68hemi

I have always insured my old cars with Allstate with full coverage with my other vehicles. I have had a few claims over the years with no problems with Allstate. However, I anticipate that if I had a complete total or my 57 stolen it would likely be a problem recovering the value of the car.
I have looked into collector insurance with the typical companies that specialize in this. They all have restrictions that don't work for me the way I use my car a I drive it more than they like. I am wondering if it would do me any good to insure the car with one of these companies at the same time I have it insured with Allstate just for the total loss aspect and if it is even legal?

427390HP

I don't think that is a good idea at all but here's some information on the subject:

http://www.carinsurancecomparison.co...ies-on-one-car

65GGvert

You can probably figure a way to pay for two policies, but if you collect on two it's fraud. I'm not sure what restrictions you've run into, but Hagerty is very liberal with those and has an agreed value payout. If you use it for business or your primary transportation that won't work.

MikeM

When you wrap it around a pole and the insurance companies come to claim the salvage, which company are you going to give it to?

csherman

The answer is yes you can insure with two companies they will gladly take your money.....with that being said trying to collect on a loss from two different companies is completely different.....
There are things like ISO, NICB, etc... that insurance companies use to track and log claims.
What I do and what I suggests, Daily driver cars like your everyday cars and trucks insure thru a regular insurance company. A specialty vehicle insure thru some one like Hagerty etc... Normal insurance companies are not good at and dont specialize in collector cars.

Frankie the Fink

Car insurance (and any insurance) is to make you financially "whole" again after a tragedy. The classic car companies give you reduced premiums and "agreed upon" value because of the reduced risk in most classic car scenarios....that is diametrically opposed to putting "daily driver" type mileage on a classic car.

This keeps coming up and I don't know why its hard to understand.. Many collector car policies cover pleasure driving but not daily driving "e.g. running errands, etc"

I don't know the specific laws in your state but I can almost guarantee you that 'double coverage' is not going to benefit you....over and above the premiums you'll incur...

MarkC

This is a really bad idea. Dual or double coverage does happen when policy holders switch to a new company. Agents like to be safe and overlap the coverage so in case of an accident they don't have an Error's and Omission claim. In cases where you have a first party claim, the companies split the value 50/50. In liability cases you have double limits which will be paid pro rata. You are much better off getting a stated value policy. Also, if you collected twice they will come after you for 50%.

The information I gave you applies to Virginia, coverage in different states may vary but the general rule is that you can not collect twice.

68hemi

I read the info in the link posted in the first response and got the pros and cons to having two policies.

I am not interested in trying to collect from two insurance companies to make a profit I just want to make sure I am properly and fully compensated if I have a total loss for the actual value of the car. I have asked Allstate how they would do that in the case of theft and they say they would pay at the cars current value. However, I don't feel comfortable with that value decision being their call.

I probably drive my car more than most C1 owners. I might run an errand with it from time to time but I definitely drive it out to dinner and drinks in the evenings and use it as transportation to visit my kids who live 125 miles away one way. In that case the car would not be garaged overnight. I plan to do a complete route 66 drive in the next couple of years and also plan to do a west coastal highway trip as well as some other vacation trips with the car. I don't think the specialty insurance companies are on board with this kind of use.

MikeM

[QUOTE=68hemi;1594569473]

I am not interested in trying to collect from two insurance companies to make a profit I just want to make sure I am properly and fully compensated if I have a total loss for the actual value of the car. I have asked Allstate how they would do that in the case of theft and they say they would pay at the cars current value.

Have your Allstate agent contact the underwriter and have him provide, in writing what he would pay in the event of a total loss.

This has been beat to death on this forum over time. Do yourself a favor and google both agreed value and stated value auto policies.

68hemi

Do yourself a favor and google both agreed value and stated value auto policies.

I have already done this. I will however contact the underwriter and have him provide, in writing what he would pay in the event of a total loss. I hope it does not create a problem for me with Allstate.

cv67

Page Adam at NCM hes a member here he can answer your questions and come up with something that works for you. Hagerty imo is way too much if its modified sit down for your quote.

A regular driver type policy wont give you what yours is worth guaranteed if it got totaled or ripped off cant have your cake and eat it too

warrenmj

Read through this thread and then do yourself a favor and call Adam
https://www.corvetteforum.com/forums...insurance.html

6T5RUSH

68hemi,

Hagerty's been my "Agreed value" insurer for 15 years. We did the Route 66 trip, from our home in Michigan over to just south of Chicago then all the way to Santa Monica, California. Drove up to San Francisco and toured that area. Headed back home via I80. We were gone 21 days and covered just over 5,700 miles. Was a blast! A call to Hagerty on how this would be viewed (is the '65 insured) since it's parked in motel lots overnight and restaurants during the day...their response..."enjoy your trip, you're covered"!

We had no mechanical issues other than burning a quart of oil...bfd!

You owe it to yourself to have your cars insured through a collector car insurer at AGREED VALUE and discuss with them how you drive your cars for those special, once in a lifetime trips. This will give you peace of mind.

One additional consideration is get yourself a roadservice policy. I've had AAA roadservice for years. I spent extra to get the maximum towing range (200 miles) in the event of a breakdown. Flat bed service in air ride suspension with air conditioning ain't all bad and minimizes those anxious moments. They'll cover you regardless of what vehicle you are riding/driving in.

Jim
In God We Trust!