Insurance Question

[EODMike]

I currently have full coverage through USAA. When I added my 73 Bronco to my policy in August, I was told that due to the vehicle age if I had a total loss that USAA would search out comparable vehicles to determine the value. It was explained to me in similar terms to a real estate agent getting comps when selling your house. Well today I was changing my address since I moved from North Carolina to Tennessee and had to call them. The lady I spoke with said that I should just drop to liability because if my Bronco was involved in a total loss accident that I would likely not get anything for it. She said that she had an older vehicle (1985 Mustang LX) that was a total and she didn't get anything for it. I replied "no offense ma'am, but my Bronco is worth considerably more than your 85 Mustang". I ended up keeping it as full coverage until I can at least do more research on this.

So to the question, which insurance companies do you all use for your trucks? My USAA policy allows for 2,200 miles per year and runs about $12 per month for full coverage which may be no coverage depending on who I talk to at the time there. I would like to be able to drive my Bronco, not just in parades or taking little old ladies to church on Sundays, but it won't be a daily driver.

Thanks y'all,
Mike

 

[clinem03]

I switched from Farm Bureau to Hagarty earlier this year for my 73 F100 and 76 Bronco. Saved ~600ish dollars and got a ton of bonuses out of it, like free flat bed tow's, a "salvage" option where if I wreck one of the trucks, they will give me the total value of the truck and let me keep the totaled vehicle for parts or restoration. I've been super happy with their service, and even my Farm Bureau rep told me they would be a better option for my classic cars...

 

[ngsd]

It all depends on what you want to give up for higher coverage. Haggerty is who I use witha stated value. It costs more but insurance is only good when you need it.

 

[navi]

I use state farm. When I bought my 73 they said it would be insured for comparable year broncos in my area. It turns out a casual conversation with the agent doesn't necessarily give complete/accurate info.
When I spoke with them later about other policies, I asked about the bronco and they said it would probably only get blue book value. Not good.

So I found out they have a "classic car" designation that will provide full replacement coverage at least at the amount you have into it, or at current value with some proof.
I had to send in pics and proof of sale and fill out a form, but I am supposedly covered.

 

[ngsd]

"Supposedly" would keep me awake at night! If you are spending the money for peace of mind, I would be 100 percent.

 

[clinem03]

"Supposedly" would keep me awake at night! If you are spending the money for peace of mind, I would be 100 percent.

Agree completely. That is why Hagarty is great, you state your value and that is what they would have to pay.

 

[Slowleak]

I use Hagerty. You want an “agreed value” policy. You tell them how much it is worth and they agree to pay you that amount if the vehicle is a total loss. There is no arguing over value or appraisals.

With a “stated value” policy, they will pay you the stated value OR the “actual cash value”, whichever they decide is less. You can be assured they will try to pay you less and you will have to prove the vehicle was worth the stated value in order to get it. Your premium will be lower only because they will not pay out as much.

Almost all collector car policy’s are “agreed value” and it’s the only way to be assured you will get the amount that the policy is written for. If you value your Bronco at 20k or at 75k, they pay you that amount.....

https://www.hagerty.com/insurance/classic-car-insurance

 

[navi]

"Supposedly" would keep me awake at night! If you are spending the money for peace of mind, I would be 100 percent.

I'm covered on paper, I say supposedly since state farm has not paid 100% every time - but they have been close.
When I was looking, some people were saying that hagerty often doesn't pay out what it promises.
I wouldn't touch them with a rusty craigslist driveshaft. ;D

 

[Waldo]

3 years ago I switched all my vehicles from USAA (after 30 years) to Progressive when I figured out my USAA rates had increased by 50% incrementally over a 2 year period. Way better coverage and for less $$. They let you determine a value and then they determine a rate.

 

[ngsd]

I have been in the collector car circle for years and have many friends in it as well. Everyone I know uses Haggerty and the ones that have had claims swear by them.

 

[Slowleak]

3 years ago I switched all my vehicles from USAA (after 30 years) to Progressive when I figured out my USAA rates had increased by 50% incrementally over a 2 year period. Way better coverage and for less $$. They let you determine a value and then they determine a rate.

My understanding is that Hagerty provides classic car coverage to Progressive....probably get a discount if your daily drivers are with Progressive.

 

[chuckyb]

another vote for Hagerty, sleep well with agreed value coverage.

 

[70 sport WA]

Be careful because with some policies, even agreed-upon value, there are limitations beyond mileage. Look out for the "only parades and club meetings" kind of limitation, make sure they explicitly say you can drive to work or the store x times a week (if that's what you want to be able to do). It seemed to me that years ago Hagerty was like that--they had limitations that didn't allow for driving to work once in a while. May have changed.

 

[JefeAZ]

If they had to look at market value of the Bronco, they would see the same numbers we are. $25K for a basic rig and $50K+ for a restored resto mod. That price is dirt cheap but its not guaranteed. Do you have emissions checks as well? Check with your MVD about classic insurance waiving emissions. Hagerty is one of the easiest to deal with it and offers the most comprehensive use from my experience. I sell for Hagerty as well so if anyone in AZ needs a quote let me know!

 

[ngsd]

So what is considered a classic car now? 15 years? 25 years? I have heard different things. I have 2001 Jeep I use mostly off road. Can I call it a classic and forget emmisions!

 

[hyghlndr]

For USAA you need to get to their referral company for classic cars not a regular insurance policy through them. That said I still go with Hagerty for all of my classics. The stated/agreed value policy pays you exactly what you agree to. I have never heard from an actual person that Hagerty has not paid out properly unless you are doing something WAY outside of what is allowed. You can't classic car insure and race the Baja or King of Hammers without a special clause added or that portion exempt. I had minor issues with two Broncos they paid out without question and were very fair.

 

[1970 Palmer]

Stated Value, and Agreed Value are specific insurance company terms. They may sound similar but they are completely different types of insurance policies. Even professionals in the insurance industry tend to "incorrectly" interchange the two terms during conversation. You do not want to learn the difference in these two terms after you experience a loss.

For your own protection, you should have your vehicle appraised by a certified appraiser BEFORE YOUR LOSS, not try to establish the actual value after the loss with your insurance company. Certified appraisals are in the $200 to $300 range. You cannot just state any value number you choose and expect the insurance company to payoff without an appraisal. Even with your stated value, and a paid premium, they will still establish "their idea" of what they think is a current retail value, and it's doubtful it will be the value number your selected.. It puts you in a very difficult position.

Your normal street car policy is a stated value, ACV (actual cash value) policy, the value is "depreciated" over time in this type of policy.

Your Early Bronco needs an agreed value type policy because the replacement value is appreciating. Agreed Value policies are popular in the collector car hobby. It's the only policy that will not be depreciated, you will be paid up to the policy limit, in the case of a total loss.

John

 

[Slowleak]

Agreed Value policies are popular in the collector car hobby. It's the only policy that will not be depreciated, you will be paid up to the policy limit, in the case of a total loss.

Just to clarify the “up to” part......With agreed value, unless there is some unusual situation, such as a violation of policy conditions, you will be paid the full agreed value in the event of a total loss. With stated value you will be paid actual cash value “up to” the policy limit imposed by stated value.

 

[JefeAZ]

So what is considered a classic car now? 15 years? 25 years? I have heard different things. I have 2001 Jeep I use mostly off road. Can I call it a classic and forget emmisions!

Every company has different rules. Hagerty will take 2020s. I even put a 2004 Toyota Camry in Hagerty but had to jump thru a couple hoops to get that done. If you have your Bronco with them and you have a daily driver I bet they would take your 2001 Jeep

 

[hose101]

statefarm..$50000 stated/agreed full coverage, told them 5000 miles a year but no actual maximum. 250000/500000/10000 property damage bodily injury liability. $500 deductible as well under and uninsured, tow coverage etc. 141.27 every 6 months

asked to provide comparable vehicles in condition for valuation.