AIG drops insurance coverage of GT3; any suggestions?
#16
Nordschleife Master
Not sure how you car is rated on the policy..ie: daily driver based on commute distance each way vs pleasure rating. Depends how many drivers are in the household. I have been with Liberty Mutual for 15 years. I am the only driver of both vehicles and the GT3 has a pleasure use rating...fitting don't you think ? Anyways I pay about $1950 for both of which the GT3's portion is $700. That 500/1000 comp/coll deducts and 250K/500k autoliabilty. Give liberty a call.
#17
Addict
Rennlist Member
Rennlist Member
Join Date: Apr 2002
Location: Apex, NC
Posts: 2,426
Likes: 0
Received 0 Likes
on
0 Posts
is that per year or every 6 months?
asking b/c i am @ 3200/year for all 4 cars (996,356, TLC, A4) with nationwide
clean record last 6 years, house,umbrella, etc all with them.
the service in Wa is iffy and i'm shopping around for a better company to deal with (long story)
asking b/c i am @ 3200/year for all 4 cars (996,356, TLC, A4) with nationwide
clean record last 6 years, house,umbrella, etc all with them.
the service in Wa is iffy and i'm shopping around for a better company to deal with (long story)
#18
Nordschleife Master
Originally Posted by Cupcar#12
is that per year or every 6 months?
#19
Was with AIG for 4 years no claims,well one day got hit by another car ( not my fault ) although AIG took care of the repair bills ( the other party was under insured ) but it didn't take them too long to drop my coverage
Guess what,6 months later i bought a well established medical practice and ended up getting little over 3 million dollars accumulative coverage policy thru Kentucky Farm bureau So you tell me who lost out here i would say AIG
Guess what,6 months later i bought a well established medical practice and ended up getting little over 3 million dollars accumulative coverage policy thru Kentucky Farm bureau So you tell me who lost out here i would say AIG
#20
Nordschleife Master
AIG sux and it looks like the former Chairman is a crook. I used to have a commercial insurance career. AIG wrote one of my bigger FOB truckers. It was responsible for about 25K in income to me. They had some claims and AIG jacked their rates so high they left me for a competitor. It is a company that fails to understand the word loyalty...They are in it for the quick buck...
Originally Posted by Y.S
Was with AIG for 4 years no claims,well one day got hit by another car ( not my fault ) although AIG took care of the repair bills ( the other party was under insured ) but it didn't take them too long to drop my coverage
Guess what,6 months later i bought a well established medical practice and ended up getting little over 3 million dollars accumulative coverage policy thru Kentucky Farm bureau So you tell me who lost out here i would say AIG
Guess what,6 months later i bought a well established medical practice and ended up getting little over 3 million dollars accumulative coverage policy thru Kentucky Farm bureau So you tell me who lost out here i would say AIG
#21
Addict
Rennlist Member
Rennlist Member
FWIW: I had AIG for my first car. Had a small accident (of which I paid half the cost myself due to a clause in the contract I didn't think was important at the time). They doubled the price the following year, knowing that a first-time car owner with no other insurances would have a hard time finding another insurance company.
If that's how insurance works, I'd be better off putting my money in a savings account.
Obviously, I stopped using them, and have since been very carefull in selecting insurance companies, the lessons I've learned are:
1) Never take on-line quotes - they're almost always worse than what you'll get over the phone, and ALWAYS worse than what you'll get from face-to-face negotiation. Call sales reps of the potential companies and setup personal meetings - it takes time, but IMO it's worth the effort. (And I suck at negotiating).
2) Always throw as much at them as humanly possible - they like to spread the risk, so more policies means lower price. Consider this even if it means adding something you don't really need. A life insurance or a pension for example can be almost "free", and I'd rather put money in a pension than in insurance company pockets.
3) None of the rules or regulations (such as how previous accidents affects your policy) are laws. They are, at best, guidelines and can be bend or broken as long as they see you as an asset rather than a liability.
If that's how insurance works, I'd be better off putting my money in a savings account.
Obviously, I stopped using them, and have since been very carefull in selecting insurance companies, the lessons I've learned are:
1) Never take on-line quotes - they're almost always worse than what you'll get over the phone, and ALWAYS worse than what you'll get from face-to-face negotiation. Call sales reps of the potential companies and setup personal meetings - it takes time, but IMO it's worth the effort. (And I suck at negotiating).
2) Always throw as much at them as humanly possible - they like to spread the risk, so more policies means lower price. Consider this even if it means adding something you don't really need. A life insurance or a pension for example can be almost "free", and I'd rather put money in a pension than in insurance company pockets.
3) None of the rules or regulations (such as how previous accidents affects your policy) are laws. They are, at best, guidelines and can be bend or broken as long as they see you as an asset rather than a liability.
#22
Rennlist Member
Thread Starter
Sate Farm it is.....
Thanks to all who offered comments and suggestions, especially Larry Miller for the name of his State Farm representative. After talking with all the major auto insurers, and several of the minor ones, too, I'm moving my auto, motorcycle, home and umbrella policies to Larry's State Farm guy. The combination of a MY05 GT3, two motocycles and a 17-year-old daughter about to get her license made State Farm the best option by a goodly margin. It's not cheap, but it's better than the alternatives.
My insurance broker assured me that AIG would be happy to keep my GT3 on a policy, but not with the "division" that currently has my business but with their Private Client Group. Of course the rate, with my daughter licensed, goes through the roof!
Fireman's Fund was the second choice. They offered agreed value coverage, which I've never had and which did appeal, but for a new car like the GT3 that did not seem to be necessary, and it was a good bit more expensive (more than $1,500/year more).
That State Farm covers DEs was icing on the cake!
My insurance broker assured me that AIG would be happy to keep my GT3 on a policy, but not with the "division" that currently has my business but with their Private Client Group. Of course the rate, with my daughter licensed, goes through the roof!
Fireman's Fund was the second choice. They offered agreed value coverage, which I've never had and which did appeal, but for a new car like the GT3 that did not seem to be necessary, and it was a good bit more expensive (more than $1,500/year more).
That State Farm covers DEs was icing on the cake!
#24
Rhymes With Polo
Rennlist Member
Rennlist Member
Originally Posted by JASCLASS
I would clarify that.
Its pretty clear. State Farm covers you at DE's
#26
I wanted to advise here that you would want to check the policy in your own hands, as each STATE will have different exclusions even within the same company. Also, read the 3rd class mailings that each of your carriers send out occasionally, as they will individually CHANGE or modify clauses that could be very important to your specific uses.
Oh, and shopping for insurance by price is like going in for a heart transplant and asking for comparing quotes from a few doctors. Would you?
Oh, and shopping for insurance by price is like going in for a heart transplant and asking for comparing quotes from a few doctors. Would you?
#27
Rennlist
Basic Site Sponsor
Basic Site Sponsor
State Farm paid when my son dinged my GT3 at a DE, but since then I decided to spend the money for specific DE insurance. It was only $1500, but it provides me with a safety net in case I should have a problem, and limits State Farm's exposure to only $20,000.
__________________
Larry Herman
2016 Ford Transit Connect Titanium LWB
2018 Tesla Model 3 - Electricity can be fun!
Retired Club Racer & National PCA Instructor
Past Flames:
1994 RS America Club Racer
2004 GT3 Track Car
1984 911 Carrera Club Racer
1974 914/4 2.0 Track Car
CLICK HERE to see some of my ancient racing videos.
Larry Herman
2016 Ford Transit Connect Titanium LWB
2018 Tesla Model 3 - Electricity can be fun!
Retired Club Racer & National PCA Instructor
Past Flames:
1994 RS America Club Racer
2004 GT3 Track Car
1984 911 Carrera Club Racer
1974 914/4 2.0 Track Car
CLICK HERE to see some of my ancient racing videos.
#28
Addict
Rennlist Member
Rennlist Member
Originally Posted by Larry Herman
State Farm paid when my son dinged my GT3 at a DE, but since then I decided to spend the money for specific DE insurance. It was only $1500, but it provides me with a safety net in case I should have a problem, and limits State Farm's exposure to only $20,000.
#29
Rennlist
Basic Site Sponsor
Basic Site Sponsor
Joe, it is American Collectors Insurance in Cherry Hill, NJ. Click here for their web-site. The cost for DE's is 1.5% of the agreed value of the car, up to $100,000, with a 20% deductible for on-track incidents, for the season. You must have 10 years of driving experience.
#30
King of Cool
Rennlist Member
Rennlist Member
Originally Posted by Larry Herman
Joe, it is American Collectors Insurance in Cherry Hill, NJ. Click here for their web-site. The cost for DE's is 1.5% of the agreed value of the car, up to $100,000, with a 20% deductible for on-track incidents, for the season. You must have 10 years of driving experience.
And even though I commute (they don't allow commute with colletor car) with bicycle, they don't count that.
In other words, I need to buy one extra vechile to be able to insure my 993 with collector car insurance.
Or are there collector insurance companies that don't require that?