Hey all, quick question.

I saw another poster mention he had his vette insured through USAA. My dad was a pilot in the Air Force, so I have USAA for my DD's and my property, but when I got my 74 Vette I called them and they said they didn't do classic cars, and gave me the number of a company they recommended.

It seems like others have their cars insured with USAA themselves? I'd love to do that if I could, their customer service in the past has been outstanding (as is frequently mentioned), but I'm not sure what's up.

I'm not paying a ton on the insurance and the car is insured for a fair price, but I would rather USAA had the business, does anyone know if I did something wrong?

Thanks all.

 

They don't have specifically "classic car insurance", and comprehensive coverage values are probably what they are uncomfortable with.

However, they currently cover my '36 Ford Street Rod, my '68 Cutlass Convertible, and my '77 Trans Am...but I just have state-required minimums on liability and whatever else is required.

The good:
1. I have "insurance" so I can drive my cars
2. It's with USAA, so the customer service is as I expect
3. I don't have to worry about occasional or more usage, and the cars don't have to kept in locked garage

The bad:
1. It's much more expensive than more coverage from from a specialty insurer (JC Taylor is a good one)
2. I don't have collision or comprehensive coverage, so if there is a loss that is my fault, I'll have to pay for my cars.

Steve

 

American Collectors Insurance has an agreement with USAA to provide preferred policies to members.I pay $138 per year with an agreed value of $17K for my '78.My limit is 2500 miles per year,though they have other coverages.Vette cannot be DD and must be stored in locked garage.
Call them (800)630-6302.

 

I have USAA and what they told me was until my car gets more valuable than the book they wouldn't have any problems covering it. Until then as far as they were concerned it's just a used car. As long as it's worth less than NADA high value or similar guide I'll be ok. I'm still a ways from that so because of the service we've gotten from them I'll keep it there.

Bill

 

I have my 80 with them. If something happened to the car, I'm comfortable that they would pay book value, and that's more than what I have into the car. No mileage restrictions. I think I pay 225/yr.
I've been with USAA since 1970 and in my opinion they are one of the greatest business organizations in the world.

 

I use ACI as well now, that's the company they referred me to. I couldn't agree more about how awesome USAA is, far and away the best insurance company out there in my opinion.

I also have the ~$200/no DD/locked garage/2500m a year policy, and it's fine for how much I drive it, I was mostly just curious.

Thanks for the quick and knowledgable replies, as always.

Worth

 

USAA is Tops. They insure all my cars including the 73 Stingray. They will underwrite the Classic Car Insurance and carry it on your base insurance for a stated value. Garaged only, no drivers under 25.

I do all my banking with them too. They rebate ALL ATM fees!

 

I wish i could get insurance on my Vette but I have not found any company over here to cover it. Only liability is available.

 

I used to have American Collector for my 78 Vette and the 70 VW bug. But their restrictions got to be too much so I switched to Hagerty were you tell them what you need and they insure it accordingly. I was then suprised that the cost actually went down.

With American I had to keep them in a locked garage, with Hagerty I was allowed to go out on overnight cruises and vacations were it would be in a parking lot without any issues. However, they both stipulate that you use them as a daily driver, in other words, you can't take it to work.

 

I'm stationed in Europe and USAA covers my '79 (as well as the rest of my cars). I have nothing to mention that hasn't been mentioned thus far.

I'm very happy with the company and the service I've received.

 

I use USAA for all my vehicles. They are GREAT!

You can even do "comprehensive only" with no liabillity coverage through USAA (for cars in long term storage for example). My '80 was somewhere around $50 every 6 months.

-Mark.

 

Nice Thread, this will be very valuable information when I get my car up and running. From another very satisfied USAA customer.

 

A couple of words of caution:

If your insurance company says they will pay "book value," find out what book they use for cars out of Blue Book and make sure you are comfortable with that.

If you have "stated value" policy, BEWARE!

The following is from http://www.classic-british-cars.com/...nsurance.html:

"Types of Coverage

There are three basic types of coverage. Understanding the differences and selecting the best for your needs will play a very important role should there be the unforunate need to file a claim. They are:

* Actual Cash Value (ACV)
* Stated Value (SV)
* Agreed Value (AV)

Insurance companies will use one of these three different policy forms. These methods of determining the value of a loss for each is different, misunderstood, and frequently misrepresented by insurance agents.

Actual Cash Value: This is the typical type of coverage in a standard insurance policy and pays a “depreciated” value in the event of a claim. As the vehicle gets older, its value decreases. The insurance claims adjuster decides what the car was worth at the time of the loss. Disagreements can sometimes only be solved with litagation.

Stated Amount: This is the type of policy is often used for collector car policies and is frequently misunderstood. Many "Stated Amount" forms state the insurance company will pay the lesser of:

The Stated Amount
or
The cost to repair the covered auto not to exceed the “Stated Amount”
or
The “Actual Cash Value”

The “Stated Amount” only serves to set the maximum amount that will be paid. It does not guarantee you a settlement amount that reflects the value of the car when a loss occurs. The “Actual Cash Value” language allows the claims adjuster to settle your loss for an amount less than the “Stated Amount.” Sadly, most insurance agents are unaware of this detail. Most agents, unaware of the actual policy language, will insist if your collector car is stolen or totaled, you will receive the stated value. Wrong!

Agreed Value: This the type of coverage you should purchase. With this policy you are guaranteed in writing the amount you would acctually receive if you car is stolen or totaled. There should be no “Actual Cash Value” clause in the policy. The “Agreed Amount” policy should state that the insurance company will pay you the lesser of: The “Agreed Amount” or the cost to repair the car, not to exceed the “Agreed Amount”.

The “Agreed Amount” should be reviewed carefully with your agent before the policy is issued. Your agent and you must agree together upon the “Agreed Amount” before the policy is issued. The “Agreed Amount” should represent the true market value of the car at the time the policy is written. If the market value changes during the policy period, the “Agreed Amount” can be changed by endorsement. Before policy renewal each year the “Agreed Amount” should be changed, if necessary, to reflect current market value.

Most standard insurance companies do not offer an “Agreed Value” policy."

I worked with with insurance companies for many years and just because you thought you had certain coverage won't make a difference. Make sure you understand your coverage before you have a claim.

 

I absolutely love USAA, for my new cars, my house, my life insurance.

I also love them for their customer service and advice. The advice they gave me, regarding my 78, was to go with American Collector.

USAA would do "book value" on my 78...translates to treat it like a 28 yr old Chevy. They recommended a collector insurer so that I could get my "agreed upon replacement value". I took their customer service advice and went with American Collector for the 'vette and kept USAA for my new cars and house.

I have since left American Collector and went with Hagerty.

You love USAA becaue you trust them - so trust them and take their advice and go with American Collector or Hagerty for your classic Vette.

my 2 cents.

Swede

 

Been with USAA for 25 years, have had great service (they arent the cheapest, but you are paying for their world-class service)
When I bought my 72 Vette, I called ACI, they said that the FIRST year they would cover the Vette only up to the PURCHASE PRICE. After the first year, they would increase limit based upon agreed value of the car. ACI premium was less than $100/yr (added to my policy along with 75 TR6) I only paid $8k for the Vette.

Called USAA and they would cover Vette for about $250/yr, full coverage, $500 deductible, no restrictions. Value range for the Vette...$12k-$38k (their book figures, not MINE!!!) Mine is certainly on the low end of that range!! I went with USAA over ACI cause I was convinced I would drive the Vette more than the 2500-5000 miles limits ACI required.

I have a large claim in the initial processing stage (rolled into a tree) so we'll see how USAA handles it. They have indicated no problems fixing the car. I only want what was damaged, not shooting for the moon, as my car was (and still is!!) in need of a resto. I should get a new bumper, grills, headlites, splashguard, and right fender and front cowling out of the deal. Not asking for a paintjob, etc. as I was planning to do a repaint anyway. I had already purchased some new parts (grills) so I'll have to see if USAA will reimburse me for those or if they'll have the shop get new ones. I'm sure the repair bill will come close to (or exceed) what I initially paid for the car...

I have my fingers crossed as the USAA adjuster will see the car later this week or early next. I'll keep you guys informed.

Rob