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Classic Car Insurance by cshults
Started on: 10-15-2015 02:10 PM
Replies: 12 (435 views)
Last post by: Imnuts on 05-24-2016 02:16 PM
cshults
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Report this Post10-15-2015 02:10 PM Click Here to See the Profile for cshultsSend a Private Message to cshultsEdit/Delete MessageReply w/QuoteDirect Link to This Post
Hi all-

I've been looking into getting my '92 Beretta GTZ covered on a classic car policy for an agreed upon value. I don't drive it hardly at all, only on sunny summer days to the tune of about ~1500 miles a year but cannot find a company that will consider it a classic or put it on an agreed upon value policy. I've tried JC Taylor, Hagerty and Grundy so far to no avail and just put an application in to American Modern.. What other companies are out there? When I search not many come up..

Thanks!
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jaskispyder
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Report this Post10-15-2015 02:18 PM Click Here to See the Profile for jaskispyderSend a Private Message to jaskispyderEdit/Delete MessageReply w/QuoteDirect Link to This Post
you mean Fiero? (this is the General Fiero Chat forum)....

Can't help you, as those are the places I would have tried. I am guessing a Beretta is not a classic car yet. What about agreed upon value with your current insurance?
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cshults
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Report this Post10-15-2015 02:23 PM Click Here to See the Profile for cshultsSend a Private Message to cshultsEdit/Delete MessageReply w/QuoteDirect Link to This Post
I know, I know...wrong car to be in this forum But there's a lot of great knowledge here and I'm sure some guys have their cars on these types of policies and just trying to find some other companies to check out.. Unfortunately my current insurance provider doesn't do those types of policies..

I know my father had his Corvette on a classic/agreed value policy at one point, when it was only 20 years old - he doesn't have the car anymore and can't remember what company he used...but maybe because it was a Corvette it qualified whereas a Beretta doesn't have that same status..
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jaskispyder
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Report this Post10-15-2015 02:40 PM Click Here to See the Profile for jaskispyderSend a Private Message to jaskispyderEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by cshults:

I know, I know...wrong car to be in this forum But there's a lot of great knowledge here and I'm sure some guys have their cars on these types of policies and just trying to find some other companies to check out.. Unfortunately my current insurance provider doesn't do those types of policies..

I know my father had his Corvette on a classic/agreed value policy at one point, when it was only 20 years old - he doesn't have the car anymore and can't remember what company he used...but maybe because it was a Corvette it qualified whereas a Beretta doesn't have that same status..


(I was thinking that we have an Off-Topic area )
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darbysan
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Report this Post10-16-2015 11:08 AM Click Here to See the Profile for darbysanClick Here to Email darbysanSend a Private Message to darbysanEdit/Delete MessageReply w/QuoteDirect Link to This Post
I'm insured with Hartford (AARP), and they will insure with a "Stated Value". I have my El Camino insured this way with them, and plan to switch the Fiero to stated value once it is compleeted. No mileage restrictions, and the price is quite reasonable ( I saved a bunch when I switched). Best to get an appraisal to back up your value, for if you have an accident they will "appraise" the value, and if it falls below the stated value, all you may get is the appraised value. Having an independent appraisal can avoid any hassles. In my case, I got rear ended not long after getting the policy. They sent an appraiser, and luckily his appraisal was greater than my stated value, so I got a full check.

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jscott1
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Report this Post10-17-2015 02:18 AM Click Here to See the Profile for jscott1Send a Private Message to jscott1Edit/Delete MessageReply w/QuoteDirect Link to This Post
stated value is worthless...all that does is LIMIT you to the stated value. You need AGREED VALUE to protect your investment.
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1MohrFiero
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Report this Post10-17-2015 08:19 AM Click Here to See the Profile for 1MohrFieroSend a Private Message to 1MohrFieroEdit/Delete MessageReply w/QuoteDirect Link to This Post
I have had American Collectors Insurance for a few years now. They feature agreed value. The value and cost has increased a little over that time but it is still reasonable at about $165 a year.

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darbysan
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Report this Post10-17-2015 11:20 AM Click Here to See the Profile for darbysanClick Here to Email darbysanSend a Private Message to darbysanEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by jscott1:

stated value is worthless...all that does is LIMIT you to the stated value. You need AGREED VALUE to protect your investment.


I concur. Agreed value is much better, if it is available. Stated value is just another option that your insurance may offer- it's better than standard comp/collision. No usage or mileage restrictions, either. My insurance company does not offer Agreed Value. My El Camino got rear ended. Standard collision would have netted me maybe $3k. Stated Value got me $15K, which was enough to get it repaired. IIRC, the collision portion was $52/yr.

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jazz4cash
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Report this Post10-18-2015 11:52 PM Click Here to See the Profile for jazz4cashSend a Private Message to jazz4cashEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by 1MohrFiero:

I have had American Collectors Insurance for a few years now. They feature agreed value. The value and cost has increased a little over that time but it is still reasonable at about $165 a year.



I have this coverage also. The value and cost have not increased in 8 yrs.
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jscott1
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Report this Post10-19-2015 01:07 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 darbysan:


I concur. Agreed value is much better, if it is available. Stated value is just another option that your insurance may offer- it's better than standard comp/collision. No usage or mileage restrictions, either. My insurance company does not offer Agreed Value. My El Camino got rear ended. Standard collision would have netted me maybe $3k. Stated Value got me $15K, which was enough to get it repaired. IIRC, the collision portion was $52/yr.


Just so everyone else understands... you prevailed because you had an appraisal. Otherwise all you would have gotten is Actual Cash Value which in your case (all cases really) equals the appraisal.

The only reason for Stated Value is that if you have some ultra-rare or expensive car and you want to LIMIT your coverage to LESS than actual value for some reason you can state a LOWER value and your premium will be reduced accordingly. You CANNOT increase limits by stated value. That's what AGREED VALUE does.
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darbysan
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Report this Post10-19-2015 07:53 PM Click Here to See the Profile for darbysanClick Here to Email darbysanSend a Private Message to darbysanEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by jscott1:


Just so everyone else understands... you prevailed because you had an appraisal. Otherwise all you would have gotten is Actual Cash Value which in your case (all cases really) equals the appraisal.


Just for clarification, in case anyone is interested, I actually did not have an appraisal before the accident. The insurance co sent an appraiser, and he appraised it at just over $16K. ACV at that time for a stock El Camino was closer to $4.5K, which is what a normal collision policy would have paid. The Ins company did suggest that I get an appraisal for future incidents, so that is why I suggested getting one early. Maybe I just got lucky...

That being said, I agree with you that if you can get Agreed Value, you are better off. In my case, it was not available.

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jscott1
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Report this Post10-19-2015 10:34 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 darbysan:


Just for clarification, in case anyone is interested, I actually did not have an appraisal before the accident. The insurance co sent an appraiser, and he appraised it at just over $16K. ACV at that time for a stock El Camino was closer to $4.5K, which is what a normal collision policy would have paid. The Ins company did suggest that I get an appraisal for future incidents, so that is why I suggested getting one early. Maybe I just got lucky...

That being said, I agree with you that if you can get Agreed Value, you are better off. In my case, it was not available.


Yeah a little more research showed that there is no standard accepted definition of Actual Cash Value, except that it is almost always the lowest price associated with determining the value of a claim. An appraisal is the next best thing to an agreed policy because it leaves little doubt as to the value of the property that was lost. Appraisers can be called in after the fact as you have stated but it's better to have it beforehand.
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Imnuts
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Report this Post05-24-2016 02:16 PM Click Here to See the Profile for ImnutsSend a Private Message to ImnutsEdit/Delete MessageReply w/QuoteDirect Link to This Post
I just got full coverage insurance through Safeco for my 88 at $123 a year with $10,000 assured value. I thought it sounded to good to be true and waiting on my policy to come in the mail so I can double check the small print.

Anyone else signed up with this company?

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