Renew my Hagerty policy or spend the $ for an appraisal and regular insurance?

["Turbo-T"]

Here goes....

My Hagerty policy is set to expire in a month. I've yet to have gotten my car appraised.

To renew is going to cost me about $376 unless i want to spend an extra $24 to get the road side assistance added.

An appraisal I have found is going to run me $200-$300.

I've heard a few horror stories of hagerty not paying up on claims.

I've considered dropping Hagerty, using the money for an appraisal and just getting insurance thru someone like Progressive, or perhaps even Farmers since I already have a current policy with them.

Especially since I want to drive the car more often, instead of it sitting in the garage all the time. Hagerty has limits on what I can do.

Unless you think I'd be wise to just stay with Hagerty or maybe switch to Grundy?

I figure I NEED an appraisal at best to ever win in a situation where if my car was stolen/totalled.

I don't know....what sounds like the best option? I don't have a ton of money in my pocket so I can't afford to renew the policy AND an appraisal.

Thanks.

 

[sugarandopium]

Go with grundy.
I havent heard anything but good things about them.
Can't remember what i paid for the policy, but was reasonable.

 

[TURBO 6]

Grundy wouldn't insure a TR I had previously. They said they don't insure "used cars".

 

[getchasum]

Hagerty policy

Sounds like you getting a pretty good deal. I have My GN & the astro roof insured by them and it's costing be $1100 a year.

 

[Dennis Kirban]

kirban 2 cents worth

Whatever decision you make, whether special collectible insurance, or regular. Having an appraisal is your best option and have it stated somewhere a "fixed" value for your car. This helps even if the accident is the other persons fault.

I have regular insurance but a fixed value stated on my policy. By having regular insurance, their is no driving restriction imposed. I could drive the car to work every day if I so wished. Every collectible insurance policy has their own set of rules.

They key is an appraisal and having a fixed value......

kirbanperformance.com

denniskirban@yahoo.com

Owned a few over the years.....

 

[extranjeo]

As a current Hagerty customer (none Buicks, yet:frown, I am confused by your questions. I'm not flaming by any means, just trying to help.

1.) When you signed on to Hagerty, you had to send in pics and a description of the car. After they reviewed your pics and description, the value was set at "an agreed upon price". Meaning you already knew how much your car was insured for. You even know what payout would be if the car was a total loss situation. No appraisal required.

2.) Hagerty charges $100.00 per $10,000.00 of insurance per year. Meaning, if your are paying $370.00 (plus or minus a few dollars) your car is insured for $37,000.00. Not many GN's worth that. But, if you have one, I'm jealous.

3). Hagerty is no different than any other collector car insurance company. Sure, they put restrictions on things in order to attempt to scare from driving your car. Be creative. If you are driving you car in December in North Dakota and get involved in a fender bender, just say "I was going to Auto Zone to have the battery checked." It is all about creative writing.

4.) Their claims service is second to none. I had their insurance for three months when my fiberglass hood flew off because I forgot to put the pins in it. I told them it was my fault (please reread my creative writing statement, I failed there). They only required one estimate from the restoration shop of my choice, not body shop, restoration shop. Done deal, repairs made, they cut the check, no premium increase, good to go.

I don't have any special high dollar hot rods so I did not receive preferencial treatment. I'm just a joe schmo. If your insurance statement does not reflect what I have posted, it is time to call HQ.

 

["Turbo-T"]

As a current Hagerty customer (none Buicks, yet:frown, I am confused by your questions. I'm not flaming by any means, just trying to help.

1. True, but then again shouldn't there be some sort of appraisal? I mean really they're taking my word on what was said. I'm just thinking since it's (to them and everyone else) a regular Regal, then I should have something to back up the value "just in case".

2. I've never heard of my car being insured for $37k for $370 a year. Guess I'm overpaying then huh? I set the insurance to $15k.

3. Policy clearly states "going to car shows, parades, etc." They might buy what you said, but in the winter time? I think they're going to think something was up. And of course if you don't mind having a guilty conscience for lying.

4. But hey glad to see your claim went smooth as butter. Did they raise the rares for the next year?

 

[SFITurbo]

Grundy wouldn't insure a TR I had previously. They said they don't insure "used cars".

Strange, I have both GN's with Grundy (underwritten by Chubbs) with an agreed value policy and virtually no restrictions

 

[bobby wilson]

I don't knowthe law in your state . but here if you buddy up to a used car dealer ,you can likely get an apparaisal for a bottle of something. Bobby.

 

[GSX-PKV]

1. True, but then again shouldn't there be some sort of appraisal? I mean really they're taking my word on what was said. I'm just thinking since it's (to them and everyone else) a regular Regal, then I should have something to back up the value "just in case".

2. I've never heard of my car being insured for $37k for $370 a year. Guess I'm overpaying then huh? I set the insurance to $15k.

3. Policy clearly states "going to car shows, parades, etc." They might buy what you said, but in the winter time? I think they're going to think something was up. And of course if you don't mind having a guilty conscience for lying.

4. But hey glad to see your claim went smooth as butter. Did they raise the rares for the next year?

I just renewed my Haggerty policy for both my cars. I shopped haggerty, Grundy, and a couple other classic car insurers and their prices were competitive or even lower than most. I have an agreed value of 75k on my GSX and 25k on the Regal but the GSX has a much cheaper rate per thousand dollars coverage compared to the Regal. It turns out that any car 86 and earlier gets the cheaper rate. 87's and newer have a higher rate because the Haggerty agent explained they still get a lot of collision and theft claims on those cars vs the pre-87's. That's why your 15k rate is probably the same as the rate for a 37k "older" or pre-87 car.

I called and got all this info. Call Haggerty directly and you'll find you ARE covered for just about any driving except using it as a daily work driver. I was even able to negotiate my premium lower while speaking with the Haggerty person who was super -helpful.

Not to steal Dennis' by-line... but this is my 2¢

Paul

 

[03FatBoy]

What company do you have for insurance? I am still on the fence as to what to do...

 

[no-nos]

as a happy grundy guy, i say go grundy no mileage limit and i have an agreed value of $30k on my gn, i do have lo-jack garage and video cameras. i paid $430 for $30k of coverage, sounds like a fair deal to me. you just gotta have another car as a daily driver.

 

[SMS]

Hagerty charges $100.00 per $10,000.00 of insurance per year. Meaning, if your are paying $370.00 (plus or minus a few dollars) your car is insured for $37,000.00. Not many GN's worth that. But, if you have one, I'm jealous.

Don't know where you came up with this, my car is valued at $10k and the premium is $320 a year.

 

[extranjeo]

I did not take into consideration the difference in years. The policies may differ, I suppose. I have a 69 Plymouth insured for $42k and a 71 Chevy insured for $15k through Hagerty. Hence the $100 per $10k of insurance. I was also told by the gent when I bought the policy that this was how it is figured out. I pay $570 per year. If that is the best deal you could find, it may be a year difference thing.

 

["Turbo-T"]

So Dennis agrees an appraisal is needed. Ok.

Now as far as insurance....

I'm still having a hard time deciding if I should renew with Hagerty or go elsewhere?

Suppose I put "regular" insurance on the car. And I had an appraisal. If the car were to get stolen or totalled, would the insurance co. still honor the appraisal?

Dennis, how did you get a fixed value with reg. insurance?

 

[Dennis Kirban]

kirban 2 cents worth

advantage of regular insurance at least if you have a nice driver and don't want to be limited to driving to car show related events is the way to go....at least in my case.

getting an appraisal and photos to your insurance company and making sure it is listed as a fixed value...works both ways if you get hit by other person they will see that your car has a certain value.

In other words whatever direction you go, its very important to have a fixed value and photos in the hands of whatever insurance company yo go with.

Again I am not suggesting special insurance or regular insurance only stating what I have done....

good luck


denniskirban@yahoo.com

member insurance companies make money when you stay accident free...

 

[ngc414]

So Dennis agrees an appraisal is needed. Ok.

Now as far as insurance....

I'm still having a hard time deciding if I should renew with Hagerty or go elsewhere?

Suppose I put "regular" insurance on the car. And I had an appraisal. If the car were to get stolen or totalled, would the insurance co. still honor the appraisal?

Dennis, how did you get a fixed value with reg. insurance?

Regardless of the market you chose, the only policy with a guarantee is a "agreed value policy". If you go with a standard market they will probably only be able to offer ACV or Stated. An appraisal could help you argue your case if you have a loss, but there is no guarantee what you will get on an ACV or stated policy. They will only pay what they determine the value to be at the time of loss. If it is a "stated" policy they will only pay UP TO the stated amount. I hope this helps.

 

[Dennis Kirban]

kirban 2 cents worth

I agree with the above statement about up to the stated value...keep in mind in my case being in the business and my son owns a body shop a stated value is fine with me.....my rates are extremely low.....and I just want to make sure I got coverage of some sort I think my policy on the white turbo-T is about 13 grand...stated value...

Obviosuily GNs and GNXs keep esculating where as Ts and T-Types they stay about the same each year.

kirbanperformance.com


denniskirban@yahoo.com

Enjoy the ride....owned a number of them over the years...

 

[ngc414]

kirban 2 cents worth

I agree with the above statement about up to the stated value...keep in mind in my case being in the business and my son owns a body shop a stated value is fine with me.....my rates are extremely low.....and I just want to make sure I got coverage of some sort I think my policy on the white turbo-T is about 13 grand...stated value...

Obviosuily GNs and GNXs keep esculating where as Ts and T-Types they stay about the same each year.

kirbanperformance.com


denniskirban@yahoo.com

Enjoy the ride....owned a number of them over the years...

What dont you agree with on a stated value? That is a fact. A stated value carries no guarantee, It only means the company will pay up to the stated value. I am an Insurance agent and agency owner. Im not good for much else, so when I see an insurance question I try to help out. There are tons of websites that define, stated, agreed and ACV if you dont want to take my word for it. such as:
Classic Car Insurance - Learning Center - STATED AMOUNT / VALUE
Collector Car Insurance: The Basics
Hagerty Insurance Agency


If you are researching insurance companys you want to check their AM Best ranking and consumer reports such as JD Powers.

 

[scojack_2001]

I pay Grundy $240 a year for $15K coverage. I think that'll replace my GN quite nicely God forbid anything happen...

I had to get my WH-1 T-Type appraised after I totalled it in 2004. Had all kinds of paperwork and ended up spending $500 on an appraisal. Best money I ever spent.

Im debating on what to do when my policy comes up in July. I may just go back to State Farm with a stated value policy.

We'll see.