• Hey Guest!
    British Car Forum has been supporting enthusiasts for over 25 years by providing a great place to share our love for British cars. You can support our efforts by upgrading your membership for less than the dues of most car clubs. There are some perks with a member upgrade!
    **Upgrade Now**
    (PS: Upgraded members don't see this banner, nor will you see the Google ads that appear on the site.)
Tips
Tips

Appraising your Classic Car ?

Share this page

<span style="font-weight: bold">Why do you need an appraisal?</span> I insure with JC Taylor, Upper Darby, PA, who specialize in collector cars, antiques, etc. They will sell stated value coverage up to $35K, zero deductable without a professional appraisal. I have $35K on the TR250, for about $250/year.

So, I assume you are looking for more coverage?
 
Perhaps as this has turned into an insurance thread I can get a question answered by someone in a similar situation.

I have my vehicles and home covered by the same carrier (rhymes with Snake Farm). I also have an umbrella policy (same carrier) that provides additional liability coverage above the amounts on the cars and home.

Is there someone among you who has a vehicle insured with Hagerty and an umbrella with a different carrier? If so, how does that work? Do you pay more for the umbrella because that carrier does not have the underlying liability coverage?
 
State Farm requires an appraisal to get stated value on my Spitfire. I haven't done it yet, because the car isn't finished. I only have liability on it at this time.


If Hagarty requires the car be garaged, does that mean you can't drive the car on a tour and leave in a parking lot overnight?
 
Again, give American Collector a look. Officed in Cherry Hill, NJ, and recommended by my insurer of 39 years, USAA. I have my TR6 insured for $27,500.00, must have it kept in a covered garage, limited to 2500 miles per year (they said I can fudge) and sent basic receipts and photos to them for initial coverage. Complete, everything coverage with no deductible, with liability included, for $210 per year. They told me they can afford to insure so reasonably because people that insure these vehicles take better car of them than their wives. Or husbands, depending on who carries the insurance. USAA is a very, very conservative insurance company and they don't recommend fly-by-nighters. They are on the web.
 
Geo Hahn said:
Perhaps as this has turned into an insurance thread I can get a question answered by someone in a similar situation.

I have my vehicles and home covered by the same carrier (rhymes with Snake Farm). I also have an umbrella policy (same carrier) that provides additional liability coverage above the amounts on the cars and home.

Is there someone among you who has a vehicle insured with Hagerty and an umbrella with a different carrier? If so, how does that work? Do you pay more for the umbrella because that carrier does not have the underlying liability coverage?
Click to expand...

Hello, Geo. Some carriers may require you to purchase the underlying coverage from them, others may not. However, it's essentially a standard requirement for policyholders to have at least $300,000 underlying liability (auto and H.O.) limits before purchasing umbrella coverage.

You just have to ask the questions when shopping coverage.

Umbrella liability is a very good idea for most of us. Liability coverage is purchased to protect your assets: if you're worth more than $300,000 (most of us are), you most probably need more than $300K coverage. An ugly auto liability lawsuit can easily exceed $300K, no problem at all. A $1M umbrella fills the liability gap nicely for many folks.

How much is enough liability coverage? Depends on how much you have to lose . . .
 
Back
Top