Car Insurance

[1998chevycamaroz28]

Hey guys, Ive heard from a few people that certain insurance companies offer "weekend" insurance, i believe thats the correct term for it. Basically, a cheaper insurance policy for cars that are not driven very often(usually limited to 3000 miles or so a year). My camaro is my 2nd car and only driven from April to early November and only on the weekends and I'm paying $1800 a year and the car doesn't even have full coverage(and I have a clean license). Does anyone know what companies I can look into?

[WildBillyT]

Get collector's insurance. Hagerty, Grundy, etc. 3000 miles a year is usually the limit. Plus, you can get an agreed value policy.

[maroman88]

i have my camaro on the family policy with state farm, as a collector, no mileage limit, just have to have a regular vehicle for everyone in the house with a license... IIRC 800/per

[WildBillyT]

Originally Posted by maroman88

i have my camaro on the family policy with state farm, as a collector, no mileage limit, just have to have a regular vehicle for everyone in the house with a license... IIRC 800/per

And you know that that's not agreed value, I would hope.

[maroman88]

Originally Posted by WildBillyT

And you know that that's not agreed value, I would hope.

it is... just upped my agreed value a few years ago

[BonzoHansen]

you better read the policy language real close. and I pay a lot less for agreed coverage through hagerty, $20,000 agreed value ~$300.

What You Should Know > Actual Cash Value/Stated Value

This form of coverage is typically provided by standard auto policies. The insurance company claims adjuster ultimately decides what your collector car is worth at the time of the loss.

While you may have some input, if you do not agree with the claims adjuster, the insurance company claims adjuster decides the final claims settlement.

If you do not agree with the claims settlement, you may have no alternative but to seek legal action, or, if specified in the policy, arbitration.

This form of policy is frequently and easily misunderstood.

It is often used on collector car policies. Most insurance agents typically represent it as being the same as "Agreed Amount." It is not! The "Stated Amount" form states the insurance company will pay the lesser of:

1. The Stated Amount or
2. The cost to repair the covered auto not to exceed the "Stated Amount" or
3. The "Actual Cash Value"

The "Stated Amount" helps determine the premium cost.

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 is the only policy form guaranteeing you in writing what amount you will receive if your classic car is stolen or totaled during the policy period.

Note there is no "Actual Cash Value" clause in the form. The "Agreed Amount" form states the insurance company will pay you, the lesser of:

1. The "Agreed Amount," or
2. The cost to repair the covered auto, 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.



Basically, "actual cash value" is determined by using "comps" just like on your standard car insurance policy. If they find other cars for less value that they consider "comparable" that's the amount they will pay. And they're the judge, not you.

http://www.lelandwest.com/faq/actual-cash-value.cfm

[1998chevycamaroz28]

i looked at hagerty, the only problem is they say the car needs to be worth at least $15,000...my car is probobly worth $10-11,000 on a good day at best. if i put it at 15k are they really going to look into it that much? because hagerty is only $481/year.

[WildBillyT]

Originally Posted by maroman88

it is... just upped my agreed value a few years ago

It isn't. This has been covered many, many times on just about every classic forum out there. State Farm does not offer an agreed value policy like the classic companies do.

Originally Posted by maroman88

i looked at hagerty, the only problem is they say the car needs to be worth at least $15,000...my car is probobly worth $10-11,000 on a good day at best. if i put it at 15k are they really going to look into it that much? because hagerty is only $481/year.

My Nova agreed value is at $14,000 to be on the high side, even with no paint. It was at $10,000 before I did any work on it. Where did you get the $15k value?

[BonzoHansen]

I never heard that. My Z used to be insured at $10k until I upped it.

Try American Modern (Heacock), American Collectors, Grundy

Contact Tamara at http://www.mkinsuranceagency.com/ she has helped a lot of people I know.

[1998chevycamaroz28]

Originally Posted by WildBillyT

My Nova agreed value is at $14,000 to be on the high side, even with no paint. It was at $10,000 before I did any work on it. Where did you get the $15k value?

when i went on the web site to get an online quote, it asked me the value of my car. I put down $10,000 and a little red box came up and said the value of the car must be atleast $15,000

[WildBillyT]

Maybe try giving them a call. They have always been awesome to me on the phone.

[1998chevycamaroz28]

yea, going to try and call them some time this week, see what they say

[maroman88]

Originally Posted by WildBillyT

It isn't. This has been covered many, many times on just about every classic forum out there. State Farm does not offer an agreed value policy like the classic companies do.

so are u telling me im lying? maybe they dont call it "collector" but its for a non primary vehicle... when i up'd the value i had to show them pictures of the car and find similar cars for sale in the area to compare the price with...

[BonzoHansen]

Originally Posted by maroman88

so are u telling me im lying? maybe they dont call it "collector" but its for a non primary vehicle... when i up'd the value i had to show them pictures of the car and find similar cars for sale in the area to compare the price with...

No, he is not calling you a liar. He is saying read the dec page & policy. It can be misleading and brokers/agents don't always fully grasp it (or care to) either. The language differences as highlighted above are subtle yet different. Better to research now then find out later when they won't pay what you expect. We know a lot of guys with this type of insurance and no one has produced a state farm document showing true agreed value. Now insurance is a state-by-state product so SF may carry coverage A in PA and not NJ, etc., which is why you should read.

Here is my 08-09 Hagerty Policy and dec page. Notice the term Agreed Value stated right on the dec.
http://www.nastyz28.com/~BonzoHansen...ertyPolicy.pdf

More notes from Hagerty's site, just as an example. Note they make the same language distinctions as posted ealier.

Guaranteed Value

We understand the value of your car. With Hagerty, securing coverage for the true value of your car is a simple process. We start with an Agreed Value policy, then we guarantee it. That is, we’ll agree on the insured value, and in the event of a covered total loss, you’re guaranteed to receive that amount. Period.

This sets Hagerty apart from companies who offer “Actual Cash Value” or “Stated Value” policies, which may depreciate your vehicle in the event of a claim.

And if they made you provide comparables IMO that is a bad sign. Collector car insurers know.

[WildBillyT]

Originally Posted by BonzoHansen

No, he is not calling you a liar. He is saying read the dec page & policy. It can be misleading and brokers/agents don't always fully grasp it (or care to) either. The language differences as highlighted above are subtle yet different. Better to research now then find out later when they won't pay what you expect. We know a lot of guys with this type of insurance and no one has produced a state farm document showing true agreed value. Now insurance is a state-by-state product so SF may carry coverage A in PA and not NJ, etc., which is why you should read.

Here is my 08-09 Hagerty Policy and dec page. Notice the term Agreed Value stated right on the dec.
http://www.nastyz28.com/~BonzoHansen...ertyPolicy.pdf

More notes from Hagerty's site, just as an example. Note they make the same language distinctions as posted ealier.


And if they made you provide comparables IMO that is a bad sign. Collector car insurers know.

Yes. This is absolutely, positively, 100% nothing personal.

Scott and I know plenty of guys with collector cars, and none, as in ZERO of those guys with State Farm have a true agreed value policy. Some of the SF agents don't even know the difference. And that's not to say that SF is not a good insurance company, but they just don't have what you probably really want. I have personally spoken to a SF agent at length about this and they said just that- they don't offer agreed value like Hagerty. This may have changed- but I do not believe it has. Please look into this if you want an agreed value for your car. I just don't want to see you get screwed because SF was not up front with you.

[redbanditZ28]

Yeah, Hagerty is weird. I just switched my Camaro to Heacock Classic Auto insurance. They're out of FL. I now pay $20 per month, but I already paid it all up front for the year. I insured my 98 for $10K. They have good customer service and their plan is cheap enough. I tried Grundy and and Hagerty also. Like you said, the Hagerty website says the car must be worth at least $15K. But when I called a Hagerty rep, he overlooked that, as did his supervisor, which I found kind of odd. So I didn't go with them for that reason. I don't want something like that coming back and biting me in the a$$ just because a sales rep wanted to close an insurance sale. Grundy seemed okay, but I am happy with Heacock. I rarely drive my Camaro anymore. You get older and priorities change I guess.