The Stovebolt Site Forums The Shop Area General Truck Talk Insurance Questions

Hello to the Stovebolt community. I'm finally nearing the end of a multi year project to restore my 1950 GMC pickup. Before I get it on the road, i would like to get some insurance related do's and don'ts from those of you who've been there. Also, any recommendations for insurance companies that are good at handling older vehicles, and those that aren't, would be welcomed. Thanks!

A co-worker had State Farm and he had a 56 Ford truck and a guy t-boned it and it was totaled. It took a little time and they paid off at the agreed value. And you can goggle others and I am sure there are many stories good and bad. Haggerty is one of the largest.

I use Haggerty for my Vette, Harley, and 1957 Chevrolet 2 ton. When I called and talked to them about the '57 they got back with me and said they had nothing in their system to compare it to but would be happy to help me. I have an agreed milage and total loss policy. The company is very easy to work with and they are motor heads.

I've used Hagerty for many years. Full coverage (C&C and liability) runs me around $200 per year for a vehicle with an agreed value of $35,000.

I had a total loss claim with Hagerty and it was settled four days after the incident without question or hassle. I figure if Jay Leno insures a collection valued at over $100,000,000 with Hagerty (his premium is estimated to be around $1,000,000 per year), they're good enough for me.

Whatever company you decide to go with, be sure you get a policy with an AGREED VALUE for the vehicle rather than a Stated Value. The difference is that with an Agreed Value policy, both parties agree in writing as to the total value of the vehicle. In the event of a total loss, you will be paid the entire Agreed Value.

A Stated Value policy means that you tell the insurance company what your car is worth and they take your word for it and charge you a premium based on that number.

In the event of a total loss, the insurance company will pay you what THEY believe is the fair market value of the vehicle rather than the figure you told them. Maybe the numbers will agree, maybe they won't. They usually don't, especially with customized vehicles whose market value is entirely subjective.

Have my 55.2 with agreed value. With State Farm Ins.

I have a 1954 3604, agree value with State Farm. I did a lot of research before making that decision.

You all gave me curious now. I also have State Farm but don’t see “agreed nor stated” value anywhere on my current policy statement. I remember my agent and I agreed on the value 8 years ago but should I see that in writing somewhere?

JDH,

Give this Tech Tip a thorough read and it should be of help in your insurance selection process.

It's found with a few select other Tech Tips HERE.

Good luck in your search for the insurance company and plan that suits your needs.

Dan

IDes57 I have State Farm. It has the agreed value printed on my renewal statements.

8 years ago you may have agreed on the value. My guess is that the yearly cost has gone up since then without increasing the value. Happened to me that way. My fault for not increasing the value. Insurance company paid the 10 year old agreed value when picture 1 became picture 2.

Agreed value is good and I realize people concentrate more on physical damage part of the coverage but please don't minimize the need for a high liability limit, especially today. And please make completely certain your umbrella policy insurer knows anything they want to know about your vehicle. The reason I say make completely certain of this is because if anything comes as a surprise to them after a loss they have the ability to reserve rights (which won't be good for you as it means they could deny coverage). You do have an umbrella policy, yes? Please tell me you do. It is cheap and it is a very smart purchase.

Losing a hobby vehicle in a wreck is a bad thing, getting paid what you and the company agreed it is worth is a good thing. Getting sued in a court of law anywhere in any state without enough liability limits for a wreck you caused is a terrible thing which could financially wipe you and your family out. I was on one side of this equation for 40 years and my honest advice is you can never have too much liability insurance. Even a first year law student who is currently about to fail out of class can paint a picture of a vintage vehicle as a dangerous, outdated, uncontrollable, unstoppable thing when addressing a jury. And some jury awards for auto losses have been unbelievable...a pedestrian in Texas was awarded over $350,000,000 after he was struck by a van. Tort reform laws have mitigated some of these awards, but there are unfortunately still ways to sidestep them. Most states in the USA are or already have done away with annual safety inspections. Some believe that really isn't a good thing nor an intelligent thing.

My advice? Find a professional agent and work honestly with that person. That agent will carry professional liability (Insurance Agent's Errors and Omissions) coverage and he or she will work hard for both of you to make certain all your risks and insurance needs are addressed.

Bill Hanlon what a beautiful truck, and what a crying shame.

After I pushed my agent for a while, he finally looked into it, and found that state farm does offer insurance for vintage vehicles. The price was very reasonable, possibly because I have my modern vehicles and homeowners insurance with them too. They came and took some pictures of the vehicles too. I've been very happy with it. They do limit me on annual mileage allowed. I think it was 2500 miles per vehicle, but can't remember for sure.

All: Excellent, insightful, and experience based information that opened my eyes to some valuable details. This will come in very handy when I talk to the insurers and get the policy in place. Thanks, everyone.

Hagerty all the way. Going on 30 years with them. Highly recommend. They were happy to insure my truck during the many un-garaged miles driven for charity back in 1999-2001. (link below) No mileage limit then or ever. Of course they're a business first and foremost but they genuinely seem to be car enthusiasts at heart.

Just a couple of lectern slappers/foot stompers ...

1. READ THE TECH TIP
2. Make the insurance companies compete for your business. Make them put their quotes in the same terms as each other. If they can't, make them explain.
3. ALWAYS remember that insurance companies ARE NOT IN BUSINESS TO PROTECT *You*. They are in business to make money by selling you more insurance than you need. And that's neither good, nor bad. It's just the reality of the market place. Understand your state's laws and minimums.
4. Loyalty means NOTHING. You've been insured by one company for a bunch of years?? And you think they care *anything* about that??? Wake up, Sparky. They've probably been jacking your rates all these years while blowing sunshine up your skirt about loyalty discounts. Try shopping your policy around sometime. You might be surprised. You *probably* will be surprised at the money you'll save. We've been there and done that for a number of years. I've been with a certain company now for a few years for my vintage/collector vehicle insurance. But I make them compete for it, I don't just hand them my business. I'm friendly about it, but they know I am making them re earn my business.
5. You MUST be up front, open, honest and complete in your dealings with the companies to get good coverage at competitive prices. They know all about you anyway. If you lie or hold back, they will not only know but will not give you the best rates because they can't trust you.
6. If you want cheap(er) insurance .... BE A GOOD DRIVER. This isn't rocket science, gang.
7. Talk to the agents directly. And compare what they tell you. ONLY they will give you the best, accurate info. Anything else from the rest of us is pure anecdote. YOUR individual case will vary from any of the rest of us.

Only YOU can do *your* homework. And homework is needed to get good, adequate coverage. There are no short cuts to this. You are your own best advocate. Is this a lot of work? YES!!! But is is worth it.

And be bold. No need to be apologetic or hesitant. They will take you for a ride if you let them. Be the lion, not the sheep.

And before I forget to mention it ...

8. READ THE TECH TIP.


John

As soon as Haggerty found out I used my truck for towing, they cut me off. Not commercial towing, towing my camping trailer.

Read the tech tip ...

Again ... Understand your policy, your needs and what the individual companies offer.

Some companies will offer better rates than others, but only because they are more restrictive.

EVERYONE IS DIFFERENT.

But to go back to basics ... yes, there are companies who cover collector vehicles at better rates than daily drivers. They all have different stipulations and you have to check them ALL out to see which one fits best with your needs.

And .... Just to illustrate ...

I have several policies with my local State Farm agent. He offered once to look at all my policies to see if he could do a comprehensive package for everything and save me money (collector vehicles, daily drivers, homeowners, etc etc). When he got done, he admitted that he could not do better than what I had done on my own. I very much appreciated his honesty and I still do business with him. Not because I feel loyal, but because he still out competes the others on several policies.

Am I an insurance guru? By no means. I just have become an educated Insurance consumer. Nothing terribly difficult here. Time consuming? You bet it is. But well worth it.

And just because one of us says, "I get a great rate with this company or that company" doesn't mean you will, too.

Anyone else's experience means absolutely zero. Nada. Zilch. Bumpkus.

Shop around. Do your own comparison.

Just to give you another company to call for a quote,

JC Taylor Antique Car Insurance https://jctaylor.com/

It's also a good idea to talk to your agent while your car is under construction as many homeowner policies don't cover incomplete/project cars and if the garage burns down the parts are considered "contents of the house" and you'll be on the short end of the stick!

Mike B

Yes. It should say agreed value or similar wording explicitly stating that you will be paid the full agreed value in the event of a total loss.

Hagerty will also insure your project car while under restoration.

This is all covered in the TECH TIP....

Not only the "Agreed Value" part, but even more importantly, the whole "talk to your/an agent" part ...

This is getting repetitive.