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Insurance strategies/providers/etc. by lorennerol
Started on: 04-25-2015 12:20 PM
Replies: 10 (227 views)
Last post by: jscott1 on 04-27-2015 08:06 PM
lorennerol
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Report this Post04-25-2015 12:20 PM Click Here to See the Profile for lorennerolSend a Private Message to lorennerolEdit/Delete MessageReply w/QuoteDirect Link to This Post
The juxtaposition of getting my car back from an expensive paint job and the thread this AM about the rear-end collision has me thinking about reviewing the insurance on my two-seaters to make sure they are covered for replacement cost instead of blue-book value. The Sky, the Mk. 1 Sprite, and the Fiero couldn't be replaced for anything near blue book at this point and that's not something I want to be worrying about when we're driving them (only the Fiero is daily driver, but all get driven regularly).

What, if anything, are you doing to make sure your vintage or near-vintage (30 years is the definition in Washington state) Fiero is adequately insured? Who is your provider?
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bonaduce
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Report this Post04-25-2015 01:22 PM Click Here to See the Profile for bonaduceClick Here to Email bonaduceSend a Private Message to bonaduceEdit/Delete MessageReply w/QuoteDirect Link to This Post
At the moment I am with state farm, agreed value of 5000, complete coverage with glass and towing, vehicle is registered as historical, cost is 58.00 every 6 month's. Unfortunatly they only allow 1000 miles a year so I will be switching over to Grundy which was within a few dollars of state farm and they allowed 2500 miles.

dan
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Adjustso3
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Report this Post04-25-2015 01:23 PM Click Here to See the Profile for Adjustso3Click Here to Email Adjustso3Send a Private Message to Adjustso3Edit/Delete MessageReply w/QuoteDirect Link to This Post
My Fiero isn't done yet but I have looked into Haggerty insurance. It looks like you pick a value on your car and pay accordingly. I have not used them yet so you would have to look into their policies more than I have.
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alcazar88
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Report this Post04-25-2015 05:37 PM Click Here to See the Profile for alcazar88Send a Private Message to alcazar88Edit/Delete MessageReply w/QuoteDirect Link to This Post
I've had hagerty and pure collector car insurance. Some may be different, but my requirements are that it is stored in a locked garage and that I don't normally drive it to work or school. Has stated value of 15k if totaled and in AZ, if you have collector insurance you don't have to get emissions checked which saves time and money. No limit on miles driven.
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jscott1
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Report this Post04-27-2015 01:24 AM 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 lorennerol:

The juxtaposition of getting my car back from an expensive paint job and the thread this AM about the rear-end collision has me thinking about reviewing the insurance on my two-seaters to make sure they are covered for replacement cost instead of blue-book value. The Sky, the Mk. 1 Sprite, and the Fiero couldn't be replaced for anything near blue book at this point and that's not something I want to be worrying about when we're driving them (only the Fiero is daily driver, but all get driven regularly).

What, if anything, are you doing to make sure your vintage or near-vintage (30 years is the definition in Washington state) Fiero is adequately insured? Who is your provider?


This is a good idea... but for this to be really useful it would need at least 91 sections for all the states and provinces in North America alone. As you go from one state the next the laws change and even from region to region.

But my $02 is to beware of the difference between "STATED VALUE" and "AGREED VALUE" They sound alike but are completely different.

Stated value
is just Actual Cash Value with an upper limit. In other words it's useless. The only reason to use this is say you have a old Mustang that for some reason your insurance company thinks is serial number 1 and worth millions. You would tell them "no" you want stated value at some value less than millions instead. In other words they pay LESS than ACV.

Agreed Value is where you and the insurance company agree on the value to be paid in the event of a claim. If the car is totaled or stolen, you get a check for that value no questions asked. In other words, they pay MORE than ACV...BINGO this is what you want on a Fiero.

[This message has been edited by jscott1 (edited 04-27-2015).]

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Adjustso3
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Report this Post04-27-2015 05:19 AM Click Here to See the Profile for Adjustso3Click Here to Email Adjustso3Send a Private Message to Adjustso3Edit/Delete MessageReply w/QuoteDirect Link to This Post
As I stated in my reply in this thread that I have looked into Hagerty insurance. Does anybody have them for their Fiero and happy with their service ?
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RayOtton
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Report this Post04-27-2015 07:00 AM Click Here to See the Profile for RayOttonClick Here to Email RayOttonSend a Private Message to RayOttonEdit/Delete MessageReply w/QuoteDirect Link to This Post
I've had Hagerty's for two years now. Full premium coverage for an agreed value of $7000. This includes collision, towing and tools. (The tools part is if you have to buy a special tool to fix your car).

You have to have a garage for the car and you not supposed to drive it to school or work on a regular basis. There's also a mileage limit, which I can't recall, but it's pretty high. I can check if you ask.

The cost is about $250 for six month here in Virginia. That's about the same as my Lincoln LS insured by State Farm.

Fortunately, I haven't had file a claim so I can't speak to their claims process but I will say that their customer service seems quite responsive.

I e-mailed them about insuring my 1998 NASCAR edition F-150 because it's a collectible. A representative called me back the same day to explaine that they don't insure anything newer than 1990.

[This message has been edited by RayOtton (edited 04-27-2015).]

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hyperv6
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Report this Post04-27-2015 07:09 AM Click Here to See the Profile for hyperv6Send a Private Message to hyperv6Edit/Delete MessageReply w/QuoteDirect Link to This Post
Agreed Value is the only way to accurately insure a car like this if you have any money invested.

Most of the companies are around the same conditions of a locked garage and limited miles but generally if it is not a daily driver that is not an issue.

Rates vary a little but the end results are nearly the same. The best thing to do is get quotes from all of them and compare. If you do not go this route most times you will have difficulty getting the value out in an accident that you have invested in the car.

I have historic plates too and that also helps in the way of not dealing with emissions.
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2.5
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Report this Post04-27-2015 01:17 PM Click Here to See the Profile for 2.5Send a Private Message to 2.5Edit/Delete MessageReply w/QuoteDirect Link to This Post
My Grundy agreed value has no mile limit. Its similar to Hagerty. I'd recommend either company. They do want a garage (when at home), didnt mention a lock, though mine is. They say dont drive it as a daily driver you should have another daily driver.
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rogergarrison
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Report this Post04-27-2015 06:20 PM Click Here to See the Profile for rogergarrisonClick Here to Email rogergarrisonSend a Private Message to rogergarrisonEdit/Delete MessageReply w/QuoteDirect Link to This Post
Grundy and Hagarty both wanted to limit my miles and uses. I elected to keep regular insurance so I can enjoy them. I used to have State Farm collectors, and it had NO restrictions as long as it was 20 years old and you had another car insured as your daily use car. I dont have any collectible cars now, and Ive heard SF changed their rules and limit miles. A friend of mine has a 10 car garage full of expensive collectibles. He has Hagarty I believe, and hes limited to 1,000 miles a year, ONLY auto events, a masonry garage building, fire and burglar alarms, and sprinkler system. He does have some million dollar priced cars there.
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jscott1
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Report this Post04-27-2015 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 rogergarrison:

Grundy and Hagarty both wanted to limit my miles and uses. I elected to keep regular insurance so I can enjoy them. I used to have State Farm collectors, and it had NO restrictions as long as it was 20 years old and you had another car insured as your daily use car....


As I stated earlier insurance varies by region. I recall many times hearing Roger's story and I wanted a regular State Farm Agreed policy too so I went to see a SF agent and asked for an Agreed Value Policy. They look at me like I have two heads, and never heard of such a thing. Turns out at the time, Grundy was the only insurance company in Texas offering Agreed Value policies. I signed with Grundy.

[This message has been edited by jscott1 (edited 04-27-2015).]

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