quote:Originally posted by doobwaa:
For what its worth, if I get the increase in agreed value to $100k my yearly premium will be around $1,300....for the one car.
Im currently with Heacock Classic Ins and the agent confirmed that my policy is agreed upon. Also went through the policy again and confirmed it clearly states agreed upon in the dec sheets.
Tho I guess we technically haven't "agreed" yet since they haven't gotten back to me on my request to increase lol.
The price seems very steep vs what some others are paying... but wondering if its partially due to the fact that Im in NJ.
Hope to hear back Tuesday and then will call up Haggerty to compare.
Well that'still lower than the $1,600 Hagerty quoted me?
I think what MIGHT be happening here though that no one is aware of is that there may be competition going on between these companies.
When I first got into this maybe 25 years ago, there were "rumors" of fraud on "collector" cars.
I do remember being "refused" on my Shelby from around 1975 or so. That was Heacock. They would never take the car.
When Hagerty showed up, there was no problem. I like many was concerned with setting too high of a valuation on the car and therefore being rejected because of that.
When I first went to Hagerty there was a big pause (I had them on the phone) they interrupted and said "are you sure that's the amount you want?" "We are showing a fair market value of that car of $125,000, which we would have no problem writing".
I was just looking for $50,000 and frankly couldn't afford to pay for the 125.
This is really what is happening to me all over again. At 1600 a pop I can't insure very many cars?
State Farm is $575 a year BUT the question really is how they determine the total value of the car in a total loss? They are being evasive on this subject but could very definitely be the reason they are 1/3 the cost of even Hagerty?
"You" also want to know what they do with your car in a total? If they let you keep it then you could write the policy for a lower amount and figure you can sell the salvage yourself?
"I'm working on this".
