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My normal insurance carrier doesn't appear to be equipped to provide appropriate agreed value for my 928. Rather than hassle with negotiating with them and trying to prove a market doing the same research that they should be doing themselves, I'd rather just move to a carrier that is more accustomed to dealing with classic cars, including cars that have been customized.
If you have agreed value, who are you using? What was the process like for you?
It is an agreed value policy and the process for obtaining insurance was VERY easy. The rates BEAT other specialty carriers (I looked at the others, but never felt good enough to pull the trigger). The NCM Insurance, through The National Corvette Museum (and underwritten by AMIG) offers excellent customer service in my experience. And for those who have had to file a claim, the published reports sound like the process was simple and fair. Kinda like one would expect.
I get discounts on the policy for many things, including club affiliations, etc. You can add 9-5 coverage and drive your classics to work a couple times per week if you want. Also, once you have more than 6 vehicles on the policy, you get further discounts.
I deal with Adam or Bobbie Jo when I have called. Either are wonderful, and I have had this insurance for nearly a decade, which has delivered HUGE savings over my previous stated value policy, which would not have replaced these vehicles, if ever truly needed. I hope this helps.
Thank you. I'll check them out. I was thinking of just moving the 928 to a new carrier, but I'll send them the full run down on all of my vehicles and see if it's worth the switch.
I'm a licensed broker in the North East and we've been using Hagerty for years. Always a pleasure to deal with. You can simply visit their website for a quote and complete the application process. Note, to obtain their best rate, they do require the vehicle to be parked in a locked garage. They can provide a policy if the vehicle is sitting outside in the driveway, however, the rate will be higher. (Again, this is my experience in NY/NJ/CT. Underwriting may be different in your state.) Additionally, they will ask for proof of current insurance on another vehicle, such as your daily driver. (You can upload proof of insurance via their site.) Typically, one exterior photo of your 928 will be required and within a day you can have a binder of insurance. One last thing to note, they are quite flexible (compared w/other carriers') regarding your driving record. However, too many claims within a short amount of time will make it quite hard to qualify. I had a client years ago with a classic Jaguar and we couldn't use Hagerty. He had a number of comprehensive claims within three years and it didn't fit in their underwriting guidelines. (Comp. claims are windshield claims, falling objects, theft, fire, etc.) Good luck!
Grundy gave me a good price for my 928, less than Hagerty or my current company for the family cars. They didn't give me as many restrictions as Hagerty regarding when and where you can drive it.
American Modern used here. I went this direction as I wanted flexibility to drive my car to work weather permitting. Restrictions to some companies would be problematic in my mind. I had used the $0.00 deductible glass coverage to replace the windshield 4 years ago and last year for a stone chip. I just increased the agreed value of my '82 with current pics of the 4 sides, engine bay, and interior. No issues.
Yes, watch the restrictions. Hagerty told me that pleasure drives and car events are encouraged, but do not stop at the grocery store or restaurant on the way back. Most of these policies are not for cars driven for routine purposes. National Corvette Museum's insurance does allow that, and you can get a rider that even allows you to drive to work a couple of times a week.
Hagerty for me. I have been very happy with them. Family members have used them as well for many years. I think there is a mileage limit on my policy but with my classic plates, I wouldn't be driving that many thousands of miles anyways. As a note, I know a guy with an older 911 that also has Hagerty. They initially said he could only value for $XX dollars so he had to send in pictures showing that it was indeed a nicely restored car. Depending on what the value you are claiming they might want pictures or documentation but if you are going for a "driver" level of valuation you won't have to do that. I think it took me 15 minutes and a couple of emails to create my policy online. Very easy.
Hagerty for all my classics for over twenty years. I've used roadside a number of times, and had one claim on my 914. Handled perfectly.
Highly recommended, and a very nice quarterly magazine.
-Jason
I use American Collectors Insurance. They have been very professional and reasonable to deal with during my quote rate assessment. Have not used them for any claims yet, so we'll see. I applied to Hagerty, but they refused to cover my 928 since the front of my parking stall (surrounded by long walls) did not have a locked front "gate", despite it being in a private locked condo garage . Grundy did not cover me because I had 1 speeding ticket within 3 yrs when I applied for going 10 over the limit.
Heacock Classic Insurance is another option.They are less restrictive on usage than others. Price is reasonable and they seem to be flexible on values. They were recommended to me by a friend that collects classics and has 30 cars @ over 4 million in agreed value!!
I switched years ago to AMIG thru the corvette museum. Excellent rates, and all they wanted was pictures of the cars, and we agreed upon the value. Each year I can increase the agreed upon amount. No issues but I have not filed a claim either.
Contacted Hagerty, Grundy, and American Collectors Ins co's a few years back. They^^all wanted me to hire an approved appraiser at my cost (approx $300). They then gave me approx. quotes of between $3-4k a year ! After telling them^^how much I wanted for replacement value, they then spoke with there mgr's, called me back and said they would not insure Just Peachy for anywhere near what I had in mind ($100k). I then called American Modern, no appraiser needed and would insure for the full 100k replacement...all for only $562 per year. T
10-08-2019, 09:32 AM
Agreed value insurance carriers
. Grundy did not cover me because I had 1 speeding ticket within 3 yrs when I applied for going 10 over the limit.
