Hot Rods Insuring Patina Cars

At this point, you've given them enough money that they can afford to give you a new car, without having to know any of the details

 

"Declared Value" is NOT the same thing as "Agreed Value". Declared value is only their basis for establishing premium based on your "claim" as to it's value. Suffer a loss and the adjuster will come and appraise the actual value of the vehicle and the settlement will be based on either repair cost or the adjuster's opinion of it's total loss value. Agreed Value will either repair it or total it, the latter based on the 'Agreed Value". Two entirely different animals.

Ray

 

Thanks guys...that's why I'm worried...will be calling Hagerty Mon, morning

 

Stated value never made any sense. I'll state my $10k jalopy is worth $125,000, and in a month or two get my brother in law to steal it. Rinse, lather, repeat. Nice work of you can get it.

The ins. co. folks in a total loss situation will pay the actual cash value, or the stated value, whichever is less. One guess on how that's usually gonna work out. "Agreed Value" policies require pictures, maybe an independent appraisal. Total loss, they just cut a check for the limit of the policy. I bet it costs more for a policy like that, but then it's worth more.

 

[QUOTE="
Fraud is fraud is fraud. You deserve no better than you give. The insurance company only owes you what the contract provides....no more, no less. If you are not honest how can you accuse them of being 'unfair' or worse?? When you operate outside the norm, expect and be prepared to pay for the privilege.

Ray[/QUOTE]
I hear ya brother. I tried to collect on my accidental death policy once, but the insurance company got suspicious when I called in to check on my claim status.

 

I have Hagerty through my regular insurance broker. At first my agent balked at the car not being shiny and I had to supply all sorts of pictures, she had referred to it as an unfinished car. So now she believed it to be finished. I had included an engine picture... now we have a couple of emails back and forth to determine if I have a "race" engine in the car. I just told her it has shiny valve covers and air cleaner. Like I said, it took a little back and forth over a period of 3 days to get all that ironed out.

 

All Hagerty ever asked me for was pictures of my car in my garage. Seems they wanted to make sure that I had "secure" storage for it...

 

I suspect that ZIP codes could be a determining factor.

 

I have used State Farm ( now desjarden up here) for years
With just a agreed upon value easy easy.

Had a wreck in an o/t low rider truck years ago that they did cover but told me at the time I need to let them know if the car has been customized etc ( it did have full Camaro running gear instead of the 4 banger auto it was insured as. Other then an ear wagging at that time no issues.

I also have storage insurance on all my projects for something silly like 30 bucks a year! It was explained to me that if the house burns or floods the car won’t be covered and if the flood or fire in the house is caused by the car the house won’t be covered. For the silly amount they want it’s a no brainer for me.

 

Their business.....their rules. Just check another company. Lot’s of competition in the industry.

 

Was a restoration and collision shop owner for 30 years specializing in classic cars. If at the time of loss your car does not represent the car you insured your f------ked no questions asked! If you do not photo document and have it appraised for its agreed value with the insurance company and update it accordingly with any additional updates and increases of value, any claim will be a crap shoot. You may think your pulling a fast one on them and getting away with it , but believe me they are the MASTER'S at finding loop holes and have the lawyer's to back them up! Larry

 

truthfully, I'm glad you're in a position that a 20k loss won't hurt you, but there are people on this site that a 20k loss would be horrific.

 

You can insure any classic car. The problems begin when people want to insure their "patina" cars for what a finished car would insure for. Just because some folks covet faded paint and surface rust doesn't mean the industry must redefine itself in order to accommodate certain opinions.

 

I have two cars that are "patina'd". They are insured at project car value.

 

Just switched my primered sedan to American Modern insurance. I sent pictures as requested. They didn't say no. Saved a few hundred dollars a year as well. View attachment 4442406

 

Hagerty didn’t blink, insured no prob.....

 

Aren't most cars in this day and age primed or some type of flat finish? If Insurance companies failed to insure them they would lose about 90% of the available business. In case you haven't noticed, cars with decent paint are now in the minority.

 

My 49 Chevy truck has great patina.
I have a 15k agreed value policy with American General.
Sent many pics, and filled out their forms.
They said A-ok
21 bucks a month
I have 2 friends that have had their hotrods insured with them for up to 12 years. One has had 2 claims for not at fault damage.
They paid within 10 days.
And the agent is a local car guy.

 

^^^^ your honest/ realist. ^^^^^^ If you asked for 50-60K for your pickup and I was the insurer I would pass; even tho your replacement would probably be over 15K if a total loss occurred.

 

Hagerty insured my 3 patina trucks with no problems and didn't even ask for pictures.

 

You're probably right about value. My wife asked me...could you replace the truck apples to apples for 15k. Probably not.
My truck is all new underneath., new wiring, gauges, steering, exhaust, glass and so on.
But I didnt think they'd agree to 18 or 20 replacement value, so guess I hope to never find out.

 

I dont think photoing your car after wiping it with diesel is fraud. It is your car and thats what it looked like at that moment

The guy who got the car at the Chop Class last weekend, wipes his 1954? Chevy truck down with diesel. Thats the way it looks. Nothing fraudulent about it

 

Hope you never plan on painting that diesel wipe down.

 

I have State Farm for my shiny 36 Ford. I am working on my Austin and hope to have it on the road next year and then blow it apart for paint in the winter. I asked my agent about getting the Austin insured next year while I drive it to get the bugs out before it gets painted and he said it was not a problem. The Austin is now a mixture of 3 different colors of worn out paint and some primer and some surface rust. I switched to State Farm back in the 80s as my first insurance company would not insure my 68 Shelby Mustang because it had a factory roll bar in it.

 

Does State Farm issue Agrred Value policies on collector cars?

 

I don't think so, but maybe it is possible.

I have had State Farm continuously since the early 1960's on all my personal property, cars, trucks, boats, trailers and my home. My 'cars' include late model OT as well as several HAMB friendly models, both running and 'in storage'. So far as I know, the HAMBers are 'stated value' which is okay with me.

I have told them what I think it's worth, they charge me accordingly (I suppose) so I think I have a case to make if there is some sort of loss involved. The thing is, an insured does not have to accept what an insurer offers. It is negotiable. I have successfully done it.

Agreed Value is probably a better foundation for negotiation....might even eliminate it, but my rates based on the multi-car discounts and stated value, make it worth it to me to cross that bridge when I come to it. As stated in above paragraph....I have already done that, successfully, and without any lawyers or outside counsel.

Ray

 

Since most of my time was spent racing. and collision insurance was kinda hard to get on a sprint car, I've always insured my "HAMB" friendly cars with straight liability insurance. Always figured if I couldn't handle the fix myself I really shouldn't be driving the car in the first place. My fun, my dime.

 

Just yesterday, I added an OT classic Mini Cooper to my current Hagerty policy over the phone. They asked for the pertinent vehicle info, if it was a restoration project or finished car, and where would I be parking it when not in use. No pictures, no hassle, no sweat.

 

I got to tell you guys right now that Insurance law varies in each state. There is no national standard for Insurance. Each state has a Department of Insurance with an Insurance Commissioner. Each Insurance company has to deal with all 50 states and the district of Columbia for the various laws and regulations along with each Insurance Commissioner. I know first hand because I am an insurance agent here is Indiana. What is law here for an insurance policy may not be the same as in your state.
I had my Hudson insured with State Farm for years on a stated policy. I provided pictures, a list of everything I had on her and a appraisal for the vehicle. It was never painted while I had it. The only interior it had was the dash and front seats. My agent was very helpful in getting it insured and that is key: you have to find a agent that knows the policies, rules and their carriers underwriters so they can set up the policy the way you want it.
The whole key is to protect your property you have to be pro-active in the process. Take the time to get the pictures of the vehicle. Document everything you have done to the car. Get a appraisal from a company that specializes in doing collector cars. Search for a good solid carrier that has excellent claims experience.

 

Grundy insured this car