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insurance for Fieors at agreed upon value by Francis T
Started on: 06-15-2010 04:16 PM
Replies: 13
Last post by: RickN on 06-16-2010 08:17 PM
Francis T
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Report this Post06-15-2010 04:16 PM Click Here to See the Profile for Francis TClick Here to visit Francis T's HomePageClick Here to Email Francis TSend a Private Message to Francis TDirect Link to This Post
Some my find this interesting: it seems GEICO has joinded with another company and now offers realistic insurance for collectable cars like ours. It's not prefect, but at least you can get it for what you and the provider think is close to the real value of your car and not blue book which is sh#^%. It's also not for daily drivers but also not as restrictive as most collector car coverage. I selected a 5,000 miles/year limit.

They quoted me $314/year on an $8,000 value 87GT - could have gone higher with the value- that's with liablity and a garage kept agreement. That was with full coverage. Yeah, it's not super cheep but not blue book either.


From them:
Thank you for contacting American Collectors, the nation's leading provider of collector vehicle and collectibles insurance. Our collector vehicle insurance program provides:

Agreed Value* coverage - your vehicle's full insured value (less any applicable deductible) is protected in the event of total loss, with no value depreciation.


Low deductible - in most states a zero deductible is available. Unless you've selected a higher deductible, you'll have no out-of-pocket expense in the event of a claim.
BTW: I'M GOING TO BUMP THAT UP TO LOWER THE COST

Flexible miles - you're not limited to "parades only." Enjoy driving your collector vehicle up to the mileage limit you select (multiple mileage tiers are available in most states).


Towing & Labor for Collectors (TLC) Plan * - TLC offers you extra peace-of-mind by providing reimbursement for emergency towing, roadside assistance, lockout and more. Choose your desired level of TLC - click here for more information, or ask a representative for details.


The American Collectors "Real Person" guarantee - you always have the option of getting a real person on the phone during our business hours (Monday - Friday, 8:30 am - 7:00 pm and Saturdays 9:00 am - 5:00 pm, EST) at 1 (866) 540-2307.


Online policy management - if you like the convenience of managing your policy online, visit us anytime at www.AmericanCollectors.com

Based on the information you provided to us, please see your premium estimate below. This estimate is non-binding; no coverage is offered or implied.

To apply for coverage, please call us at 1 (866) 540-2307. Please have the following items handy:
1. Driver's license numbers for all household residents
2. Dates of birth for all household residents
3. Collector vehicle information (year, make, model & VIN)
4. Your personal auto policy limits of coverage
5. Visa, MasterCard or American Express

Thank you for giving us the opportunity to serve your insurance needs.

Sincerely,
Sales and Service Department
American Collectors Insurance, Inc.
Serving GEICO Insurance Agency, Inc



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Macs86GT
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Report this Post06-15-2010 05:15 PM Click Here to See the Profile for Macs86GTSend a Private Message to Macs86GTDirect Link to This Post
I was just going to look into this thanks Francis
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rogergarrison
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Report this Post06-15-2010 07:01 PM Click Here to See the Profile for rogergarrisonClick Here to Email rogergarrisonSend a Private Message to rogergarrisonDirect Link to This Post
check with your local State Farm Ins. That seems awfully high for collector insurance. My regular daily driver insurance on my Sebring convertible is cheaper than that. I have agreed value on my Coronet for $30,000 and it costs me $60 for 6 months. I dont have to garage it at all, setting in the front yard is fine, and I get to drive it when I want with no mileage restrictions.
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Mike Murphy
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Report this Post06-15-2010 07:50 PM Click Here to See the Profile for Mike MurphyClick Here to Email Mike MurphySend a Private Message to Mike MurphyDirect Link to This Post
It may seem high but I assume that State Farm is going to require you to have all of your daily drivers insured with them before they write your collector car with agreed value. Rates vary by state, driver and vehicle and even by county so what may seem high in one area may not be in another. If you save money on your insurance on the collector car but pay more for your daily driver then it is not always a better deal with State Farm.

I own an Independent agency and write with Auto Owners, State Auto, Travelers,Westfield, Progressive, Indiana Farmers as well as others like American Collectors and Hagerty. 90% of the time I can beat State Farm especially if I package the home and auto for my clients.

Don't just check with a captive carrier who has one rate and cherry picks their clients.

Look at the whole package. I got my best home and auto rate with Auto Owners and American Collectors on my 88 DOHC 3.4 GT and 75 Grandville convertible. $287 with 100/300/100 BIPD and UMUI at same limits and zero deductible on comp & Collision, tow and labor. The 88 is insured for $8,500 and the Grandville for $10,000. Both agreed value and that was my renewal after I backed into a 2005 lotus Elise and did $8,000 in damage to the other party. I drove the car to a country club for a golf outing. They paid like clock work.
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fierosound
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Report this Post06-15-2010 08:11 PM Click Here to See the Profile for fierosoundClick Here to visit fierosound's HomePageClick Here to Email fierosoundSend a Private Message to fierosoundDirect Link to This Post
 
quote
Originally posted by Francis T:

To apply for coverage, please call us at 1 (866) 540-2307. Please have the following items handy:
1. Driver's license numbers for all household residents
2. Dates of birth for all household residents



Yeah. I'd wonder about these guys. They will *assume* your "collector car" will be driven by all members of your household, INCLUDING that 16-year-old with the bad record. Your rate will be adjusted to the reflect the "most expensive" driver in the household.

A few years ago, I had a GF move in with me. Come insurance renewal time, she phones me at work to tell me her car insurance is DOUBLING because of me. It was because I was a "driver in the household" and there had been claims on MY insurance, making me a bad risk on HER insurance (even though I'd never be driving her car - have 3 vehicles of my own.)

I hadn't had any accidents in well over 10 years, so I call my insurance company to ask what they hell her insurance company was talking about. I had 2 claims for broken windshields in 5 years and THAT was the so-called "insurance claims" making me a bad risk. She switched to another insurance company and cancelled out on them the NEXT DAY - got a better rate too!!
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[This message has been edited by fierosound (edited 06-15-2010).]

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Dogcreek
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Report this Post06-15-2010 08:46 PM Click Here to See the Profile for DogcreekClick Here to Email DogcreekSend a Private Message to DogcreekDirect Link to This Post
Excellent...thank you...
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hnthomps
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Report this Post06-15-2010 09:52 PM Click Here to See the Profile for hnthompsClick Here to Email hnthompsSend a Private Message to hnthompsDirect Link to This Post
I also currently use American Collectors for my Mera insurance. My vehicles average about $25 to $30 k each (insured value) and the cost is almost identical to yours. This may vary on a state to state basis, but you may also want to consider taking another look at alternative suppliers to get your price down.
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Oreif
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Report this Post06-16-2010 07:41 AM Click Here to See the Profile for OreifClick Here to visit Oreif's HomePageClick Here to Email OreifSend a Private Message to OreifDirect Link to This Post
$314 a year for $8K? That seems very high.

I have Hagerty and it is $275 for $28K of value, roadside assistance, travel expenses, unlimited mileage, towing, and spare parts coverage.
It is best to shop around as different area's have different rates as well.
Some of the popular places to get quotes are:
Hagerty http://www.hagerty.com/
Grundy http://www.grundy.com/
JCTaylor http://www.jctaylor.com/
Heacock http://heacockclassic.com/

Also check with your present insurance company. Many offer classic and collector car insurance. It's just a matter of asking what they have to offer.

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rogergarrison
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Report this Post06-16-2010 09:40 AM Click Here to See the Profile for rogergarrisonClick Here to Email rogergarrisonSend a Private Message to rogergarrisonDirect Link to This Post
Yes I insure all my cars, house and plane with the one agent. Personally, I dont like the collectors only insurance companies....way too many restrictions for my likeing. One guy I know has quite a few high dollar cars. His is with Grundy or Hagerty and he has to keep them in a locked brick/stone garage, has to call them when he takes a specific car out for a drive, has to have burglar and fire alarm with sprinklers.
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Mike Murphy
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Report this Post06-16-2010 11:16 AM Click Here to See the Profile for Mike MurphyClick Here to Email Mike MurphySend a Private Message to Mike MurphyDirect Link to This Post
Hagerty, American Collectors, JC Taylor all will require a locked garage and may or may not limit mileage but as far as alarms or calling when taking one out that restriction is not some thing we have to deal with. Maybe in downtown Detroit? Crime ridden areas?

In fact the more vehicles you add it spreads the risk and the premium per vehicle actally goes down on liability. Reasoning by carriers is that you can only drive one at a time unless you have multiple drivers. Most policy holders do not but they will restrict anyone with less than 10 years driving experience.

At $314 for one it may be half to add the next veicle or less of the same value.
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Larryh86GT
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Report this Post06-16-2010 12:15 PM Click Here to See the Profile for Larryh86GTSend a Private Message to Larryh86GTDirect Link to This Post
I have Grundy collectors insurance. Yes, I have to keep my GT in the garage and no drivers are allowed younger than 25 but there are very few other restrictions with them. Here is an email I received from them regarding usage:

Our usage restrictions are: you cannot drive the collector vehicles as a primary vehicle - no errands, work (maybe once in a while on a nice day to show off, or if you are going to a car show afterwards), using it as back up, racing it or any time of off-road use. However, pleasure drives (cruising around on a nice day, taking it out to eat, visiting a friend...etc), car shows and car club events are perfectly acceptable. There are no mileage restrictions.

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"Life is short.
Drink the good wine first"

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DefEddie
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Report this Post06-16-2010 01:54 PM Click Here to See the Profile for DefEddieClick Here to Email DefEddieSend a Private Message to DefEddieDirect Link to This Post
I keep insurance on a 97 yukon,92 yukon,88GT,04 impala and 95 c1500 (I think that's it.)
I only keep full coverage on the impala ($1k deductible),the rest I assume the risk as they aren't worth a whole lot.
When the 88gt is fully completed i'll put full coverage on it also(with a $1k ded).
I'm 30 and my wife is 26,she's had a suspension for changing insurance without notification and maybe 1-2 tickets.
I've had 4-5 wrecks (with claims) over 60 tickets (mostly moving violations) 2 DUI's,4-5 suspensions (points and DUI) since I was 14.
Our combined insurance is $700 a year,which I think is pretty good.
We also price different companies every year.

I am curious to know how much I can save by using the same carrier for my vehicles that I do for my house.
We've changed carriers for our house like every year or every other year,though we keep the same agent.
She changes it when she finds a better rate,but is 20 miles away.
It's usually around $1k a year,no fireplace,monitored alarm,5yr old house,paid off.
The guy with our car insurance we have never priced our house with,he's kind of a dick and I don't enjoy talking to him.
But he has the best rates on our vehicles and is local. (I add or delete a car every couple months,he's a block up the road)

Should I price the cars with the house lady? Or house with car guy?
She carried our boat,house,lake house and cars for years till we bought the house here.

I would love for you insurance guy's to give us some tips to save on insurance from the "inside".

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tstroud
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Report this Post06-16-2010 07:42 PM Click Here to See the Profile for tstroudSend a Private Message to tstroudDirect Link to This Post
I also have Grundy insurance. $245.00 per year for $15,000 agreed price, no deductible, with $250.00 in towing, $600.00 in travel, $5000.00 (per person up to two) in medical if hurt at a car show or auction, $500.00 in spare parts coverage. $500,000 liability.
They didn't even blink at the SBC 350 in the back, and I sent pictures of the car and engine bay. This could be because of the fact I have driven this car/engine combo for 10 years with no tickets and I live in a quiet rural area. YMMV
No drivers under 25, pleasure driving only. No work, racing, errands, etc.

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'84 SE 350 5 speed (isuzu)
'69 GTO 400 4 speed (eternal project)

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RickN
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Report this Post06-16-2010 08:17 PM Click Here to See the Profile for RickNClick Here to Email RickNSend a Private Message to RickNDirect Link to This Post
 
quote
Originally posted by rogergarrison:

check with your local State Farm Ins. That seems awfully high for collector insurance. My regular daily driver insurance on my Sebring convertible is cheaper than that. I have agreed value on my Coronet for $30,000 and it costs me $60 for 6 months. I dont have to garage it at all, setting in the front yard is fine, and I get to drive it when I want with no mileage restrictions.


I don't think agreed value is available in Indiana from State Farm.

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RickN
White 88GT 5spd (<10K miles)
White 85GT (SC3800 Series II w/ AOD)
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1956 Ford 860 Tractor w/ Freeman Loader
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