I now have my truck on the road and have insurance with the same company I have my everyday car insurance with (Geico). In talking with them about coverage for the truck I am finding that they don't have good coverage options for a classic vehicle unless it is completely restored.

Who do you insure your cars with?

Have you had a claim, and how did that go?

 

jc taylor. never needed a claim.

 

condon & skelly.
same as with fomocoloco, never had to submit a claim.
cost me $71 each per year for $5,000 un restored declared value on my 79 F350's

 

I use Hagerty. $200 full coverage, all year, both trucks declared at a value of $10k.

 

I use Hagerty as well. Very reasonable prices. I use them to cover another classic car I have and my insurance actually went down when I added the old F100.

 

Thanks all for the feedback! I just sent in my request for a policy with Hagerty.

 

Acuity. Same with my house and boat and snowmobiles and 3 full covered autos. 235 a year for 40 thousand on my 64

 

how do you plan on using the truck? daily? toy? that's going to be the deciding factor. most classic places won't allow it to be a daily, and are going to want it kept in a secure garage also. I have Grundy on my '66 mustang.

 

Remember "stated value" policy is kind of misleading.

If the truck gets totaled, they will pay the claim based on what they think it's worth, not what you "stated" it's worth. Guess what happens? Surprise! It ain't worth what you thought, at least according to them.

 

I got my stated value policy from Hagerty for my amphicar after a friend with an Amphicar filed a claim when his engine died in a river. The Car wound up on some rocks down river. Huge recovery claim and repairs and all covered no issues. I’ve also know people who filed stated value with them for a totaled vehicle and been covered in full.

 

Well, OK. I'm glad it worked out. Sometimes people use words interchangeably, not saying you, but "Agreed upon value" is not "stated value."

It's important when purchasing insurance to understand the policy, what is covered and what isn't. As far as I can tell, an appraisal is pretty much required for collector cars from any of the insurers for a policy to work the way you describe.

Insurance policies are kind of like a will, the only way to find out if the will was setup right is to die, the only way to find out if the insurance policy is any good is to make a claim. Most people have "actual cash value" coverage. "Stated Value" may work for you, but it might not. Be sure you understand what it is you're buying.

----------------

http://www.rigmetroins.com/m/blog/co...ount-insurance

Stated Amount or Stated Value

The second type of coverage would be stated amount. In many cases, an individual will ask the insurance company that insures their other personal autos to add coverage for their collector car, so the insurance company will add the car to the policy with the stated value endorsement. This endorsement changes the loss payable clause to read:

"In the event of a total loss we will pay either the stated amount or the actual cash value, whichever is less".

The company may even ask for some type of documentation to determine the stated amount at the time they insure the car, and this stated amount will be listed along with the car on the declarations page. Because of this, the insured may think this is what they will be paid if they have a loss. But, if the claims adjuster thinks that the actual value is less than the stated amount on the policy, they will pay you the lower amount. While there are some cases where this type of coverage would be OK, this is not the type of coverage that most people want for their collector car.

 

^^^^^ Good info there, Tedster9. Thanks for sharing........

BarnieTrk

 

Tedster9 I spoke with an agent from Hagerty about stated value, and their response was... "If your vehicle is a total loss, you will receive check for the stated value. As your vehicle appreciates in value don't forget to update your coverage so you protect your investment."

Based on the feedback directly from Hagerty, and what I have heard from others (not just on this board), I am comfortable with that stated value language.

Have you had a bad experience with this yourself? If so please provide details.

Thanks in advance.

 

I’ll add that Hagerty will require your vehicle to be parked inside a garage or storage building when not in use and not be your principle driver. I think the asked for info from our State Farm insurance coverage we had on my wife’s car. I don’t use my Ford to go to work but I do drive it around town regularly. I insured it for 5k which is more than I think it’s worth currently.

 

Well now - Does Hagarty want an appraisal? Photos? Use your noggin here for just a second. Does it sound reasonable to you that an item could simply be insured for a number that only the owner comes up with? Hagarty is a specialized niche market. I might trust them versus mainstream insurance co., who don't have the expertise in older or collector cars and trucks.

Hell, I'll just insure my old truck for a "stated value" of $75k and then have my uncle steal it, and collect. Rinse, lather, repeat. See where I'm goin' with that? Figure out how much risk you want to take on, but make damn sure to insure your property correctly is all I'm sayin'. Some folks have a LOT of money invested in their cars and trucks, that they couldn't necessarily recoup upon sale or at "actual cash value" settlement.