Classic/Pro Touring Auto insurance Question

[ProdigyCustoms]

This is unreal. A few months ago before we started Michael's 86 Monte Carlo SS project, we called Gieco to see if there was going to be any issue adding this car. We wanted $20,00 in endorsments (additional dollar protection) for paint, wheels, tires, and misc (could not list any engine mods, we knew they would flip if they saw nitrous and had any clue of the real horsepower). They gave me a quote of $447 every 6 months with no limitations as a 5th car / toy in the household. Geico is covering 5 of them right now tht Lisa, michael and myself all all covered. Not the Hot Rods, they are with Peacock Classic. So anyway, I call a couple days ago as now the car is fully sorted and on the road, to add it as quoted 5 months ago, and they tell me they will not cover it. Not only will they not cover the car they quoted (because the endorsment is more then the value of the base car. They book it at somewhere between $5k and $7k, find a nice SS for that). but they refuse to cover it without any endorsment at all. In other words, they will not cover it as a Monte Carlo with no additional endorsement because it is "to custom' for them.

Now we need conventional insurance for this one without any classic car limitations. There is a bit of a issue with Michaels age and "technically" he cannot drive any of the Hot Rods as there are specific no males under 25 Y/O clauses. And even though Michael would never drive one of those cars. Let's just say if he did, we would be assuming liability if he bumped into anyone! Now if there is a emergency at Steak and Shake on a Saturday evening and he has to use one of these cars to get there, well I can assume that liability. But I cannot assume liability 365 days a year. We need conventional insurance for the Monte. So as of today, Gieco has us a bit screwed. So here we are about $30k deep (parts / materials value not counting a penny of labor) and we canot insure it through our 10 loyal insurance company that quoted us and said they would cover it before we ever put a penny in it.

It's a real problem right now. Big enough we may sell the monte (Michael says HELL NO!) if we cannot insure it. Those cars are to popular of a theft item not to have coverage. Damn gieco sucks! Some other insurance company the cover this thing for a resonable agreed policy is going to get a BUNCH of insurance from a family with decent drivers reconrd and no serious claim history.

I will let you know what we end up with. UGH!

[mtuck]

This is why I love this site. You all have a wealth of knowledge and are always helping people out. Thank you to all. I do have a question. I am going today to get insurance on my 67' Camaro. I am going through my insurance company which is Allstate. After talking with them, they suggested I go through Haggerty. After I told them what I had, they asked me what the value was. I told them $25,000. They gave me a quote of $247 for a year.

Now comes the question. If I totaled my car, would they send me a check for $25,000 or would it be a fight because it is a stated value. And what is the difference between stated value and agreed value? If they ask what the value is, they should not issue a policy with out knowing that if I total my car they owe me $25,000.

Thanks again
Matthew

[camcojb]

Originally Posted by mtuck

This is why I love this site. You all have a wealth of knowledge and are always helping people out. Thank you to all. I do have a question. I am going today to get insurance on my 67' Camaro. I am going through my insurance company which is Allstate. After talking with them, they suggested I go through Haggerty. After I told them what I had, they asked me what the value was. I told them $25,000. They gave me a quote of $247 for a year.

Now comes the question. If I totaled my car, would they send me a check for $25,000 or would it be a fight because it is a stated value. And what is the difference between stated value and agreed value? If they ask what the value is, they should not issue a policy with out knowing that if I total my car they owe me $25,000.

Thanks again
Matthew

read this link, should answer the question. If your question involves Allstate insuring your car, it is stated value, and no, you are not guaranteed $25K. That's the most they'll pay, but they will first determine actual cash value, and even though the car is insured for $25K, if they can find a "comparable" car(s) for less that's the value they'll pay on. That is the right of a stated policy.

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

Just out of curiosity, if they recommended Hagerty on a classic why would you even pursue having them insure the car? I have Allstate on all my personal daily drivers, for over 20 years. But they'd never get the policy for the Chevelle or anything similar.

Jody

[mtuck]

Jody,

Thanks for the information. The only reason I called my insurance agent is I was just going to add it to my current policy. But to add it as a thrid car was going to cost me $400 for six months. But while we were talking, one of her coworkers suggested that they could get the insurance for me through Haggerty. I assume they were going to be a third party broker. That was the only reason. I did not even think that they would mark up the price, but I could be wrong. Does it sound unusual to you that they would offer this to me?


Matthew

[John S]

I have 4 cars, 2 trailers, 1 ATV and Homeowners insured with State Farm. They would not write an agreed value policy for the Monte Carlo. Haggerty refused it because I disclosed the car had nitrous (at that time) I ended up with Grundy on a 30K agreed policy. I can live with the restrictions because I end up being within them anyway.

[mtuck]

Originally Posted by John S

I have 4 cars, 2 trailers, 1 ATV and Homeowners insured with State Farm. They would not write an agreed value policy for the Monte Carlo. Haggerty refused it because I disclosed the car had nitrous (at that time) I ended up with Grundy on a 30K agreed policy. I can live with the restrictions because I end up being within them anyway.

How was the price. I assume it was reasonable. And how long did the process take? I am ready to drive it now...

[rockdogz]

Another vote for Heacock here, since they were the only ones I called who would give me an agreed policy for my car with a roll cage.

[skatinjay27]

grrrr! i hate hearing/reading classic insurance talk, i tried every company and could get a policy,thanks to my age(22) so im stuck with msrp for 3 more years...

[rich-allen]

I managed to get an agreed value without the language you specified.
This only happened because I used my companies general liability carrier.

Besides our companies liability insurance, they also cover our auto policy. That policy had 11 work trucks, 05 mercedes and 2007 corvette prior to adding my camaro.
It helps when you spend an average $400k year on insurance. And another $250k for Workman's comp.

They didn't have any trouble giving me exactly what I wanted. I insured my car for $100k.

Rich

[mtuck]

I called my insurance company back up to ask some questions. I told her i wanted the valueto be $25,000 for the car. She said no problem. Then I asked her if it was stated value or a agree value. She told me that it is a agreed value. Then I asked how much. She ran the numbers and told me for a one year policy it will be $241.

Is the agreed value policy the one I want. Just want to check so I do not get screwed later if something was to happen.

Thanks
Matthew