The Stovebolt Site Forums The Shop Area General Truck Talk Insurance Guide - discussion on the new Tech Tip

Woo Hoo!!! A new Tech Tip!!! Yay!!

"There's no such thing as a stupid question." True enough, but folks often forget the second part of that -- "But there IS such a thing as a stupid answer."

And over the years, we have built our tech tips from frequently asked questions. Some are insurance questions.

"What company offers the best rates?" This is NOT a dumb question but in far too many cases in the past, we've seen a LOT of dumb answers to it. By far, the dumbest answer to this question is pretty much any answer that doesn't go something like "You have to shop around for yourself."

New to the hobby or you've been knuckle busting on tired iron for awhile, sooner or later you're going to want to either insure a specialty vehicle, or renew an existing policy. It can be a real chore. But what if you could save some real money and maybe, just maybe, even get better coverage? That wouldn't suck.

Years (decades, actually) in the making, this Tech Tip presents what I've learned about shopping for insurance and saving money in the process for your general edification and reading pleasure. It just might provide decent answers to the insurance questions that pop up regularly.

AND... If you are one of those folks who have steadfastly remained with the same company for years and years and feel you don't need to shop around because your insurance company has always "taken care of you..." Oh boy, this tech tip is *especially* for you!

Discussion about insurance shopping is welcome in this thread, but let's keep it to that and not just your anecdote of any deal or good premium *your* company gave *you.*

Likewise, personal anecdotes about how bad a particular company has treated you or jacked your rates will likewise be deleted for having no relevance to anyone but *you.*

Nor can any of us answer specific questions relating to you and your policy -- those questions must be directed to your insurance company representatives.

Lastly, questions asked in this thread that are addressed in the Tech Tip will also be deleted. Read the Tech Tip, THEN ask questions or make comments.

Thanks and I hope you find it useful.

Shopping for Insurance? Uncle Johnny's Insurance Primer and Shopping Guide. (It's a 15-page "tip" with lots of details. May be slow for some to download.)

Regards,
John

Not an insurance expert, just an experienced shopper

It is working for me on android. It is also working for me in both Edge and Chrome on a desktop, both logged in and not.

There is a lot of ground to cover with that one and admittedly, the images probably contribute to its size. But without pictures/illustrative supporting art work, it could be a very dry document. The pictures are there to break up the big blocks of text ("grey ladies" as we call them in the newspaper biz ... )

Thanks,
John

Yes to the above except I've never had to use it, so technically, maybe they haven't taken care of me. Kudos and thanks for the amount of work involved in a doc of that length! Did you include lots of pretty truck pictures to keep it exciting?

edit: Downloaded and yes, lotsa nice pics!

Skooter -- Thanks. There are pictures. As to how "pretty" they are ... only you can answer that. One of the pictures is my ole, beloved "Hoopty Van." Not a pretty vehicle (it looks like one of Lugnutz' parts vehicles ...) but I hope it helps get a point across.

By the way, I sold the Hoopty van to a kid from Fredericksburg, VA who wanted it for his garage band. I couldn't think of a better follow on for it. I practically gave it to him.

That van was awesome. Had the best seats. And Co-Pilot!

Ok, I read all that insurance stuff and now have a headache!
I’m going to ask a question, but don’t banish me from the site if the answer exists in all that wonderful information.

About three years ago I shopped around and ended up dealing with Progressive. They got me Hagerty for my classic coverage.

Question is, they tell me they are always shopping around for the best rates for my coverage. Should I believe them?

Signed, The Unsured😊

In the immortal words of President Ronald Reagan, "Trust, but verify."

Victor, Victor, Victor ... sigh ...

Seriously? An insurance company tells you *they* will shop around for you? And that you should trust them to find you the best deal?

My response to that


Now that I've regained my composure ... Should you believe them? Only if you also believe the Easter Bunny, Big Foot and the Swedish Bikini Team will be handing out free beer and massages under Billy's awning at Winchester this year. Guess which one will be giving you *your* massage??

The words of Ronald Reagan come to mind -- "Trust...but verify." The best way to find out if you should trust them -- Shop around and find out. Put them to the test. And maybe they *do* get you the best deal ... this time. A year or two down the line when your rates start increasing, and you've gotten used to just letting them do your shopping for you, will they still be getting you the best deals? Or do they secretly have some kind of commission deal going with Hagerty?? Try going directly to Hagerty and see if they give you the same deal.

Quick anecdote: We have several policies with a local agent for a major insurer. We like him a lot. He offered me a deal like that so I said "Let's see!" He tried but had to admit he couldn't do better than what I had come up with on my own. I really was impressed by his honesty.

Bottom line --
I put that sort of claim in the same bucket as "Loyalty Discounts" and "Bundling." The file marked "Marketing Hogwashings."

Something else to keep in mind that I didn't exactly address in the Tech Tip is that companies offer better discounts to new customers to attract their business. You know the pitch -- "Switch to our company and save 15% immediately!" Sooooooooo ... Trying being a new customer to someone else and see if you can't beat your Progressive/Hagerty "deal."

Otherwise, you may already be getting a "massage" from Flo

You have to try harder than that to get banned (Peggy likes you). Um, that's not a challenge, though.

Ok ok. I'll do my homework. At least Peggy likes me

Great tech tip. It's much more detailed than what I do.
BTW, I have just recently changed my classic ins. for 2 vehicles to Safeco. They cut Hagerty prices in half.

Thanks Wayne. I'll look that one up -- it's a new one to me.

Victor -- Yeah, you got THAT going for you!

I know. It’s cause I’m her Independent Insurance Agent!😂

Do any of you folks use Haggerty or Grundy to insure your trucks? Which one would you prefer?

Rick G.

I have Haggerty and have used the window fix once , they paid it all.. I could of used it again when I took it to a garage but didnt and after re reading it I could of gotten up to somewheres $800 I just paid for anoher year $377 ..

I've had Hagerty for 11 years. One claim. My front bumper vs. rental car right rear fender. My fault. No damage to mine. I guess they paid the claim as I never heard about it after the initial phone call.

I dropped Hagerty last year because of price increase. I'm now with Safeco for much less $. Same coverage.

My father has a '36 buick hotrod, 2 '58 chevys and a '79 Mercedes 450SL all under Hagarty. He has never put in a claim, but says it is very reasonable. Unlimited mileage. Agreed value. I think he pays less than my '04 Tahoe and '91 Sonoma GT ( and the Sonoma is way under-insured for value. Like $4k, compared to $12k). I want to put the Sonoma under an agreed policy to get the coverage closer to actual value, not standard insurance value. And they are under Safeco. Had some issues with Safeco, also. The largest was calling to find out what my glass coverage was on the Tahoe. Got a windshield mounted dash cam and wanted it changed before mounting. I had a rock chip in drivers view. Whomever I spoke to said I didn't have glass. Paid $400 to get new glass, only to discover that the person on the phone probably did'nt even pull up my policy. 2nd was after dash cam install, I had someone side swipe me. He failed to yield. I send vid to my insurance and his (Progressive) and got the same response back from both. It will be a 50/50. In WA, unless injuries/airbag deployment/or lane blockage, PD won't go to it. If they did, he would have been cited. I told Safeco that I was going to the state insurance board. They responded back with a "OK, we'll submit to the state for you also and maybe you won't be responsible." They said 6 months wait is usual, trying to scare me? 3 weeks later state said other driver at fault. And to this day I get Progressive cards and sales ads in the mail. Didn't before. And I've had Safeco since '91.

I have Hagaraty on my 54 It runs $600 for a agreed value of $45,000.00 But after Aug 23rd they will not cover it because I don't have actual possession of it -- it is not at my house. BTW it is through State Farm. I am in the process if rectifying the situation.

Rick,

Before you do anything else, or ask any more questions, Please read this.

Until you read that, anything we tell you will be *mostly* (not entirely) anecdotal and only minimally helpful.

As I say in the article, you *must* do your homework and shop around.

Oh, and as a general note to all...

You may have noticed a jump lately in your premiums. Or ... if you are renewing a policy, or even shopping around ... your rates have dramatically increased since 6 months or a year ago and you haven't had any claims.

I recently had a chat with my agent for our Home Owner's Policy about that when my new policy came in.... Apparently it is an industry wide increase that is somehow tied to the economic realities we are all experiencing.

"Yeah. Right." I said to myself. So I shopped my policy around. Turned out he was right. He was also still lowest. He got to keep my business.

So you needn't feel that your company is singling you out. Its happening to all of us. You should still shop around, though.

I just insured my 66 C10 with JC Taylor. Their brick & mortar shop is in NJ but I found them online. I tried Haggery first but they said they couldn’t write (cover) me. J C Taylor gave me the 500,000 liability I needed for my umbrella policy with 30,000 agreed value for the truck. 365$ per year. Very easy to deal with online. The coverage is with Foremost Insurance

I just got my taxable value on my house. It went down $20k from last year. I understand the taxable and market value are different, but both flow together. The value goes down, less needed in the escrow account. I've watched my value increase about 18% a year for the last 3 years, and homeowners has gone up also. So value goes down this year on a $450k home, but premiums go up???
I re-financed right after the fanny mae debacle and got 2.99%. I think most insurance companies are all subsidiaries of the BIG mother company.

I have had Hagerty for about 6 years now, 3 collector vehicles totaling around 80K Agreed Value. I have never had to make a claim, but if I ever have a question, I am able to talk to a real person who speaks English & seems to know what they are talking about. Also they do support our hobby quite a bit & I like that!

God Bless
Bill
https://www.jalopyjournal.com/forum...ansport-hauling-open-or-enclosed.614419/

Another Hagerty customer. I've had $40K of agreed value full coverage insurance on two vehicles for a bit over 10 years. Cost has been about $400 annually. No claims. Last year I added a driver project '64 CJ5 to the policy, agreed value, $3,000.00. Cost, additional $100. Not bad for full coverage.

On the Jeep, I did not take advantage of Hagerty's Cherished Vehicle option (price was $5.00 extra as I recall). This would allow me to keep the Jeep if it was totaled. I'll likely add the rider on next renewal.

RonR

I too have a agreed price with Hagerty of $20 K on my truck ..I will have to see if i can keep it if its totaled .. yearly cost now it $377

I've got a few suggestions here:

1. Worry first and most about liability coverage. That is where your true financial risk lies and where I want to see you professionally covered. Not in physical damage. That's peanuts when compared to a liability lawsuit. For those who aren't comfortable with insurance lingo, liability covers what or whom you hit and the $ amount of damage caused when it happens. Large liability losses were what I insured for over 40 years.

Please let me repeat: A liability suit can wreck you financially. A physical damage loss will never send you to the poorhouse. You want a liability insurer whose name you recognize...Liberty Mutual, Hartford, Aetna, GEICO, USAA...somebody like that. They'll defend you the way you deserve to be represented, they've been in business a very long time and they get taken seriously in a court of law. Nobody pushes them around. Buy coverage from Lloyds of Laredo or Shifting Sands Mutual or any insurance company whose name you don't recognize and in a courtroom you could be holding a very weak hand. You truly get what you pay for everytime.

2. Get at least a limit of $300,000 to $500,000 on your primary auto liability policy and then purchase an umbrella policy to protect you from large bodily injury and property damage losses under your homeowners coverage, automobile liability plus other things like personal injury (which will involve damage to somebody's mind, state of mind, state of well-being, slander, libel, defamation, damage to character...anything like that). If possible purchase the umbrella coverage from the same company who insures your automobile liability and homeowner's coverage. Buy a limit of at least $2,000,000 and preferably more. It isn't expensive. The more the insurance company has to lose, the harder they'll fight because they don't like losing their money.

3. You do realize Hagerty is not an insurance company, right? They're good people and they know their business but they're just a commission paid agent.

4. Here is a really important point and if you ignore everything I've said up to this point that's fine. What I'm going to tell you now is incredibly important to you and your family and should not be ignored by anyone. Insure your house and please if possible over-insure it. Talk to your agent. Look him/her straight in the eyes and make completely certain he understands you want to buy a policy which will pay to rebuild your house exactly as it is today using the same quality of materials. The fact is two thirds of homes in the USA are under-insured by anywhere from 25% to 60%. No kidding.

You may have seen on the news there were serious fires in Ruidoso, New Mexico lately. Around 1500 homes and other structures were completely destroyed. Many people there are now realizing they don't have enough home insurance coverage to pay to rebuild their place. And some of them will be forced to either leave or live in a much smaller house or take out a loan to rebuild. Construction cost there is estimated to be around $285 per square foot. Some of these folks could not pay to build 1/2 of the house that just burned with the funds they're going to receive from their insurance company. Please don't let that happen to you. I realize it doesn't concern old trucks but it could be heartbreaking, it could disadvantage your family terribly and it is so easy to avoid this.

Excellent advice -- Thanks Jon.

Anyone have experience with American Collectors Insurance? That's who my usual auto carrier (USAA) sent me to for insurance for my '51 3100. They were less than what a quote from Hagerty was for nearly identical coverage, but that might be because of the USAA affiliation.

Probably so, Kevin. Like I've said before, each of us will have our own experiences with the companies so we all need to do our own shopping.

For me, ACI was one of the companies I got a quote from recently. They seem to be a good company but they couldn't beat *my* rates from Hagerty.

American Modern is a good company. Very strong, run like an insurance company should be run. We've been very happy with them and they're definitely not afraid of a risk.

I’ve had American Collectors Insurance since 2019, which I got thru USAA. So far I’m happy with and agree the pricing for me was better than Hagerty’s

I'm with Hagerty for two reasons.

1. They settled a total loss claim from me 4 days after the incident for the full agreed value. No hassle or stupid questions.

2. Jay Leno insures his entire, $100,000,000+ collection with Hagerty

I live in the fire danger part of California and have friends who have been canceled and then can only get the CalFair plan at two to three times what they were paying plus they had to buy a separate policy for contents and liability. Got to love the thief's that run this state. Insurance company's are asking for another 35% rate increase. I didn't get canceled but had a 25% increase in my cost. One friend got quoted $15000 just for fire insurance

Glad to hear about ACI, I’d never heard of them. I have USAA for home & auto. It’s unfortunate Hagerty doesn’t issue policies in California, bummed by that. I will contact ACI. Very timely info for me, thank you!

How does Jay Leno get his collection insured by Hagerty if they don't write policies in California?

I just checked online and Hagerty DOES issue collector car insurance policies in California and all of the other 49 states. Call Hagerty directly.

Go thru your USAA web account, to be sure that ACI knows to give you that pricing. They may not if you contact them directly.

Grundy insures my 37 for 25k for 189 a year. Its modified, garage kept and I can drive it all I want as long as its not my daily driver to and from work. Premiums haven't gone up the past few years.

Thank you klhansen & Achipmunk

Charles in Ca.
Who told you Hagerty does not insure CA classics?
Todd