Agreed upon value insurance
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For those of you using State Farm, how have your experiences been? What have your experiences been with them? I was told a few years ago by my agent that the stipulations are too strict and that I'd be better off with someone who specializes in classic car insurance. I just called yesterday again and was told that they would not insure the GN because it is too new. Obviously that is wrong.
I just got 2 quotes on agreed value coverage for my 1985 t-type today. All 20k agreed value coverage. Collector car with 6000 or less miles per year.
Current coverage: Haggerty $ 400+/- for year
quote 1: State farm: $120/ yr
(had the least restrictions too)
quote 2: American modern: $303/ yr
seems like there's a big range between most companies. Original vs a modified car is a drastic difference too.
Current coverage: Haggerty $ 400+/- for year
quote 1: State farm: $120/ yr
(had the least restrictions too)quote 2: American modern: $303/ yr
seems like there's a big range between most companies. Original vs a modified car is a drastic difference too.
Boostian
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Mike literally just dealt with this with my new purchase. State Farm. Philadelphia area. Here's my details:
No need for a garage (Haggarty required one)
Listed value as 8k
Listed as modified
Only stipulation was 20% of its use is parades, shows, cruises, etc (how they verify that I don't know)
They took pictures of the vehicle and engine
$145 a year
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C
coach
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YES......Get a Certified Appraisal. Its the only way to know, for sure, that your going to get the true value of the car. Both you and the insurance co. get a copy. The value does not differ from the beginning to the end...unless you get another appraisal after you add some more value to the car.
I use Heacock which is underwritten by American Modern. I have 5 cars on the policy. The GN is insured for $24,500.
Boostian
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I had to specifically ask for antique. State Farm has a whole other quote system they use for it. They initially quoted me almost 700 a year using the regular quote software. I called back and asked about antique and the lady said " oh is that an antique?" And saw that it was over 25 yrs old
It also is listed in their system as BUICK REGAL 3.8L CPE TRBO
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Ok. I got the ball rolling with State Farm. I spoke with the agent I'm used to talking to. She had me email her pics and will send it off to the underwriter. She will be good to deal with since she's into cars. She wanted a GN back in the day, but settled for a MCSS. I will see what they come back for value, but will probably need to get it appraised. Those of you who have seen my build thread will know that I want to insure this for a nice sum.
Because I have everything else through them and have nothing but fantastic things to say about their service whenever I have had a claim. If they can insure my car under an agreed value policy for a reasonable price and not too many stipulations then it makes the process simple for me.
I could not own a GN with out a garage. Ouch!
$145 is not bad but say your car got totaled stolen stripped etc. could you replace your exact car for only 8K? I know I could not.
I'm insured at $25K and actually that probably wouldn't do it either. I have had my car for over 15 years with at least 50K in the car. I guess I better up my coverage.
Boostian
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Yea prolly could as of now. As i do more work to it I will up the value of courseI could not own a GN with out a garage. Ouch!
$145 is not bad but say your car got totaled stolen stripped etc. could you replace your exact car for only 8K? I know I could not.
I'm insured at $25K and actually that probably wouldn't do it either. I have had my car for over 15 years with at least 50K in the car. I guess I better up my coverage.
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I'm going to try for $25k on mine for now and see what they want to charge. I'm guessing that is ballpark what I could get for it if I sold it, although it would take a lot more than that to recreate what I did. I saved lots of money by doing most of the work myself, but how do you put a price on 6 years of hard labor?
Neither really although the Farmers agent ( he does American Collectors as well) I went through he knew the car pretty well as he was a friend. He originally inspected the car and then someone came out and took pictures. If I remember right the guy that came out and took pics asked if anything had been done to the car. At that time in 1997 not a whole lot but few small mods. Now days lot's of mods.
so I guess the correct answer to your question would be Modified.
I really don't remember what they asked it's been so long ago. I know they looked it over in detail. SF might be different than the companies that are just classic antique cars only?
Although Grundy will insure your daily driver as well. Unless they are a car guy or a TR guy they wouldn't a T70 turbo from a stock one anyway.
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