Insurance
Thread Starter
Melting Slicks
Joined: May 2009
Posts: 2,191
Likes: 630
From: Port St Lucie Florida
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Insurance
I am going to shop around and get additional quotes but I am curious as to what you all think.
Live in NY state, insured with Heacock - agreed value on my 69 coupe -$35,000k, 6000 mi (I know I could save here) occasional pleasure use. Premium is $400 per year - sound high? Low? Average?
I know there are multiple threads on the companys themselves, I'm just trying to get a sense of my numbers.
Thanks and by the way...thanks to all who served!
Live in NY state, insured with Heacock - agreed value on my 69 coupe -$35,000k, 6000 mi (I know I could save here) occasional pleasure use. Premium is $400 per year - sound high? Low? Average?
I know there are multiple threads on the companys themselves, I'm just trying to get a sense of my numbers.
Thanks and by the way...thanks to all who served!
Team Owner
Joined: Jan 2006
Posts: 37,637
Likes: 3,114
From: Crossville TN
Too high. Are you certain that it is an "Agreed value" policy? Some companies use a similar term...but it doesn't mean the same as 'agreed value'.
Unless you are hoping that your car is going to get stolen or wrecked, don't value it for much more than it will really take to replace it. The premium on your policy will increase linearly with the value you put on it. If the car is really worth $20K, you can drop that premium substanially by putting the value at $22-25K.
At least check out Hagerty and other well-known collector car insurers. You can be sure that they will handle a claim in a professional manner.
Unless you are hoping that your car is going to get stolen or wrecked, don't value it for much more than it will really take to replace it. The premium on your policy will increase linearly with the value you put on it. If the car is really worth $20K, you can drop that premium substanially by putting the value at $22-25K.
At least check out Hagerty and other well-known collector car insurers. You can be sure that they will handle a claim in a professional manner.
Le Mans Master
Joined: Mar 2001
Posts: 5,738
Likes: 644
From: Lincoln, CA
I gave Adam my existing Insurance limits and he matched them up and I used a $100 deductible.
Very easy to setup.
Instructor
Joined: Jul 2012
Posts: 148
Likes: 0
From: Prairie Village Kansas
I have American Collectors for 200 a year @ 7k miles per year, and the road side assistance for an agreed value of 9k. Like someone mentioned, the plan increases the value of the car linearly unless you tell them otherwise.
Good luck!
Good luck!
Advanced
Joined: Apr 2013
Posts: 83
Likes: 0
From: Sequim Wa
I am going to shop around and get additional quotes but I am curious as to what you all think.
Live in NY state, insured with Heacock - agreed value on my 69 coupe -$35,000k, 6000 mi (I know I could save here) occasional pleasure use. Premium is $400 per year - sound high? Low? Average?
I know there are multiple threads on the companys themselves, I'm just trying to get a sense of my numbers.
Thanks and by the way...thanks to all who served!
Live in NY state, insured with Heacock - agreed value on my 69 coupe -$35,000k, 6000 mi (I know I could save here) occasional pleasure use. Premium is $400 per year - sound high? Low? Average?
I know there are multiple threads on the companys themselves, I'm just trying to get a sense of my numbers.
Thanks and by the way...thanks to all who served!
Pro
Joined: Feb 2000
Posts: 741
Likes: 46
From: Hebron IN
Sounds reasonable to me as long as it's a true agreed value policy.
What other people are paying means nothing in terms of what you'll pay.
Unless they live within your exact neighborhood, they don't have the same crime rate, traffic congestion and natural disaster rate. They also don't have the same amount of traffic offenses and credit rating as you.
Furthermore, you didn't mention what your liability limits are. State minimum? 100K? 500K?
Do you also have uninsured and under insured? Do you have zero deductible or have to pay out when something happens?
I don't know how anyone can tell you that you're paying too much without any of that basic information.
What other people are paying means nothing in terms of what you'll pay.
Unless they live within your exact neighborhood, they don't have the same crime rate, traffic congestion and natural disaster rate. They also don't have the same amount of traffic offenses and credit rating as you.
Furthermore, you didn't mention what your liability limits are. State minimum? 100K? 500K?
Do you also have uninsured and under insured? Do you have zero deductible or have to pay out when something happens?
I don't know how anyone can tell you that you're paying too much without any of that basic information.
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Team Owner
Joined: Sep 2006
Posts: 31,167
Likes: 4,244
From: Westminster Maryland
Hi J,
It a little more than I'm paying in Maryland for about the same agreed value.
I googled your town's location....are you considered a N.Y.C. suburb? Might that affect the price a bit?
Regards,
Alan
It a little more than I'm paying in Maryland for about the same agreed value.
I googled your town's location....are you considered a N.Y.C. suburb? Might that affect the price a bit?
Regards,
Alan
Race Director
Joined: Sep 1999
Posts: 11,360
Likes: 382
From: Plano TX
What other people are paying means nothing in terms of what you'll pay.
Unless they live within your exact neighborhood, they don't have the same crime rate, traffic congestion and natural disaster rate. They also don't have the same amount of traffic offenses and credit rating as you.
Unless they live within your exact neighborhood, they don't have the same crime rate, traffic congestion and natural disaster rate. They also don't have the same amount of traffic offenses and credit rating as you.
Pro
Joined: Feb 2000
Posts: 741
Likes: 46
From: Hebron IN
Or simply explain why people often pay more for less coverage with the same company, such as Hagerty?
A good friend of mine who lives 15 miles away from me makes the perfect example. Zero points on his license, EXACT same coverage as I had on my '75 and he pays quite a bit more than I did. As far as the car...it happens to be my '75 that I sold to him.
Burning Brakes
Joined: Jul 2008
Posts: 914
Likes: 10
From: Brooklet Ga.
I have an agreed value on my Austin Healey of 52K and Haggerty runs me 250 a year. The 73 Vette is insured for 15k and runs me less than 200 a year but I am 62 and never had a ticket or accident.
Intermediate
Joined: May 2013
Posts: 28
Likes: 0
While my Vette's value is considerably less....I do have a 47 Ford with an agreed upon value of $ 30K with Grundy and pay $ 175-/yr for it. My Vette is only $ 15K and that is $ 101- year. No ded., no mile limitation.
Thread Starter
Melting Slicks
Joined: May 2009
Posts: 2,191
Likes: 630
From: Port St Lucie Florida
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Mahopac is actually about an hour to an hour and a half north of NYC. people in the city consider it upstate but to those who live further north, it is not. To answer your question, I suppose we are on the outer fringes of the suburbs.
Larry
Thread Starter
Melting Slicks
Joined: May 2009
Posts: 2,191
Likes: 630
From: Port St Lucie Florida
2025 C6 of the Year Finalist - Modified
2023 C6 of the Year Finalist - Modified
2022 C6 of the Year Finalist - Modified
2021 C6 of the Year Finalist - Modified
My thanks to all who took the time to answer - your thoughts and insight have given me some things to consider. To answer a few questions....I re-checked and I do have "agreed value". The market, when I first insured the car, was definitely better. I suppose I could drop the value to 30k - not sure how much of a difference it would make.
I am 59 and do have a clean record. One thing I neglected to mention in my op is that my wife is listed on the policy - not sure why...might have something to do with a small loan I took (which has long been paid) from JJ Banc when I bought the car. Definitely going to reach out to Heacock as well as several others for quotes.
I am 59 and do have a clean record. One thing I neglected to mention in my op is that my wife is listed on the policy - not sure why...might have something to do with a small loan I took (which has long been paid) from JJ Banc when I bought the car. Definitely going to reach out to Heacock as well as several others for quotes.