Stated Value Insurance Policies

Ron

Ron

Dum Spiro Spero
Moderator
Joined
Apr 16, 2005
Location
Sharon, SC
Everyone always has the greatest solution until its time to buy...

For the classic car guys out there who have you had luck with on stated value policies?
Grundy?
Hagerty's?
and who else?

@UTfball68
Who else has classics insured?
 
I use hagerty...and have used Grundy...but I don’t drive my junk much. I’ve never used these guys, but know guys that have an like them for fewer restrictions:

Chubb Classic Car Insurance

Also remember...there’s a difference between ‘replacement value’ and ‘agreed replacement value’. You want that ‘agreed’ value to remove any chance of a dispute. Without the agreed part, you’ll get market value thrown in your face.
 
I used Hagerty because my Nationwide agent was also a Hagerty Agent, cost on agreed value full coverage ($15,000) on my 1989 Ambulance/RV was cheaper than regular liability from Progressive... Then my son got a reckless driving ticket, and they dropped me :(
 
I have Condon-Skelley for my 55 Bel Air and my 50 CJ3A. I asked my insurance lady who has my house and other cars and she suggested it as the best way to go. It is an agreed value policy for both vehicles. I had to submit documentation and photos that they were mostly stock vehicles and that I didn't use them for everyday driving. There is no mileage limitation, but I had to have a newer vehicle insured also that was my primary transportation. They balked on the Jeep until I sent the photos showing that it was on stock sized tires and in pretty good shape. I told them how much insurance I wanted and the wrote the policy. So far so good, although I haven't utilized it yet. For me, the best part is I have the same lady taking care of it who has taken care of all my insurance since I started driving.
 
I have State farm stated value, so far so good. The policy has no driving restrictions, reasonably priced too.
 
FYI for guys ho may search and see this in the future:
Chubb doesnt offer coverage in SC.
American Collectors Insurance so far looks to be the best value waiting on the full document for review before signing.
 
My gf is an insurance agent. She said you can't usually do any better than Hagerty on a classic car.
 
After the last "Insurance" debate here, I got a quote from Farm Bureau. Was just a little cheaper than my Erie, but also 6 month policy's. Erie is 1 year. Rate on vehicles, is cheaper as 2=mulit-car discount. But they did tell me I can state My value on my CJ. We'll say $10K. Only requirement is to show pictures, proving value. Seems to be no price difference in price. If I did Hagerty, on the CJ, then loosing the multi-car discount, would be more than the Hagerty discount.
 
My stated value policy for my CJ for $50k through State Farm was about $600/yr, until they saw pictures of the CJ and dropped it. :lol:

Even so, policy and pricing was reasonable IMO
 
From what I've found, the biggest hold up is the garage part. Do all of y'all that have a agreed value coverage submit photos of the garage with the vehicle in it?

Sent from my Moto G (4) using Tapatalk
 
Ok with 8 quotes in...
Hagerty is officially the most expensive and the most restrictive.
1,000 miles a year max. Power tour trip not covered unless I pay an additional $250 adder.

American Collector mentioned in the thread @CarolinaHD linked looks like the winner.
Stated value of $40k, based on 2 pics no appraisal needed.
3,500 miles per year. No deductible. $475 annually. No payments pay in full only...no problem.
 
Ron said:
Ok with 8 quotes in...
Hagerty is officially the most expensive and the most restrictive.
1,000 miles a year max. Power tour trip not covered unless I pay an additional $250 adder.

American Collector mentioned in the thread @CarolinaHD linked looks like the winner.
Stated value of $40k, based on 2 pics no appraisal needed.
3,500 miles per year. No deductible. $475 annually. No payments pay in full only...no problem.
Click to expand...
That’s a good deal. Hell I might check on getting my Jeep insurance through them.
 
Ron said:
Ok with 8 quotes in...
Hagerty is officially the most expensive and the most restrictive.
1,000 miles a year max. Power tour trip not covered unless I pay an additional $250 adder.

American Collector mentioned in the thread @CarolinaHD linked looks like the winner.
Stated value of $40k, based on 2 pics no appraisal needed.
3,500 miles per year. No deductible. $475 annually. No payments pay in full only...no problem.
Click to expand...

I’d clarify 100% that there are zero loopholes to that stated value. Like I said above, there’s a difference between (stated) replacement value and agreed replacement value. That’s usually the difference in pricing and restrictions. Wouldn’t be the first time I saw a $40k replacement value, but one sentence buried in 12 pages of mumbo jumbo turns your $40k stated value into $15k. Remember, the insurance company’s objective is to pay as little as possible. Sure you can state it’s worth $40k all day long, and of course they’ll charge you the corresponding premium. But those two pics you provide are as much ammunition for them to say here’s the proof it was only a $15k car. Look for this verbiage in any contract you may be interested in signing, if it’s there, and you don’t have explicit confirmation that your insurer acknowledges, confirms and accepts your $40k valuation...you’re f*cked if you wreck.

8C61C70A-668F-4180-9D5B-29FF69E36B9A.jpeg
27A5C57A-8397-4AD9-899C-8F1CA465F05E.jpeg
 
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And updating this 1 more time....because details.

So the American Collector guys by all accounts still seem like good dudes. However they dont insure anyone with less than 10 years of driving experience, period, end of discussion.
So that was a deal breaker because...well if not for the little man this would still be on jack stands.

So we start the process again. Hagerty will insure him...and to their credit when you review their documents they cover everything over the phone others leave you to find it.
My insurance agent is sending over some options and then we will lock one in
 
Ron said:
well if not for the little man this would still be on jack stands.
Click to expand...
Ha, ol Tiny Towery. Next thing I know you'll be skinny too. :eek:
 
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