Value of Your CS/HCS for Insurance Purposes

[Russ]

With the new-found respect for our cars based upon the results of the BJ auction, I'm wondering if anyone has increased their insurance value? I think now is the time to up the valuation of my cars, and I'm wondering if anyone feels the same way. If you did up the value on your car, what did you determine the value to be?

Russ

 

[Redwingrobb]

Russ, I'm taking you slightly off-course, but I was wondering. Have you insured with a main insurance provider (State Farm, Allstate, etc.) or have you gone with a specialty antique car insurer? Benefits of one vs. another.

 

[68gt390]

Robb;
I've insured both my cars, house and everday auto with State Farm. Checked all the classic folks and none of them could even come close to State Farm for the type coverage I got plus, no limitation on milage.

Don

 

[Russ]

I use Hagerty. I just added my '68 Mustang GT and upped the coverage on my CS and Shelby to the Hagerty policy and saved $50 per year over what I was paying to have my GT insured with Allstate. I'm very happy with Allstate, but I don't drive my Mustangs and Model T's enough to justify the coverage from Allstate.

Russ

 

[joedls]

Robb;
I've insured both my cars, house and everday auto with State Farm. Checked all the classic folks and none of them could even come close to State Farm for the type coverage I got plus, no limitation on milage.

Don

Don,

Does State Farm offer an agreed-upon value for their policy? Or is it stated value?

 

[Perkchiro]

Interesting timing of this post. I JUST received my insurance policy from American Family after taking all of my restoration receipts to my agent. They upped my valuation from 10K to 37K. No questions asked. I also took a NADA report showing current values. My agent informed me that an appraisal will be required when I finish the project. Wish me luck, an appraiser may actually lower the value when he sees the finished product:scared:
Steve

 

[hcsstang]

Two years ago I had my car appraised for 30,00 but I only had it insured for 20. If I want to go higher than 30 I got to get it appraised again. I'm insured with J C Taylor. I think that I might check around.

 

[390cs68rcode]

Grundy charges me $0.65 per $100 worth of coverage. no mile limits.

 

[CALIF GIRL]

I recently changed from my regular State Farm insurance to Classic Car insurance with State Farm. It was almost the same amount of money for the premium.. I have a declared value of 25k and did not have to go through an apprisal..Just sent in photos..

 

[hookedtrout]

I'd be interested in an exact dollar amount Allstate, State Farm, American Family etc charges per year and for what amount of coverage, what restrictions if any. Seems to be a continued debate here as to which way is the best to go but I never see how much the blanket insurance companies are charging mentioned.

I currently have $20,000 established coverage and the cost through Hagarty is $135 per year, no mileage restrictions no questions asked when it was insured short of the year of car, type of car and the Vin #. Which seems to be right in line with Grundy.

Not trying to pit one against the other but it comes down to dollar for dollar comparison and this will give those looking a better idea of which direction they should go.

Cory

 

[PFSlim]

I have mine insured with State Farm where I also have my house and other two cars. Basically, when the guy came by to renew everything, I told him about the Mustang. He asked to see pictures. He asked me what I thought it was worth and I said 40K. This was just before the car was finished.

Once finished, I called again and said I wanted to insure. My agent said 'will it be for the 40K". I said I thought so. He asked me to email him pictures of the car and motor. I pay around $135 per year, no mileage restrictions, no appraisal.

One way I look at insurance for this car is as follows: The insurance is only for theft or a fire, or complete loss. Otherwise, if I get dinged or something small happens to the car, we would fix it anyway and it would not go to a shop.

Paul

 

[Mosesatm]

Paul, does that mean that if there is $35,000 worth of damage you don't get a dime from the insurance company? Is that how all the other insurance companies work?

 

[PFSlim]

Arlie

No. I don't think so. I think if the car is stolen or if the car burns to the ground, we would collect 40K. That is the value placed on the car. If we did have a wreck and had 5K of damage, we could put in a claim, however I would not do that.

It is no different than regular car insurance. The only difference is that the insurance company does not know how to place a value on the car. With a agreed upon value, that would be the max they would pay.

Am I making any sense??

Paul

 

[Perkchiro]

That was a specific question posed to my insurance agent. Is this policy for the Stated value or determined value at time of loss? He said that this policy, unlike my regular car policy, pays for the agreed value. If the car gets stolen and not recovered, burns to the ground or is totally wrecked for some reason, I get the full stated value of the car. Plus, I carry liability and medical coverage, just like my other cars.
Steve

 

[PFSlim]

One other option, at least from State Farm, was to insure it as a Classic Car. However, it was my understanding that there was mileage limits and the driver had to keep track of the mileage in the glove box. That really, they only wanted the car to go back and forth to shows - very limited mileage.

I did not want to go this route as I did not want to track mileage and did not want to be limited in the time that I drove the car.

Paul

 

[hookedtrout]

I have mine insured with State Farm where I also have my house and other two cars. Basically, when the guy came by to renew everything, I told him about the Mustang. He asked to see pictures. He asked me what I thought it was worth and I said 40K. This was just before the car was finished.

Once finished, I called again and said I wanted to insure. My agent said 'will it be for the 40K". I said I thought so. He asked me to email him pictures of the car and motor. I pay around $135 per year, no mileage restrictions, no appraisal.

One way I look at insurance for this car is as follows: The insurance is only for theft or a fire, or complete loss. Otherwise, if I get dinged or something small happens to the car, we would fix it anyway and it would not go to a shop.

Paul

Sounds like State Farm is worth looking into as they are quite a bit cheaper than Grundys and Hagarty for the same bang from what you quote. State Farm comes in at half of the Grundy's quote that Jason stated at .34 per 100.

Cory

 

[PFSlim]

Cory

Keep in mind that I am no insurance agent. Barely understand what I have got. But I do think it is worth looking into.

Paul

 

[hookedtrout]

Cory

Keep in mind that I am no insurance agent. Barely understand what I have got. But I do think it is worth looking into.

Paul

I understand Paul. First let me state there is no understanding insurance without several lawyers on your side and you must first insure (pun intended) that the lawyers aren't tied directly to insurance or you're on a wild goose chase anyway. And even then I wouldn't trust the insurance any farther than I could throw their corporate office. They have one intention, make money, lots of it, and give nothing in return. I'm sure that is posted on their wall as all of their corprorate goals.

Absolutely worth looking into as you state however, along with thier ease in getting what you think you have if a claim is filed. Be interesting to talk to someone insured through the various options that have had a total loss on a classic car and see how they were treated in getting thier insurance claim handled.

Cory

 

[68gt390]

Don,

Does State Farm offer an agreed-upon value for their policy? Or is it stated value?

Joe;

It's basically up to you how to set it up. You can do an agreed-upon amount, declared amount (what you think the car is worth) or have an actual appraisal done on the car. My GT is through an appraisal and my GT/CS is on an agreed amount for actual loss up to the agreed amount.

This is the breakdown: Full Coverage same as my daily driver.

Liability/Bodily injury 100,000/300,000
Property Damage - 50,000
Medical Payments - 25,000
Deductible Comprehensive - 100
Deductible Collision - 250
Car Rental & Travel Expense
Uninsured Motor Vehicle/Bodily Injury - 100,000/300,00
Death Indemnity

My total premium for 6 months - $73.16 Agreed upon value - $30,000

The only requirement was to furnish photo's to State Farm. They even had one of their adjusters come out and look at the car. Once the new engine is in the car, I plan on having it appraised and raising the amount of coverage.
Also, I have no milage limitations and policy is set-up as Antique/Classic.

I checked with all the other antique/classic insurers and they even stated they could not match State Farm. Again, you also have to consider age, area where your insured and driving record as I'm sure you are aware of.

As it stands I wouldn't insure with any other company. My house and all cars are through State Farm and I've been with them since high school.

Don

 

[joedls]

Joe;

It's basically up to you how to set it up. You can do an agreed-upon amount, declared amount (what you think the car is worth) or have an actual appraisal done on the car. My GT is through an appraisal and my GT/CS is on an agreed amount for actual loss up to the agreed amount.

This is the breakdown: Full Coverage same as my daily driver.

Liability/Bodily injury 100,000/300,000
Property Damage - 50,000
Medical Payments - 25,000
Deductible Comprehensive - 100
Deductible Collision - 250
Car Rental & Travel Expense
Uninsured Motor Vehicle/Bodily Injury - 100,000/300,00
Death Indemnity

My total premium for 6 months - $73.16 Agreed upon value - $30,000

The only requirement was to furnish photo's to State Farm. They even had one of their adjusters come out and look at the car. Once the new engine is in the car, I plan on having it appraised and raising the amount of coverage.
Also, I have no milage limitations and policy is set-up as Antique/Classic.

I checked with all the other antique/classic insurers and they even stated they could not match State Farm. Again, you also have to consider age, area where your insured and driving record as I'm sure you are aware of.

As it stands I wouldn't insure with any other company. My house and all cars are through State Farm and I've been with them since high school.

Don

Don,

Thanks for the info. I have been thinking about taking all my insurance business somewhere else. State Farm sounds like a good place to go.