Insurance: Grundy vs. Classic vs. Leland vs. Heacock vs. Hagerty
07-16-2017, 12:58 AM
#16
In the spirit of sharing information, I summarize below the coverage quotes I got from a set of carriers. As much as possible I requested identical coverage from each carrier.
I’m in the process of taking possession of my first Porsche, a 2003 996TT, all stock. My wife and I are in our late 50s. Our kids are grown and flown and the Porsche will the fourth car for two drivers. We have clean driving and claims histories.
I have no experience getting “classic” car insurance and got the names of carriers by searching threads like this one on Rennlist. I requested quotes on line and didn’t talk with anyone. Who knows, maybe if I had called I would have gotten different feedback.
The basic coverage information:
Use: 3,000 miles per year with occasional travel to work; no racing
Bodily Injury Liability: $300,000/$500,000
Property Damage Liability: $100,000
Comprehensive deductible: $200
Collision deductible: $1,000
Uninsured Motorists Bodily Injury: $300,000/$500,000
Medical Payments: $25,000
Rental Reimbursement: 30 days/$900
The quotes for one year of coverage:
Grundy: http://www.grundy.com/: $651
Classic: https://www.classicins.com/: $979
Leland-West: https://www.lelandwest.com/: $1,163
Hagerty: https://www.hagerty.com/: $1,297
Heacock: https://www.heacockclassic.com/: no response yet
USAA (my longtime carrier for home, auto and umbrella): $550
Obviously I'm going with USAA for my Porsche coverage. It's probably unfair to compare the USAA quote with the other carriers - I expect I'm getting some sort of volume and long-time customer discounts from USAA. But I was a little surprised at the extent of the difference in quotes among the other carriers.
Cheers, Jim
I’m in the process of taking possession of my first Porsche, a 2003 996TT, all stock. My wife and I are in our late 50s. Our kids are grown and flown and the Porsche will the fourth car for two drivers. We have clean driving and claims histories.
I have no experience getting “classic” car insurance and got the names of carriers by searching threads like this one on Rennlist. I requested quotes on line and didn’t talk with anyone. Who knows, maybe if I had called I would have gotten different feedback.
The basic coverage information:
Use: 3,000 miles per year with occasional travel to work; no racing
Bodily Injury Liability: $300,000/$500,000
Property Damage Liability: $100,000
Comprehensive deductible: $200
Collision deductible: $1,000
Uninsured Motorists Bodily Injury: $300,000/$500,000
Medical Payments: $25,000
Rental Reimbursement: 30 days/$900
The quotes for one year of coverage:
Grundy: http://www.grundy.com/: $651
Classic: https://www.classicins.com/: $979
Leland-West: https://www.lelandwest.com/: $1,163
Hagerty: https://www.hagerty.com/: $1,297
Heacock: https://www.heacockclassic.com/: no response yet
USAA (my longtime carrier for home, auto and umbrella): $550
Obviously I'm going with USAA for my Porsche coverage. It's probably unfair to compare the USAA quote with the other carriers - I expect I'm getting some sort of volume and long-time customer discounts from USAA. But I was a little surprised at the extent of the difference in quotes among the other carriers.
Cheers, Jim
07-17-2017, 04:56 PM
#17
Intermediate
Join Date: Dec 2015
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Climbing the collectable car insurance learning curve...
When I asked USAA how their policy would work in the scenario where I total it, they said they would pay for replacing the car with an essentially identical stock vehicle, less my collision deductible (for me, $1k). I understand that in the event I total my car it would be more difficult to prove its value, but in this case difficult does not seem to mean impossible. Can one of you please explain why I should pay a premium to a specialty insurer in my situation, where I would likely seek to buy a replacement car, and the similarly-situated cars are all depreciating or appreciating in the same way? Also, please let me know if you're aware of any difference in how the standard USAA coverage vs specialty insurer coverage works in a less-than-total accident situation - I currently understand they're functionally identical.
One other thing - the next lowest quote was from Grundy's, and the young fella I talked with there told me they don't allow driving the car on the work commute or for errands more than twice per month. I'd like to drive it to work once a week or so, and so long as I stay within the yearly mileage estimate USAA doesn't care about that.
And then finally: If USAA's compensation in the event of a totaled accident scenario would be insufficient, why not take out an agreed value policy with a specialty insurer that would cover USAA's shortfall? That way the higher-charging company would provide effective coverage only where needed, and the more efficient carrier's coverage would apply to everything else. Have any of y'all tried that?
Thanks in advance!
07-17-2017, 05:27 PM
#18
Rennlist Member
It would take market value, and a fair amount of cash to replace my '95, when you consider the updates, maintenance and upgrades I've done on her over the years. So, it's not just a matter of buying a similar car. THAT is why I have agreed value.
USAA confirmed their quote is for actual cash value rather than agreed value.
When I asked USAA how their policy would work in the scenario where I total it, they said they would pay for replacing the car with an essentially identical stock vehicle, less my collision deductible (for me, $1k). I understand that in the event I total my car it would be more difficult to prove its value, but in this case difficult does not seem to mean impossible. Can one of you please explain why I should pay a premium to a specialty insurer in my situation, where I would likely seek to buy a replacement car, and the similarly-situated cars are all depreciating or appreciating in the same way? Also, please let me know if you're aware of any difference in how the standard USAA coverage vs specialty insurer coverage works in a less-than-total accident situation - I currently understand they're functionally identical.
One other thing - the next lowest quote was from Grundy's, and the young fella I talked with there told me they don't allow driving the car on the work commute or for errands more than twice per month. I'd like to drive it to work once a week or so, and so long as I stay within the yearly mileage estimate USAA doesn't care about that.
And then finally: If USAA's compensation in the event of a totaled accident scenario would be insufficient, why not take out an agreed value policy with a specialty insurer that would cover USAA's shortfall? That way the higher-charging company would provide effective coverage only where needed, and the more efficient carrier's coverage would apply to everything else. Have any of y'all tried that?
Thanks in advance!
When I asked USAA how their policy would work in the scenario where I total it, they said they would pay for replacing the car with an essentially identical stock vehicle, less my collision deductible (for me, $1k). I understand that in the event I total my car it would be more difficult to prove its value, but in this case difficult does not seem to mean impossible. Can one of you please explain why I should pay a premium to a specialty insurer in my situation, where I would likely seek to buy a replacement car, and the similarly-situated cars are all depreciating or appreciating in the same way? Also, please let me know if you're aware of any difference in how the standard USAA coverage vs specialty insurer coverage works in a less-than-total accident situation - I currently understand they're functionally identical.
One other thing - the next lowest quote was from Grundy's, and the young fella I talked with there told me they don't allow driving the car on the work commute or for errands more than twice per month. I'd like to drive it to work once a week or so, and so long as I stay within the yearly mileage estimate USAA doesn't care about that.
And then finally: If USAA's compensation in the event of a totaled accident scenario would be insufficient, why not take out an agreed value policy with a specialty insurer that would cover USAA's shortfall? That way the higher-charging company would provide effective coverage only where needed, and the more efficient carrier's coverage would apply to everything else. Have any of y'all tried that?
Thanks in advance!
07-18-2017, 08:31 PM
#20
Rennlist Member
Note to Jim who values the USAA Insurance. I was with USAA for many years, when I totaled a 1991 Carrera 2 Cab. I valued the car at $32,000 in 2009, as it had low miles and was in better than Good Driver condition. Most Valuations, Excellence, etc., including PCA agreed with that value. USAA offered me $24,000, and insisted that they had "Comps" that I could buy at that price. Well None of those comps where even in my state and all were high mileage and less well equipped. Their Customer service attitude was "take it or leave it"!
It took 6 months and hiring my own Appraiser, to get a settlement of $31,000. That is why I switched to Leland West. My "other" car is still insured with USAA along with Home etc. But I would never let them insure a Porsche or other limited production sport/exotic automobile.
Take a look here before you decide on a Stated Value Policy (USAA)... https://www.lelandwest.com/stated-va...-insurance.cfm
It took 6 months and hiring my own Appraiser, to get a settlement of $31,000. That is why I switched to Leland West. My "other" car is still insured with USAA along with Home etc. But I would never let them insure a Porsche or other limited production sport/exotic automobile.
Take a look here before you decide on a Stated Value Policy (USAA)... https://www.lelandwest.com/stated-va...-insurance.cfm
07-18-2017, 10:21 PM
#21
Note to Jim who values the USAA Insurance. I was with USAA for many years, when I totaled a 1991 Carrera 2 Cab. I valued the car at $32,000 in 2009, as it had low miles and was in better than Good Driver condition. Most Valuations, Excellence, etc., including PCA agreed with that value. USAA offered me $24,000, and insisted that they had "Comps" that I could buy at that price. Well None of those comps where even in my state and all were high mileage and less well equipped. Their Customer service attitude was "take it or leave it"!
It took 6 months and hiring my own Appraiser, to get a settlement of $31,000. That is why I switched to Leland West. My "other" car is still insured with USAA along with Home etc. But I would never let them insure a Porsche or other limited production sport/exotic automobile.
Take a look here before you decide on a Stated Value Policy (USAA)... https://www.lelandwest.com/stated-va...-insurance.cfm
It took 6 months and hiring my own Appraiser, to get a settlement of $31,000. That is why I switched to Leland West. My "other" car is still insured with USAA along with Home etc. But I would never let them insure a Porsche or other limited production sport/exotic automobile.
Take a look here before you decide on a Stated Value Policy (USAA)... https://www.lelandwest.com/stated-va...-insurance.cfm
07-26-2017, 08:15 PM
#22
3rd Gear
Join Date: May 2017
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This post is an interesting read and good information. I recently started researching 991's and decided to make some inquiries with my current insurer (Allstate). I was shocked to learn they wouldn't consider insuring a 2015 991 S or GTS. They pushed me to Hagerty.
In a world where many premium vehicles are starting at $60-70k, it seems odd that a 2 year old car at $100k won't be covered by your traditional insurers. Even a current model year version of my 08' F250 KR is $75k and some models break $100k.
Perhaps the plus of this scenario is I am motivated to shop around.
Thanks for the good info on the forum.
OJ
In a world where many premium vehicles are starting at $60-70k, it seems odd that a 2 year old car at $100k won't be covered by your traditional insurers. Even a current model year version of my 08' F250 KR is $75k and some models break $100k.
Perhaps the plus of this scenario is I am motivated to shop around.
Thanks for the good info on the forum.
OJ
