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Hot Rods Insuring Patina Cars

Discussion in 'The Hokey Ass Message Board' started by Gasserdriver, Oct 4, 2019.

  1. squirrel
    Joined: Sep 23, 2004
    Posts: 43,484

    squirrel
    Member

    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 :)
     
  2. Hnstray
    Joined: Aug 23, 2009
    Posts: 10,695

    Hnstray
    ALLIANCE MEMBER
    from Quincy, IL

    "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
     
  3. hotrodjack33
    Joined: Aug 19, 2019
    Posts: 131

    hotrodjack33
    Member

    Thanks guys...that's why I'm worried...will be calling Hagerty Mon, morning
     
  4. Truck64
    Joined: Oct 18, 2015
    Posts: 3,589

    Truck64
    Member
    from Ioway

    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.
     
  5. RJP
    Joined: Oct 5, 2005
    Posts: 1,127

    RJP
    Member
    from PNW

    [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.
     
  6. 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.
     
    Truck64 likes this.
  7. rustydusty
    Joined: Apr 19, 2010
    Posts: 1,037

    rustydusty
    Member

    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... 0213191211a.jpg
     
    kidcampbell71 likes this.
  8. denis4x4
    Joined: Apr 23, 2005
    Posts: 3,291

    denis4x4
    ALLIANCE MEMBER
    from Colorado

    I suspect that ZIP codes could be a determining factor.
     
    Hnstray likes this.
  9. VANDENPLAS
    Joined: Dec 14, 2009
    Posts: 1,904

    VANDENPLAS
    Member

    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.
     
    Hnstray likes this.
  10. Latigo
    Joined: Mar 24, 2014
    Posts: 588

    Latigo
    Member

    Their business.....their rules. Just check another company. Lot’s of competition in the industry.
     
  11. 0NE BAD 51 MERC
    Joined: Nov 12, 2010
    Posts: 985

    0NE BAD 51 MERC
    Member

    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
     
  12. Hemiman 426
    Joined: Apr 7, 2011
    Posts: 480

    Hemiman 426
    Member
    from Tulsa, Ok.


    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.
     
    egads and loudbang like this.
  13. Perry Hvegholm
    Joined: Apr 16, 2018
    Posts: 112

    Perry Hvegholm
    Member

    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.
     
  14. Perry Hvegholm
    Joined: Apr 16, 2018
    Posts: 112

    Perry Hvegholm
    Member

    I have two cars that are "patina'd". They are insured at project car value.
     
    Hnstray likes this.
  15. chopndrop
    Joined: Feb 8, 2005
    Posts: 679

    chopndrop
    ALLIANCE MEMBER

    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 20190927_183217.jpg
     
  16. nochop
    Joined: Nov 13, 2005
    Posts: 1,010

    nochop
    Member
    from norcal

    F26DC8CB-5E11-4DDF-8528-22324EE73FA8.jpeg Hagerty didn’t blink, insured no prob.....
     
  17. Gman0046
    Joined: Jul 24, 2005
    Posts: 5,612

    Gman0046
    Member

    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.
     
  18. Grumpy
    Joined: Jan 28, 2003
    Posts: 2,560

    Grumpy
    Member
    from NE Ohio

    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. FB_IMG_1570394316936.jpg
     
  19. jimmy six
    Joined: Mar 21, 2006
    Posts: 4,662

    jimmy six
    ALLIANCE MEMBER

    ^^^^ 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.
     
    loudbang likes this.
  20. Terraizer
    Joined: Jul 18, 2006
    Posts: 461

    Terraizer
    Member

    Hagerty insured my 3 patina trucks with no problems and didn't even ask for pictures.
     
    loudbang likes this.
  21. Grumpy
    Joined: Jan 28, 2003
    Posts: 2,560

    Grumpy
    Member
    from NE Ohio

    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.
     
  22. manyolcars
    Joined: Mar 30, 2001
    Posts: 7,878

    manyolcars

    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
     
  23. Gman0046
    Joined: Jul 24, 2005
    Posts: 5,612

    Gman0046
    Member

    Hope you never plan on painting that diesel wipe down.
     
  24. 36cab
    Joined: Dec 2, 2008
    Posts: 588

    36cab
    ALLIANCE MEMBER

    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.
     
  25. Gman0046
    Joined: Jul 24, 2005
    Posts: 5,612

    Gman0046
    Member

    Does State Farm issue Agrred Value policies on collector cars?
     
  26. Hnstray
    Joined: Aug 23, 2009
    Posts: 10,695

    Hnstray
    ALLIANCE MEMBER
    from Quincy, IL

    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
     
  27. RJP
    Joined: Oct 5, 2005
    Posts: 1,127

    RJP
    Member
    from PNW

    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.
     
    squirrel and Hnstray like this.
  28. Mike
    Joined: Mar 5, 2001
    Posts: 3,422

    Mike
    Member

    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.
     
  29. PacaRacer50
    Joined: Oct 3, 2010
    Posts: 139

    PacaRacer50
    Member

    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.
     
    0NE BAD 51 MERC and Hnstray like this.
  30. blvdbill
    Joined: Feb 2, 2010
    Posts: 260

    blvdbill
    Member
    from California

    Grundy insured this car 1934 5W coupe.jpg
     

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