Car Insurance. A Necessary Evil.

[turbopete]

I just had the GN appraised. Came in at 25K.

I am looking into a "stated value" policy. The two insurance companies recommended to me were State Farm and Allstate. State Farm will not issue one of these policies for a car less than 25 years old. State Farms rules are about the same as the collector agencies (Grundy, Hagerty).

My insurance company (USAA) does not offer a stated value policy, and referred me to another collector car insurer. All I have is ACV (actual cash value), some pictures and an appraisal.

All I want is a policy to fully cover the appraised value of the car, and still be able to take the car to the hardware store or on errands whenever I want. I don't leave it in the mall parking lot for the weekend, nor do I leave it on the street overnight.

It seems like there is no middle ground here.

Any options/opinions?

 

[Little6pack]

American Collectors Insurance out of Cherrywood NJ


I can't figure both Grumpy or Hagerty out?

I had 70GTO & 87GN with Hags. Go to put T with them & they said NO!
I was in my 40's age..

I switch to Grumpy they Put the T on 1 year. I dropped for winter. They said no next go around. I swear it is the DOLTS you get on the phone!

 

[INEEDAGN]

You want AGREED value, NOT stated value. There is a difference.

 

[ngc414]

Like said before. You need agreed value. Hagerty offers agreed value policys. Stated value means they will only pay up to the stated amount. Agreed means they will pay the agreed value you determine.

 

[rmar]

Hag offers agreed value and have them quote your car as exotic also.........:biggrin:

 

[MSDGN]

I just had the GN appraised. Came in at 25K.

I am looking into a "stated value" policy. The two insurance companies recommended to me were State Farm and Allstate. State Farm will not issue one of these policies for a car less than 25 years old. State Farms rules are about the same as the collector agencies (Grundy, Hagerty).

My insurance company (USAA) does not offer a stated value policy, and referred me to another collector car insurer. All I have is ACV (actual cash value), some pictures and an appraisal.

All I want is a policy to fully cover the appraised value of the car, and still be able to take the car to the hardware store or on errands whenever I want. I don't leave it in the mall parking lot for the weekend, nor do I leave it on the street overnight.

It seems like there is no middle ground here.

Any options/opinions?

As far as State Farm where did you hear that from...I have both my 87 GN and 87 T insured under State Farm for "stated value" from appraisals...they are also insured as "collector" cars...so I don't have to get emissions...

 

[turbopete]

State Farm

I got the 25 year rule from the local agent in Chesapeake. Can you give me some more information that I can take back to them?
Thanks.

 

[ngc414]

I got the 25 year rule from the local agent in Chesapeake. Can you give me some more information that I can take back to them?
Thanks.

The car does not need to be 25 years old to be placed with Hagerty. You just need to prove it is either limited production or approved customization. It needs to be quoted under "exotic" for a rate. My 87 WE4 and 89 mustang are with Hagerty.

 

[70Mach1]

The car does not need to be 25 years old to be placed with Hagerty. You just need to prove it is either limited production or approved customization. It needs to be quoted under "exotic" for a rate. My 87 WE4 and 89 mustang are with Hagerty.

I have had many cars with Hagerty, including a 96 Cobra. It was under exoctic category. Hagerty has no mileage restrictions, only that it cannot be a daily driver, and must be parked in a garage.

When I owned my last GN, it had an agreed value of $26.5K and it cost around $500 a year to insure.

 

[rmar]

30k with Hag. is still under $600 per year.....