What do you guys do for insurance coverage values
01-30-15, 01:43 PM
#1
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What do you guys do for insurance coverage values
I have been talking to my insurance rep (Allstate) about the amount. She basically said it is based off the blue book value.
So, I went to KBB and the value is only listed as 13-15k or something.
I told her that my car was valued around 20k. (93 SSM silver touring 60k miles)
She said that looking into Hagerty (classic car insurance) may be my only option.
Just wondering if you guys face similar issues and what you did.
Last thing I want is my car to be totaled and them give me a check for 10k or some crap like that.
So, I went to KBB and the value is only listed as 13-15k or something.
I told her that my car was valued around 20k. (93 SSM silver touring 60k miles)
She said that looking into Hagerty (classic car insurance) may be my only option.
Just wondering if you guys face similar issues and what you did.
Last thing I want is my car to be totaled and them give me a check for 10k or some crap like that.
01-30-15, 09:27 PM
#5
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I went with Hagerty, rate was a little higher than Grundy or Heacock classic insurance but they allowed ocasional runs to work in it to keep it fresh at 35k valuation with 5k parts insurance also.
01-31-15, 07:00 AM
#7
Exactly the same here. Can't recall the collision deductible off-hand, either $250 or $500. But zero deductible comp and IIRC comes with free roadside assistance. I think there is a mileage limitation but it was meaningless for me. Cheaper by almost half than my standard car insurance was and with higher liability limitations.
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01-31-15, 07:25 AM
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Same here in Canada.
I am with Lant, which is another company like Hagerty (might be a sister company, I don't remember). They asked me that I would get the car appraised and insured as per upraise value. I have made some improvements and I have a new set of RPF1, new tires, engine's being rebuilt/ported, so once it is all done I might have it upraised again to correct the actual value of the vehicle.
The restrictions are as follows:
can't be only vehicle in my possession, can't be driven to work, nobody who is younger than 25 can drive it and there might be something about garage and kms, but considering how much I drive it, it does not feel as a restriction at all. I was able to get them to accept that I drive it to work occasionally as I do work on it at my school's shop whenever it is needed/possible.
I am paying 350 CDN, which at the moment is around 290 US for the year.
I am with Lant, which is another company like Hagerty (might be a sister company, I don't remember). They asked me that I would get the car appraised and insured as per upraise value. I have made some improvements and I have a new set of RPF1, new tires, engine's being rebuilt/ported, so once it is all done I might have it upraised again to correct the actual value of the vehicle.
The restrictions are as follows:
can't be only vehicle in my possession, can't be driven to work, nobody who is younger than 25 can drive it and there might be something about garage and kms, but considering how much I drive it, it does not feel as a restriction at all. I was able to get them to accept that I drive it to work occasionally as I do work on it at my school's shop whenever it is needed/possible.
I am paying 350 CDN, which at the moment is around 290 US for the year.
01-31-15, 08:41 AM
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I ask the agent and she couldn't give me a number. I told her around 20k and she just kept asking where I got the number from...etc. I told her I had shopped for a while and still frequently look at these cars for sale.
01-31-15, 10:16 AM
#10
The fair market price pertains to at the time of replacement not a preset value per say. For instance let's say your car gets totaled (ugh I dont even like thinking about it lol). Fair market price is the amount of $$ required to replace such vehicle & it's not blue book.
The blue book value may be used to come up with an insurance rate but it does not set what you are going to get paid. The reason I know this is because my first FD died in a fire 2 months after I purchased it. I had paid 17k for it (irrelevant to the actual value) and the insurance company offered me 13k (blue book). I knew that was way too low so after educating myself a little bit I turned around and asked about being entittled to fair market price. At that point the reply was 'oh go out and get multiple for sale ads within your area and submit them to us'. So I did and miraculously the offer was bumped up to $17.2k.... Yeah.
But don't take my word for it. Contact adamc here on the forum, he is our resident insurance agent/expert
Last edited by Montego; 01-31-15 at 10:28 AM.
01-31-15, 11:36 AM
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Thanks. I am still in conversation with her about it. But you are right. If something happens I am sure I will have to contest it. I just don't think she could give me a number as thst would be the adjusters job. Anyway, I will let you know what comes of it.
02-01-15, 07:55 AM
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Exactly the same here. Can't recall the collision deductible off-hand, either $250 or $500. But zero deductible comp and IIRC comes with free roadside assistance. I think there is a mileage limitation but it was meaningless for me. Cheaper by almost half than my standard car insurance was and with higher liability limitations.
How much is the hagarty and how many miles can you drive?
02-01-15, 08:06 AM
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I don't think Hagerty has milage restictions. It can nit be you DD. You also cabt have any major traffic violations I'm the last 5 years. I did an online quote for 20k value coverage and it was 750 a year.
02-01-15, 08:16 AM
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I have allstate and my premium is about the same as yours. My 7 is listed as a pleasure car. I just emailed her this week and ask what would I get if my car was totaled. Obviously she does not have immediate access to that info. She just said book value. I would think that the adjuster would have to do some market research to get a real value anyway. I will talk to her more on Monday.
I don't think Hagerty has milage restictions. It can nit be you DD. You also cabt have any major traffic violations I'm the last 5 years. I did an online quote for 20k value coverage and it was 750 a year.
I don't think Hagerty has milage restictions. It can nit be you DD. You also cabt have any major traffic violations I'm the last 5 years. I did an online quote for 20k value coverage and it was 750 a year.
They pay out really well. They do not go by kelly blue book They look at cars for sale similar to yours or market value. So my 95 R2 would be an easy 25k and possibly 30k value.
02-01-15, 12:06 PM
#20
Just checked on-line. $568 annually for two cars with a total agreed valuation of 35k (FD is for 20K). I was mistaken earlier...there is NO mileage limitations, Zero collision and comp deductible.
Only one claim over the years. That was on the FD. A comp claim for a rock thru the WS just last year. Made it over the phone and had a check in the mail in two days, even before the shop could get it in. I have a friend with another antique car with Hagerty. He backed into a telephone pole but was happy with that claim. Otherwise, no personal claim experience.
Only one claim over the years. That was on the FD. A comp claim for a rock thru the WS just last year. Made it over the phone and had a check in the mail in two days, even before the shop could get it in. I have a friend with another antique car with Hagerty. He backed into a telephone pole but was happy with that claim. Otherwise, no personal claim experience.
02-02-15, 09:30 AM
#23
No deductible for hagerty. The mileage is what you choose. So if you choose 10k miles instead of 3k miles, your premium will be higher. Your coverage as far as bodily injury etc can only be as good as your other allstate policy or whatever yo have.
Hagerty also had a motor sports ins. Not sure what that was, maybe for auto?, perhaps for quads or something.
Hagerty also had a motor sports ins. Not sure what that was, maybe for auto?, perhaps for quads or something.
02-02-15, 01:09 PM
#25
No, read above. There is a choice for pleasure use which is allowable to be used for a chosen set of miles by you. The more you want to drive your car the more the premium can go up. There is an option for parade vehicle/show car which must've been what someone was talking about. Just log on to Hagerty.com. Their website is easy to use and can answer most all of your questions. Plus, just call the number on the screen and ask questions. They were extremely helpful, it is insurance sales after all.
Has anybody had a claim with Hagerty tho?? Im curious how easy they are to deal with in the event of a claim.
Has anybody had a claim with Hagerty tho?? Im curious how easy they are to deal with in the event of a claim.