Insurance value
More Turbo
Joined: Sep 2020
Posts: 579
Likes: 176
From: Thompsons Station, TN
I have USAA too. They connected me to another insurance company for classic vehicles. They told me I could not use my truck for hauling cargo, not even groceries or yard supplies. I could put a folding chair in the back if I was going to a show, but no cargo.
what good is a truck if you can’t throw a few bags of mulch in the back,
what good is a truck if you can’t throw a few bags of mulch in the back,
Laughing Gas
Joined: Oct 2006
Posts: 879
Likes: 40
From: Colorado Springs /Mesa AZ
1. Actually, my home owners insurance company determines the insured value based on the information I supply.
2. I agree that an appraisal it warranted if the car has significant value $30k and up. But when you have a work in progress or daily driver, the agent can give you a feel of what the market is for the cars they sell. And since Hagerty is the largest seller on automobile insurance to classic cars, they probably have a good handle of value versus condition. I ultimately determined the insured value and it was no issue since it fell in the insurable range.
2. I agree that an appraisal it warranted if the car has significant value $30k and up. But when you have a work in progress or daily driver, the agent can give you a feel of what the market is for the cars they sell. And since Hagerty is the largest seller on automobile insurance to classic cars, they probably have a good handle of value versus condition. I ultimately determined the insured value and it was no issue since it fell in the insurable range.
Knuckle Bandage Sales Rep
Joined: Feb 2011
Posts: 3,677
Likes: 1,248
From: Maine
48 Steel, what are the differences in use conditions between Hagerty and State Farm? Just curious. I have had Hagerty for about 15 years and really like them. determining the agreed upon value has been effortless with them, and this is on about six different cars/trucks over the years. But its always good to know what other options are out there. Tom
Fleet Mechanic
Joined: Feb 2014
Posts: 1,350
Likes: 24
From: Maryland
Do your research and be careful on what you buy, and what the insurance companies offer you. While it may sound like semantics, there is a difference between agreed value and insured value, stated value and guaranteed value. Here's an explanation of the differences in coverages to help with your decision, and to make sure you have what you think you have.
(Jim, this is somewhat directed to you, as you said you had "insured value" which could be dangerous, depending on your carrier.)
https://www.hagerty.com/insurance/in...aranteed-value
(Jim, this is somewhat directed to you, as you said you had "insured value" which could be dangerous, depending on your carrier.)
https://www.hagerty.com/insurance/in...aranteed-value
Logistics Pro
Joined: Oct 2014
Posts: 3,912
Likes: 1,196
From: Deerbrook, WI
I dug out my policy and here are the particulars: Berkley Classics...Agreed value $20,000...Annual premium $150...Collision and comprehensive deductible $250...Bodily injury liability $250,000 each person $500,000 each accident...Property damage $100,000 each accident...Med pay $10,000...Uninsured motorist $250,000 each person $500,000 each accident...Underinsured motorist $250,000 each person $500,000 each accident.
I'd be interested in knowing how my coverage and rate compare to what other carriers are offering. Restrictions are written somewhat vaguely and my agent didn't seem concerned about the number of miles I might put on in a year--I told him about my plans for cross country trips to Truckstocks for example. The main thing seemed to be that the vehicle should be stored in a garage and not used routinely like a daily driver for going to work. Thanks.
Jim
I'd be interested in knowing how my coverage and rate compare to what other carriers are offering. Restrictions are written somewhat vaguely and my agent didn't seem concerned about the number of miles I might put on in a year--I told him about my plans for cross country trips to Truckstocks for example. The main thing seemed to be that the vehicle should be stored in a garage and not used routinely like a daily driver for going to work. Thanks.
Jim
Fleet Owner
Joined: Dec 2000
Posts: 25,401
Likes: 5,408
From: Central PA
I have State Farm for insurance for bothy trucks, bundled with our other vehicles and our house. I'm not sure of the premium but it is minimal. No restrictions on mileage. 54 is garaged, 55 is outside but stored indoors Dec thru March. They know they are not daily drivers and that I can't drive both at the same time.
Laughing Gas
Joined: May 2010
Posts: 1,125
Likes: 191
From: Wharton, PA
I have American Modern I pay $131 a year 25K agreed value...thought i only had 20K 0 deductable for comp and collision, Bodily injury 50K each person, 100K each accident, property damage 50k each accident, medical 1000 per person, Uninsured 50K per person 100K per accident, underinsured 50K/100K
must be in locked garage/barn, 3000 miles per year, Occasional pleasure use
must be in locked garage/barn, 3000 miles per year, Occasional pleasure use
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Hotshot
Joined: Jan 2001
Posts: 16,887
Likes: 3,129
From: SE Wisc. (the Rust Belt)
I have State Farm for insurance for bothy trucks, bundled with our other vehicles and our house. I'm not sure of the premium but it is minimal. No restrictions on mileage. 54 is garaged, 55 is outside but stored indoors Dec thru March. They know they are not daily drivers and that I can't drive both at the same time.
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Joined: Jan 2001
Posts: 16,887
Likes: 3,129
From: SE Wisc. (the Rust Belt)
Just got off the phone with the insurance agent office, didn't talk directly to the agent but someone in her office. I was told I need to have a professional appraisal done on the trucks. I know with the last agent I just gave him a value I considered fair and that was what he wrote up. From what I've been reading here this is how it is handled with most insurances, no need for an appraisal.
More Turbo
Joined: Jan 2012
Posts: 714
Likes: 133
For the same amount State Farm charged for 6 months on my 53 F350, I get full coverage for 6 vehicles for a year from Hagerty. The only restriction is that they all have to be garaged.
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Joined: Jan 2001
Posts: 16,887
Likes: 3,129
From: SE Wisc. (the Rust Belt)
I thought Haggerty has mileage and usage limitations. I don't know, I've never checked in with them, only going on what I think I was told.
Just got off the phone with another AmFam agent, a little closer to my house, who said she thinks my current agent doesn't have my policies done correctly. I've had problems in the past with insurance agents who refused to honor policies and had to get things straightened out on my own. Insurance unfortunately is a necessary evil.
Just got off the phone with another AmFam agent, a little closer to my house, who said she thinks my current agent doesn't have my policies done correctly. I've had problems in the past with insurance agents who refused to honor policies and had to get things straightened out on my own. Insurance unfortunately is a necessary evil.
More Turbo
Joined: Sep 2020
Posts: 579
Likes: 176
From: Thompsons Station, TN
My Hagerty policy does have mileage limits; chose 2,500 or 5,000. They include quite a few free tows with longer distances. They also have a provision where you can by your (heaven forbid) wreck back. There’s a bunch of other stuff thrown in too.
More Turbo
Joined: Jan 2012
Posts: 714
Likes: 133
Mine has no mileage limits.
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Joined: Jan 2001
Posts: 16,887
Likes: 3,129
From: SE Wisc. (the Rust Belt)
I went to the Hagerty website and got an estimate for coverage. The quote they gave me is more than what I am paying through my AmFam policy with same coverage. I guess I'll be getting an appraisal for my trucks and switching AmFam agents.