Hagerty
Insurance questions?
Thread Starter
Racer
Joined: Dec 2005
Posts: 325
Likes: 0
From: Partlow VA
Insurance questions?
According to my State Farm agent they will not insure my restored 78 Silver Anniversary Edition for an agreed amount. NADA has the average retail value at $22, 568. To me the car in its current condition is worth somewhere between $22K and $30K. I don’t want antique tags, due to the mileage and usage limitations. I just want an insurance company that will insure an everyday driver for an agreed amount. What are my options?
Safety Car
Joined: Feb 2006
Posts: 4,367
Likes: 59
From: FL
Self-insure, sort of.
Take the best deal you can get on insurance, to provide the liability and required stuff, and whatever comprehensive and collision you can get. Get a professional appraisal, and keep it up to date whenever prices change drastically. Then keep an attorney around so that if you are hit, you can sue the person at fault to make up the difference between appraisal and the check from the insurance company.
It isn't the best, but somehow, this has become a hole in the insurance world. There are many who want to drive their cars the way they feel like it, to work occasionally, to the movies, on a trip for the weekend, and so on, but doing that usually violates the collector car insurance.
Buying regular auto insurance leaves you with the lack of coverage.
I would not recommend the collector car insurance, because violating their agreement could leave you with no coverage. They would probably cover any liability, but they could easily refuse to pay for the car.
Take the best deal you can get on insurance, to provide the liability and required stuff, and whatever comprehensive and collision you can get. Get a professional appraisal, and keep it up to date whenever prices change drastically. Then keep an attorney around so that if you are hit, you can sue the person at fault to make up the difference between appraisal and the check from the insurance company.
It isn't the best, but somehow, this has become a hole in the insurance world. There are many who want to drive their cars the way they feel like it, to work occasionally, to the movies, on a trip for the weekend, and so on, but doing that usually violates the collector car insurance.
Buying regular auto insurance leaves you with the lack of coverage.
I would not recommend the collector car insurance, because violating their agreement could leave you with no coverage. They would probably cover any liability, but they could easily refuse to pay for the car.
Burning Brakes
Joined: Oct 2002
Posts: 1,196
Likes: 47
From: Scarborough Maine Fredericksburg VA
It must be the choice of the agent as I have State Farm with an agreed upon amount and it is cheaper then any quotes I have received from "collector insurance". I also have several other cars with them so they know it isn't my daily driver. Never been an issue and they have been good when I submited a claim. Never had a big loss on an older car but have had plenty of stuff with the others.
Melting Slicks
Joined: Aug 2005
Posts: 2,821
Likes: 204
From: Lincoln CA
I have Hagerty agreed value insurance on both my vintage cars. I've talked to their customer service department frequently lately because of comments on another forum about coverage restrictions. They told me that they would cover losses if the car were driven to work occasionally for pleasure purposes. Like a Friday in the summer time, but not if you were driving it as a daily driver. They also said they would cover my car if it were at the grocery store or a restaurant parking lot when damaged. Again, the spirit of the policy is that the car is a pleasure/collector car and not used as a grocery getter in general service, but that you can stop off at the store if you're out driving for pleasure and you're still covered. They also told me that the car was insured no matter who was operating it with my permission. They depend on the insured to exercise good judgment about who would be driving the car. Mileage is not stated in my policy but they expect that the car won't be driven tens of thousands of miles during the year. They require that you have another vehicle that is a daily driver and that you keep the car in an enclosed garage. All pretty reasonable stuff. No historical plates required, zero deductible on the collision and comprehensive. I like Hagerty a lot.
Burning Brakes
Joined: Sep 2005
Posts: 1,139
Likes: 109
From: B'ham Alabama
I am an insurance agent by trade,..and the best bet is a company like Hagerty, Leyland, etc. They carry a true Agreed Value policy. Statefarm does NOT have a true agreed value policy. Their policy is a STATED Value policy, which means that in the event of a loss, you will NOT get more than the Stated Value, (but you could get less).
All insurance companies, like Statefarm, Nationwide, Allstate, Progressive, etc, settle their cliams based on the NADA book value. They will take the NADA price, add any adds and deduct any deductions. Where the real problem comes in is that "most" owners classify their cars as VERY CLEAN, or EXCELLENT condition. An insurance company will almost NEVER class your car that high. The payout on an antque car with them will be handled just like any other car.
As long as you have a lockable garage and another daily driver, Hagerty is your best bet. NO mileage restrictions, NO deductibles, LOWER Premiums, and they deal specifically in antique cars.
So far,...I have never had a single complaint out of a Hagerty claim.
Hagerty, (which I do sell), is a true Agreed Value policy. If you chose to insure your car for $30 and it gets totaled, they qwrite you a check for $30K. Simple as that. However, the higher you set your "Agreed Value", the more room you leave for them to pay a bodyshop to repair it. (Example: If you set teh agreeed value at $30K, you can sustain up to $20K+ damage and still qualify to have it repaired. Most of the time they look at the 70% to 75% rule before they classify a car as totaled).
All insurance companies, like Statefarm, Nationwide, Allstate, Progressive, etc, settle their cliams based on the NADA book value. They will take the NADA price, add any adds and deduct any deductions. Where the real problem comes in is that "most" owners classify their cars as VERY CLEAN, or EXCELLENT condition. An insurance company will almost NEVER class your car that high. The payout on an antque car with them will be handled just like any other car.
As long as you have a lockable garage and another daily driver, Hagerty is your best bet. NO mileage restrictions, NO deductibles, LOWER Premiums, and they deal specifically in antique cars.
So far,...I have never had a single complaint out of a Hagerty claim.
Hagerty, (which I do sell), is a true Agreed Value policy. If you chose to insure your car for $30 and it gets totaled, they qwrite you a check for $30K. Simple as that. However, the higher you set your "Agreed Value", the more room you leave for them to pay a bodyshop to repair it. (Example: If you set teh agreeed value at $30K, you can sustain up to $20K+ damage and still qualify to have it repaired. Most of the time they look at the 70% to 75% rule before they classify a car as totaled).
Instructor
Joined: Jun 2007
Posts: 131
Likes: 0
From: Stony Brook New York
I have Hagerty agreed value insurance on both my vintage cars. I've talked to their customer service department frequently lately because of comments on another forum about coverage restrictions. They told me that they would cover losses if the car were driven to work occasionally for pleasure purposes. Like a Friday in the summer time, but not if you were driving it as a daily driver. They also said they would cover my car if it were at the grocery store or a restaurant parking lot when damaged. Again, the spirit of the policy is that the car is a pleasure/collector car and not used as a grocery getter in general service, but that you can stop off at the store if you're out driving for pleasure and you're still covered. They also told me that the car was insured no matter who was operating it with my permission. They depend on the insured to exercise good judgment about who would be driving the car. Mileage is not stated in my policy but they expect that the car won't be driven tens of thousands of miles during the year. They require that you have another vehicle that is a daily driver and that you keep the car in an enclosed garage. All pretty reasonable stuff. No historical plates required, zero deductible on the collision and comprehensive. I like Hagerty a lot.
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Burning Brakes
Joined: May 2004
Posts: 1,201
Likes: 2
From: Frederick Md
I was told TWICE by Hagerty that they would NOT cover Pleasure driving ..PERIOD !
A 65 mile drive on a Pretty Sunday Afternoon down to see my Dad would NOT be covered... ! Still hard to believe but getting that answer twice from 2 different agents on 2 separate days was just a sign to shop elsewhere
I have all 5 of my Corvettes insured with American Collectors and have no problem living with a 2500 mile per car limit...and I did have one accident which was handled very much to my satisfaction absolutely no problems
Nice thing is they have insured my 98 since it was brand new ..I did have 6 cars insured with them at the time however ..(sold the 68 Chevelle a few years ago)..
Bob g.
A 65 mile drive on a Pretty Sunday Afternoon down to see my Dad would NOT be covered... ! Still hard to believe but getting that answer twice from 2 different agents on 2 separate days was just a sign to shop elsewhere
I have all 5 of my Corvettes insured with American Collectors and have no problem living with a 2500 mile per car limit...and I did have one accident which was handled very much to my satisfaction absolutely no problems
Nice thing is they have insured my 98 since it was brand new ..I did have 6 cars insured with them at the time however ..(sold the 68 Chevelle a few years ago)..
Bob g.
Drifting
Joined: Jul 2007
Posts: 1,712
Likes: 0
From: Tampa FL
Seriously, that's kind of strange. I could understand not covering driving to work, or using it as a backup vehicle, etc. like Grundy ... but no pleasure driving? What the hell else are you going to do with it, trailer it from show to show? Kind of useless...
Drifting
Joined: Aug 2003
Posts: 1,424
Likes: 0
From: Lakeland FL
I am an insurance agent by trade,..and the best bet is a company like Hagerty, Leyland, etc. They carry a true Agreed Value policy. Statefarm does NOT have a true agreed value policy. Their policy is a STATED Value policy, which means that in the event of a loss, you will NOT get more than the Stated Value, (but you could get less).
All insurance companies, like Statefarm, Nationwide, Allstate, Progressive, etc, settle their cliams based on the NADA book value. They will take the NADA price, add any adds and deduct any deductions. Where the real problem comes in is that "most" owners classify their cars as VERY CLEAN, or EXCELLENT condition. An insurance company will almost NEVER class your car that high. The payout on an antque car with them will be handled just like any other car.
As long as you have a lockable garage and another daily driver, Hagerty is your best bet. NO mileage restrictions, NO deductibles, LOWER Premiums, and they deal specifically in antique cars.
So far,...I have never had a single complaint out of a Hagerty claim.
Hagerty, (which I do sell), is a true Agreed Value policy. If you chose to insure your car for $30 and it gets totaled, they qwrite you a check for $30K. Simple as that. However, the higher you set your "Agreed Value", the more room you leave for them to pay a bodyshop to repair it. (Example: If you set teh agreeed value at $30K, you can sustain up to $20K+ damage and still qualify to have it repaired. Most of the time they look at the 70% to 75% rule before they classify a car as totaled).
All insurance companies, like Statefarm, Nationwide, Allstate, Progressive, etc, settle their cliams based on the NADA book value. They will take the NADA price, add any adds and deduct any deductions. Where the real problem comes in is that "most" owners classify their cars as VERY CLEAN, or EXCELLENT condition. An insurance company will almost NEVER class your car that high. The payout on an antque car with them will be handled just like any other car.
As long as you have a lockable garage and another daily driver, Hagerty is your best bet. NO mileage restrictions, NO deductibles, LOWER Premiums, and they deal specifically in antique cars.
So far,...I have never had a single complaint out of a Hagerty claim.
Hagerty, (which I do sell), is a true Agreed Value policy. If you chose to insure your car for $30 and it gets totaled, they qwrite you a check for $30K. Simple as that. However, the higher you set your "Agreed Value", the more room you leave for them to pay a bodyshop to repair it. (Example: If you set teh agreeed value at $30K, you can sustain up to $20K+ damage and still qualify to have it repaired. Most of the time they look at the 70% to 75% rule before they classify a car as totaled).
I think it would be a nasty fight to say the least to try and get the correct amount of money from a regular insurance company. However, I really want to use mine as a daily driver when it is completed.
Burning Brakes
Joined: Sep 2005
Posts: 1,139
Likes: 109
From: B'ham Alabama
[QUOTE=24695bob;1561581029]I was told TWICE by Hagerty that they would NOT cover Pleasure driving ..PERIOD !
A 65 mile drive on a Pretty Sunday Afternoon down to see my Dad would NOT be covered... ! Still hard to believe but getting that answer twice from 2 different agents on 2 separate days was just a sign to shop elsewhere
Trust me,..I AM a Hagerty agent,...and that is wrong. You ARE covered ANYWHERE you go. As stated in an earlier poster, they do not want you to use your car in a DD fashion. However, should yuou be out on ANY kind of a drive and stop in anywhere, it IS covered.
If you doubt me, feel free to contact them yourself directly.
A 65 mile drive on a Pretty Sunday Afternoon down to see my Dad would NOT be covered... ! Still hard to believe but getting that answer twice from 2 different agents on 2 separate days was just a sign to shop elsewhere
Trust me,..I AM a Hagerty agent,...and that is wrong. You ARE covered ANYWHERE you go. As stated in an earlier poster, they do not want you to use your car in a DD fashion. However, should yuou be out on ANY kind of a drive and stop in anywhere, it IS covered.
If you doubt me, feel free to contact them yourself directly.
Instructor
Joined: Jun 2007
Posts: 131
Likes: 0
From: Stony Brook New York
[QUOTE=Vet76te;1561583096]
This is just what I was told. I also asked if I was out pleasure driving on a Sunday with my wife and I decided to go to dinner, would I be covered? The agent told me I would be covered and that I did not have to sit by a window watching my car. He told me I could take it to work to show it off on occasion if I wanted to. I could also let any licensed driver drive it. Also there is no restriction on mileage.
This is just what I was told. I also asked if I was out pleasure driving on a Sunday with my wife and I decided to go to dinner, would I be covered? The agent told me I would be covered and that I did not have to sit by a window watching my car. He told me I could take it to work to show it off on occasion if I wanted to. I could also let any licensed driver drive it. Also there is no restriction on mileage.
Melting Slicks
Joined: Feb 2002
Posts: 2,625
Likes: 0
From: Cut n Shoot TX
[QUOTE=wirebill;1561584988]
This is just what I was told. I also asked if I was out pleasure driving on a Sunday with my wife and I decided to go to dinner, would I be covered? The agent told me I would be covered and that I did not have to sit by a window watching my car. He told me I could take it to work to show it off on occasion if I wanted to. I could also let any licensed driver drive it. Also there is no restriction on mileage.
You were talking to a Haggerty agent on drugs!!! I have Haggerty, and no you cannot leave the car unattended and go in for dinner, even if you can see the car.
And No, you cannot take it to work!!!
And No, you cannot just let any licensed driver drive it ( there is an age limit)
And as for mileage............Oh hell just give me some of that weed your smoking..........
This is just what I was told. I also asked if I was out pleasure driving on a Sunday with my wife and I decided to go to dinner, would I be covered? The agent told me I would be covered and that I did not have to sit by a window watching my car. He told me I could take it to work to show it off on occasion if I wanted to. I could also let any licensed driver drive it. Also there is no restriction on mileage.
And No, you cannot take it to work!!!
And No, you cannot just let any licensed driver drive it ( there is an age limit)
And as for mileage............Oh hell just give me some of that weed your smoking..........
Melting Slicks
Joined: Feb 2002
Posts: 2,625
Likes: 0
From: Cut n Shoot TX
[QUOTE=Vet76te;1561583096]
You are a Haggerty Agent???? As far as I know, if you want Haggerty, you deal with them directly!! They have no stinkin agents..............................
Is that why you are saying to contact them directly??? That is the only way you can get their insurance Braniac!!!!!!!!!!!!!!!!!!!!!
I was told TWICE by Hagerty that they would NOT cover Pleasure driving ..PERIOD !
A 65 mile drive on a Pretty Sunday Afternoon down to see my Dad would NOT be covered... ! Still hard to believe but getting that answer twice from 2 different agents on 2 separate days was just a sign to shop elsewhere
Trust me,..I AM a Hagerty agent,...and that is wrong. You ARE covered ANYWHERE you go. As stated in an earlier poster, they do not want you to use your car in a DD fashion. However, should yuou be out on ANY kind of a drive and stop in anywhere, it IS covered.
If you doubt me, feel free to contact them yourself directly.
A 65 mile drive on a Pretty Sunday Afternoon down to see my Dad would NOT be covered... ! Still hard to believe but getting that answer twice from 2 different agents on 2 separate days was just a sign to shop elsewhere
Trust me,..I AM a Hagerty agent,...and that is wrong. You ARE covered ANYWHERE you go. As stated in an earlier poster, they do not want you to use your car in a DD fashion. However, should yuou be out on ANY kind of a drive and stop in anywhere, it IS covered.
If you doubt me, feel free to contact them yourself directly.
As far as I know, if you want Haggerty, you deal with them directly!! They have no stinkin agents..............................Is that why you are saying to contact them directly??? That is the only way you can get their insurance Braniac!!!!!!!!!!!!!!!!!!!!!
Last edited by VettePower; Aug 20, 2007 at 10:36 PM.
Instructor
Joined: Jun 2007
Posts: 131
Likes: 0
From: Stony Brook New York
[QUOTE=VettePower;1561585210]
You were talking to a Haggerty agent on drugs!!! I have Haggerty, and no you cannot leave the car unattended and go in for dinner, even if you can see the car.
And No, you cannot take it to work!!!
And No, you cannot just let any licensed driver drive it ( there is an age limit)
And as for mileage............Oh hell just give me some of that weed your smoking..........
Did you read this in your policy or are you just assuming it? I am only telling what the agent told me. I am going to read the long boring P.O.S policy myself and see if I can find anything about it in there. And what about the poster that said he is a Hagerty agent? Is he stoned too? I don't know who is right here, but I would like to know.
Bill
You were talking to a Haggerty agent on drugs!!! I have Haggerty, and no you cannot leave the car unattended and go in for dinner, even if you can see the car.
And No, you cannot take it to work!!!
And No, you cannot just let any licensed driver drive it ( there is an age limit)
And as for mileage............Oh hell just give me some of that weed your smoking..........
Bill
Burning Brakes
Joined: Sep 2005
Posts: 1,139
Likes: 109
From: B'ham Alabama
[QUOTE=VettePower;1561585273]
You are a Haggerty Agent???? As far as I know, if you want Haggerty, you deal with them directly!! They have no stinkin agents..............................
Is that why you are saying to contact them directly??? That is the only way you can get their insurance Braniac!!!!!!!!!!!!!!!!!!!!!
You are sadly wrong. I am an independeant agent here in Alabama and I DO sell Hagerty on a regular basis. My friend,..you are the one smoking the weed!!!! Just like Progressive, you can buy it directly from their website. However, you can also buy it through an agent, and usually get a lower rate too.
Call me at my office ANYTIME M-F, 8:00 thru 5:00 205-995-8650
You are a Haggerty Agent????
As far as I know, if you want Haggerty, you deal with them directly!! They have no stinkin agents..............................Is that why you are saying to contact them directly??? That is the only way you can get their insurance Braniac!!!!!!!!!!!!!!!!!!!!!
Call me at my office ANYTIME M-F, 8:00 thru 5:00 205-995-8650
Last edited by Vet76te; Aug 20, 2007 at 10:47 PM.
Advanced
Joined: Jul 2007
Posts: 88
Likes: 4
From: Kalamazoo Michigan
Hagerty.
I've had them for the last 2 years with no complaints. Hagerty is extremely reasonable with no deductable and lets face it not many of us drive these cars daily, that's all they expect..
