Vintage Mustang Forums banner

1 - 10 of 10 Posts
G

·
Guest
Joined
·
0 Posts
Discussion Starter #1
Putting the 67 vert on the road this week after a 3 year project. Went yesterday to buy insurance. My regualr insurance guy will only write Liability. That's fine if I were driving a junker, but I've got 25K in this restoration so that won't do. Here's what I found out. If you go with any of the regular insurance companies that you have your regular cars insured through. You will get stuck. They call it an agreed upon price and then sell you a comp/collision policy that includes theft. So you think you're protected? NOT! The agreed upon price they are referring to is not what you are thinking. If your car gets wrecked by you, they will fix it with repo parts and only up to a couple thousand. After that they will consider the car totalled and pay you blue book. About $1200. If the car is stolen, your stuck too. They are not going to pay you the agreed upon price you thought they were going to. They then send your theft report to their adjuster who then looks it up in the book and offers you $2000. You will be fighting with them for the next year to get them up to about 5K. If you don't take that, they drop you and tell you to just go sue them. Agreed upon value with them is worthless. NEXT, you can go with the specialty companies. I spoke to about 5 of them on the phone yesterday. All of them have a TRUE agreed upon value and thats what you get if your car is stolen. At lest you are protected for real. Problem is this...they only let you drive 2500 miles per year. So if you want to drive it all the time, your stuck. Does anyone know of something in between that allows 15K miles a year, but has a TRUE agreed value??? I spoke with farm bureau, state farm, allstate, progressive, and Geico. After you get a supervisor on the phone to TRULY explain the policy, you are not covered at an agreed value. You are at the mercy of their adjuster. Any ideas?????
 

·
Registered
Joined
·
870 Posts
I just signed with Rally Insurance in IL. Also saw a company named Grundy on a car TV show today. The guy said that there are 5 or 6 good companies and all have web sites. Try a search. I believe Grundy has an on-line quote ability.
My insurance is $172 a year and provides the same coverage as my regular vehicle policy. The $172 is for a garaged, occasional driver. Cost will be more for a daily driver/racer etc.
Good luck,
Paul
 

·
Registered
Joined
·
35,979 Posts
I have Hagerty and there is no mileage limit. I could go out to a cruise-in or event every day of the week, go cross-country to a car show or whatever. However, I cannot use the car as my daily driver and must show the proof of insurance for at least one other car per every driver in the household. My premium this year was $125, including the Hagerty Protection Network. If you're looking to use as a daily driver, you need to find an insurer who will write for AGREED value, not STATED value.
 
G

·
Guest
Joined
·
0 Posts
Discussion Starter #4
I checked with grundy. Max is 2000 miles per year. Cannot run to grocery store in car or insurance is void. better check as I got on the phone with supervisor adn got down to brass tacks. hagarty is the same and they told me yesterday that they only sell the 2500 mile limit policy. yes you can go to shows and such but if you drive it to work, even one day, you are not covered! It's that 2500 mile limit that gets me. They told me they do not have a no mile limit policy. You might double check yours. Just in case. Spoke to all the others I mentioned in my post and all of them say the same thing. Agreed value, but if it gets wrecked or stolen you do not get the agreed value, you get what their adjuster finds in his book. And it is NOT a collector car book. in other owrds you are stuck.. MMMmmm this is a problem for the hobby. Thanks for the input guys.
 

·
Registered
Joined
·
10,287 Posts
I saw Mr Grundy this week being interviewed on Car Crazy by Barry Meguir and he said there is NO mileage limit. I also have been in a Mustang Club of Michingan presentation by the Hagerty rep and she said there was NO mileage limitation. They insist on at least 10 years driving experience and the car cannot be used for daily driving and run abouts. Good deal in my mind.
 

·
Registered
Joined
·
1,952 Posts
I saw Mr Grundy this week being interviewed on Car Crazy by Barry Meguir and he said there is NO mileage limit. I also have been in a Mustang Club of Michingan presentation by the Hagerty rep and she said there was NO mileage limitation. They insist on at least 10 years driving experience and the car cannot be used for daily driving and run abouts. Good deal in my mind.
It doesn't really matter what they say. What matters is what is in the polic you sign with them. They might believe that if you don't drive it to work, etc, that you will never get near the 2500 mile a year limit, thus it will never come up as an issue. You have to make sure about everything in the policy before you sign.
I hope that someone comes up with a good company. I am not building my car just to keep it in the garage or take it to a show and park it there. I am building it to DRIVE!
Don't know about these companies, just some general advice. I trust insurance agents about as much as the used car dealers you see on late night TV. Or military recruiters,for that matter.
 

·
Registered
Joined
·
9,839 Posts
Direct copy from the Hagerty web site:

Q. What is the difference between Hagerty's "Agreed Value" coverage and other types of insurance coverage?


A. Agreed Value insurance policies guarantee that you will receive the full insured value of your vehicle in the event of a total loss. There is no depreciation of a vehicle’s value with an “Agreed Value” policy, unlike an “Actual Cash Value” policy which depreciates the value of a car as it ages, or a “Stated Value” policy, which generally requires an insurer to pay only “up to” the stated amount.
 
G

·
Guest
Joined
·
0 Posts
Discussion Starter #8
that's right. I had to get past the regular operator at Hagarty and Grundy to find out about the TRUE mileage limit. yes, drive it to shows all you want, but you are not insured with them if you srive it ten thousand miles that year. Yes, the collector insurance guys will give you a TRUE agreed value policy. Hagarty DOES have a 2500 mile limit. This was clearly explicit to me on the phone when I got to a supervisor. The regular agent made it seem trivial, but the supervisor didn't. ALso, I have a perfect driving record, no tickets, period. No wrecks, period. Grundy, will give you a policy with no limit on miles, BUT you are VOID if you drive it to work or an errand. ONLY occasional "pleassure drives" are permitted. In other words you could drive it fro pleasure for years then one day out on your pleasure cruise you stop in a grocery store to pick up a gallon of milk. If you wreck coming home...you are not covered. Period. If you wreck it the ONE day you decide to drive it to work to show off a little b/c it's a sunny day and you want the top down...NOT COVERED. It's like they are all trick policies!
 

·
Premium Member
Joined
·
19,203 Posts
I have Haggerty, and have read the policy with a fine tooth comb. My policy has no mileage statement nor restrictions for car shows and such.

Haggerty may have other policies for cars not fitting my profile: stock, semi-concours. I do know that modified cars have entirely different policies.
 

·
Registered
Joined
·
9,839 Posts
Ok, here's the skinny from my agent:

"Vehicles insured in our (Hagerty) program must be used on a "limited" basis which is consistent with the operation of something that has collectible value. Usage for club functions, exhibitions, organized meets, tours, and limited pleasure driving is acceptable. Hagerty has no strict mileage limitation for collector vehicles used in this manner. Limited use does NOT mean that vehicles will be used for normal or backup transportation such as driving to and from work, school, or running errands."

That is straight from them....

Also, the "industry standard " IS 2500 mile, but as above, Hagerty has NO SET MILEAGE LIMIT.

The way I'm interpreting it:

Mileage: no set limit, but the industry accepted limit is 2500, so you could construe it as a "suggested" limit. If one decides to do a x-country Mustang Club drive, then there will not be a problem.

Usage: No real limits, except for regular, habitual usage. If you drive it to work one real nice day, there's not a problem. If you go to cruise or show and get a call on the way home to pick up milk and eggs, not a problem. Wreck the car on I-95 at 8 am on a Tuesday morning in your business suit, you've got a problem. (no problem, quickly call the office and play sick, call local alignment shop for appointment, then promptly don shorts and t-shirt conveniently stowed in trunk... :p)

As usual, the world is various shades of grey, interpretation entirely dependent upon presentation and spin...
 
1 - 10 of 10 Posts
Top