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 Post subject: CLASSIC CAR INSURANCE
PostPosted: Wed Jun 20, 2018 9:46 am 
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Joined: Sun Dec 11, 2011 10:55 pm
Posts: 62
Location: Westport, CT
Does anyone have any claims experience with the classic car insurance companies?? The online reviews are mostly about ease of premium payment or gripes about how many coats of paint they pay for. I'm more interested in finding out who is reliable in terms of a real loss. I have a quote from American Collectors that is about half that of Hagerty for the same coverage. Can I trust them? A friend had an easy full agreed payout from Hagerty when a tree took out his Porsche. However, a premium that is double is a little hard to swallow.

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2003 350Z Touring - Red w/black
CT plate PHILSZ


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PostPosted: Wed Jun 20, 2018 2:17 pm 
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Joined: Fri Dec 25, 2015 7:39 pm
Posts: 449
Location: Long Island, N.Y.
Hi Phil,
I vaguely recall a discussion with someone who had a classic car insurance company that was "half the
cost" of Hagerty's quote. He continued to tell me about some of the restrictions like.. the car must be going to or from a car event in order to process a claim. There were/might be yearly mileage restrictions; the car must be kept in a secured/locked enclosure and some insurers don't tell you that if you just cruise around on a leisurely drive and you encounter the dreaded "unforeseen" incident (and can't prove that you were going to a car event) you would NOT be covered. Duh! What kind of insurance is that? CHEAP... with zero coverage when you might need it Z most. Sooo...

Be very careful when trying to cut insurance costs. Ask a lot of questions and be sure to ask about all of the restrictions (CAN and CAN'T do's) that they place on you and your classic. More often then not, "You get what you pay for".

Good luck.

Howard J

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1985 300ZX- GLL Dark Pewter Metallic - Survivor


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PostPosted: Wed Jun 20, 2018 3:11 pm 
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Joined: Mon Jun 30, 2008 2:16 pm
Posts: 367
Location: Ansonia, CT
Howard is correct. I had Classic Car Insurance but didn't like all the restrictions. I have had both Grundy and Hagerty which were a bit more but a lot less restrictive.

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John Kish
1971 240Z original owner


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PostPosted: Wed Jun 20, 2018 9:53 pm 
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Joined: Wed Apr 09, 2008 5:53 pm
Posts: 12867
Location: CT
And Hagerty lets you decide the replacement value of your car (discussion btwn you and them, based on reality). Your premiums are based on how much you feel it would realistically cost to replace it.

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1970 240Z


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PostPosted: Thu Jun 21, 2018 12:25 pm 
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Joined: Sun Dec 11, 2011 10:55 pm
Posts: 62
Location: Westport, CT
American Collectors Insurance seem to offer reasonable terms - "pleasure use" up to 7,500 miles p.a.. That means staying out of the Shop-Rite parking lot, but ok for the beach, golf, pleasure outing etc.. No commuting. Not limited to car events. You can choose your own repair shop. All the terms and conditions seem ok. They offered to insure my Benz with an agreed value of $25k, no deductible and $500k liability for $385p.a..
But the proof of the pudding is in the eating. That's why I posted this question to see if there was any claims experience out there.
I'll take the advice to obtain a quote from Grundy.

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2003 350Z Touring - Red w/black
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PostPosted: Thu Jun 21, 2018 2:00 pm 
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Joined: Sun Dec 11, 2011 10:55 pm
Posts: 62
Location: Westport, CT
Grundy coming in about the same as American Collectors - about 50% of Hagerty.
Found a really interesting article on collector car insurance.....
acarplace.com/2016/03/insurance/

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2003 350Z Touring - Red w/black
CT plate PHILSZ


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PostPosted: Wed Jul 04, 2018 5:35 am 
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Joined: Thu Nov 01, 2007 2:48 pm
Posts: 1637
Location: Groton, CT
I use Hagerty for my now NonZ classic. Agreed value, does't seem to have restrictions, and the price is fine at about $300 annually. I have not tested any claims...hope not to.

A friend of mine was recently hit in his 97 Porsche Targa. Something he learned was to put an additional claim in for "diminished" value against the other insurance co. Was not totaled, but the damage was recorded in the cars history decreasing its value. He got many 1000's above repair costs. As your Old Z's become more valuable, something to keep in mind. You may need an attorney that specializes. He found a guy thru Porsche club forum.

I miss my Z's a little. Loving my '76 Porsche

Keith
'93 300zx - sold
'09 370Z - sold


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PostPosted: Sun Jul 08, 2018 7:13 pm 
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Joined: Fri Mar 13, 2009 2:33 pm
Posts: 349
Location: Richardson, Texas
The key wording with Hagerty is "guaranteed value", not agreed value or similar. You submit photos and any other requested documentation to their underwriters who determine if the car is worth your requested insurance value. If they write the policy and you total the car, they write the check for the guaranteed value, no questions! No, I have no personal claims experience with them but have seen comments from those who have.

With "agreed value" or similar terms there might be the possibility of dealing with an adjuster should there be a total loss. The adjuster will be interested to see if the vehicle was still worth what the policy was originally written for. For anyone dealing with agreed value insurance, ask the questions about payoff in case of a total loss - will an adjuster enter the process at any time? Is there the possibility of the payoff being less than the agreed value? Whatever the answers, get them in writing - nothing by mouth!

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Jim Arnett
Richardson, Texas
HLS30-15320 12/1970 (original owner)
ZCON 2015 Gold Cup - Street Modified class


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PostPosted: Tue Jul 10, 2018 1:52 pm 
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Joined: Sun Dec 11, 2011 10:55 pm
Posts: 62
Location: Westport, CT
Went with Grundy at $328 for $500k liability, $25k agreed loss value on a 560SL pristine with 40k miles. They put a 7,500 miles p.a. restriction down and limit use to "pleasure drives", ie. no commuting, shopping, etc.. I think this restriction is common with any company coming in with similar numbers. The much higher quotation from Grundy had fewer use restrictions, but the premium was double.
Grundy's customer service was excellent and they allow use of any repair facility you choose.
The American Collectors customer service was terrible. If they can't get out a quote and generate a bill, heavens knows how bad their claims service can be.

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