Classic/Pro Touring Auto insurance Question

[tyoneal]

Originally Posted by Steve1968LS2

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.

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Steve:

Thanks a million for the contact information. I contacted them on their web page, and will phone them on Monday. Since you use them, and our cars are somewhat similiar. (Yours of Course is much more polished and refined) I think these folks might be the right people for me to work with as well.

If anything pops up with them about Penny, please PM me and I'll do the same. I am pretty certain that the value of this car will be fairly high when I am (Technically) done with it.

Thanks again for your input.

Regards,

Ty

[jackreggers]

For what it’s worth, I’ll share my experience after going through a complete insurance adjustment on the daily drivers and two Camaros over the last few months. Here’s the scenario – I live in Florida, have 5 cars and four drivers in the household. Household drivers include my wife, daughter (21) and son (18) and me. The cars are a 04 Honda Pilot, 04 Mustang GT, 99 Jeep Cherokee, 69 Camaro ($48K appraisal) and 67 Camaro ($52K appraisal). I previously had all the cars with ANPAC with coverage at 250/500 level for each. Both Camaros cost about $750 a year with stated value under their Chrome coverage (no nitrous, no racing, under 7500 mi/yr, locked garage). History wise, we had no problems with ANPAC service to include an accident with one of the daily drivers that was 100% the other drivers fault. Since I'm over 50 and an AARP member, I took at look at the old guy rates through Hartford. I was surprised to find that the annual Hartford estimate for the three drivers was about 1/2 the annual ANPAC rate for the same coverage. However, the Camaro coverage’s were way, way higher and there were a lot more restrictions. So my plan was to move the daily drivers to Hartford and keep the two Camaros with ANPAC. No so fast. The ANPAC rules require you to have a daily driver on the policy to get their Chrome Class rate. They grandfathered me for my current policy term but the new term rates got my immediate attention. The premium for the two Camaros under the ANPAC policy went up to about $4K a year for exactly the same coverage I previously had for $750. The reason was that without a daily driver, ANPAC tags one of the Camaros as a daily driver and the rate skyrocketed. After many Q&A sessions with very helpful ANPAC and Hartford reps (as well as looking at the other classic car insurance companies) I ended up insuring two of the drivers with Hartford and one driver and the two Camaros with ANPAC. This may not be the ideal solution, but it was the best I could come up with. The overall result is (starting tomorrow) I have the same coverage as I previously had, the two Camaros went back to their old rate (~$750K/year for both - stated value) and it reduced my total annual premium for all five cars by about 45% over what I paid last year. FYI, the ANPAC stated value is defined as actual cash value, amount to repair or replace or amount shown on the declaration. I realize that stated value is not ideal for the Camaros but the ANPAC requirements more closely match how I really use them. Also, both policies cover all four drivers in the house so my son can drive the Camaros without worry (insurance ones anyway). Should something catastrophic happen to the Camaros, I know I’m in for a ride. But, I’ll go forward armed with photos (hundreds for each from day one) and receipts for everything (even the ones my wife doesn’t see) and hope for the best. Hope, of course, wasn’t a word I noticed in any of the policy language.

[camcojb]

thanks for the info Jack. Stated value can be the only option for those who daily driver their classics, and as long as a guy knows what he's got for coverage it works well. The problem is many people with State Farm, Allstate, etc. think they have an agreed value policy and are guaranteed of a dollar amount in a full loss, and that is simply not true. The ACV (Actual Cash Value) part of the policy tells you it is stated, not agreed. How do they determine ACV? By finding comparable cars to yours and seeing what they're selling for. The value on your stated policy is the most they'll pay, not the guaranteed amount like an agreed policy.

I always want people to know the difference and then make a decision on what's best for them.

Good first post and welcome to the site!

Jody

[jackreggers]

Thanks Jody. As you mentioned, the important thing is to know what you have. Like me, I suspect a lot of folks don't want to go through the mental anguish of planning for the worst and then hearing the insurance they thought met their need provides something less than what they think is either right or fair. One thing for sure is that the paperwork is definately confusing and often contradictory. For example, one of ANPACs form letters defines stated value for the Chrome class as "In the event of a total loss to your specialty vehicle, ANPAC will pay you the amount shown on your policy, less deductable." I really liked that definition until I received a different letter, signed by the same person and dated two days later, that provides the the other definition for stated value (lesser of ACV, the amount to repair/replace or the amount in declaration). Nowhere does the term Agreed Value appear. Phone discussions with their rep to clarify the point (she was great by the way) made it pretty clear that the second definition that favors the insurance company is the more accurate one. Anyway, it works for me since neither of the Camaros are used for daily transporatation but I do drive the 69 Camaro every chance I get to nearby cruise ins and shows. By the way, the Chrome info letter says it has a 10,000 annual mileage allowance but the policy paperwork I got yesterday (the one that counts I suppose) says 7500. Last year's mileage really started adding up after I hit a few out of town shows, an Orlando visit to Old Town Kissimmee and a few legs of the Powertour. I think I did about 6500 so I'm still in the comfort zone.