Vintage Mustang Forums banner

81 - 97 of 97 Posts

·
Registered
Joined
·
136 Posts
I have Hagerty and have had an actual claim with them. Got hail damage on my '66; a number of sizable dents on the hood, roof, and trunk. We discussed with the adjustor that the dents will have to be removed and the entire car repainted because the color wouldn't otherwise match. Adjustor said they'd do whatever necessary to make the car good. I went to the exact place I wanted to take it, had the body guy contact the adjustor - who then signed off on it and we received a check within 6 days. Cost to repair was almost half the agreed upon value and we had no problem at all getting them sign off on it.
That's great to hear, I hope to never need them tho!
 

·
Registered
Joined
·
749 Posts
I’ve had State Farm all my life daily drivers, house , 2 Harley’s and 5 classic cars, figured even if Hagerty was $100 more it wasn’t worth it, got a quote on the 4 fastback and 70 SS, over $800 cheaper than state farm
With agreed value,another $80 once I do my driver safety course, thanks everyone
 

·
Registered
Joined
·
2 Posts
Thanks for the responses. The more I think about it, the more I am sliding State Farm to the side. I mean I want to enjoy the car a little and cruise around town on nice weekends without having to worry. I probably wouldn't put more than 2000 miles per year on it. Looking at Hagerty currently.
 

·
Registered
Joined
·
24 Posts
I have agreed value with State Farm on my Mustang. I came real close to switching to Hagerty or something else because when my car is done I want to drive it and I didn’t like State Farm’s language. My agent, who is a longtime family friend, was adamant that the car can be driven, just not daily. I told him my plans, and when the car is done we are going to revisit what State Farm will allow me to do. I trust my agent, but also don’t want to get screwed when they deny a claim because I was driving the car to get ice cream.

That being said, I have had nothing but great experiences with State Farm when it comes to claims. They’ve always taken excellent care of me.
Plus 1 for State Farm. Perhaps those who've had bad experiences have just had a poor agency or agent? Mine has been great. Worth checking around w\ other than one agent. Mine is "agreed upon value" as well.
A few years back I was looking to get my '67 insured, but I wanted to make sure that if anything happened to it, whichever Insurance Co. I went with would cover it as a Classic 'stang and not just a "1967 Ford", which would be pretty much worthless. Hagerty and the other "Classic Specialty Insurance" companies were adamant about the following:
  • It could only be driven up to X miles a year, ( around 3 or 4 K I think ), that's all ! To heck with that, its my car, if I want to drive the thing 12K miles a year for my own sheer enjoyment, that's up to me, they don't get to dictate that, not for the amount of dollars they want !!!
  • It MUST be kept in a garage that could be locked, ( might as well throw in some armed guards too from how they were talking ), when not driven
  • The amount of $$$ they wanted was ridiculous, especially when they don't allow you to drive the dang things :-(
State Farm and Allstate were the ONLY two Non-Specialty Ins Cos, ( I called almost all of them ), willing to insure the thing:
  • As a Classic Mustang
  • Allowed it to be driven as much as my little heart feels like
    • Caveat: Not as a "daily driver" to\from work; HOWEVER, if after I get home I want to take it out and go get ice cream, because it's a pleasure ride in my Classic car, so be it, that was perfectly fine. It's just not to be used as a take it to work ( daily ) car, or drive it in place of a normal vehicle... it's a Classic, treat it as such... BUT... do enjoy it! My agent is completely fine with that. :)
  • Didn't require it to be stored in a locked garage 24\7 when it wasn't being driven
  • And, didn't charge an arm and a leg.
When I asked why? The agent said they felt people who own Classics actually take care of them and have very high regard for their well being, so, even if it isn't garaged 24\7, they're pretty confident the owners are going to be VERY cautious of their Classics. Heck, State Farm even allows it to be moved in and out of a "storage \ garaged" insurance status, ( basically covering damage, vandalism, etc. only... ), any time I feel like it. So, during say winter months, when you know you're not going to be taking the thing out on the road, the insurance costs drop significantly, while still protecting it as a Classic 'stang. Once driving weather comes back around again, switch it back to full insurance coverage mode and off you go. I think Allstate allows the same. I ended up going with State Farm for various reason, they were also a couple hundred a year less costly.
 

·
Registered
Joined
·
8,995 Posts

·
Registered
Joined
·
189 Posts
I just switched to Hagerty from American Modern effective today. Had no issues with American Modern as I never had to file a claim but with everyone raving about Hagerty (and the quote I received) I couldn't switch soon enough.
 

·
Registered
Joined
·
465 Posts
I have AAA of Southern California. No restriction. Agreed value of $25,000. I pay $180 per year. That’s about $50 less then Hagerty was. I do have my other vehicles with them too.
Are you sure your AAA policy is an "agreed value" policy? I used to have AAA on the Pantera, and when I wanted to increase my coverage I learned that it was actually a "stated value" policy (I pay premiums on the value I stated, and they're happy to take my money for years, but as soon as there's a claim they tell you it's a 40 year old depreciated used car with little value, and total it!), and they told me there are specialty insurance companies for classic cars. Maybe they've updated their offerings in the last decade...

Hagerty and the other "Classic Specialty Insurance" companies were adamant about the following:
  • It could only be driven up to X miles a year, ( around 3 or 4 K I think ), that's all ! To heck with that, its my car, if I want to drive the thing 12K miles a year for my own sheer enjoyment, that's up to me, they don't get to dictate that, not for the amount of dollars they want !!!
  • It MUST be kept in a garage that could be locked, ( might as well throw in some armed guards too from how they were talking ), when not driven
  • The amount of $$$ they wanted was ridiculous, especially when they don't allow you to drive the dang things :-(
Actually, Hagerty allows you to specify the mileage you drive. I have the limit on my Pantera set at 6k/yr. You tell them how much you want to drive, and then drive it as much as you wanted!

The one possible downside is that the car must be stored in a garage. I've heard cases of folks leaving a car outside overnight for whatever reason (painting the garage, forgot to put it away for the night, etc.), it got stolen, and then Hagerty refused covering the theft/replacement. However, they do cover the car being outside if you're travelling with the car, such as to a show or on a tour.

And Hagerty wants you to drive your car... It builds interest in the hobby and ultimately grows their business. They even have a rental program and regular send me emails about adding one of my cars to the rental program so folks could rent it (not interested in doing that myself, but lots of cars there available to rent for a day). Also, Hagerty is one of the only specialty insurance companies who's policy does not say you "cannot drive the car to work," but rather it "cannot be your commute vehicle." Many companies won't allow you to drive your car to work for any reason.
 

·
Registered
Joined
·
1,907 Posts
State Farm and Allstate were the ONLY two Non-Specialty Ins Cos, ( I called almost all of them ), willing to insure the thing:
  • As a Classic Mustang
  • Allowed it to be driven as much as my little heart feels like
    • Caveat: Not as a "daily driver" to\from work; HOWEVER, if after I get home I want to take it out and go get ice cream, because it's a pleasure ride in my Classic car, so be it, that was perfectly fine. It's just not to be used as a take it to work ( daily ) car, or drive it in place of a normal vehicle... it's a Classic, treat it as such... BUT... do enjoy it! My agent is completely fine with that. :)
  • Didn't require it to be stored in a locked garage 24\7 when it wasn't being driven
  • And, didn't charge an arm and a leg.
this is the exact OPPISITE of what they told me. i was only "allowed" to drive in parades, special events, etc. and again, i've been insured through them for 30+ years.
 

·
Premium Member
1966 Fastback, 289 - C4
Joined
·
536 Posts
It sounds like alot of the details shared here depend on where you live.
I called my StateFarm guy and asked about several cars.
With any car older than around 75 I think, he asked what the insured value should be. They do this because the MSRP isn't relevant. This isn't agreed value, as the assessor will determine value up or down at the time of a total loss/major claim situation.
The question of parade use was discussed. This is a different type of insurance meant for fully restored / trailered cars and only for use in a parade scenario.
In my case, I just want to drive the car... But since I won't be using it as a daily driver I have a limited milage policy. The only stipulation is if I exceed 7500 miles, I lose the low milage discount on the Mustang. I can drive it anytime and anywhere I choose, and I have this in writing.

My only concern is the valuation. I'm sure if the car ends up in a total loss situation there will be some back and forth on value just like any other vehicle. The concern comes in because my car is fully restored and shouldn't be compared to a project car during valuation. I'm working on more details before I sign the policy.
 

·
Registered
Joined
·
1,102 Posts
I have State Farm agreed value and they were the same cost of Hagerty and many other classic car insurance companies. I am allowed to drive to work and other places for fun. Each statement I get the agreed value is shown on the policy and all the other parts included in the coverage.

I look every couple years to see if things have changed and State Farm has not been higher on anything and I have the same freedom to drive my cars.
 

·
Premium Member
1966 Fastback, 289 - C4
Joined
·
536 Posts
I was essentially told that the value I assign the car has little to do with what an adjuster may say in the event of a total loss situation. They will assess during that time and assign a value... Could be lower, or higher than I say. I seriously doubt they would ever assign a higher value than is on the policy.

I'm moving forward with the State Farm policy. At the end of the day, driving whenever/wherever is very important to me. I may shop other policies, but for now... it's a done deal.
 

·
Registered
Joined
·
469 Posts
I'm getting ready to re-up with American Collectors. $180/year, something like 3k or 5k miles/yr, I forget. I'm allowed pleasure driving but no work commutes.

Here's what I don't get: when I read through these 94 posts, many refer to an annual mileage limitation. I have one. But not once have I been asked the mileage or if I've replaced the odometer. I replaced it last year because the 1000's cog hasn't moved for who knows how long. You can make your mileage anything you want as long as it's 00000 and you have $70.
 
81 - 97 of 97 Posts
Top