Classic/Pro Touring Auto insurance Question
 

Hello:

I was reading a past thread listed on this site. Steve was asking questions about "Penny", and a discussion commenced regarding the best insurance carriers for our Type of cars.

The 3 Carriers Mentioned most favorably were, Grundy, Heagerty and Parrush Heacock.

I want to see if anyone has any additional information regarding this. As you know, "Lateral-1" will be here (In Texas) Friday morning and I would like to get the insurance started asap.

If you have any contacts, phone number, or agent you would recommend, please feel free and post it or PM me.

I really want to set this up correctly from the get go, so I can concentrate on other things.

Also, please mention specifically what items I need to be aware of and how to deal with them.

If you want to know about the car, please click here.

https://lateral-g.net/members/magers/

I appreciate in advance your comments.

Thanks,

Ty O'Neal

the first thing i recommend to anyone is to first check with the provider for the insurance on your daily drivers. because i insure my daily vehicles through state farm, they hook me up big time with agreed value policies on my classics. by hook up i mean i pay about $20 a year for my 54 and have a $20,000 replacement value(that needs upped again) and around $100 a year for my cadillac. I had an accident with the caddy 2 years ago - the "blue book" value was around $700 on the car but the NADA collector value was around $4,300. so instead of claiming it was worth $700 and trying to total it out on the $900 of damage, they were cool and went the proper way basing it on the collector value and not the plain old "27 year old american car" blue book value.

Pat, please check your policy carefully as so far every policy we've checked from State Farm classic policies are stated value, not agreed value. This has been brought up dozens of times and many guys with SF think they have agreed value; so far nobody does. Check your policy wording for something similar to this:

The most we will pay for “loss” in any one “accident” is the least [emphasis added] of the following amounts minus any applicable deductible shown in the Schedule:


1. The actual cash value of the damaged or stolen property as of the time of the “loss”;

The cost or repairing or replacing the damaged or stolen property with property of like kind and quality; or

2. The amount shown in the schedule.


The actual cash value part allows them to look at comps, and if they find a "comparable" vehicle to yours for a lower value that's what you'll get, no matter what value is on the policy. A true agreed value policy does not mention ACV, comps, etc., just the amount of payout.

Here's a link to the difference between the two. And don't believe your agent as he is often incorrect too. You need to get agreed value coverage from a collector car insurance company. Nothing wrong with SF, have had them for over 20 years on my work equipment, but not on the old cars. My agent even told me not to use their policy.

http://www.faia.com/web/2005/08/stat...eed_value.aspx

If I had a dollar for every person that THOUGHT they had agreed value but in reality had stated value I could have bought an LS7 instead of an LS2.. lol

I would like info on this as well. What is the best way to insure a collector car?? We called Haggerdy and they asked us a million questions and then quoted us a price whereas Grundy asked the type of car and value and that was it. I felt a little better with Haggerdy but they were about a grand more then Grundy.

Whos had some good experiences/bad experiences?
-derek

I have a story on this in the next issue of PHR.

Haggerdy and Grundy are not fans of modified and the like cars. They nearly fell over when I said I had a roll bar and Grundy wanted me to sign a paper that says I won't race or run the car. They really wont even cover you driving to the track.

Heacock Classic (the new name of Parrish Heacock) seemed the most liberal. He would cover your drive to the track.. and in the pits but not in the staging lanes or making a pass/lap.

Make sure your collector car insurance covers the same liability limits as your normal car. It's silly to carry 100/300 on your daily and 25/50 on your classic, do you want to loose your house if it's your fault?

Also, make sure you have adequate uninsured AND UNDERINSURED coverage. I've seen Haggerty and Grundy offer a smoking deal but the liability limits and uninsured coverages are lower than nomal (hence a better deal)

Ask LOTS of questions.. buying coverage is more than just finding the best deal and the highest "agreed value"

Neither Haggerty nor Grundy would insure my 1970 Camaro... "too many modifications". Stating the supercharger and mini tubs were "off road performance modifications".

yet they'll insure twin turbo, mini-tubbed, roll bar equipped cars for me. It seems to be whatever they feel like on the particular day.

Jody

==============================================

Sounds like Heacock Classic might be the best route to go.

This car I have does have the mini-tubs and a Roll Bar + a few extra goodies. Yes I want to drive it hard at times, but, I'm not un-afraid of crashing, so I don't take dumb ass chances.

Stuff happens, and if it does, I want Damn good insurance. I understand them not wanting to insure a Car while Racing, however I think it's crap to not insure a car because it CAN be raced.

Could someone please post contact information. I would like to work with someone who has a clue. I would rather not break in a newbie.

I currently carry 500/500/100 with PIP of $10,000.

Any advise on this type of coverage?

Based on the car, "Lateral-1", what would be a decent replacement cost on a car like this?

I have a purchase price, plus the cost of additional items I've had to buy to get it here and up to date.

However, Mark is very competent, and I'm not sure how to put a value on re-building this car with someone of his skill.

Thoughts?

Thanks,

Ty

Here you go... www.heacockclassic.com

I talked with Gary Gandy there.. He's the underwriting manager. Tell him I said hello. lol

The most annoying thing about ALL collector car insurance companies is the "you can't drive it to work" deal.. ever.. Heacock seemed pretty good though.

Frank from Prodigy uses them and seems very happy.