6T5RUSH

Late to the party here. This thread is about classic car insurance claims...My experience was a very positive one with Hagerty who I was insured with for over 25 years on my '65 Vette which I sold this past June. I had a near car fire (smoldering wires in the engine compartment and dash on the road). This happened on a Thursday. Hagerty had an adjuster out to my house the following Tuesday who took the time to determine the root cause. Turned out the original ammeter guage shorted out causing the frying of the engine harness, the dash harness, all the instrument cluster bulbs blown, and the stock radio to blow as well.

Hagerty left the choice of where to have it repaired up to me. I chose Masterworks out of Madison Heights, Mi. First class Corvette repair/restoration facility owned by Werner Meier. All the harnesses and bulbs were replaced and they upgraded the electrical system to include fusible links which were not standard by GM on Corvettes until 1967. The cost ($80.00) of a new ammeter guage was not covered (root cause). The repair bill was over $4,000. Details of this experience was posted here:

https://www.corvetteforum.com/forums...let-today.html

I've since purchased a low mile 2005 Chrysler Crossfire SRT6 coupe. She's a fair weather car and Hagerty has her insured for an agreed value as well.

Can't throw rocks at Hagerty's claim response.

Regards,

Jim
In God We Trust!

Raycuda

I have had American Collector Insurance for over 30 years. Thank God I have never had a claim , but I can tell you that their rates are good. 3 cars, with full coverage on all of them, agreed values of $11,500, 18,000 and $58,000, and I pay a little less than $1,100 /per year for all three vehicles.

gowenfast

So, you could insure, say a $250,000 car for $400,000, and then if the car is stolen/totaled, etc, they pay you the $250,000 after collecting premiums based on $400,000??

Rattenni

ptjsk

American Modern. They did me right when our '62 was stolen, and then recovered.

Pat

Duck916

To be 100% sure, you have to read the specific policy.

That said, industry standard is that "stated value" is a number the insured provides that the insurer then uses to set the rate. When a claim occurs, the insurer pays the actual cash value, up to the stated value. So, if the car is worth $50K, but the stated value is $100K, the insured gets $50K if the car is totaled. If the car is worth $100K and the stated value is $50K, the insured gets $50K. Stated value functions as a cap, not a settlement number.

"Agreed value" on the other hand, typically means that if there's a claim and the car is totaled, the insured gets the agreed value amount, less the deductible. What the car is really worth doesn't matter.

If an insurer writes a stated value policy, they usually won't do much investigation into the stated value number you provide. If it's an agreed value policy, they will want to verify the value is accurate before accepting it. How much proof you need up front depends on the car and value. When I said $40K for my '64, Hagerty didn't bat an eye. If I had said $100K, they surely would have wanted some more proof before agreeing.

OHSIXX

I have had one claim and Hagerty paid immediately.

RatDog

Frankie the Fink

C'mon now....you missed the "agreed" part. Insurance companies have guidelines on what is reasonable and the written policy is the 'law' as far as settlements.... If you over-insure a car and the insurer agrees to it you may well get the total amount it was insured for, but in the intervening time you will have paid a crippling premium for being the dumb azz that did that...

I'm 67 and I think my life is worht $5MM - I can prob buy life insurance for that.
Wonder what my premium will be ?

JFP58

cv67

Had a friend who used Grundy, totaled his car 3 times, his fault. All 3 times they fixed the car, last time it cost over 50k.
Been using Adam @National Corvette Museum for 4 yrs now...just renewed. $317 for 40k coverage on my 67...hasnt been driven in 3 years but you never know. With my luck if it lapsed some rat would eat a wire and catch everything on fire lol.
He looked at my DD policies and saved me an absolute ton (nothing for him to gain out of it). We had some major vandalism issues here and had we not changed things we'd have lost the cars. Now thats service!

Considered Hagerty yrs ago but they ask "is it modified"...well of course.
Next question, "how much hp does it make"....I dunno? Then they ask you to gues. Dont, if you do better be sitting down. Pass.
A simple professional appraisal was enough for NCM no hassles at all.

Adam Boca

Thanks everyone for the very kind feedback! We are thankful for you all!

Give us a call at 877.678.7626 or online at ncminsurance.com for a quick quote. Speak with anyone on our team, and they will take care of you.

domenic tallarita

Over a Month ago I called Adam for my 67 and 2 vintage motorcycles. I don't think it was he that I talked to. Gave them E-mail and phone # and everything else. They never contacted me.

Dom

Adam Boca

Hey Dom, I show we sent the email on 08/29. Check your spam filter. We will resend it now..

11:35am - I just resent it. It looks like we had the wrong spelling of your name in the email. Thank you for posting and letting us know.

Frankie the Fink

It is my understanding from a reputable source that Hagerty has moved themselves out of the modified car insurance business -- at least in the case of full restomods. I don't know the reasoning....

NCM insured my split window for $95K based on detailed pictures....prob didn't hurt that it took a high regional Second Flight not long before...

Low Rider

Adam Boca

Those thresholds are mandated by the Departments of Insurance. In MI it looks like it is 75%.

Mikado463

I'm using them for my '67, no complaints but no claims either

CorvetteMikeB

Thanks for all your info.....I will get back with Adam and others in the Spring for C2 car insurance. At the moment, my car is going through a full off body restoration and do not have pictures yet to submit for an insurance quote.

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