Insurance for GN

[nick368]

I agree with Terry H. When I filed out my app. they made me give license plate numbers of my other two cars, plus sign a doc. saying that no one under 25 would be driving the car.

Nick

 

[vacuum 6]

State Farm here. I have mine insured as a classic and pay $250 per year for full coverage. The car's declared value is $20K. If insured as a classic there are restrictions...

1 - most of the time the car needs to be driven to car events
2 - less than 2000 miles per year on the car

No problems for me the car is always going to car shows and I drive it 1000 miles per year.

 

[nick368]

That's cool. I checked that out and with Grundy I can drive whenever I want, because my GN is not show material and it limits me to 6k per year.

I guess it's whatever is important to you (owner)

Thanks for writing in

Nick

 

[Terry_H]

Does anyone here think State Farm is going to pay 100% of "declared value" for a total loss? Likely, they will either consult KBB or comparisons.

Don't mean to harp on this topic, just wanted to make sure there are no surprises for anyone when filing a claim.

 

[BlackBandit]

KBB values our cars between 15-20k. If you go with a "stated value" policy check and make sure they aren't depreciating the value of you car as time go's by. You don't want to get in a wreck and hear them say "Yes sir, I know the cars value was stated at 25k, but that was 5 years ago. If it was worth 25k then and since then you've put X miles and it's been Y years, so now it's only worth 7K." Just a heads up. james

 

[Silver 'T' Top]

I have two policies on my 84GN. I use my local insurance agency to cover the liability and Haggerty for "agreed upon value" of $30,000. The Haggerty liability coverage is VERY LOW so don't depend on that to protect your personal assets if someone is hurt in an accident.
Conrad

Is that not called "double indemnity"... or something like that, in most states it is illegal to try to collect on 2 policies on a single event(accident or what not). Anyoe else, surely there must be some insuance people amongst us out there!:wink:

 

[Evans Ward]

Careful with insuring with Grundy. Search on my name topic "Grundy" for more info. Much better bets that won't limit you than Grundy.

 

[stack1]

Wow, alot of misconceptions out there. I'm an insurance adjuster so I have a little experience in total losses.

First of all, don't mistake a stated amount policy for an agreed value. Basically, with a stated amount policy, you are setting your premium, not the value in the event of a total loss or theft. Secondly, there's not an insurance company out there that will tell you a value "in the event of a loss". Your agent may be telling you something, but don't confuse an agent with a claims adjuster that actually works for the insurance company. Most agents have no clue how the claims process works.

Laws are different in each state and each insurance company has different procedures, but I used to work for one of the "big 3" insurers. Their proceduces were basically the same from state to state. When a claim is made and the car is stolen or a total loss, the mileage, condition, and options are confirmed. This information is relayed to a company that determines the "actual cash value" of the vehicle. These companies keep databases of vehicles that have been sold or are for sale in your local market. So your value is based on what other similar cars are selling for.

I'd say maybe 30% of claimants will dispute the value of their vehicle. They are given an opportunity to do their own market survey (autotrader.com) to prove the value that they think is fair.

You never have to accept what your insurance company is offering, however you cannot sue. Check your policy (if you actually have a copy) and look for the "independent appraisal clause". It says that if you guys cannot agree, you each hire your own appraiser and what they agree to is binding.

The insurance companies aren't out to screw you out of any money. They see you as a number and want to settle your claim at the lowest ultimate cost and move on to the next one. A turbo Buick owner isn't going to have trouble getting a large settlement for a nice car. It's the dumb ass Regal owner that thinks their n/a or v8 is worth $10k that's going to have a wake-up call.

Oh, and you cannot have two primary policies on the same car. Information is shared daily with each and every insurance claims office and they will catch you in a second. Which ever policy you took out first likely immediately cancelled when you took out the second one due to contact clauses in your policy. You're paying premium for a policy that will likely deny any claim you present. Unless this is supplemental coverage, then you're okay.

 

[vacuum 6]

I never had an issue with State Farm. My car's value is based on a few things: an appraisal of $10k (ten years ago). Since then I've done a lot of restoration. I took the Buick back to my agent, they took pics and I gave them recites of the work I've done or had done. I told them I though the valve was $20K, two weeks later I received my new declared valve. If someone did t-bone the Buick, I guessing, the insurance would give $20K less deductible and the dollar amount for the buy back.

About 15 years ago I had a claim, my car got broken into and $1600 worth of stereo equipment was stolen. Before this happened I had the agent take pics and gave them all stereo receipts. They told me everything that is bolted down is insured. One day after the claim I got a $1500 check ($100 deductible).

 

[vacuum 6]

IMO - if you're worried about someone hitting your car or not getting your money out of the insurance company, sell it. My dad had a perfect 1970 MC and it stressed him out too much to drive it so he sold it...let someone else enjoy it.

 

[stack1]

If someone did t-bone the Buick, I guessing, the insurance would give $20K less deductible and the dollar amount for the buy back.

Wrong, you're paying premium based on the vehicle being worth $20k. If it totals, they will run a market survey to determine your car's actual cash value. You can tell them that it's worth $10k if you want, then you'll be paying less premium. They'll still run the market survey to determine the value, if the value is more than what you've been paying premium on ($10k) then they will charge you for back premium. You still get the actual value, you're not limited by the $10k stated amount. They can't give you less than what the car is worth in the fair market.

 

[vacuum 6]

Yeah ok. I'll call my agent to see what they say. Maybe I'm paying too much now.

 

[vacuum 6]

Stack1 you are correct!

Just talked to my agent, she said if a car’s declared valve is X the insurance company will pay up to X. The insurance company researches what the car’s worth by what they sell for. THEY DO NOT USE KBB. She said most KBB type sites don’t understand/use the term “classic car”.