Haggerty Insurance turned me down

[Grumpy old man]

You get what you pay for as far as any type of insurance . Whatever you "claim" garaged , miles per year , # of drivers , etc your going to have to prove in the event of a true claim for damages . Insurance companies aren't in the business of giving away money if they can avoid it . they will try to avoid paying any excessive claims . all that being said just buy twice the coverage you need and smile as your going down the road knowing your covered for whatever may come down the road ... Price shopping insurance will just lead you to "problem companies " who would rather use that in house attorney to deny your claim rather than pay you and they can wait as long as they like .

I've never heard of an applicant being denied a policy based on claimed HP ?

I use State Farm and they work great for us from the homes and cars/trucks right down to the 4x4 diesel tractors . If your able to put $40,000 + into your truck you should be able to have it insured for any amount that suits your needs in less than 30 minutes all it takes is writing the check . Remember when your walking into your insurance "store" your talking to an insurance "salesperson " it's going to cost you money and it's their job to get as much from you as they can .

[James the III]

iirc, A few years ago at a Mecum auction, Many customers found out just how good that state farm insurance is..

When a storm came through and took out many of the auction tents..

[davepl]

Does State Farm even do stated value (sounds like a pun, but it's not)? I don't even know. But I wouldn't insure an old car with a mainline carrier unless they did, and unless they had a decent reputation.

Otherwise my insured-for-50K-to-replace-it truck would be worth about $6000 to a place like Geico I bet...

[Grumpy old man]

Originally Posted by davepl

Does State Farm even do stated value (sounds like a pun, but it's not)? I don't even know. But I wouldn't insure an old car with a mainline carrier unless they did, and unless they had a decent reputation.

Otherwise my insured-for-50K-to-replace-it truck would be worth about $6000 to a place like Geico I bet...

https://www.statefarm.com/insurance/...e-classic-cars

[davepl]

Rather than make everyone chase the link, I'll post the answer the question:

"When you choose antique or classic car insurance with us, you and State Farm will agree on the value of the car. If the car experiences a total covered loss, we will pay this agreed-upon value, rather than the actual cash value of the car as long as there is no prior damage to the car, parts have not been removed, and the car's condition has not deteriorated because of abuse or neglect."

[James the III]

Originally Posted by davepl

Rather than make everyone chase the link, I'll post the answer the question:

"When you choose antique or classic car insurance with us, you and State Farm will agree on the value of the car. If the car experiences a total covered loss, we will pay this agreed-upon value, rather than the actual cash value of the car as long as there is no prior damage to the car, parts have not been removed, and the car's condition has not deteriorated because of abuse or neglect."

I.E. a depreciation calculator will be used at time of loss..
that when insured 4k engine now is 6 years old and 25k on it.. 500.00
oh,, the fun there..

[68laydout]

Originally Posted by davepl

Does State Farm even do stated value (sounds like a pun, but it's not)? I don't even know. But I wouldn't insure an old car with a mainline carrier unless they did, and unless they had a decent reputation.

Otherwise my insured-for-50K-to-replace-it truck would be worth about $6000 to a place like Geico I bet...

Yes I have stated value on my 68' with Statefarm. I had to get an independent appraisal done at my own expense before they would do it.

[James the III]

Originally Posted by 68laydout

Yes I have stated value on my 68' with Statefarm. I had to get an independent appraisal done at my own expense before they would do it.

If the state farm is as listed above.. you'd need to have it re appraised yearly to keep the agreed value.. and them not hitting you with depreciation..
I'd want it in writing that they not use the same mertric's on that type coverage as the normal auto coverage when coming to a value at claim time..

Yes sir we agreed to a 25k value..
now the paint is 5 years old,, so deduct
engine now had 25k on it deduct
transmission
yadda yadda yadda..
but but but..
well sir if you can come up with an appraisal that isn't 2-3-4-5-6 years old..
we can re adjust..
Oh, you have another appraisal that is recent, you did send a copy of that to the insurer correct.. ? no.. sorry will have to use the one on file..

Even with the collector car insurance, this is why it is advisable to send in new photo's with date stamps every renewal..
This way their is no back and forth or, shock when you need to file a claim..
It isn't required, but it is silly not to.. I even follow up with an email asking if they got the new photo's with the renewal for everything I write..
This way if they ever say they never got it, you have docs that say otherwise..
Remember they are not in business of making pay outs..

A good agent would advise you of this. I'd hope..

[ptc]

In a "declared value policy" you get paid RCV not ACV - NO MATTER WHAT for a total loss. You also pay a premium relative to the declared value of the item you are insuring. Do you think that a Van Gough painting is depreciated for being 100 years old???? really guys use some common sense here/ Insurance companies are not in business to rip you off or try not to pay out on a loss, its a business and its a risk versus cost business.

HP rating does not make any difference if it is a show car.... But the cost of that motor is what they are looking at. if you have a 1000hp engine then the cost is $25,000+ starting value for coverage. Add chrome pieces, custom this and that and you get the picture. Now add that to a drive-train that handles 1000hp and there is another $25,000 value added. Figure out all these "replacement cost values" and then you have what a broker is looking at to insure....

Many of these High HP cars, trucks, boats dont have your typical "Speedway Crate Motor" in them for $2995 off the shelf....

RCV = REPLACEMENT COST VALUE
ACV= Actual Cost value --(Depreciated)

[68laydout]

Great advice for anyone with stated value. I was aware of this but I don't do it every renewal. Maybe I should rethink that and give them a call. Thanks man.

[Jason Banks]

Originally Posted by 68laydout

Yes I have stated value on my 68' with Statefarm. I had to get an independent appraisal done at my own expense before they would do it.

Interesting, I have State Farm on my 68 also, and I didn't need an appraisal. Of course mine is only covered for $8000. How much was your appraisal for?

[68laydout]

Originally Posted by Jason Banks

Interesting, I have State Farm on my 68 also, and I didn't need an appraisal. Of course mine is only covered for $8000. How much was your appraisal for?

I think it was for 10k if I remember correctly. It could have been required based on my truck having extensive modifications. Not sure but I'm going to give them a call to find out.

[James the III]

Originally Posted by ptc

In a "declared value policy" you get paid RCV not ACV - NO MATTER WHAT for a total loss. You also pay a premium relative to the declared value of the item you are insuring. Do you think that a Van Gough painting is depreciated for being 100 years old???? really guys use some common sense here/ Insurance companies are not in business to rip you off or try not to pay out on a loss, its a business and its a risk versus cost business.

HP rating does not make any difference if it is a show car.... But the cost of that motor is what they are looking at. if you have a 1000hp engine then the cost is $25,000+ starting value for coverage. Add chrome pieces, custom this and that and you get the picture. Now add that to a drive-train that handles 1000hp and there is another $25,000 value added. Figure out all these "replacement cost values" and then you have what a broker is looking at to insure....

Many of these High HP cars, trucks, boats dont have your typical "Speedway Crate Motor" in them for $2995 off the shelf....

RCV = REPLACEMENT COST VALUE
ACV= Actual Cost value --(Depreciated)

So you are claiming it's not about risk,, and the insurer isn't going to see big dollars/power in an engine and say it'll be parked on a show field and never use it..

If any of what you posted was true, they not request photo's..
and just go, ok your stated value is what the price guide list, your good to go..

RCV isn't what the same as agreed..
replacement with like and kind is RCV.
The guy with afr heads and big money short block might get a tad mad when they say well, the RCV of that 454 is 3500.00 (a rebuilder special with china heads)

[weq92f]

Originally Posted by weq92f

FWIW, ...
<snip>
I told the guy it wasn't really stock, that it had been modernized as far as engine, trasmission and some comfort stuff in the cab. I did not mention specifics like HP, CID or cost. Also told him that it's got upgraded brakes and suspension for ride/handling/safety, again no specifics. Definitely let him know that the truck isn't close to stock original.

No issue at all and the price, well... I have no frame of reference other than the coverage I was paying for it through Allstate. The Hagerty premium is only slightly more than what Allstate was charging me. I'm very pleased with that. I could have said no to the 1500 spare parts coverage, towing and such for 60 bucks/year. That said, the 60 bucks is a pretty good percentage of the overall premium, if that tells you anything!

-klb

Got a call today from Hagerty. Having a BBC installed makes it 'Modified' which brings the premium up about 70%. It's still a good price at less than 500 a year, but... Full disclosure brings me back to this thread.

Just like all insurance, the initial policy is really just a first stab. After that, they are free to claim what they want and raise the rate accordingly.

Note here that I explained that it wasn't stock the day the policy was written. If you go for a Hagerty policy, try real hard to get them to write the correct policy at the beginning.

-klb

[Barney44]

Haggerty turned me down last weeek, they said my 72 K10 had to much modifications, or as rep said to lifted. Bummer...

[Rfisher]

I got covered by Hagerty last year for my K20 they were fine with a 4" lift, but they really wanted to know about the tires. I have 35" BFG All Terrains, I was informed if I put mud tires on it will void my insurance. Hagerty did ask about horsepower. How high is your truck?

[toolboxchev]

Hagerty is rebranded Liberty Mutual with special restrictions.

NO Mileage limit my arse!

[Andy4639]

I had Hagerty's for 2 years and they canceled me last week at the end of this years policy.

Reason they gave: to many infractions on my other daily vehicles which has nothing to do with them! BS Crap.
They looked at all the insurances policy I had and lumped them together. I have Allstate regular with only one speeding ticket in my name the rest are all my kids.
My son doesn't even live at home with us he is 25 years old and they said he goes against my insurance because it's has our name on it because it's cheaper for us to buy it for him & my daughter.

I went with American collectors insurance this time and policy to policy I saved $300.00


https://americancollectors.com/

[toolboxchev]

Thank you Andy, its exactly what we need on here, more options.

[1969 Project]

I went with American Collectors Insurance.

[harpo231]

Originally Posted by Jason Banks

Interesting, I have State Farm on my 68 also, and I didn't need an appraisal. Of course mine is only covered for $8000. How much was your appraisal for?

16k for mine with state farm

[Redneck Rydes]

I am in the boat of looking for classic car insurance,I am with State Farm in Canada and U.S for all my regular driven vehicles and both houses,but in Canada they don't insure classics anymore,told me to go with Hagarty,was with them years ago,dropped me because I had a ticket for tail light out on my classic truck,They said I was a risk,because of lack of maintenance of my vehicle?So I have to find a insurance company in Canada to insure my 1970 C/10 original.Anybody in Canada that can help with this?.

[Andy4639]

Originally Posted by toolboxchev

Thank you Andy, its exactly what we need on here, more options.

We need even more!

[NC_John]

Originally Posted by Rfisher

I Hagerty did ask about horsepower

When I renewed my hagertys I mentioned my LS swap. When she asked HP I told her (590). IIRC, she said they were good up to 700 but then would start asking more questions and start adjusting the rates up to cover it.

[jeffahart]

Well, I insure through jeffahart. I've lied to him so many times he doesn't believe anything I say anymore. He put me on a "put her back the way she was" policy for free! The caveat is... I have to go to his shop... jeffahart! Now, that old SOB, every time you go there you get stuck drinking beer and BSing for two or three hours. Always people there drinking beer and BSing, so he's slow to get stuff done. Other than that the insurance policy is pretty good, cheap too. Oh, and don't take your wife over there!!!