Collector car insurance question

[aminga]

More.

http://www.theautochannel.com/news/2006/07/11/014361.html

So PHLY bought the rights to Grundy's Collector Car insurance Program, they have a non compete agreement with PHLY in all states except MA and SC.

 

[Brad Conley]

Let me preface this by declaring that I am an independent insurance agent licensed in Ohio and I do represent both Hagerty and JC Taylor antique/classic auto insurance companies. I consider myself an expert on Antique and Classic car insurance with over 31 years experience in the field as well as being a collector myself. I own an insurance agency and work daily in the insurance field on the Property Casualty side of the coin.

My advice to MY clients is to stay FAR, FAR away from Grundy at this time. Philadelphia Insurance Company, shall we say, "acquired" Grundy Insurance Agency from Mr. Grundy by enforcing a clause in their contract with him. It has been nearly impossible to service, make a claim or even cancel a Grundy policy since Philadelphia Insurance Company took over. I have several new clients that, because of those service issues with Grundy, have come to me for coverage on their collections. Business is good right now .

As far as youthful operators, well, Hagerty really does not want that person at the same price point they would charge an older adult. All auto insurance companies will have a higher premium for a single male under 30 than for an older operator. Stats prove the older operator will have fewer and less costly claims than a youthful operator. He may be better off with a standard carrier at this time. Not saying that is the most favorable for him, but cost-wise it may well be.

Hagerty is not, nor will they ever be, the cheapest underwriter out there. They have a excellent policy, the Cadillac of insurance if you will, and well, that costs a little more than a Yugo policy. In the event of a claim, what would you rather have? Ask just about ANYONE that has ever had a claim with Hagerty and they will do nothing but gush over how great of an experience it was. They really are that good. JC Taylor is not bad (they are owned by Farmers Insurance Company), but the coverages afforded are no where close to a Hagerty policy. In my experience, their claims handling is not as good as Hagerty either. In any case, it is up to the consumer with whom they do business.

I myself have chosen Hagerty for my collector cars. I think that says volumes.

 

[rmar]

Brad,

I had Hag, for many years with no claims and was very pleased. But the last several they have continued to raise
my rates annually. And not subtle either. like 100. at a wack. Does this seem to be the norm with them???? 2 years ago I switched to Grundy. I have been happy so far but......I don't want to be in the middle of it when they start running us out.

 

[Brad Conley]

I'm afraid all of your Property & Casualty insurance coverages (standard autos, home, commercial policies, etc) will be going up significantly over the next several years. For years, property and casualty insurance has been under priced and under priced by a significant amount (like 40-100%). In years past, investment income made up this difference, at least to a degree. Well, that ain't happening anymore. That and severe weather has caused havoc in the insurance industry. Everyone should be prepared for a jump, and a significant jump, in their insurance premiums. I believe Hagerty is at the leading edge of the curve of increasing premiums. All the others will be doing the same, make no mistake about it. So far this year, Hagerty has NOT increased premiums. Not to say they won't, but so far so good. To use "insurance speak", the market is firming up and prices will rise to offset future losses from doing any further financial damage to the industry.

I'm afraid you are too late as far as being in the middle with Grundy. This started about a year ago with them and has been becoming more and more of an issue with their insureds as time passes. I would ride out your current policy and then secure coverage elsewhere at the renewal. You will never get them to respond to a cancellation request (I've tried - several times) so just run yours out and let it non-renew.

If you are in Ohio, I would be glad to help you out but I am only licensed in Ohio. Hagerty is licensed in all 50 states and Canada so coverage with them is not an issue. Oh, and contrary to the ad above my post here, DON'T BUY INSURANCE FROM A GECKO!!!

For the rest of you thinking you have something with a standard carrier under a "Stated Value" policy, guess again. I cannot emphasize this enough: YOU DO NOT WANT A STATED VALUE POLICY!!! Only Agreed Value will pay you the "agreed" amount in the event of a total loss. State Farm, Allstate, Grange, Nationwide, etc, etc, etc, etc, DO NOT HAVE AN AGREED VALUE POLICY!!! Stay away from a policy that is not an Agreed Value or Guaranteed Value (in Hagerty's case). The difference between the two are, on a Stated Value policy the insurance company can still depreciate your car. The specific policy language allows an insurance company to depreciate your vehicle up to the "Stated Value" of the policy, whereas on a Guaranteed Value policy no depreciation will occur.

Direct quote from Hagerty.com's website: "This sets Hagerty apart from companies who offer “Actual Cash Value” or “Stated Value” policies, which may depreciate your vehicle in the event of a claim."

You also want to consider you policy liability and uninsured motorists limits. Hagerty is one of the very few that will offer matched limits on the Uninsured Motorists coverage. Grundy does not. JC Taylor does not. Most Antique and Classic carriers will not. These are just some reasons why Hagerty is worth more than the others.

 

[Brad Conley]

Oh, one other thing. My son Drew, who is in the agency with me, has a blog where he speaks about this subject as well as many others. See: www.theinsurancegearhead.com . Check it out. We're just getting it going. We also have a facebook page: http://www.facebook.com/millcreekinsurance .

 

[Westriver87]

I have been checking around for two days now. I went with American Collectors Insurance. They are $214 a year with a agreed upon value of 13K. It was a no brainer for me being that Hagerty wanted $814 a year. My local companies where in the same ballpark with no agreed upon value. Hopefully, If I ever do file a claim they will pay. I know someone earlier posted good things about them. Has anyone ever dealt with them? Thanks

 

[GSX-PKV]

Thanks for all the great input. I was out of town and just got back so I'll call Hagerty tomorrow re: the rate. My 70 GSX has agreed coverage that is 3 times the amount that our WE4 has agreed coverage for and the WE4 has a higher rate.

 

[GSX-PKV]

Phoned Hagerty and they were inflexible on the rate increase of 16%. I have very high liability limits and understand that costs $$$ but 16% in one year still seems steep so I'll shop around.

 

[short_dustin]

I agree with Brad, I'm an insurance agent in Southern Illinois and the last time our PHLY rep came by he mentioned they had a "new collector car market" and I asked who, he answered "I think they're called Grundy" and said he has it but doesn't help his agents do anything with it.

My humble opinion and what I do on my own collector cars is, I insure them as "exhibition autos" on my personal auto policy. There are usually mileage restrictions but for myself it isn't an issue because I rarely drive my old cars. I don't get any sort of discount for being an insurance agent and with Cincinnati insurance I pay $95/year for $12,000 in coverage on my '87 T-Type, that's liability, comprehensive and collision along with uninsured and under insured motorist and towing.

As for American Collectors, I wrote my dad's '62 Corvette that was full custom with an LS7 full frame off etc.. valued at $175,000 and they were very good to deal with on such a high value but the rates were higher on my Buick than just adding it as a collector or exhibition auto to my personal auto policy.

 

[bishir]

I always wondered which was better too as I don't get to read too many stories detailing a claim. I have a good friend of mine who recently had a claim with Hagerty. According to him, his 67 Camaro was insured through them as a modified vehicle and he sent detailed photos and documented list of parts modifications done to his car. It's a very nice car. He hit a giant dip in a construction zone on the interstate which caused suspension damage to the extent his quarter panel was damaged. When he filed a claim they claimed he was not covered because the damage was caused by a vehicle modification (18" wheels). It's grey territory but I do believe they had an obligation since they had no problem accepting his premium when he sent photos of his vehicle with those wheels on it.

I had State Farm Classic Car insurance on a 67 mustang that was totalled and I was very happy with the end result of my claim. I can't claim the same satisfaction with State Farm Homeowners insurance.

 

[tony rocha]

I have state farm classic insurance. aggread value for 20 grand apeace on both GN's and they are 276.00 and my stage is valued at 25 grand aggread value for 284.00 a year

 

[aminga]

FWIW I just got a email From Grundy stating that Jim Grundy was "Back behind the wheel" and the Grundy team would resume operation on May 21.

 

[87gninpa]

FWIW I just got a email From Grundy stating that Jim Grundy was "Back behind the wheel" and the Grundy team would resume operation on May 21.

I hope thats the case. Wish I would have read this 2 weeks ago, just sent in my premium payment for next year with Grundy. Had no idea this was going on, glad I didnt have to make a claim. I guess next year Ill shop around.

Anyone know if All State has any program I can get on? I have three daily drivers insured with them and the house is under them as well.

 

[CGASTON]

I have American Collectors. Got $25000 for 86 T-Type..... Check them out!

Sent from my iPhone using Turbo Buick

 

[Scott A.]

I've had Grundy for (3) years now, no complaints but I haven't had a claim either. I thought their rates were quite a bit cheaper once the car hit 25 years old (which the 87's are now), guess I'll wait and see.

 

[Nick Micale]

..................... I thought their rates were quite a bit cheaper once the car hit 25 years old (which the 87's are now), guess I'll wait and see.

You may be pleasantly suprised when you see your new rate.

I just received my annual bill from Condon and Skelly who I have used for years for my 9K mile original T which is insured for $25K agreed value, and the new premium is $95!

This policy has NO mileage limits either.

 

[GNGAL]

Hi all.. I shopped around all those common collector ins places.... then I found AmericanCollectors.com .... I had ZERO hassle on my auto accident, stated value ins.... in the past when I had to tow my car... I recvd a refund check within a week of faxing my tow bill. They have towing reimbursement, 5 nights of hotel refund if you get stranded somewhere, refund car show/event registration fees.... they are great ! !
Please compare prices and what value/coverage you get ... Im happy to of found them and will be renewing my new GN with them.

 

[GNGAL]

I have state farm classic insurance. aggread value for 20 grand apeace on both GN's and they are 276.00 and my stage is valued at 25 grand aggread value for 284.00 a year

I have stated val for $26,500 and pay less than that with American Collectors.com
You should check them out

 

[autodynamics]

There are much cheaper insurance companies than Grundy or haggerty

I have condon and skelly

Agreed value 70k and 125k
Premium 800.00 a year

 

[slo-joe55]

Let me preface this by declaring that I am an independent insurance agent licensed in Ohio and I do represent both Hagerty and JC Taylor antique/classic auto insurance companies. I consider myself an expert on Antique and Classic car insurance with over 31 years experience in the field as well as being a collector myself. I own an insurance agency and work daily in the insurance field on the Property Casualty side of the coin.

My advice to MY clients is to stay FAR, FAR away from Grundy at this time. Philadelphia Insurance Company, shall we say, "acquired" Grundy Insurance Agency from Mr. Grundy by enforcing a clause in their contract with him. It has been nearly impossible to service, make a claim or even cancel a Grundy policy since Philadelphia Insurance Company took over. I have several new clients that, because of those service issues with Grundy, have come to me for coverage on their collections. Business is good right now .

As far as youthful operators, well, Hagerty really does not want that person at the same price point they would charge an older adult. All auto insurance companies will have a higher premium for a single male under 30 than for an older operator. Stats prove the older operator will have fewer and less costly claims than a youthful operator. He may be better off with a standard carrier at this time. Not saying that is the most favorable for him, but cost-wise it may well be.

Hagerty is not, nor will they ever be, the cheapest underwriter out there. They have a excellent policy, the Cadillac of insurance if you will, and well, that costs a little more than a Yugo policy. In the event of a claim, what would you rather have? Ask just about ANYONE that has ever had a claim with Hagerty and they will do nothing but gush over how great of an experience it was. They really are that good. JC Taylor is not bad (they are owned by Farmers Insurance Company), but the coverages afforded are no where close to a Hagerty policy. In my experience, their claims handling is not as good as Hagerty either. In any case, it is up to the consumer with whom they do business.

I myself have chosen Hagerty for my collector cars. I think that says volumes.

Brad has their ever been any circumstances where a collector car insurance co has ever repaired/ replaced an engine for a customer? If so under what conditions? If not, why?