Insurance
02-10-2016, 02:59 PM
#1
Rennlist Member
Thread Starter
Insurance
As our cars continue to appreciate I was looking for a stated value policy rather than my current policy with USAA which does not write "stated value" policies. Hagerty was about $1900 per year with 2500 miles and 300K/500K policy and no deductible. Grundy initial quote was half (same coverage) that with $500 deductible. Am I missing something here as to why such a difference.
02-10-2016, 03:26 PM
#2
Three Wheelin'
Grundy and other collector car insurers will only offer you a policy if they believe you will use the car according to their definition of a "collector car." That is, no errands, driving to work, parking outside a locked garage, etc. This definition will be in your application, and in your policy. Using a car in this manner lowers their risk and lowers your premium.
I presume that USAA's pricing takes into account the relatively high risks of daily driving, and charges accordingly.
Edit - I now see that you're comparing a price delta between Hagerty and Grundy, and not between USAA an the collector insurers. No idea on the difference between Hagerty and Grundy. I've reviewed policies of both for 993s, and they're almost identical to my eyes.
I presume that USAA's pricing takes into account the relatively high risks of daily driving, and charges accordingly.
Edit - I now see that you're comparing a price delta between Hagerty and Grundy, and not between USAA an the collector insurers. No idea on the difference between Hagerty and Grundy. I've reviewed policies of both for 993s, and they're almost identical to my eyes.
02-10-2016, 03:56 PM
#3
Rennlist Member
As our cars continue to appreciate I was looking for a stated value policy rather than my current policy with USAA which does not write "stated value" policies. Hagerty was about $1900 per year with 2500 miles and 300K/500K policy and no deductible. Grundy initial quote was half (same coverage) that with $500 deductible. Am I missing something here as to why such a difference.
Get a price from Heacock Collector Car Insurance in FL. Over 15 years I've been through three other collector car insurance companies and Heacock is the best by far. Fair pricing and terrific customer service. Just got my renewal and NO bs annual increase like all the others.
Call Angela Burnett at 800-678-5173 x 426 she is great. No affiliation just (finally) a happy 993 insurance customer.
02-10-2016, 04:14 PM
#4
Pro
Grundy and other collector car insurers will only offer you a policy if they believe you will use the car according to their definition of a "collector car." That is, no errands, driving to work, parking outside a locked garage, etc. This definition will be in your application, and in your policy. Using a car in this manner lowers their risk and lowers your premium.
I presume that USAA's pricing takes into account the relatively high risks of daily driving, and charges accordingly.
Edit - I now see that you're comparing a price delta between Hagerty and Grundy, and not between USAA an the collector insurers. No idea on the difference between Hagerty and Grundy. I've reviewed policies of both for 993s, and they're almost identical to my eyes.
I presume that USAA's pricing takes into account the relatively high risks of daily driving, and charges accordingly.
Edit - I now see that you're comparing a price delta between Hagerty and Grundy, and not between USAA an the collector insurers. No idea on the difference between Hagerty and Grundy. I've reviewed policies of both for 993s, and they're almost identical to my eyes.
02-10-2016, 04:17 PM
#5
I just renewed my 964 coupe policy yesterday with Grundy.
$600 for the year
47k agreed value/replacement payout
No annual mileage restriction
Can only be used for hobby/pleasure though.
Must be stored in a locked garage.
I have had good luck with them.
No you are not missing anything, other than the fact that Haggerty is grossly overpriced
$600 for the year
47k agreed value/replacement payout
No annual mileage restriction
Can only be used for hobby/pleasure though.
Must be stored in a locked garage.
I have had good luck with them.
No you are not missing anything, other than the fact that Haggerty is grossly overpriced
02-10-2016, 04:19 PM
#6
RL Community Team
Rennlist Member
Rennlist Member
As our cars continue to appreciate I was looking for a stated value policy rather than my current policy with USAA which does not write "stated value" policies. Hagerty was about $1900 per year with 2500 miles and 300K/500K policy and no deductible. Grundy initial quote was half (same coverage) that with $500 deductible. Am I missing something here as to why such a difference.
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02-10-2016, 06:08 PM
#8
Banned
As Piranha stated above you want agreed value, not stated value.
BTW USAA does do agreed value.
https://www.usaa.com/inet/pages/insu...ector_car_main
While I am a USAA member I use State Farm, which also does agreed value, around $700 per year for $100K agreed value and full coverage.
BTW USAA does do agreed value.
https://www.usaa.com/inet/pages/insu...ector_car_main
While I am a USAA member I use State Farm, which also does agreed value, around $700 per year for $100K agreed value and full coverage.
02-10-2016, 07:41 PM
#9
Rennlist Member
I have a home/auto/liability umbrella package with AutoOwners, but because AutoOwners doesn't write agreed value policies, I have my 993 on an agreed value policy with State Farm. The State Farm agreed value premium was is actually less than the AutoOwners premium for standard coverage with identical limits. State Farm's premiums have been stable so far.
02-10-2016, 08:01 PM
#10
Burning Brakes
Get a price from Heacock Collector Car Insurance in FL. Over 15 years I've been through three other collector car insurance companies and Heacock is the best by far. Fair pricing and terrific customer service. Just got my renewal and NO bs annual increase like all the others.
Call Angela Burnett at 800-678-5173 x 426 she is great. No affiliation just (finally) a happy 993 insurance customer.
Call Angela Burnett at 800-678-5173 x 426 she is great. No affiliation just (finally) a happy 993 insurance customer.
02-10-2016, 09:43 PM
#12
Rennlist Member
+1 for Grundy. I have the MVP policy (minimum of one special car and two regular cars). I think they are flexible and will do MVP on only two cars if the value is over 100k. I have agreed value on all my cars - regular and specialty.
Even though my rates increased significantly last year (due to an underwriting change in Michigan) this is by far the best deal for specialty cars I have found. Couple hundred bucks a year for my 993 and I was paying $160 a year for my 94 Viper.
They also offer (and I selected) a diminution in value clause. It's cheap and as I understand it covers reduced value of an accident repaired car.
Several friends have since moved to Grundy. One filed an accident claim for a totaled vehicle and it was promptly paid. No issues.
Even though my rates increased significantly last year (due to an underwriting change in Michigan) this is by far the best deal for specialty cars I have found. Couple hundred bucks a year for my 993 and I was paying $160 a year for my 94 Viper.
They also offer (and I selected) a diminution in value clause. It's cheap and as I understand it covers reduced value of an accident repaired car.
Several friends have since moved to Grundy. One filed an accident claim for a totaled vehicle and it was promptly paid. No issues.
02-10-2016, 10:08 PM
#13
Rennlist Member
I have Grundy for both my 993 and Bmw m coupe. In both cases, Hagerty costs were almost double that of Grundy, for the same stated value and basically the same policy and restrictions.
