Insurance Woes

Dave,

I've got my car, all my cars, house, life insurance, and umbrella with State Farm.

Yea, I support State Farm.

I have it classified as a classic, have an agreed value policy, and pay about $330 a year. This is after a claim on the Pantera that cost them $35K less than a year after purchase.

Point is, what's up with your State Farm in Virginia? Can't see why things are so different than here in CA.

If you are only going to them for the Pantera insurance, then I can see their point.

My policy with State Farm has all the standard car club event, no daily driver, mileage limits, etc language. But in my experience, they never check or seem to care about it. They sure could have looked for an out when I had the accident - instead, they worked with me with no hassles.

Larry

quote:

standard car club event, no daily driver, mileage limits, etc language.

Thats what I had mine insured as, standard classic policy. Not the daily driver. I moved all my vehicles over to them when I switched too. I even went to Statefarm since members of this forum has success getting thier cars insured with them.

I wish I knew was up with the Virginia insurance companies too.

Dave

Dave
I have Hagerty Classic car Ins., and I have not had any problems! The cost is about $330.00 year. My mileage limit is, I think 5000 a year. I have never come close to this! As far as driving the car, I drive it when ever I want. I figure I'm always on a Pantera outing! Hey, we belong to P.I. and POCA (or should) and we ARE the Ambassadors for the Marque.
Good Luck
Curt

I grew up in Virginia, wish I knew why the insurance companies are dropping you. I have State Farm here in Michigan and have had several classic polices with them. The biggest headache I have ever had was the agreed value on a 70 J Code Torino GT. They said it was only worth $15,000, I wanted $30,000 to protect my investment. They agreed to $30k if I provided a appraisal. Done.
If you are having that much headache I would contact the States Department of Commerce and ask why these companies are pulling the plug on you. The credit checks they perform each time you go to another ins company can have a negative effect on your credit score and this sounds like a good issue to use with the state.
Just my 2 cents worth.
Jeff

I've got Hagarty. You can drive the car anywhere you want with it.

They just ask that you don't drive it to work every day.

The useage that you described is well within the limitations as I understand it.

You do have to have another car and it does have to be your official beater. I'd go with Hagerty if I were you. I don't see how you could possibly regret it.

Thanks for the help so far guys. I have talked with Hagarty before, they told me you weren't allowed to drive the car to work at all. Maybe I got some bad information, or maybe I should just forget about driving it to work once every month or two. I'll give them a call again tomorrow. I'll let ya know what I dig up.

Dave

I second Pantera Doug re Hagerty. Just can't drive it regularly to work. And it is agreed value, not stated value. You State Farm stated value/driving restrictions guys are taking an extraordinary risk, IMHO. For the same price you can get Hagerty without any of the driving limitations plus it's agreed value.

BTW, every state has different regs and as a result you can have differing State Farm policies.

On a side note, after being with State Farm practically all my life, they dropped me. Best thing that ever happened. Went with USAA and it's cheaper and better. Pantera now with Hagerty.

The car just can't be your regular transportation. There are no other limitations, except, no other drivers under the age of 18.

If you are married, you have to list your wife as a driver.

I would point out however that EVERYTYIMG is subject to interpretation.

Well I did some calling today, and managed to knock out most of the collector car companies. Anyway I found a company Called ANPAC, and they have a collector car program call [URL=tpoet22love4u ]Chrome[/URL]. Anyway I called up the local ANPAC agent and was really impressed. They insure all sorts of cars from Ultimas to Nobles to Vipers (almost sounds like Vipers were thier bread and butter). Even less restrictions than Hagerty. I am going tomorrow to talk with the agent, if this turns out to be as good as it sounds I will let you guys know.

Dave

Keep us posted Dave. Also curious about the rates. I dumped AAA about 4 months ago because they were giving me grief about increasing my coverage limit - jumped through a bunch of hoops, provided a current appraisal, provided 6+ ads for comparable cars for sale, had the car photographed by a AAA office, etc, and they still wouldn't increase it after three months of such BS, all the while telling me there were classic car companies that handle cars like mine. So, I took them up on their recommendation and pulled all my auto policies (4 of them).

Most of the classic car insurance companies say you can NOT drive your car to work. Haggerty said I cannot use it as my "DAILY DRIVER," and I must have another regular commute vehicle. FWIW - The policy does not say I cannot drive it to work. And use is not limited to club events, shows or parades. I think I listed 1,500 miles for club events and 3,500 miles for "pleasure" driving. And, several fellow PCNC club members have had accidents and claims with Haggerty and all reported that they were great to work with.

One friend recommended American Collectors, but their quote was half of what anyone else's quote was, which left me skeptical. This friend has never had a claim with them either, and I didn't want to be the one to find out they don't stand behind their policy holders.

One more thing... During the Summer months, there are a number of weekday car shows in the Bay Area where I live
Wednesdays - hot rod show at Boston Market
Thursdays - Willow Glen car show
Fridays - Informal employee car shows at work
and others I'm sure...

Any time I drive my car to work, it's either a pleasure drive or so I can participate in one of these events.

Good luck!
Garth

Hagarty reviews the values annually. They say that I am under insured at $65,000.

That's a good replacement value. The problem is that if there is an accident it is under insured to repair the car.

I don't see a problem with them. I guess I'm the only one that feels that way?

Ok, I went and talked with the ANPAC agent and was impressed. There Chrome package is a Agreed value policy, with a 10,000 mile yearly limit. Thats there only written constraint, they just ask dont drive it all the time. Plus you get free towing, rental and choice of repair facility.

Anyway the rates were great too. I got both the Pantera and my truck (daily driver) insured by ANPAC for less then a grand a year. Which is less then StateFarm or Nationwide. The Pantera costs me $190 per year insured at 33K.

Anyway they are definantly worth calling in my opinion if youre looking for insurance. Especially if you live in Virginia where insurance companies hate Panteras.


Dave

What's the difference between stated value and agreed value coverage?

Kelly

First of all, you are most at risk in a worst case scenario, ie, your car gets totalled. Secondly, the insurance company does not work for you; they work for their shareholders, who value profits. And your agent is not the insurance company.

Stated Value: In the event your car gets totalled, the insurance company will pay what they consider to be the market value but not to exceed the Stated Value. Essentially the same as a regular insurance policy but it limits the amount they have to pay should the value of the car be more than the Stated Value. If they determine the market value to be $5,000 less than Stated Value, you loose. If the market value is $5,000 more than Stated Value, you loose. If you have more than market value invested in your car, and I'm guessing we all do, you lose. Remember, a car totals when the cost to repair is 60-70% of market value. You loose here, too.

Agreed Value: Each year, you and the insurance company agree on the value. So, if the car gets totalled, you get the Agreed Value, no more, no less. Agreed Value policies can be for more than the car is worth at market value. This is especially important in the collector car market where you have done any type of restoration because you can insure what you have invested in the car, as long as that amount is reasonable and they will agree on the value. So if your car is worth $40,000 but you have invested $45,000, you can insure it for the $45,000 to cover what you have in the car.

Since Agreed Value policies are generally not any more expensive that Stated Value policies, and in some states can be considerably less, why take the risk.

I happen to write with State Farm and have a variety of coverage including my collector cars. The terminology they use is "stated value" so your remarks peaked my interest. I went searching for my policies and haven't found them yet. Been years since I looked at them.

So I called my agent and posed the question:

In the event of total loss, are there any circumstances under which my policy would not pay the stated value?

His answer; NO. It will pay stated value; no more, no less. Market value is only used by the underwriters to determine if they will insure at the stated value and has no bearing on the pay out in the event of total loss.

He also said in the case of the % damage for totalling the vehicle, some owners want it repaired right up to the stated value (or even beyond with their own supplemented funds). Other owners may want it totalled, reasoning the car will never be the same. He indicated that he has seen it settled both ways, especially for collector cars.

Comforting conversation. Just in case, I asked him to send me a duplicate policy.

I'll let you know if it reads differently than the telephone discussion.

Thanks for the heads up.
Kelly

Also be aware that with State Farm, and this coming from the Mustang world, their policy states that they do not have to use factory Ford parts to fix the car, i.e., they can and probably will use reproduction sheet metal, thus lowering even more the value of your car upon an accident.

I have been with State Farm for years!! I used to have everything under them (home, and three cars). When I bought the Pantera my agent said they have a very short list of cars they deem "uninsureable". I was told the Pantera was at the top of the list. I was told they absolutly would not write a policy for that car. Our 1968 Camaro -no problem.

I went with a company called AON and was happy with them. Our state requires your car to be insured (like most states) and in-state insureance companies report to the DMV. AON is out of Washinton state, I think, and didn't report to New Mexico so every year my registration would get suspended until I could prove I had insureance. It was a hassle so I switched to Haggerty. They said we had to have a car for every licensed driver in the house and that the car must be stored the majority of the time in a locked garage. Pretty much not supposed to drive it unless we are going too or from a car show! I guess I am taking a chance by driving it to work today!!

Currently insured with Allstate.
The only reason I haven't switched to Haggerty is they are requireing me to remove the nitros system from the Pantera.
I've never used the NOS, the P.O. only used it once.
I'm hesitant to remove it simply because that is how it was built from Pantera Performance along with the 427 S.O., it is all a part of what makes the car unique.
Maybe I'm overreacting, but I shouldn't have to destroy how the car was built in order to insure it?
I haven't realy pursued it much with Haggerty, but perhaps I should?
I have the documentation showing the NOS as part of the P.O.'s overall build of the car including the correspondance with P.P. on gearing and HP requirements to achieve top speeds over 200 mph. The NOS is as much a part of the car as the 427 and should stay on the car imo.
Any thoughts?

quote:

The NOS is as much a part of the car as the 427 and should stay on the car imo.
Any thoughts?

Sigh, although that is the way YOU bought it, it sure isn't the way De Tomaso built it. I doubt Haggerty will change their mind.

Arguing with an insurance company is like wrestling with a pig in the mud. After awhile, you realize the pig likes it.

Larry

quote:

So I called my agent and posed the question:

Your agent does not work for the company. Ask him to get it in writing. I'll bet he can't. And what happened last year is not a precedent for the future. The written words of the contract are all that matter.

Just 2 cents worth from this old Auditor.

Has anyone tried Farmers Insurance? I have a custom 68 Harley Davidson FL Special Construction that no one wanted to insure in California, they did and for not a ton of dough either. I'm happy with em...

Hagerty has no way of knwing if there is nitrous in my car because they didn't ask and I didn't tell.

All they have is two picture of the car and none show the engine.

In NY state nitrous installed on a vehicle for street use is illegal. It is a fire oxygenator and more then a few firemen have been injured as a result of it.

My sugestion is that one should keep it hush-hush.

I don't have it on my Pantera simply because of the plumbing on a Weber system. I do have it on another car, but I can't tell you which one. (see how it works, it's easy, you don't tell anyone?)