pop23235

I've been with State Farm for exactly 50 years. In these 50 years, my wife filed one claim. But, like anything else 50 years old, it has changed. State Farm of 30 years ago is what I want today and they are not it. Don't know why they've changed, but I'm already shopping and told my agent that this week. It's a shame too. They were once the premiere insurance company. Now they compete with Progressive and Geico.

wmf62

just went through a 'renewal' with my son's Progressive coverage on an 82 jeep and a 03 tundra. Progressive wanted $358 for 6months for the tundra, Geico wanted $178

Bill

Frankie the Fink

Premiums aside, the true test of an insurance company is whether or not they will pay a claim, without a hassle, regardless of size, in a sufficient manner to repair your car to its former condition. Premiums are secondary to that if they are reasonable and competitive. Many classic car insurance companies are underwritten by American Modern....the goal is to pick an outfit that will be the best 'ambassador' to the underwriter in representing your interests.

NCM did this in spades for me on a large claim....

So, you can pat yourself on the back about how cheap your insurance is, how long you've had it, etc.. If they make you miserable when filing a claim or see their job as negotiating your needs into the toilet for repairs - guess what ?

You picked a loser....

jfr's 63swc

FWIW, I have Hagerty - 140K agreed value coverage for 2 cars for $960. Time for renewal and based on comments I went to NCM's website and requested a quote. Never heard back from them so I renewed with Hagerty. Maybe next year they will respond!

Jon

DansYellow66

I've been with Geico for almost 50 years now. I wandered over to State Farm a few years ago for 2 years to the tune of ever increasing rates on the same depreciating daily driver cars. I only did it due to the hook and bait of a lower rate on my home owners policy that they hold.

Then my wife had a minor fender scratcher backing out of a street the city had blocked and they canceled her good driver discount and hiked her rates - first accident (if you can call it that) that she has ever had any responsibility for. They had also been bugging us to put monitors on our vehicles every time I complained about their rates increasing - and I view that as a Big Brother watching type thing that I don't go for. So I said I'm out of here and fled back to GEiCO who let me back in with a lower rate than when I left - which I would expect with vehicle 2 years older. They laughed when I informed them of my wife's fender scratcher and SF canceling her good driver discount.

I've only been in one accident as a driver, when a women coming from the other direction made a left turn into me and totaled my Mustang GT. GEICO treated me well and settled everything up to my satisfaction. I view it as a moment of temporary insanity that I left a couple years later for my foray over to State Farm. Won't be repeating that.

No complaints with State Farm homeowners policy. And I recognize that insurance rates, coverages, treatment can be state specific. Pays to check around.

More specific to the OP, I had American Collector's for quite a while but they have a thing against Cobra Replicas so I was forced to change to Modern and they have been fine - however no claims with either one for other than a flat bed tow. My 66 is covered for $51K (I know - a bit low) with $1,000 deductible for $189/year. I insisted on the deductible as I can take care of minor things myself.

Frankie the Fink

I had a $2,700 claim with American Collector's in 2008 for a cracked windshield in the '61. Got a no-hassle payment for that amount and was well satisfied but the rates got into an upward spiral...

If you want to deal with an unscrupulous home insurer (State Farm) that bilks millions out of its customers annually through 'virtual' overseas companies that's a personal choice of course:

http://www.heraldtribune.com/article.../605227014/SH/

fake

Hagerty they pay the claim with out hesitation and also will give you stated value for a resonable price. I pay less than 500.00 a year for two vettes

Frankie the Fink

Stated value is not what you want - "agreed upon" value is the only way to go with classic cars.

DansYellow66

I've had 5 or 6 minor claims on State Farm home insurance over 36 years - the biggest was a new roof damaged by hail. No personal complaints but after I dropped their Auto insurance they really jacked my home owners rate up. I went shopping around to the usual group (Farmers, Shelter, Allstate, etc) to switch but they were all so much higher that I couldn't go to any of them. But I'm not infatuated with State Farm. They are sort of on my last nerve and it's pretty raw. Just looking for an affordable deal.

smacota1

Frankie the Fink

Off topic but in the vein of the above post. I had ASI homeowners for 10 years in Florida - a few years back their rates crept up $400. A broker shopped around and got me a great deal with a killer price.

Turns out it was ASI with a rate that was lower than my initial rate before the increase and better hurricane coverage - I went for it. I asked the agent if he could explain it - he said no....

Its a big, inexplicable game...

vettebuyer6369

I got the big test when my first split window suffered the dreaded “sunbeam paint sizzle” on the hood, deflecting from my chrome air cleaner at a car show. I discovered on a hot July day that this was not an urban legend and had a burnt seared paint stripe in the middle of my hood about 6-7 inches long.

The paint shop struggled with matching the Sebring silver (metallic) on a 50 year old car, but managed to get the hood repainted nicely. American Modern paid the bill no questions asked, and my agent told me if there were any unforeseen issues to get back with her and they would fix it.

This is the stuff that keeps me with a company.

My State Farn story. Many years ago I let a guy who was a big State Farm Guy whose kid I was coaching in hockey talk me into switching the cars (DDs and Corvettes) because he guaranteed me in writing the coverage was better and the rate was clearly lower. He managed to get me to bring in the house insurance as well, because it was the bundle that made it go. Long story short, the final coverage was exactly the same and the cost was actually a few dollars more than I was paying. I asked SF directly how an agent can quote me in writing and they not back it up. They said he miscalculated, sorry. He said he miscalculated, sorry. I said cancel everything. Sorry.

By the way, SF has a headquarters not far from here (Bloomington) where many local residents work for. The culture in that town is like they are Big Brother and people actually look over their shoulders in a restaurant because someone from “The Company” might hear them talking about them. It’s a little creepy.

Progressive (politics) and State Farm are 2 companies I would not even have a conversation with. I would not even consider for a second the little monitoring devices.

Duck916

You are correct. People use these terms interchangeably, but they are different. Most companies use them as follows:

Stated value is a rating figure. The insured tells the company what the vehicle is worth $40,000 and the company uses that figure to calculate the premium. The policy is issued with a stated value figure which is effectively a CAP on the insurance company's payment in the event of loss. The company will pay ACV up to that cap in the event of a total loss.

Agreed value is a figure pre-agreed to that the company will pay in the event of a total loss.

On my Hagerty policy they call it "guaranteed value" and the policy terms are the same as agreed value above.

Regardless of the term, it's important to read all of the policy. I cannot tell you how many "guaranteed replacement" policies I've seen that are anything but.

smacota1

I used to have ASI also......kept creeping up. Had to go to Southern Fidelity...just got my renewal and they dropped $90.

Sorry this is off topic...

My 65 is with Hagerty and it is $365 annually.

GTOguy

My '61 is insured fully by American Collector's for a 55k agreed value for about $260 a year. the O.P. is paying much too much for insurance, IMO.

Adam Boca

Hey Jon, sorry for the lack of response! Send me an email with your name and rough idea of when this was and I will look into it. I feel pretty strongly that the quote never made it to our box. info@ncminsurance.com is the email address.

Thank you!

Adam Boca

66Vett

I use USAA and have my 66 at an agreed value of $65,000 with usual restrictions for $460 a year. It looks like the OP is paying to much or has no restrictions on the use of his car. I say shop around.

GCD1962

The high cost was for Flo's stupid commercials

GCD1962

How are you way ahead if you are paying liability on each car? I insure 4 cars for less than you pay for one with collector insurance. You really should change the wording to "I have way over paid over the years, so that I can drive my collector cars to Walmart and the mall"

68hemi

It is a bundled policy. Liability is included in the policies, I have no idea how they do it and don't care as I am satisfied with my coverage, premiums and claim history.

I have my 1957 and 1965 Corvette, 1999 Ford F150 insured for collision, glass damage, increased liability limits with 250 deductible and my 1966 Charger and 1987 Jeep on the same policy with the same coverage but these two are listed as in storage. My MONTHLY premium for all is $205. which is $2460. per year for three driven vehicles and two stored vehicles. What would YOU be paying for the same?