opion insurance company question

Does anyone have any opinions on State Farm? My landlord in an agent for them.

He is claiming that there will be no usage or mileage restrictions on my policy.

EDIT:
I was just contacted by the 'antique car person' at state farm. They told me in order to get the best rate, I need to write on my form that the car is only driven to shows and driven less than 1000 miles total.

 

I called AMIG today.

This is for my 63 Nova that I want insured for $15000.

5,000 miles/yr is $266.

You must have another vehicle that is less than 20 yrs old as a driver and they don't allow you to drive the vehicle to work in California. They allow you to in some other states, but not California yet.


This quote was very much in line with what I got from Hagerty.

 

Grundy, without a doubt!!! I have had both. Grundy is cheaper, easier to deal with and doesn't put driving or mileage restrictions on you. I even have my 05 Saleen insured with them and it is less than 1/2 the cost of the wifes Honda through our regular car ins. I have never had a claim (Thank God) but have heard that is handled well also!

 

meaning you can drive when and where you want? ie to work or school?

 

You can drive it every day, It can't be your daily driver. ie you must have a regular car insured with your regular ins Co. thats what they told me on the Saleen. I think they figure that the old cars aren't driven daily anyway. For you guys that the old car IS your daily driver, they may look at it different. Still much better than Hagerty !

 

Grundy is a good outfit. I had State Farm limited "parade vehicle " coverage on my roadster through an agent who is a rodder. As a rider on our two family cars, the coverage was just under 400 bucks every 6 months. Got 3 times the coverage, $45,000 replacement coverage' and unlimited miles from Grundy for $197 per year! It's a no brainer.

 

Great Info- I tried going to ambest.com to check on ratings of individual companies with no luck. I did not do an extensive search. That business charges for their services. Possibly 41CADDYWIDOW, docc and others have easier access to check on the primary companies covered on this thread-when they have the time to do so. I am stuck in California, so any help info for this state would be appreciated. Thanks.

 

Grundy drove me NUTS because they can't do anything electronically & their office hours suck, (no late nights & no weekends).

Haggerty did my quote via email & called me for add'l info on the engine & horsepower of the car. HP seems to be the determining factor in the cost of the policy. If your engine is hopped up, so is your policy cost. My flattie qualifies as "stock".

I just got my 09 policy & the rate is still $239.00 for my A-bone (insd val $29k)
I plan on staying with them.

Larry

 

The cpe costs me $280 per year for $42,500 in coverage with Grundy. Motor is 454/425hp and no penalty with them either

 

I am filling out an online quote for Grundy.
A couple of the questions are:

Any collector vehicle used for driving to and from work?
Any collector vehicle used for errands or backup?

If I answer yes to these questions, if that going to disqualify me for coverage?

 

If you should have a claim..or accident and it happens to or from work..you could be void of coverage. You will also need to provide the policy number of the primary car used.
Errands are a grey area. Sometimes getting a part for your car requires the car to be used to go to the place where thae parts are.

Routine errands..grocery..shopping for furniture..etc..would be excluded. Again..having your car jacked while shopping a "Bed and Bullcrap" would not be easy to explain..and probably void coverage.

Be as honest with the company as you would want them to be with you.

If you use an agent..you will NOT PAY ANY MORE. Your agent can help settle claims..resolve issues with companies as they send a lot of business to these firms.

 

thank you everybody for the replies.
al sisson
mosheim,tn.

 

Here are some of the AM Best ratings

American Modern A+
Hagerty is written thru Encompass. Encompass is A-
Condon and Skelly I think is written thru St Paul, there are several St Paul ... companies in my AM Best book, all rate at A+
Grundy and JC Taylor are not listed as such, I have to find out who they are written thru I will try to get back on this today
Any others ?
I am going to work on getting a comparison together of cos what their limitation of use , age of drivers etc are over the next week or two. I can post it when its done. The rules might change state to state but it would be a good place to start. My office is in Princeton, NJ, so most of what we write is in NJ.

Linda

 

I'm not trying to be dishonest, just trying to see what the limitations of the insurance are. I have been very straightforward with the companies I have been looking at.

As far as what my actual use for the vehicle is, Hagerty seems to be the best.
I told them that:

Their reply:

That would be awesome.
If someone has an old car that they want to use for daily driving, what would you recommend they do? I'm not talking anything too expensive... maybe something that is worth $10,000 or so.
I am currently insured through Wawanesa. They agreed to insure my cars for what I paid for them. Since that time, I have put another $7000 in body work and paint into my nova. Since the work was done privately and I don't have an 'official receipt' I am having problems getting coverage. After this happened, I decided to get classic car coverage on the nova, but would still like to insure my truck as a 'normal' vehicle.

 

I called American Modern and Grundy this morning, they are emailing and mailing me info on their limitations, coverages, quotes. Once I get them I can compare them to Hagerty and let you know what I find. With the classics I've written they were all limited use usually 2500 max a year, but some higher. Shows, cruises and such. The premiums are really low for the amount of coverage on the car. If you add the car to your regular use auto policy, you get unlimited use, pay more and aren't covered for full value. I know some companies will write agreed value on classics on your regular car insurance policy, but I have heard horror stories about trying to collect in a claim. I'll see what I can find out
Linda

 

This is something that I just don't get. Say you have a classic that is worth/has an agreed value of $10,000. Why can't they cover it for $10,000, like they would a honda civic that's a few years old?

 

Another agent here, you could ask 100 people and get a 100 different answers. My advice is to keep all your insurance with one carrier, especially if you have an umbrella, which I recommend. The umbrella will not cover a vehicle insured with a different carrier, at least in Colorado, where I'm at. Don't sacrafice coverage for price. Do your homework and stick with a company that will insure ALL your toys. Only my opinion

 

I've never been given an answer to that. I would guess its because it's not their main line of business and they just don't want to do it. It would probably mean more work and research on their part for values of cars. Some people think their cars are worth a lot more than they are. Its a really grey area. NADA list 3 values for each car and its also supply and demand. So you might be able to sell a car for say $15000 where maybe Barret Jackson could get $25000. You want to insure your car for what it would cost to replace it with like quality and kind. The companies that do classics do so much that its worth their time and effort to stay up on values etc. Does that make sense ?

 

That was the only reason that I could come up with - it's a lot easier to put a value on a newer vehicle. At the same time though, its seems if I'm willing to pay the fee for my vehicle to be insured for $15000, someone should be willing to insure it/cover it in the event of a loss.

 

What options are available for an "old" truck that I would like to use ocassionally to tow with. Are there any "hot rod" type insurance companies that allow a vintage truck to be used as a truck or am I better off to put "regular" insurance on it. One reason I have "hot rod" insurance on my cars (or trucks) is that we only get 6 months of "good" weather per year and I hated always having to remember to call and add / remove coverage.

Have any of you guys run into this type of situation before???

 

In Jersey there are companies where the Umbrella can cover vehicles/homes insured with other companies as long as they have decent limits on the home/auto policies and coverage is with a well rated company. And its hard to find a company that writes Umbrellas that will write agreed value on a classic. Different states - different rules. Insurance can make you crazy .

 

So a company that will cover a late model daily driver and cover my 'collector' cars?

 

A lot depends on whether you're comfortable with stated value or want agreed value. There's a world of difference if the car would happen to be totaled. With stated they can depreciate it the same as they do a newer car. With agreed value it doesn't get depreciated, you get the full policy value. So if you're insuring for $20,000 do you want $10,000 or $20,000? Do you want arguments about value or payoff with no hassle? Only you can decide. Do some of the regular companies insure our cars? Of course. But for those who say their agent will get full value for them on a stated value policy, you're dreaming of pie in the sky. It's not going to happen. The companies are a lot more than your local agent. My agent (been with him 30 yrs) for the dailies is a car guy himself but when my wife's Mustang was totaled and we felt it was worth more it didn't matter what he said the company wouldn't consider it.

 

I just copied this from Grundy's website. I have info on the way from them and will let you know how its works.
"Agreed Value policies are available for your Daily Drivers with Grundy and AIG's Motor Vehicle Program. Yes, that’s right: you predetermine the value of your vehicle. In the event of a total loss, that amount is paid, with no deductible in most states"

 

One more time:
If you’re considering purchasing collector insurance for your classic, street rod, restoration, etc. there are some factors you should consider.
“Stated value” policies all too frequently means: “We ask you what you paid for the car, how much you have invested, what you think it’s worth, what would you sell it for”, &c.... as if your answer had anything to do with your coverage. It does not - it’s a way to increase your premium, which is a percentage of the policy limit (e.g., $10,000 limit @ 5% = $500.00). They don’t care if you tell the truth, because you’re not really covered for that amount.
Why not? Because the policy frequently contains a small paragraph which says: “A claim for loss shall be in all cases limited to the ‘stated value’, or the actual value, whichever is lower”. This means that when your hemi cuda is gone they consult their Kelly Book, which shows no value for cars that old, so the “actual value” is $100. less your $100. deductible, so your compensation is: $.00.
“Agreed value” is better, because they have said in advance that the value on which the premium is based will be paid. Read carefully; these typically require photographs, a complete description of the car, and in many cases an evaluation from a car broker or restoration shop.
Many favorable comments and feedback (“I got my policy 10 years ago from Dewey, Soakem & Howe, and they’re great - they paid off my dented fender immediately, no problems”) are based on damage claims, not liability. Only real useless POS companies don’t pay collision, theft, fire, glass or vandalism claims, because they’re pocket change, and not worth their court time.
The real problem is the liability coverage, where if you’re involved in personal injury or loss of life litigation they not only indemnify you against loss (pay the claim against you up to the value of the policy), but also provide a lawyer to defend you (i.e. defend themselves).
These claims run to tens of millions, so a somewhat higher standard is applied. Absolute performance under the terms of vehicle operation and storage are examined very closely. Any exception is a reason to deny the claim. For example, if:
1. the person driving the car is a member of your household, but not listed on the policy, or
2. not a member of your household, and not listed, or
3. the car was used to commute (“I had a flat tire”), or
4. your other car was sold or unavailable (“my wife had it”), or
5. the annual mileage was higher than you showed, or
6. the car was operated between 2 locations, neither of which was the place where it was stored (from your girlfriend’s house to the movies), or
7. you had a passenger whose destination was the purpose of the trip (took your mom to the doctor), or
8. the car has been modified beyond its description, or
9. the car was used for compensation “I had to make a few deliveries”):
They refuse to pay the claim
Don’t like it? Get your own lawyer, and sue them (the term is implead) and ask the court to force them to defend you.
This will be strongly resisted, since they may lose a great deal of money.
Only took the car to work “once in a while”? It was an “emergency”? And that ONE TIME you hit a school bus? Don’t even stop - go right to bankruptcy court, because you have no insurance. Yes, they will send people around to ask your neighbors, mechanic, co-workers, etc. when they’ve seen the car.
One more time: claims for loss with an agreed value, with photos of the car and conditions of use met are generally safe. Property they really don’t care about. Dead people are another story.
If you run over someone with your “parade float, maximum 50 miles a year, exhibition and club functions only, absolute original condition” that you drive every day to work, they’re going to send out men in vans with video cameras to prove you’re lying. Don’t count on them interpreting the language in the policy the way you would, or playing fair, etc. The insurance people who do this are only employed to CUT LOSSES. Pay a claim, lose a case: FIRED. Spend $100,000 proving the car is not “only used for club meetings” and get out of a $1,000,000. wrongful death suit: PROMOTED.
Do not (NOT) ask your broker “am I covered”, the answer is whatever gets you to sign, pay and shut up, but the insurance company is not bound to honor his statement.
Don’t know what the policy means? Ask a good personal injury lawyer.

 

I have never and would never tell someone something that was not true to get a sale. It certainly is no good for return clients or referrals. Anything that is said by your broker can be backed up in a policy if it is true. You can get a sample policy before you sign the application to verify any information you need. While there may be some slime balls in the insurance business we are not all out to screw people

 

Hey Linda, you want to be my agent??

I've been getting the 'it doesn't matter what it says on the form, if something happens, you have my word that you'll be covered' line.

 

Wish I could , maybe when Jim ( Kustom7777) and I move to CA !! Actually I think I'll get out of insurance then and into Kustomizing more. Need to make some time to work on my Hudson.
My first car was a 63 Belair, actually it was my Dad's but I drove it for about a year before I got my 65 Mustang, which I loved . It was my baby til that Rambler broadsided it .
Did you go on Grundy's web site ? It says they will do daily drivers for agreed value. I should have info from them in a few days, I can let you know more then if you want.

 

I filled out an application with them last night. It says it takes 2-3 before you'll hear back. Any info you can send along would be great.

How can I find a local agent, instead of dealing with the companies directly?

 

My agent has always been straight with me also. Small town though and we know our agent outside of a work relation.

I specifially asked Grundy and Hagerty if I could drive my car on a rare occasion to work. Both were solid "No's".

I asked both if I could take my car to pick something up at Wal-Mart. Both were solid "No's".