rluvsporsche

What type of claim?

Dan87951

Insurance rates vary from state to state so just because one person in a different state is getting a good deal doesn't mean you can unless you live around them. I have auto owners and I think we pay to much but im cheap, but it was the best rate we could find in michigan. Both 928 S4's are $880 a year with full coverage but we but them on storage coverage in the winter time which is $100 a year which helps saves alot of money so our total bill a year is under $500 for each S4. I have never been in accident where it was my fault and im 28 married all under a mutlipolicy discount (house, auto, life) with no tickets for almost 8 years.

shawscove928s

Be very carefull. When you discuss your coverage with a collector car insurance company, think about the following:

The following example is real. It happened to my nieghbor. He was hit buy an uninsured driver:

If you use your car for pleasure only ( say trip to a car club show) and you stop for a loaf of bread on the way home, which of the three main collector car insurance companies would cover your claim if you had an accident?
If thier claims adjuster investigates your claim and some how finds out about the stop for the loaf of bread, you are toast unless you have coverage from American Collector Car insurance.
I have had these discussions with Hagety, Grundig, and Farmers and American Collector Car. All of them except for American Collector told me that the claim would be denied. Some of the others said it would be ok untill I asked for a written statement. They would not give me that written waiver.
Now, I know that we should all take the insurance companies word as the truth. LOL. But believe me they find great pleasure in screwing every body they can.

Bottom line: Get it in writting. If it is not in writting it isn't covered. Beware.

I have no affilliation with any company, let alone an insurance company.

Ray

jayc67

That's interesting in that Hagerty specifically says it's OK in their advertising, and my policy with them has NO such exclusions.

Maybe it varies by state insurance laws? My policy only excludes racing competitions. For the driving limits it says:

My car meets the definition of "classic vehicle" according to them:

They would lose in court in my opinion if they denied a claim where I stopped for a loaf of bread on a Saturday afternoon.

I found a copy of the Texas American Collector Car insurance policy and it reads exactly the same.

sanjay28

State Farm quoted me $2100 for the year (must be my 2 tickets, the last of which was this past November and possibly the fact that they had to pay out over $500,000 when my house burned down 3 years ago )

sanjay28

Well that was an easy decision...

Leland-West does not offer coverage in NC and American Collectors does not offer liability in NC. Must be something within the state regulations.

I can get coverage from Hagerty for a little less than $300 per year. Although they do not have mileage limits, they said most of their customers average 2 to 3k miles per year. Since this will not be my daily driver, I'm estimating that I will be some where around 3 to 4k per year. If i'm just having too much fun driving the car, I may need to bite the bullet and get another policy, but for now, at least I'm covered for an Agreed/Stated Value. I'm just waiting for my application to be approved.

Thanks for all of the advice!

rluvsporsche

What's the agreed value if you dont mind me asking?

sanjay28

I used $9,000 (the purchase price), but now I'm rethinking it since i'm sure I will have a lot more in it over the next year.

What is more realistic (it's an '88 S4 automatic)?

Alan

However - even after all the value, location, storage conditions and usage model dependencies....

Quite a bit still depends on the individual characteristics & histories of all the nuts behind the wheel... ?

YMMV...

Alan

jayc67

I have 18k on my '87 S4.

To buy one on the market and do all the maintenance etc stuff to get where mine is would cost pretty much all of that.

Don't short change yourself. If they will insure it for 20, do it. The premium doesn't go up that much.

Since it's agreed value there really isn't any reason to insure it for less than the max the company will write as far as I can see.

sanjay28

Good point Jay.

I just called them and asked about increasing the value and I was told that, that can be done at any time (the only thing you can do is increase or decrease the value - everything else stays the same). So as I put more into it, I'll call and adjust the amount accordingly.

rluvsporsche

All,
I asked Hargerty via email regarding some points that were brought up in this thread.

Under the Hagety application for IL section "I' the following is stated.
USE
1. My vehicle(s) will be used on a limited basis consistent with the operation of a collectible vehicle such as occasional pleasure drives and club / hobby activities.
2. My vehicle(s) will not be used frequently for regular driving such as driving to and from work or school, shopping, errands, general transportation or
back-up use.

Question to Hagerty:
The second statement is were I get confused. The word "frequently" is used in the sentence.

What does Hargety mean by "frequently"?

If I use my car for pleasure only ( say trip to a car club show or cruising) and I stop for a loaf of bread on the way home and my car gets damage in the parking lot. Will Hargerty cover my claim?

Responce:
Thank you for your response! This limited, flexible use policy includes coverage for pleasure driving. Perhaps that means taking your family out to dinner, out for ice cream or an enjoyable Sunday cruise for example. Taking the vehicle once in a blue moon to work to show it off is acceptable as well. We ask that you as the owner of a collectible vehicle make the decisions that are right for your situations. We have not had a problem with our clients abusing the privilege of flexible usage, so we are able to continue without the strict guidelines that some of our competitors may have. We have had clients stop for a gallon of milk on their way home from an event, or on the way home on a Friday after work. This has not been an issue with our coverage.

Frequently in the policy information you mentioned refers to a vehicle that is used for back up, daily errands, or to and from work on a more often than not basis. If you normally run errands and go to work 5 days a week, if you are taking the classic vehicle 4 out of the 5 days, that would be too frequent for our program.

You may want to discuss your usage with our underwriters and also indicate your usage in the application so that it may be reviewed for approval. Please give us a call to discuss you specific usage needs in further detail. Our toll free number is 800-922-4050.

sanjay28

I chatted on line with them and they said the exact same thing. I told them that in the beginning, I will proably drive it quite often to properly check it out and also to show off a little. They had no problems with that. I emailed a copy of that chat to myself just in case.

blitz928

I believe Hagerty's minimum value under the exotic program was $15000, and that is what I have currently. I may decide to go to $20000 in the future, but I'm comfortable with $15000 agreed value at the time.

Marine Blue

FYI, for those in MA looking at this thread.....if your 928 was built in 1985 or older it can qualify for classic car insurance through American or probably Hagerty. Agreed value is an option.

Anything newer than 85 unfortunately does not qualify due to MA laws.

Sanjay, I'm sure you have several options available living in CA.

You asked about the mileage in an earlier post, I currently have a mileage limit of 5k on my car and I typically don't get anywhere near it. But I only drive to regional car shows and limit my driving to nice weather which rules out about 5 months of the year. If you are active or plan to be active as far as 928 events and drives and if you plan on driving the car regularly the 5k limit may not be enough.