AAA now offering classic car insurance
06-19-2012, 04:29 AM
#16
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According to aaa website when i was managing my membership, i checked out the option for classic and they do support agreed value (they make it a major bullet point and in bold for agreed). not sure if its manditory/standard though.
06-19-2012, 05:00 AM
#17
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The 928 no longer qualifies for the AAA Collector Car program, so most of this is moot point. Those that did get in are now grandfathered in and have some pretty low rates. I'm paying $110 per year, 12K miles per year, $6K agreed value (which I thought was more than generous for a '79 whose condition can best be described as a restoration in progress). You only have agreed value as part of the collector car program, actual cash value or stated value are not an options.
I've never had a claim under the collector car policy, but AAA has always been standup on prev claims in the past on our regular car policies.
Sounds like the guy with the 38 Chev got a little miffed when they informed him it would cost more to insure a hot-rodded 38 Chev compared to a restored 32 Chev. Probably a little bit of a horsepower differential there ya think?
I've never had a claim under the collector car policy, but AAA has always been standup on prev claims in the past on our regular car policies.
Sounds like the guy with the 38 Chev got a little miffed when they informed him it would cost more to insure a hot-rodded 38 Chev compared to a restored 32 Chev. Probably a little bit of a horsepower differential there ya think?
06-19-2012, 10:11 AM
#18
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I have applied for AAA's coverage on my '94 GTS and waiting to hear whether they'll write it. If the answer is yes, I'll be extra careful to understand the 'agreed' or 'stated' coverage definition.
For those who have liability umbrella policies, it's nice to do all autos with the same company since the umbrella typically requires a higher auto liability coverage ($500k in AAA's case).
They told me the program is only offered for non-modified vehicles, so not surprised the gentleman with the 38 Chev was refused.
For those who have liability umbrella policies, it's nice to do all autos with the same company since the umbrella typically requires a higher auto liability coverage ($500k in AAA's case).
They told me the program is only offered for non-modified vehicles, so not surprised the gentleman with the 38 Chev was refused.
06-19-2012, 12:06 PM
#19
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I took out a $70,000 AAA Collector Car policy for my 1938 Chevy in April 2012, providing pictures as requested by the Agent. I just received a Notice of Cancellation June 8th stating, " This unit must be rated as modified, which will result in an increase in premium" . When I discussed this with the underwriting office, they were unable/unwilling? to provide a justification for demanding an increase in premium on an "Agreed Value" of $ 75K, other than stating that my car was 'modified' above a standard 1938 Chevrolet......
I'll post the results of my CA State Insurance mis-representation claim when settled. Until then, I suggest you may want to reconsider insuring any 'Collector Car' through AAA....
I'll post the results of my CA State Insurance mis-representation claim when settled. Until then, I suggest you may want to reconsider insuring any 'Collector Car' through AAA....
06-19-2012, 02:44 PM
#20
Going out of his way to bad mouth AAA and I can understand why they would NOT want to insure a 38 Chevy for $70,000 no matter how custom it might be ! He may have SPENT that or more on it but would be hard pressed to get $25k in todays car market.
