Bronco Insurance- tricky scenario

[BoulderBronco22]

So I know there are threads throughout about Insurance, but I have a little bit of a tricky situation and I am wondering if anyone else has run into this.

I am looking to insure the Bronco for a stated value but the one problem is that my "daily driver" is a company vehicle and is owned and insured by my company. I just spoke with American Collector Insurance and they said that becuase I do not have a policy in my name on another vehicle, that they couldn't do anything for me. Has anyone else run into this problem and have a solution?

I have a buddy that works for AMFAM but they require an appraisal to insure it, and I am not sure that makes sense since I will be contuining to add modifications to it over the next couple years...

Sincerely hoping someone out there has run into this and figured it out!

 

[broncodriver99]

Yes it is pretty normal. The classic car insurers don't want it to be your only vehicle/daily driver. Even though you have a company car you have no proof that it will always be the case because it isn't in your name.

The appraisal is a good idea as you then have proof of a value instead of a stack of receipts. Worse case is you can just get it appraised every couple of years and bump up your policy value as the Bronco value goes up.

 

[Chicago71Bronco]

I have a policy for the bronco with Haggerty for a stated value. It's the only policy I have with them - all my other autos go through Erie.

Getting the policy was actually pretty painless. Copied some receipts and took a few pictures.

Good luck

 

[70_Steve]

I had my Bronco insured with Allstate originally, now The Hartford (AARP). Both said they don't do a stated value policy, but would insure it for what I said I could back up with receipts. Hmm... no problem there!

 

[BoulderBronco22]

I have a policy for the bronco with Haggerty for a stated value. It's the only policy I have with them - all my other autos go through Erie.

Getting the policy was actually pretty painless. Copied some receipts and took a few pictures.

Good luck

Yah-- the thing is you have insurance in your name with another company which you can prove. I only have the company car insured and it is not a personal line of insurance.

Even American Family wants you to have another car insured in order to offer classic car insurance-- it is the difference between about 35 a month or 100 a month for full stated value coverage.

 

[bad 68]

Getting an appraisal is easy My insurance company had me go to a local shop that does restorations on all makes and models. That was Farmers Insurance. I'm insured for $15,000 but have somewhere around $25,000 in parts no labor. They said I wasn't suppose to drive it daily to work, but didn't put a mileage limitation on it. I drive it every day.

I am switching insurance companies on all vehicles and home. Hagerty will be my new company. Hagerty seems to understand nearly all classic vehicle owners take damn better care of their rigs than the dip shit minivan owner down the street.

 

[jw0747]

American Family insures all types of vehicles not just classics so they're interested in selling you a multi-car policy. I think they also insure homes/residences so insuring your entire package would benefit them. What you need to do is simple. Shop around with other insurance carriers for what you need not what they want. Haggerty and others specialty insurers deal in classic cars/stated value policies exclusively.

 

[BoulderBronco22]

I appreciate the feedback but the one thing that everyone is missing here is that companies like Hagerty and "classic car insurance companies" are telling me is that they can't/won't insure me because I do not have an insurance policy in my name for a "daily driver." My daily driver is a company owned/insured vehicle...

 

[ScanmanSteven]

So being lucky is a curse? Lucky to have a company vehicle but unlucky because of the insurance. Most of us poor saps aren't that lucky.

 

[BoulderBronco22]

So being lucky is a curse? Lucky to have a company vehicle but unlucky because of the insurance. Most of us poor saps aren't that lucky.

Yah I know-- I might just have to buy a motorcycle now so that I can have multiple policies-- these are not 3rd world problems, I realize!

 

[TN1776]

I had American Collectors Insurance for years but their rules seem to have tightened up and they sort of tricked me out of a policy last year. I now have a full coverage policy with unlimited miles and unlimited usage through another carrier, its not insured as a collector car anymore, but I do have an agreed value policy. Costs me a lot more than American Collectors but until I find another option, I've got it insured on the same policy as my daily driver.

 

[jw0747]

I would guess that Hagerty and the other specialty carriers prefer you to have another vehicle as your daily driver so that you are limiting the number of miles that you drive your classic vehicle. I think most of them put a mileage limit on driving any classic car they insure. If so, it would seem that if you can prove to them that you have an insured daily driver they might relent. Ask them this and if they say prove it maybe your company could provide a copy of your company car's policy or maybe you have a state required proof of insurance card in your glove compartment like we have here in Texas. Or maybe your company needs to write a letter on their letterhead verifying your coverage.

Also when talking with an insurance company about this don't always rely on the first person you speak with. In about 95% of all first conversations the company rep has no authority to go outside "the rules." Ask to speak with a supervisor.

Again, I also emphasize shop around.

 

[broncnaz]

Really sounds like your asking for a lot more than any company is going to be willing to give. Wanting a stated value means exactly what? you pick what its worth? based on what? future mods that may or may not happen. Any company would be foolish to agree to that. They base there policies off the norm people have DD's and then they have there collector cars. In most cases they are appraised even if its just by photos and description. They dont expect there collector cars to get driven much. if you ony have one policy then they will think thats your only vehicle no matter what you tell them your situation is.

Now your idea of getting a MC and insuring it is a good one might not even have to have a running one if you live in the right place. Of course any future mods will still most likely need to be either appraised or factored in after they are done to adjust the value.