Insurance time??

[stylingZ]

It's time to begin researching insurance for my 30 Brookville roadster. I know I will need a policy with an agreed value and full coverage for a high end hotrod. Are there any wise words of wisdom or tips to be aware of? Surely some of my fellow club hot rod members have had some experience here that I can learn or draw from! Thanks in advance

[jyardgirl]

I use hagerty and they are very reasonable.

[Bob Parmenter]

I used to use Hagerty year after year, they were very competitive. A couple years or so ago doing periodic comparison I found Grundy to be lower price for slightly better coverage. However, Grundy wouldn't cover the project cars during build so kept those with Hagerty. Both easy to work with, and from feedback I've gotten from some acquaintances who had the opportunity (?) to learn first hand, they were fair in settlement. You're right to go for "agreed value" rather than "stated value" (for the benefit of others reading these threads), stated value will be depreciated if a total loss claim is reached, agreed value is at the full amount agreed to in the policy.

You may already know, but don't worry if someone tosses out a number they claim to pay and what you get quoted is different. Besides differences in agreed valuation there are other coverages that some states mandate that some don't, as well as different geographic areas are risk rated differently by the actuaries.

[erik erikson]

I used to use Hagerty year after year, they were very competitive. A couple years or so ago doing periodic comparison I found Grundy to be lower price for slightly better coverage. However, Grundy wouldn't cover the project cars during build so kept those with Hagerty. Both easy to work with, and from feedback I've gotten from some acquaintances who had the opportunity (?) to learn first hand, they were fair in settlement. You're right to go for "agreed value" rather than "stated value" (for the benefit of others reading these threads), stated value will be depreciated if a total loss claim is reached, agreed value is at the full amount agreed to in the policy.

You may already know, but don't worry if someone tosses out a number they claim to pay and what you get quoted is different. Besides differences in agreed valuation there are other coverages that some states mandate that some don't, as well as different geographic areas are risk rated differently by the actuaries.

If I keep the project cars at my house rather than my shop, my home owners insurance will cover any parts if they are stolen.
I am not sure of the limits.

[Don Dalton]

I AM waiting on approval from Grundy,they were a bit less than Classic using the same dollar values.I had Allstate when building the car whewwwww was it a rip off.I did quote a number of others,but they were to high.

[Bob Parmenter]

If I keep the project cars at my house rather than my shop, my home owners insurance will cover any parts if they are stolen.
I am not sure of the limits.

What you say may be true for your particular policy, however most people shouldn't therefore assume the same of their company/policy. And I would also caution that not all agents give accurate answers when you ask a "Am I covered if...................?" type question. Policy terms and rates are based on "common" similarities based on demographics, and geographic location, among other magic voodoo considerations that are unique to insurance underwriting. Most policies cover "normally" expected things around a home. For example. Nearly every home has a refrigerator and an insurance company can expect to have to pay for one if there's a loss (typically fire for something this size). The difference between a $700 GE and $5000 Subzero would usually be reflected in the valuation of the house which would be covered in the higher rate for the more expensive house. If you try to claim an expensive Subzero in your $100k house loss odds are the Ins. company is going to launch a fraud investigation, or at least make you jump through some serious hoops to prove you had the high dollar ice box.

Expensive car parts are looked at something like what most folks might be familiar with under the jewelery coverage they might have. If you claim the loss of a $100 Timex (if such a thing exists) on your "basic" policy you probably won't get any resistence. However, if you try to claim a $50k Patek Phillippe (like most successful engine builders wear ) then you'd better have it listed on a separate declaration that would entail additional coverage and premium expense. Everything with insurance companies is based on potential risk/loss/exposure calculations. Car stuff has the added "confusion" of automobiles normally being looked at as a separate policy issue. It gets muddled with some companies that may have difficulty distinguishing between the one in your driveway you use every day, and the one blown apart in the garage. Nobody should assume they are covered by their homeowners just because it's on your lot. As an example, a few years ago we had a big wind storm. An 8 foot portion of a tree on the next door neighbors lot broke off and landed on the roof of our daily driver. BIG damage. It made sense to me that his homeowners policy would cover the repair, but no, it fell under MY auto policy. Doesn't seem logical but that's the way the industry has fashioned the terms of their policies.

As for the example I gave, the Grundy rep told me they didn't insure "disassembled" cars because in their opinion it was too difficult to extablish value compared to a fully functional vehicle. Likewise, with the projects on the Hagerty policy, they required me to supply a listing of the major components on hand, similar to the above noted declaration for jewelery.

[gassersgarage]

I had Hagerty for years but I heard Grundy was cheaper. Switched to Grundy and it cut my rates in half. However, my agent said that Grundy wouldn't insure anything less than $25K value.

[Bob Parmenter]

On another forum a couple weeks ago I saw some first hand postings on that Grundy/$25k thing. Their experience was that Grundy wrote the policy, but charged MORE for a valuation, for example $15k agreed value, than for $25k. The policies were underwritten by different companies, Grundy is an agent.

[Dave Severson]

Good point on the homeowners insurance, Bob!!! I keep my house, shop, and drivers insured with State Farm, have for years mainly cuz the agent is a friend (and a customer) and he gets me the coverage I need. Hot Rods have been insured with Hagerty for a number of years, but doing some shopping now... A couple of them made it to my State Farm guy with a limited use clause, under 5k miles a year.... and saved me a few bucks....

[Stu Cool]

My Grundy policy also covers a certain amount of spare parts for the insured car that I have stored in my garage, along with trip interuption, towing and quite a few other features. I was insured with AON, but they are moving out of the classic car insurance business. Grundy offered the best value when I was shopping.

Pat

[rumrumm]

I have my '32 insured with Midwest Classic www.midwestclassicins.com. I pay $465.00 per year for 50,000 agreed upon coverage. I don't know if they insure out of the Midwest or not but it would be worth checking out.

[Henry Rifle]

I use Classic. (See the little ad at the top left of the page). I also looked at Grundy and Hagerty, but Classic had a little better coverage for me. It's been quite a while, so I don't remember the details of the differences. Just check with all of them and compare.

[cookster]

I got deal through Nation Wide . 6 months on 6 months off . Full coverage , coverage all year round even when sitting garage for winter . Pay 6 months full price other 6 months half . Had Nation Wide 20 years . Antique policy with unlimited miles .

[Steves32]

I have Grundy.
I've never had a claim but I know people who have & no troubles.
I have 90k of agreed coverage on the roadster & an appraisal. They used to not require an appraisal but they wanted one this time. I think the price was $530.00 a year

[deuce bigalow]

GRUNDY ROCKS ..... www.grundy.com