This the one?: Now it all makes sense. And a special thank you to Boatmark. His explanation really does make sense.
Yes, that's about a dumb as it can get. Well, no, I guess suspending for 6 months would be dumber that suspending for four, but it's close.
I suppose it depends, maybe they are suspending only that liability part of the policy, on account it's not being driven. Save a few bucks that way. Or, maybe he's choosing to self-insure during that time. For some people a car is one of the biggest purchases they will ever make, for others it's like buying a pair of shoes. A Ferrari more than a few years old, that's kinda tacky ya know?
I insure with Allstate and carry regular insurance on my '41 so I can tow with it and there are no restrictions that are imposed by most collector car insurers. About $300 a season so yes more money. I suspend the liability 6 months of the year. I've never put a claim in as I am familiar with how insurance companies tend to react.
Weird, the equation does not show in your comment, but it shows when I reply. Yes, that is one of the equations. The Sparre Andersen model. It has been in use since the 1960's. It, along with its companions, balance what the insurance company has for capital, what it takes in, what it pays out, versus what it is statistically likely to pay out, to avoid going out of business (ruin), all while covering overhead, and producing a favorable return for shareholders (sufficient surplus). Those of you feeling ripped off, show me your math. I can show you mine, that proves that you are not.
AnPac (Chrome) here. Happy with the agent, price, and coverage. No claims. Got Allstate for the dailies and house, happy with them too, several claims filed, all handled quickly and without hassle. Sent from my iPad using H.A.M.B.
Grundy cancelled me after the first year and one (high dollar)claim. Went to Hagerty, same coverage, about 250. a year more, but at least they covered me.
I’ve had Grundy coverage for over 20 years and only one claim back in 2016 when an axle backing out did some damage to the fender. Settlement was quick and I was paid shop rates to do the mechanical work myself, farming out the body and paint to a friend. Everyone happy. I enjoy the unlimited mileage Grundy offers as many of the other companies choose not to offer that feature in their policies. I guess it’s like any other business, you can’t please all the people all of the time.
I am satisfied with Hagerty insurance on my 56 Wagon. I lost a 1966 Mercury project to Hurricane Ike flooding my garage. Hagarty showed up in 2 days after notification, said" well, its what you said it was" after checking the VIN and wrote a check on the spot for full agreed value, less $300, that I bought it back for. They have insured my Wagon, even though its been in pieces for two years and I have increased the value as the project moves along. I have inquired about storing the body in one location and the frame in another storage facility, when Harvey and other storms hit Houston, and they were O.K. with that. Asked if they wanted pictures of the 2nd location (autos must be in covered garage) and they said as long as I was comfortable with the facility, that was good. I've found them to be all that I expect and the cost so far is fair I feel.
My insurance agent suggested I suspend my motorcycle insurance during the winter. If it was parked in the garage and something happened (theft, fire) and it specifically was not insured (because I had suspended it) it was covered under my homeowners (same company). Save money at their suggestion. SPark
Haven't read all previous posts so don't know if anyone mentioned the insurance coverage through the Corvette Museum at Bowling Green, KY. When I was there for the Tri-Five Nats., I looked into it and found it better and cheaper than my previous company (can't remember which it was). I now insure my cars through them.
After some time with Grundy, and a business relationship with them I decided to shop around. I ended up with JC Taylor I believe the oldest collector car insurer. The rates are very competitive. I insure a number of cars from 1907-1930, then a collection of vintage Ferrari's, a 1966 Cobra, and a couple of mid late 60's GM muscle cars. I have agreed values, provided photos when requested. My 1912 Model T Ford is a true barn fresh unrestored survivor. No problem with coverage from Taylor. I have not had a claim and would just pay out of pocket if there was one. I have insurance coverage for the catastrophic event. I have heard that Grundy actually is actually owned by Chubb which has suffered huge losses world wide recently, check it out on line . Including a huge loss for a insured Chinese port fire. So in the trickle down theory, the small guy always pays for the big guys losses. As far as I'm concerned when the senior Grundy passed the business to his kid, it was all down hill from there. That opinion and 50 cents won't buy you a coffee at Micky d's just sayin' brasscarguy
the wife and i have most everything insured through USAA, i say (most). the old cars are insured through a program called CHROME through American National Insurance (they're bigger than the cheesy name implies), and i pay next to nothing, it's agreed value, and i DON"T have to limit the number of miles i drive any of the cars! i've only had to file one claim for theft of property (not an entire car), but never had a problem with this company. worth lookin' into...
I would respectfully request that you check your policy and compare it to what your insurance seller told you. Every motor vehicle insurance policy I ever had stated the exact opposite. If we are talking about a kid's 4 wheeler or zero turn mower then you would be correct. My policy specifically states that if an item is licensable then it is not covered on the home owner's catch-all part of the policy. And there is a big difference between licensable and licensed. I have three hobby cars. All are licensable although two are in pieces. I have vehicle comprehensive/theft insurance on those two but do not have liability as they are not street driven. The driven one has full coverage.
... Just found out our catastrophic claims is going from $170. to $192. per vehicle per year now in Michigan to cover the unlimited life time medical expenses for auto accident victims ... ... Multiply that amount for all the vehicles in your household ... and it really adds up ... ... (only state in the country with this) ... Legalized extortion if you want to drive ... ... With horrible roads ... and ridiculous rates .. I'm ready to move to Ohio ...
That seems pretty insignificant for that kind of coverage, unless you have 100 cars in your collection. Grundy does a great job, IMHO. Gary
... Yeah .. no beef with Grundy ... they only charge you 30% of the $192. if you register a historic or year of the car plate ... It's the your daily drivers that you get hammered on ... Problem is ... most people who live in Detroit can't afford the $3k to $4k a year per vehicle they want to insure their cars ... so 60% of them drive without any insurance at all ... ... Sad to see all of the hit and runs reported on the news every week due to suspended drivers fearing repercussions if they stop ...
It's an extra $192 a year, per vehicle, tacked on top of whatever premium he's already paying - liability, comprehensive, etc etc. Michigan has a really special mandatory kind of "no fault" insurance but it also has the highest rates in the country. The idea is (was) to have this huge pile of money available to pay claims. Currently $3 Billion in the red. Oops. Pay up suckers!
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