The Stovebolt Site Forums The Shop Area General Truck Talk Insurance

My truck is getting closer to needing insurance. Hopefully in a month or so. Who are you guys using now, and how strict are they on where you drive it. I plan to take it to a few shows, and over to friends and families houses.

What do ya'll think? I have looked at several and gotten quotes ranging from $205 to $289 a year.

Do you ever take it somewhere and leave it outside overnight, and has that ever been an issue?

I use Farmers they valued it at 10k replacement, 3000 miles a year, no other restrictions so $116 a year here in Utah. It sits in a garage all winter And I have not hit the 3000 per year limit in the three years it has been back on the road. I think every state will probably be a bit different as well as the companies quotes.

I am in Ga. and my 58 half ton is insured with State Farm as are my other cars. They insured me for $30,000 and I do whatever I want whenever. No set miles and I can show it or haul firewood with it.It costs $360.00 a year

I use Hagerty, works for me. It's underinsured a bit but it's only $100 per year and I can take it into the US to the KC event. It also goes to work with me now and again. The premium is so much per thousand of the value. No appraisal required.

Get an Agreed Value policy. While your mainstream insurance companies will insure it with few to no limitations they also go by book value if there's a loss. Like the State Farm policy noted above. There may be a $30,000 Stated Value but without an Agreed Value policy there's no guarantee that's what will be paid if there's a claim. State Farm doesn't write Agreed Value policies (One example of thousands if you Google it) so if it's stolen or totaled they'll use book value "up to" the stated value ($30K in this case). What's book value on a 56 year old truck? Likely no where near $30K.

I have an Agreed Value policy through Grundy with the current agreed value of $35K on my '38. If it's stolen or totaled I get $35K. I have $0 deductible collision and comprehensive. I can use the repair shop of my choosing and can use NOS parts if they are available. I do keep it garaged when at home but it's also fully covered when I'm on a VCCA tour (also too and from the tours) even when parked outside. I have no mileage limit but it can't be a daily driver. My annual premium is just over $200 per year.

I also use Grundy, $30K for just over $200 per year. I don't worry about mileage limits since they never asked for starting mileage. Just don't expect to get paid if you damage it driving to work everyday.


Joe

I use Hagerty too but of course, this is in Canada. I don't have a limit on mileage. I asked them about my annual trip to a big car show , 350 miles away and they had no problem with that. That weekend it sits outside the hotel when I am not at the show. They also have a policy that I can pick up an other old vehicle and it is automatically insured. I have to tell them within two weeks or something like that. If I was shopping at Carlisle or Hershey, that would be very useful. As 1953 Panel said, there is no appraisal needed with Hagerty. You tell them how much it is worth and if they have a problem with that, they will send someone over to have a look.

I use State Farm 120.00 a year and no restrictions.

Pete

State Farm ,
Antique or Classic Motor Vehicle policy

With tow, agreed value
You and we agree that the actual cash value of your car is the vehicle value shown on the Declaration Page:

No driving restrictions ,

can park outside overnight

Thanks dad. Mind sharing how much State Farm is. Grundy is a little over 200 and hagerty was wanting like 560.

Both seem to have a lot of restriction. I want to be able to drive to a friends house and park it outside. It will be in a garage at my house.

The classic vehicle insurance companies would not insure my truck based on the way I wanted to us it: whenever, wherever. USAA (my regular car insurance carrier) finally agreed to insure my truck at fair market value. That means if totaled (for instance) they will valuate the truck based on condition at time of loss and pay accordingly. Restoration costs/receipts and similar vehicle values will be used to determine value. I was ok with this approach.

My other vehicles are with sate farm

Agreed value 10k. In my case.
< 100.00 per year

All I had to do was take the truck to the agent and had him take a picture of it.

My agent laughed when I explained the foot start to him and showed him my switch for shutting off the fuel pump, he said it would work better than most alarm systems.

KMAC

My regular insurance doesn't have classic insurance. But i will take a look at State Farm and report back. Thanks for te help as always guys.

Must be new with State Farm. They wouldn't write an Agreed Value policy when I check with them in the past. The $100 per year for $10K coverage is about the same as I'm paying for $10K Agreed Value on the '62 through Grundy. I'm glad State Farm is finally joining the club. What are your Collision and Comprehensive deductibles?

I don't know if its new with State Farm
I've had this policy for a few years now

When I first started driving the 50 I just added it as another vehicle and was paying over 300.00 per year.
Then the agent told me about the classic or antique policy and I switched to that.
Saved me 200 per year.

I'm sure I get discounts because my other vehicles are with them.
Ill have to check on the other.
I may only have, bodily injury, property damage, emergency service on the truck.

Anything other than an agreed value policy through a classic car insurance company is risky. Better read the very fine print on the State Farm policy. Last I heard there is a clause in it that allows them to get around paying the agreed value in a total loss situation. Also, if it's insured with a regular policy like your daily driver cars you will get shafted in case of a claim. Research it.....lots of people have been screwed. My buddy was a victim of State Farm last year. He has a 66 impala he just had painted. He asked my advice on insurance and told him to use Hagerty. He insured it with State Farm anyway. Just added it to his existing policy. A couple of neighborhood hoodlums tried to steal it out of his garage one night and scraped the whole side up pushing it out of the garage. He called his agent and they said since it was over 10 years old it didn't have much value and they would just total it and cut him a check for $750. He paid $6500 for the paint. So he ended up not making a claim and paid to get it repaired himself.

One of my brother's law school professors explained it this way- - - -"lawyers can work for two types of clients, criminals or insurance companies. Criminals don't have much money- - -insurance companies have lots of it. With criminals, however, you get a better class of client!"

Having owned and operated a couple of body shops, my take on State Farm insurance is to be prepared for every lowdown, sneaky trick in the book to avoid making a fair settlement, or sometimes simply an outright refusal to pay a claim. They do have a tendency to make a settlement offer on the courthouse steps a few minutes before going to trial.
Jerry

My experience with State Farm has been completely opposite. My son totaled two new cars in one year - State Farm immediately paid us more than we paid for the cars AND our rates did not increase.

Nonetheless, in general, I agree with Jerry - do not expect much from an insurance company. Liberty Mutual was a PITA regarding paying my brother who was hit while riding his hog in TX - a pickup driver changed lanes and ran into my bother. The culprit was minimally insured (a legal way to have almost no insurance in TX). Liberty Mutual, delayed, lied, and tried to quickly pay a little as long as we signed-off that we would not seek any other (liability) insurance payment from them.

I've also had good luck with State Farm.



Read the fine print on any the classic car policies


My truck is a driver
Dose not have to be garage kept or trailered around.

Shop around for the best rates, ask questions.
Make sure you get road side / tow included.

Did you report the 235 to them? I thought that non-original engines and other performance mods were a big no-no for State Farm and most other main stream insurance companies.

My '41 is insured with State Farm as a regular vehicle but is all stock and liability only.

Drove it to the agent and they took pictures.



As stated above
I first had it insured as just A third vehicle. That policy was more expensive

Then switch to the classic coverage. Agreed value.
Told them I drive it to work, and that I drive it less than 10k per year

I valued my truck at 10k. Little high but that's what I told them.
After they took the pics I recieved the policy a few weeks later. They agreed to that value.

This policy may not be for everyone, ie..hot rods or show trucks. But for me it works.

Tons of companies offering coverage.


Might be Best to get your advise from a longtime trusted agent.

My experience, with State Farm, was the same as DADS50. They took pictures of the truck, and inside the cab, and under the hood. They loved it. PL and PD, no collison coverage. Truck had to be what they called "finished", they would not cover it under the Classic insurance when it was in primer. I also have AAA for towing and road service. I have 3 vehicles with State Farm, and the '55 is not my primary driver.

Been with SF for over 40 years. Nothing but good things and they stepped up BIG TIME on a couple accidents. I have great rates due to several reasons. Multiple vehicles, house and other stuff. I get a great discount for being there so long too. I've tried to beat them but so far no one can on the EXACT coverage. Lots of companies put up the B.S. but SF is on the money for me.

...I got turned down by a couple popular vintage and classic insurance companies because my vehicles are modified. One would not insure me and one was higher than SF and sent my check back. I went to SF, took my appraisals from an appraiser they approved, 4 pictures and I sleep very good at night.

All circumstance are NOT the same and rates are based on every thing from your driving record to your credit score....but that is another thread.
Search, compare, be informed then make the decision best for YOU.

Originally Posted by DarkBuddha
I personally had an agreed value policy (yes, agreed value, not actual cash or stated value) with State Farm. The premiums were higher than their typical policies, but they were reasonable and there were no restrictions on my use of the car. They were sticklers though and even sent someone out to recon the car without my knowledge, which led to them dropping my policy because I didn't tell them I took it off the road for resto work. They sent me a letter saying they couldn't find the car at the address where it was insured and were canceling coverage. Turned out to be in my favor since the car ended up being in resto for years instead of months.
My State Farm agent of 20+ years says there company does not have agreed value policies. Do you still have a copy of your old policy? I have run across many guys with State Farm and Allstate who are POSITIVE they have a true agreed value policy, and so far in every case they've been wrong. Makes it even more confusing because their agent thinks that it is. But the agent isn't the guy cutting the check, or determining how much the check will be for..........

Here's an article I copied with the difference. Every policy posted so far from the standard insurance companies has had the actual cash value verbage in it; right there it is not an agreed value policy. To get the actual cash value for a payout they look up "comps", looking for values on "comparable" cars to yours. If they determine that your acv was lower than the stated amount of the policy that's what they cut the check for.



Stated Amount vs. Agreed value


It's quite common for clients, as well as agency and company personnel, to misunderstand the coverage provided under a stated amount endorsement. Some confuse stated amount with agreed value and fail to understand how the loss settlement process takes place under either endorsement.

Stated amount is most often used in automobile insurance. One such endorsement provides space to list vehicles in the schedule for which stated amount coverage will apply. The endorsement requires a limit of insurance to be listed for each vehicle in the schedule. Immediately below the vehicle schedule is found this wording:

“Note: The amount shown in the Schedule or in the Declarations is not necessarily the amount you will receive at the time of “loss” for the described property. Please refer to the Limits of Insurance And Deductible Provision which follows.” Looking at that section of the endorsement, the following appears:


The most we will pay for “loss” in any one “accident” is the least [emphasis added] of the following amounts minus any applicable deductible shown in the Schedule:


1. The actual cash value of the damaged or stolen property as of the time of the “loss”;

The cost or repairing or replacing the damaged or stolen property with property of like kind and quality; or

2. The amount shown in the schedule.


Agreed value coverage exists in automobile insurance, personal articles floaters, and in some inland marine policies. For example, the personal articles floater endorsement in the homeowners program (HO 04 61) states the following loss settlement provision for fine arts: “We will pay the amount shown for each scheduled article which is agreed to be the value of the article.” (Note that agreed value coverage currently applies only to fine arts in the 1991 homeowners program. It will be available for all scheduled property in the new Homeowners 2000 program.) An agreed value endorsement is available with some companies in automobile insurance with loss settlement language from one such endorsement stating:


In the event of loss to a "your covered auto" described in the Schedule or in the Declarations for which a specific premium charge indicates that Antique Auto Agreed Value Coverage is afforded:


1. We will, subject to the applicable limit of liability shown in the Schedule or in the Declarations for this coverage:

a. Repair or replace the damaged or stolen property with like kind and quality if the amount necessary to repair or replace such property is equal to or less than the limit of liability shown in the Schedule or in the Declarations; or

b. Pay the amount shown in the Schedule or in the Declarations.


Note that the agreed value wording differs from the stated amount wording in that there is no provision to pay any amount other than what's shown in the schedule for agreed value coverage in the event of a total loss. With agreed value coverage, it's a very easy process --- the company simply cuts a check for the amount of insurance shown in the schedule without trying to determine actual cash value (ACV), repair cost, or replacement cost.

An example will serve to illustrate the difference in stated amount and agreed value. Bill and his neighbor Sharon each purchase identical automobiles costing $75,000. Bill obtains a policy with a stated amount endorsement showing $75,000 in the schedule, while Sharon obtains an agreed value policy with $75,000 as the amount of insurance. A year later both vehicles are stolen and never recovered. Adjusters from each company visit their respective clients.


Bill's adjuster conducts a market search of his automobile, using various “blue books” and dealer estimates to assist in determining the ACV of the year-old vehicle. The adjuster determines the ACV to be $58,000. Since Bill's stated amount endorsement provides payment for the lesser of ACV or the amount of insurance, Bill is paid $58,000.



Sharon's adjuster advises her that since she has agreed value coverage the amount of coverage was agreed on when the policy was written. The adjuster pays Sharon $75,000, the amount shown on the policy. Neither the ACV nor replacement cost are considered in the loss settlement.

It's not difficult to see that Bill will not be very happy, especially when he finds out what Sharon was paid. Bill, and perhaps his agent, may have mistakenly thought that “stated amount” coverage worked to his advantage, when in fact it did not.

What then is the “advantage” of stated amount coverage? Or, better put, “Who benefits from stated amount coverage?” The answer is that the insurance company, not the policyholder, benefits from stated amount coverage. The way the company benefits is by limiting their financial liability to a maximum amount. For example, an insurance company may have a financial requirement (or reinsurance treaty requirement) that no physical damage loss payment for an auto loss may exceed $75,000. Rather than completely turn away business where an automobile is valued above $75,000 the company may elect to write the risk, but with a stated amount endorsement of $75,000. Come claim time the company knows for certain that the most they will pay is $75,000. In limiting their maximum exposure they have complied with their financial or reinsurance requirements.

In Summary

Stated amount insurance is used for the benefit of the insurance company. It would be difficult to explain to a consumer how having a stated amount endorsement attached to their policy would benefit them at the time of a loss. Stated amount coverage does not automatically provide payment for the amount of insurance shown; it states the policy will pay the stated amount or the ACV, whichever is less.

Agreed value coverage benefits the policyholder by providing payment for the amount shown in the schedule without having to worry about receiving a payment of lesser amount.

There it is.... You should actually go read your policy before you get ripped off.