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

Our agent is recommending a change from Haggerty to American Modern Home Insurance. The coverages line up pretty comparably, rate is a savings from current. Though, not a big enough savings if claims payment is a problem. They are a multi-line company, as opposed to Haggerty which is a specialty company.
Does anyone have experience - positive or negative - with American Modern.

As always thanks.

Mike

Who does you agent represent?

Hagerty is excellent (I have used them for 6 years). However, I'll be changing in a year or two to State Farm (my car/house insurance company) when the trucks I am restoring become insurable. State Farm has changed its interest in insuring antique vehicles. Their rates beat Hagerty's and I have had excellent service from State Farm for 40 years.

I haven't checked with State Farm about collector car insurance. I use Grundy agreed value for my 38. I used to have State Farm for my regular vehicles years ago but left them when they went to a percentage deductible which can be quite significant if the loss is sizable. My premium on my 38 is quite a bit less through Grundy than was quoted by Hagerty. Admittedly I've not had a claim so I can't compare to that. I've got full coverage on 32K for $200 per year.

Some facts - maybe more than you care about.
Hagerty is a specialty agency as is Grundy. Hagerty places coverage with Encompass Insurance, an ALLSTATE Company. Grundy as an agency utilizes multiple insurance companies to write their policies, this probably changes based on the market place and type of vehicle. American Modern is an insurance company, a part of Midland Company, which is inturn a part of Munich RE, a large Germany company.
Encompass and American Modern are both A. M. Best (an insurance company rating service) A+ rated, giving some level of comfort to the financial stability of the carriers.
In light of the fact that there is not a lot of feedback for either carrier, I will continue to review to make sure it is "apples to apples", and if so save some money.
If anyone is interested in how things shake out PM me and I will share. Tim and Tiny thanks for your replies.
Regards,
Mike

Tim,
In answer to your question, my agent represents both Hagerty, and American Modern.
Having worked in Risk Management, you hope they are steering you in the best direction, but commissions and other financial incentives can enter into play when a change in carrier is proposed. I have no problem with that if I am still in a position where I have no coverage gaps and service is there when i need it.
Regards,
Mike

I would highly reccomend talking with your regular insurance agent and see if he or she will insure your collector vehicle. I have everything insured thru Grange Mutual Insurance in Ohio.No problems whatsoever.

I know that Hagerty pays a 7% premium to the the person that sales you the policy. I don't know about the others.

as for the big picture. Being that I do Appraisals and customers keep me up to date on what they go threw and my personal experiences.

Just because a price is better does not mean the service is there. I had State Farm and the day after I finished my 56 Chevy. A guy went threw a red light. He also, had the same insuance company. In the end. they would ONLY pay for reproduction parts and not enough to put the car back to the condition it was in. Part of the problem is also, that I had not yet had an Appraisal done on my car to prov. the condition even with all the Discover card statements showing the work.

I also, had an issue with another company with another car.

Then with JC Taylor. I had a kid run accross a major street into the front of my car when I was on my way to a weekly car show. Yes, he got hurt (8 Years old ) the father sent him accross the street for Ice and Beer. He got the ice. and being in a bag. it saved his life. and bounced him off my fender. He got a broken leg. the upper part. He was air lifted. I was not at fault. but, JC Taylor sent out a team and took care of it. This was great service. I just sent in my payment the day before. that was back when you requested a policy and said payment was on its way. you were insured.

You should really look at the service you get. and then look at your price you are getting

I have experience only with Grundy, with whom, a collector toy is insured with. The point to insurance is to make money, the more money they make the better for them. We have our cars and home, through a different company than the play toys. The point being, we saw no financial or any other advantage going to one company for all.

Just on a side note, this has nothing to do with your question but makes the point to be careful. Almost two years ago a bad ice storm hit our area. A couple of trees landed on our roof, but did not penetrate the housing envelope. One tree took down all the utility lines. No power for 5 days. We had never had a claim of any housing sort. The company at the time was Liberty Mutual and we were one of 265,000 people filling claims. So we had a small claim, to cover some damage to the house. The next year our rates went up to the point were the claim would be paid in full with a small amount of interest in 4 years.
Bye Bye liberty Mutual.

My point being, do what is best for you.

I went with American Collectors because they had a better
driving rule than Haggerty. Less of the "we better find that you were enroute to a car show" BS. I also dropped St Farm because they were talking like I had to get a $50 appraisal.

Hagerty does not limit use to only car shows. They allow pleasure driving.

American Collectors Insurance:

* Be driven on a limited basis, for pleasure only
* Not to be used for racing or timed events
* Be kept in an enclosed, locked garage (alternate garaging options may be available)


Hagerty:

Usage
Hagerty provides coverage for collector vehicles that are used on a limited basis — e.g. club functions, exhibitions, organized meets, tours and limited pleasure driving.

Storage
Collector vehicles must be stored in an enclosed and secure structure when not in use. Qualifying storage locations include private residential garages, private pole buildings or barns and rental storage units.

Seem to be similar rules?

State Farm costs and terms-of-use are so good that I'll gladly pay $50 for an appraisal (for each vehicle).

I am with Allstate and have been with them for 36 years and was an agent years ago. my rates are good and i can drive it as much as i want. i checked with grundy a few weeks ago and the price was comparable but the restrictions were too restrictive for me. no driving to work, no person under 25 able to drive and if i meet someone and they want to drive it i let them if they have a drivers license. there was one other restriction but i don't remember what it was. my only fear with Allstate is that they might fight me on any claim. BTW i have a $1000.00 deductible as on all my other vehicles and home. i looked back on what they sent me to sign off on and the uninsured motorist coverage was low.

Decided to stay with Hagerty, instead of the move to American Modern, my regular insurance - Safeco was not competitive at all in the collector car arena. Ended up a $30 premium differential at the end of the day, and I have a level of comfort from the service service standpoint.
My take on things, your mileage may vary.
Mike