Limitations, Hagerty vs NCM
Race Director
Joined: Sep 1999
Posts: 11,361
Likes: 383
From: Plano TX
Typical for any insurance, collector car or regular. Whenever the expected repairs are 70% or more of the value of the car the ins co will typically total it. Reason it's 70% and not 100% is because it is almost guaranteed the shop will find additional damage once they have taken it apart and started working on it. The ins co doesn't want to risk having to pay more than 100% of the value of the car to complete repairs.
Pro
Joined: Mar 2002
Posts: 572
Likes: 0
From: grand junction co
Thread Starter
Advanced
Joined: Nov 2007
Posts: 60
Likes: 1
From: Chicago IL
I went with NCM, Radray's experience with the unfairly totaling of his 69 sealed the deal for me. Thank you everyone for your input, and thank you Adam for answering all my questions over the phone and through email yesterday.
Burning Brakes
Joined: May 2009
Posts: 850
Likes: 36
From: Providence RI
FWIW, I did find this specific statement on the Hagerty site regarding driving to work:
http://www.hagerty.com/classic-car-a...is-limited-use
http://www.hagerty.com/classic-car-a...is-limited-use
Q. Would collector car insurance provide coverage if the vehicle was driven to a shopping mall to run errands or a gym? If the weather is nice and I don't need to carry anything large, bulky, or messy I would drive my collector car instead of my daily vehicle.
A. Our policy is a flexible, limited use policy. We do not, however, limit you to just show and club use. Occasional pleasure driving fits our underwriting guidelines, but our policy is not intended for vehicles regularly driven to work or school or for running errands. We look for usage that is consistent with owning a valuable automobile and the availability of insured regular-use vehicles for daily transportation. While the average mileage generally put on a collector vehicle is approximately 2,000-3,000 miles annually, our policy language does not state a specific mileage limitation.
This limited, flexible use policy includes coverage for pleasure driving. That may mean taking your family out to dinner, out for ice cream or on an enjoyable Sunday cruise, for example. Taking the vehicle once in a blue moon to work to show it off is acceptable as well. We ask that you as the owner of a collectible vehicle make the decisions that are right for your situations. We have not had a problem with our clients abusing the privilege of flexible usage, so we are able to continue without the strict guidelines that some of our competitors may have. We would prefer that you do not take the vehicle to high-risk parking lots, such as the gym or the mall.
A. Our policy is a flexible, limited use policy. We do not, however, limit you to just show and club use. Occasional pleasure driving fits our underwriting guidelines, but our policy is not intended for vehicles regularly driven to work or school or for running errands. We look for usage that is consistent with owning a valuable automobile and the availability of insured regular-use vehicles for daily transportation. While the average mileage generally put on a collector vehicle is approximately 2,000-3,000 miles annually, our policy language does not state a specific mileage limitation.
This limited, flexible use policy includes coverage for pleasure driving. That may mean taking your family out to dinner, out for ice cream or on an enjoyable Sunday cruise, for example. Taking the vehicle once in a blue moon to work to show it off is acceptable as well. We ask that you as the owner of a collectible vehicle make the decisions that are right for your situations. We have not had a problem with our clients abusing the privilege of flexible usage, so we are able to continue without the strict guidelines that some of our competitors may have. We would prefer that you do not take the vehicle to high-risk parking lots, such as the gym or the mall.
Advanced
Joined: Jan 2013
Posts: 55
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Have any of you ever checked to see if your regular auto/home insurance provider offers classic/antique coverage? I've had American Family for a number of years on my homes, autos, MC's, and ATV's. When I purchased my 69 BB, I called my agent to see what they had for a policy. Agreed upon value of $33K, no stated mileage / use limitations, (though they would prefer under 6k miles per year), $500 deductible.
I bought my 69 to drive and enjoy, not to sit in a garage or just to take to parades and events. I don't ever want to have to wonder if I'm "covered" should a situation arise. My agent and I have a great agreement: I don't BS him, he doesn't BS me. Has worked well for 15+ years.
BTW - My policy is under $280 per year.
I bought my 69 to drive and enjoy, not to sit in a garage or just to take to parades and events. I don't ever want to have to wonder if I'm "covered" should a situation arise. My agent and I have a great agreement: I don't BS him, he doesn't BS me. Has worked well for 15+ years.
BTW - My policy is under $280 per year.
Race Director
Joined: Sep 1999
Posts: 11,361
Likes: 383
From: Plano TX
But I know that in some states regular ins cos will do agreed value, so if you are lucky enough to live in one of those states that is certainly a good option.
However, should you have a claim and you have regular insurance the adjuster may not be familiar with collector cars.
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Advanced
Joined: Jan 2013
Posts: 55
Likes: 0
As the insured, you always have the right to be present when the adjuster does his/her thing. You can always ask the adjuster if they are familiar with classic/collector cars. You also have the right to dispute their findings. Where the real problem may lie is, does the bodyshop have the knowledge in dealing with these vehicles? I'd be more concerned with this aspect of it, than the adjusters knowledge. Reason being that the adjusters will work very closely with the body shops.
Burning Brakes
Joined: Sep 2012
Posts: 823
Likes: 102
From: St Louis
St. Jude Donor '13
I also have AmFam. Their policy for my '72 was near $600 per year (40 yrs old, clean record, etc. ). They recommended I check into collector car insurance. They didn't suggest anything AmFam had to offer. Odd?
Race Director
Joined: Jan 2000
Posts: 12,399
Likes: 247
From: San Jose CA
FWIW I asked this very question to Hagerty;
My 78 is insured through Hagerty, my truck, Z06 and wife's car are insured through a normal carrier.
The 78 costs less per year than the rest per month.
Thank you for your e-mail. The occasional drive to work will be perfectly fine as we understand that half the fun of owning a classic and collector vehicle is being able to show it off. If you have further questions or if we may be of additional assistance, please feel free to call our office at (800)922-4050 and any one of our friendly agents will be happy to help you. We are open Monday - Friday 8:30am - 8pm, Saturday 8:30am - 4pm and Sunday 12pm - 4pm (Eastern).
The 78 costs less per year than the rest per month.