insurance increase
12-30-2018, 09:31 AM
#1
Racer
Thread Starter
insurance increase
I just received my renewal notice from Hagerty who increased the premium by 20% over last year. Are you seeing the same increase? What other insurance companies or options have you been satisfied with?
12-30-2018, 10:25 AM
#3
Tether Man
Member Since: Dec 2004
Location: Pittsburgh, South Hills
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12-30-2018, 10:32 AM
#4
Melting Slicks
National Corvette Museum Insurance.
Friendly people.
Competent too; They understand the cars.
Coverage is Great.
Agreed Value!
Prices are very, very good!
They have many very satisfied customers.
Happy New Year!
Marty
Friendly people.
Competent too; They understand the cars.
Coverage is Great.
Agreed Value!
Prices are very, very good!
They have many very satisfied customers.
Happy New Year!
Marty
Last edited by DRM500RUBYZR-1; 12-30-2018 at 10:32 AM.
12-30-2018, 10:47 AM
#5
Drifting
I dropped Hagerty this year and went with NCMI. Not a huge price difference but was able to add the ability to add the coverage that I could drive the car to work a couple days a week if I wanted to as well as shows and simple pleasure drives. Still limited to 3000 miles but that has been plenty.
Since my car is just a driver, the insured amount is a realistic $40,000 coverage.
Just glad I have not had to find out how good they are at handling an accident or loss claim but I have heard good stories.
Since my car is just a driver, the insured amount is a realistic $40,000 coverage.
Just glad I have not had to find out how good they are at handling an accident or loss claim but I have heard good stories.
12-30-2018, 10:54 AM
#6
Melting Slicks
I was going to ask how much you guys pay, but I'll ask it differently. My annual premium with American Collectors is about 1% of our agreed value. How does that compare with your policies?
Last edited by kellsdad; 12-30-2018 at 10:57 AM.
12-30-2018, 10:58 AM
#7
Burning Brakes
I have used State Farm for my Corvettes, both old and new and they have been great. When my 62 fried the wiring harness they had no issue with me taking it to a Corvette shop in Massachusetts and paid the claim without issue. Claims on my daily driver just as easy. I have asked my local agent how can they make money on premiums so low and he just laughed. He understood that these old cars aren't driven that much, are watched over carefully by their owners, and the days of crazy horse play with cars is in the past (mostly).
12-30-2018, 11:03 AM
#8
Team Owner
I had State Farm when I lived in Tennessee. It was a good deal. Now I live in North Carolina and State Farm is not allowed to sell classic car insurance in this state. Check with them and see if they can in your state. I have Hagerty now but my renewal doesn't come up until September. They been a very good company for me and even covered my 2009 for a very reasonable price when I owned it.
12-30-2018, 11:29 AM
#11
Le Mans Master
Member Since: Nov 2015
Location: Really Central IL Illinois
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Our renewal in October was the same as last year - NO INCREASE. Premium is approx. 0.65% of the agreed value.
By contrast, our daily drivers are with Farmers (for now) and the premiums increase every 6 months - RUN FOREST RUN!!!!
Ron
12-30-2018, 11:54 AM
#12
Team Owner
Member Since: Dec 1999
Location: Florida
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My annual premium is about 1.2% with Hagerty. Maybe a little high, but I had a claim once and they were outstanding.
12-30-2018, 11:59 AM
#13
Team Owner
I wouldn't insure a bicycle with State Farm after the unscrupulous way they treated Florida home owners after the series of 2004 hurricanes...
Left owners in a lurch without coverage and then started back up through an off-shore shell to skirt regulations...
https://www.heraldtribune.com/news/2...in-on-a-crisis
NCM paid a large claim for me without a single question, more than many members have paid for their cars...
My car was restored with original, NOS or the highest quality reproduction parts by a shop with 48 years experience...and NCM was on board the whole way...
Maybe you save $100/yr somewhere else and then you need help and its a running gun-battle to get the service you expected - not worth it.
American Modern Ins is the "back end" for many (most ?) of the classic car companies but it makes a big difference how the "front end" insurer handles and presents the claim to them...
End of Discussion IMO...
Left owners in a lurch without coverage and then started back up through an off-shore shell to skirt regulations...
https://www.heraldtribune.com/news/2...in-on-a-crisis
NCM paid a large claim for me without a single question, more than many members have paid for their cars...
My car was restored with original, NOS or the highest quality reproduction parts by a shop with 48 years experience...and NCM was on board the whole way...
Maybe you save $100/yr somewhere else and then you need help and its a running gun-battle to get the service you expected - not worth it.
American Modern Ins is the "back end" for many (most ?) of the classic car companies but it makes a big difference how the "front end" insurer handles and presents the claim to them...
End of Discussion IMO...
Last edited by Frankie the Fink; 12-30-2018 at 12:06 PM.
12-30-2018, 11:59 AM
#14
Team Owner
Member Since: Oct 2004
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St. Jude Donor '05
No increase this yr,round 5 with NCM. Think 40k coverage was a little over $300?
Good service means more to me than a cheap premium. Have State Farm on the drivers..I did check into their classic policies wasnt good enough to sway me
I do not like S.F. trying to increase me every 6 mos due to mileage. I had my DD parked for almost 2 yrs and had to argue some to avoid a bump.
Had a claim with S.F on a driver, about 8k damage. THey didnt want to even cover 4k, took 2 mos of back and forth to get them to cover it, fix properly and not total the car
You guys probably know you can pick your own body shop?
Good service means more to me than a cheap premium. Have State Farm on the drivers..I did check into their classic policies wasnt good enough to sway me
I do not like S.F. trying to increase me every 6 mos due to mileage. I had my DD parked for almost 2 yrs and had to argue some to avoid a bump.
Had a claim with S.F on a driver, about 8k damage. THey didnt want to even cover 4k, took 2 mos of back and forth to get them to cover it, fix properly and not total the car
You guys probably know you can pick your own body shop?
Last edited by cv67; 12-30-2018 at 12:01 PM.
12-30-2018, 12:47 PM
#16
Administrator
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I’ve been very happy with American Modern and how they have treated the few claims I’ve had. We have very little discussion if I need to increase agreed value and when I had my under-the-hood-sun-deflection damage cause a hood repaint on my silver SWC, they not only paid without question they reminded me to come back if it needed additional work.
I had a very negative experience with State Farm so I’d never consider them, but to be fair it could have been an unscrupulous agent rather than the company. In any case, they did not cover his behavior.
I had a very negative experience with State Farm so I’d never consider them, but to be fair it could have been an unscrupulous agent rather than the company. In any case, they did not cover his behavior.
12-30-2018, 12:54 PM
#17
Team Owner
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12-30-2018, 12:56 PM
#18
Race Director
Been with State Farm for 53 years - never have had a problem!
OTOH, NCM wanted to insure my 67 as “modified” at a higher rate since it is NOM...... go figure, as the ZZ4 that is in it is less expensive and easier to replace than an original L79 would be!
OTOH, NCM wanted to insure my 67 as “modified” at a higher rate since it is NOM...... go figure, as the ZZ4 that is in it is less expensive and easier to replace than an original L79 would be!
12-30-2018, 01:07 PM
#19
Burning Brakes
49 years with State Farm with full coverage annual premium of $370 for '63 SWC Top Flight valued at 130K. Have had 3 minor claims in 11 years and never any issues. begee22
begee22
12-30-2018, 01:32 PM
#20
Enjoy while you can.
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Dropped Hagerty for NCM this past spring. Increased agreed value by 10% and cut premium in half = .45%