parade up the street from me that goes on in January, I can't see how any mass produced car could push past $100K.. maybe I should have my car reappraised?

JoesC5

I have both my 56 and my 64 insured with State Farm and they are "agreed value" polices(Missouri) with their regular polices on my C5 and my Mercedes plus homeowners and life. With all the "discounts" of multiple polices, etc., my "agreed value" collector car polices costs are very low, about half of what the speciality car insurors are. In addition, they bill me monthly for a extra cost of $1/month on all my policies. I don't have to pay 6 months in advance like other companies.

Ron Miller

Been discussed before, my cars are also presently insured for agreed value with State Farm, and have been insured with them for over 30 years in Colorado, Mississippi, Arkansas, and Missouri. I don't remember specifically about the Colorado and Mississippi coverage, but both Arkansas and Missouri have been for agreed value. I had one car insured for partial value coverage in Arkansas about 15 years ago, only covered for $10,000 though the car was worth about twice that at the time. Had a big loss, found out that State Farm had quit writing partial value coverage 3-4 years earlier (though the agent wrote this one for partial value). I informed the claims office at settlement time that I hoped to get $6,500-$7,000 and keep the car, thought I could rebuild it myself for that figure.

State Farm took the estimated value at the time of loss, subtracted the salvage value (since I kept the car to rebuild), and paid me $10,500 even though my policy was only for $10,000. They considered that it was an agent's mistake not to have written the policy for the full agreed amount, considered it the company's mistake, and paid me as if it had been written for the full agreed amount.

A lot of a person's satisfaction with an insurance company is directly related to the knowledge, helpfullness, and integrety of the agent, regardless of which company you're insured with. Fortunately, I've had some good State Farm agents through my many years of insurance history with them. No, I'm not a State Farm agent, have no interest in the company other than having my insurance there.

I'm hoping the loss in Arkansas is the biggest insurance loss I ever have, but we never know. My hope with insurance is to always try and have it, but hope I never need it. I don't know and can't speak to any experiences other than my own, but if I have another loss on my home or vehicles, I'm pretty sure it'll be with State Farm as a result of my past experience with them.

SolidAxle

No "agreed value" from State Farm here in Ohio, only "stated value". I only want to be billed once per year, otherwise..... for 30 cars: 30 bills x 12 months = a giant pain in the a$$. 1 check, once per year with "agreed value" is much better for me. Here is how my old State Farm policy was written:

"COVERAGE UNDER SECTION I - LIABILITY - COVERAGE A AND SECTION II - MEDICAL PAYMENTS - COVERAGE C APPLIES ONLY WHEN YOUR CAR IS USED IN EXHIBITIONS, CLUB ACTIVITIES, PARADES OR OTHER FUNCTIONS OF PUBLIC INTEREST AND OCCASIONALLY FOR PLEASURE AND BUSINESS."
...

"The limit of our liability for loss to property or any part of it is the lower of: 1. the actual cash value or 2. the cost of repair or replacement.

You and we agree that the actual cash value is the amount shown on the declaration page..."

This is a "stated value" policy not an "agreed value" policy. State Farm will pay either the actual cash value OR the cost of repair or replacement. They will never pay the higher of the two. I think that you will find that they will always find a "replacement" that is lower in value from your actual cash value.

Example: Your car burns up in a fire. Completely destroyed, no salvage. Let's say it is a 1960 in #1 condition that you insured for an actual cash value of $100k. State Farm will most probably be able to replace your vehicle with what they consider a #1 car for less than your $100k.... and that is the amount that they will pay you. With my "agreed value" policy from Parrish Heacock (similar to Haggarty, etc.), I would receive a check for $100k as that was my policy agreed value.

The State Farm policies may be written differently in your state but regardless be very specific with the questions that you ask your agent. Better yet ask a State Farm claims adjuster, he'll tell you the way it really is before you find out the hard way.

Bottom line is that I think you get what you pay for.

vaughn_logan

WRONG ... WRONG ... WRONG

I am comparing apples to apples. State Farm in California has written an AGREED VALUE policy for $155K. My original comment stands.

Dick Horzen

Anybody use AAA, the auto club?? I have a policy pending....

Gibson_L5

Call Jackie at Parish Heacock....
http://www.parishheacock.com/content/
The BEST I have found after several comps...
Agreed Value.

Tell her Frank sent you.....
It allways helps the rate if you have multiple cars to insure.

Trophy Blue

Does anyone here use JC Taylor Insurance out of Pennsylvania?