General TR Insurance for our LBC

Reading through Terry's Bad Day thread I noticed the Insurance comments and was wondering about insurance options. Do you go with your Home/Auto insurer or is it best to go with a company that specializes in LBCs.

David

Depends a LOT on how you use/treat the car. If you meet their requirements, then definitely go with one of the "agreed value" classic car insurances from the likes of Hagarty or JC Taylor.

Since I use mine as a daily driver (and it sits outdoors), I can't use classic insurance. So I have a "stated value" policy through the same company that handles my home and other cars.

"Stated" value means I get to pick a value for the car; but if it gets wrecked, my insurance company pays the lessor of that amount, and what they deem the car to actually be worth. That sounds scary, but I've been through the process twice now, and Mercury has treated me fairly both times. When my TR3A got totaled, they actually gave me a list of "comps" (cars in similar condition that had sold within the past year) and invited me to research and form my own list. But since their comps came out higher than the value I had stated, it didn't matter They just paid the limit of the policy and I got to keep the wreck for salvage.

This last time around, the TR3 was repairable, but I couldn't find a shop willing to give an estimate on repairing it. So I submitted my own estimate (based on parts cost plus the flat rate manual) and they paid all but $85 of it.

Which reminds me, I really should call my agent and raise the value again

Ditto on what Randall said!

Also, the damage on my 1958 Rambler was completely - and efficiently - covered by my Hagerty policy. Initial payment was followed by two more payments, as more damage was found. No problems.

Tom M.

The Hagerty overview:

https://www.hagerty.com/Insurance/Classic-Car-Insurance

They have an online quote system so you can easily find out cost. Typically it is zero dollar deductible. For me, at least, there was no appraisal - just photos showing each angle, the engine and the interior. I name the valuation and they have never hesitated to accept my (reasonable) number. I can raise the value at any time with just a phone call (underwriting approval takes about 24 hours).

I do get it through my Allstate agent though the cost is the same either way. I do it through him because he also writes the umbrella policy that includes these cars.

Hello All

Thanks for the info.

I am thinking it may be worth considering insuring it now even though it is not complete yet. Disaster in the shop coverage?

David

DavidApp said:

I am thinking it may be worth considering insuring it now even though it is not complete yet. Disaster in the shop coverage?David

Click to expand...

Absolutely worth it. I know both Hagerty and Grundy (and probably all of them) will insure while the vehicle is under restoration. They also insure parts not yet installed on the vehicle.

+1 for Hagerty if you meet their guidelines

I just finished the Hagerty online quote process for my MGB and Bugeye Sprite and using their pricing guidelines and restrictions came in at $400/year for both cars. I'm paying more for a $10,000 agreed value policy for just my MGB thru my regular homeowners/auto insurance company.
Rut

Just something to think about. I was going to go through my local insurance agent (good, helpful people), but the one company they work with wouldn't insure my cars because my "daily driver" was too old (1996 Honda)! I know, after talking with Hagerty, that they do not have this problem with my having only an older daily driver car. (Of course, maybe most of you don't have such old daily drivers, either. )

My daily driver is an 84 (lots of new-fangled equipment there) and it was never a problem for Hagerty or Condon-Skelly before that. I suppose some carriers may think you might buy an old beater and put the minimum liability on it just to meet the '1 car per driver' requirement.

I got classic car insurance with AAA it was a little cheaper then Hagerty and there is a office close to my house.

In my mind it is really immaterial who your agency and carrier are as long as the policy states "agreed value" and "no deductable". I have been with Hagerty since 1998 and they have not given me a reason to leave.

Lou Metelko
Auburn, Indiana

I've had American Collectors Insurance since I bought my LBC 5 years ago. No claims but they are happy to collect my premium every March

Bill
TS63273L

Hello All

Thanks for all the great information on insurance. I will have to get it set up for my car.

Davis

I'm a retired adjuster with 35 years in the insurance business. A forum is absolutely the worst place to get information on insurance. I've seen so much misinformation put out on forums about insurance and no one is accountable for what they tell you. If you talk to an actual insurance agent, and they tell you something wrong, they are held liable and have errors and emissions coverage to pay for their mistakes. An insurance policy is a contract between you and the company you choose. Most states "control" what coverage a company HAS to provide in order to sell in that state. Some companies will "extend" coverages to cover more, i.e. towing, roadside assistance, etc. to make their product more attractive. Nothing is more frustrating for you...and the adjuster/agent, than trying to explain why something is not covered, when you have taken "advise" from someone who lives in Montana and you live in South Carolina. Policies have a definition section, and a conditions section, and terms and conditions are not always defined the same from one policy to the next. Talk to a real, live agent and let them know how you want to be covered, then in the event of a claim you're far more likely to be satisfied with how things went.

The forum discussion has given me some leads to start finding an insurance company that is accustomed to dealing with older cars. Also some of the language that needs to be in the policy.
I will start with my home and car insurance company to see if they can handle it. If they can't I will move to some of the leads suggested on the forum.

David

DavidApp said:

...I will start with my home and car insurance company to see if they can handle it...

Click to expand...

The problem is that they may say they can handle it and may even have an endorsement specifically for it -- but at claim time you discover they are clueless how classic car repairs differ from a bashed fender on a Honda Civic.

That is what happened to me with the nation's largest auto insurer. They probably meant well when they sold me the coverage but were incompetent in handling a loss when it occurred.

That was when I went with a specialty product - first with Condon & Skelly and now with Hagerty.

No disrespect Kleyklamp, but IMO verbal assurances from an agent are not worth the paper they are written on. The written policy is the legally binding agreement, not whatever your agent told you.

Don't get me wrong, I like my Mercury agent (and the people who work for him, I've not seen the actual agent in many years). They try hard to be helpful and explain to the best of their ability, find ways to lower my premium, notify me when there is a problem, etc. But they are only selling agents, not the company issuing the actual insurance, and not involved in the claims process at all. And they don't always know everything, especially when it comes to something that is new to them.

They actually didn't even know that Mercury would agree to insure my TR3A initially, they don't normally write insurance on cars too old to be in the actuarial tables and so on. I don't know, Mercury may have not agreed if they didn't already have my other insurance (and offer me a discount if they insured all my cars and home). But they did.

It was a bit disappointing that they could not help with getting the TR3 repaired this last time around. They have a list of shops in the area that they contract with, and a proviso that they will 100% cover any subsequent repairs caused by a poor or inadequate initial repair, if the work was done by one of their contracted companies. But none of their shops were willing to take this job.

But honestly, I prefer that to being coerced into using a shop that just wants to slap a wad of bondo on. So I'm not too upset at being left to find my own shop (or as happened, do the repair myself at premium rates).

No disrespect taken or intend, but I know what I'm talking about and my previous post is 100% accurate, while only parts of both of yours are.
As a side note, My recommendation is to go to a classic car insurance company for cars that are not daily drivers.

Feel free to point out any specific part that you feel is inaccurate. Also please explain what state considers an unwritten contract to supercede a written one.