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American Collectors Insurance dropping collector vehicle coverage in state of Florida by CoolBlue87GT
Started on: 04-03-2014 09:42 AM
Replies: 11 (391 views)
Last post by: CoolBlue87GT on 04-05-2014 01:42 AM
CoolBlue87GT
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Report this Post04-03-2014 09:42 AM Click Here to See the Profile for CoolBlue87GTClick Here to Email CoolBlue87GTSend a Private Message to CoolBlue87GTEdit/Delete MessageReply w/QuoteDirect Link to This Post
Did anyone else that has American Collectors Insurance in Florida get this notice ?

I've had American Collectors Insurance for the past 5 years or so. Yesterday I received a Non-renewal notice, Reason: "We are no longer offering collector vehicle coverage in your state."

I have a policy with them for agreed value of 26,000 on my 87 GT., The yearly cost was $218. Current policy ends 05/13-2014.

They included a form for "American Bankers Insurance Company of Florida", saying they have been a partner with them for 20 years, and they highly recomend them. They matched the coverage.

Looks like alot of the Fiero community has Hagerty or Grundy, I''ll be checking to see who has the best deal for me.
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Old Lar
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Report this Post04-03-2014 11:15 AM Click Here to See the Profile for Old LarSend a Private Message to Old LarEdit/Delete MessageReply w/QuoteDirect Link to This Post
The canceled mine last year. I got Haggerty to replace it.
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smartaxel
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Report this Post04-03-2014 08:00 PM Click Here to See the Profile for smartaxelClick Here to visit smartaxel's HomePageClick Here to Email smartaxelSend a Private Message to smartaxelEdit/Delete MessageReply w/QuoteDirect Link to This Post
I called Haggerty and was quoted over 1000 a year for the collector car, can only drive at parades insurance. Progressive was 300 for 6 months for daily driver insurance. Progressive won..
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jscott1
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Report this Post04-03-2014 08:06 PM Click Here to See the Profile for jscott1Send a Private Message to jscott1Edit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by smartaxel:

I called Haggerty and was quoted over 1000 a year for the collector car, can only drive at parades insurance. Progressive was 300 for 6 months for daily driver insurance. Progressive won..


If your car is worth more than the blue book/ Black book value then daily driver insurance will leave you underinsured. If you have a valuable collector vehicle you are generally prohibited from driving it daily. There are few ways to insure a collector car as a daily driver. Some companies might with appraisals and lots of documentation but that sounds expensive.
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Rare87GT
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Report this Post04-03-2014 08:18 PM Click Here to See the Profile for Rare87GTClick Here to Email Rare87GTSend a Private Message to Rare87GTEdit/Delete MessageReply w/QuoteDirect Link to This Post
I have CHROME, and it's by far the best Collector Car Insurance out there with rates and agreed value. I pay $27 a month and can drive I think up to 10,000 miles a year if I wanted to. I got my appraisal and submitted it to them an then they insured me. My Formula is insured for $30,000 agreed value. I saw them on the Hot Rod Power tour back in 2012, picked up a brochure and gave them a call. I did it all through email and was very pleased with the service. My deductible I do believe is $1,000, which isn't going to matter if something was to happen though.


-Amir

------------------


Best 1/4: 11.7 @ 115mph
Best 60ft: 1.60

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CoolBlue87GT
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Report this Post04-03-2014 11:20 PM Click Here to See the Profile for CoolBlue87GTClick Here to Email CoolBlue87GTSend a Private Message to CoolBlue87GTEdit/Delete MessageReply w/QuoteDirect Link to This Post
The cost for American Bankers Insurance Company of Florida looks like it will be $231.55 per year. That's pretty good.

Here are some of the features of the policy ,

$250 Emergency towing
$500 Spare parts & accessories <-- Comes with $500 , Can purchase additional $500 for $7 or $1000 for $14
$150 Roadside Assistance
$50 Emergency Lockout
$20,000 Accidental Death/dismemberment
$500 Emergency Travel expense
$5000 Theft reward
$500 Personal effects
$150 Car show expenses <-- Not sure what this is, I'll need to ask the company.
$5000 Bail bond
$1000 Legal defense
$1000 Hit & run
$150 Trailer Guard , each disablement
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IIKool
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Report this Post04-04-2014 07:30 AM Click Here to See the Profile for IIKoolClick Here to Email IIKoolSend a Private Message to IIKoolEdit/Delete MessageReply w/QuoteDirect Link to This Post
So how much is the car insured for?

 
quote
Originally posted by CoolBlue87GT:

The cost for American Bankers Insurance Company of Florida looks like it will be $231.55 per year. That's pretty good.

Here are some of the features of the policy ,

$250 Emergency towing
$500 Spare parts & accessories <-- Comes with $500 , Can purchase additional $500 for $7 or $1000 for $14
$150 Roadside Assistance
$50 Emergency Lockout
$20,000 Accidental Death/dismemberment
$500 Emergency Travel expense
$5000 Theft reward
$500 Personal effects
$150 Car show expenses <-- Not sure what this is, I'll need to ask the company.
$5000 Bail bond
$1000 Legal defense
$1000 Hit & run
$150 Trailer Guard , each disablement


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johnt671
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Report this Post04-04-2014 09:26 AM Click Here to See the Profile for johnt671Click Here to Email johnt671Send a Private Message to johnt671Edit/Delete MessageReply w/QuoteDirect Link to This Post
That sounds more like a AAA type plan that insurance. Not to bad with agreed value insurance plan.

[This message has been edited by johnt671 (edited 04-04-2014).]

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Mike Murphy
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Report this Post04-04-2014 04:27 PM Click Here to See the Profile for Mike MurphyClick Here to Email Mike MurphySend a Private Message to Mike MurphyEdit/Delete MessageReply w/QuoteDirect Link to This Post
I got a similar notice last year on my American Collectors policies written in Indiana but they replaced it with American Bankers out of Fla. a sister carrier which I have had now with no threat of cancellation. They probably were not profitable and are consolidating or something but they have agreed value which is the best settlement option you can get that is all that matters.

[This message has been edited by Mike Murphy (edited 04-04-2014).]

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CoolBlue87GT
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Report this Post04-04-2014 08:22 PM Click Here to See the Profile for CoolBlue87GTClick Here to Email CoolBlue87GTSend a Private Message to CoolBlue87GTEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by IIKool:

So how much is the car insured for?



$26,000
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jscott1
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Report this Post04-04-2014 10:03 PM Click Here to See the Profile for jscott1Send a Private Message to jscott1Edit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by CoolBlue87GT:

The cost for American Bankers Insurance Company of Florida looks like it will be $231.55 per year. That's pretty good.

Here are some of the features of the policy ,

...t


Do you have liability?? In other words, are you allowed to drive it at all??

Note that if you have a pure trailer queen that is never driven on the public streets you don't need car insurance. Theft or damage would be covered by your homeowner's policy.

[This message has been edited by jscott1 (edited 04-04-2014).]

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CoolBlue87GT
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Report this Post04-05-2014 01:42 AM Click Here to See the Profile for CoolBlue87GTClick Here to Email CoolBlue87GTSend a Private Message to CoolBlue87GTEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by jscott1:


Do you have liability?? In other words, are you allowed to drive it at all??

Note that if you have a pure trailer queen that is never driven on the public streets you don't need car insurance. Theft or damage would be covered by your homeowner's policy.



Oh, I left that out, yes, it has liability coverage. Policy allows for 7500 miles a year.
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