Insurance Recommendations

[shwagy357]

I just received word today that State Farm cannot insure my Bronco for $15k as I originally requested because my rig "has been modified for rock crawling or mudding." I am sure I am not the only one who has ran into this. Does anyone have any recommendations on who I should get my Bronco insured through?


Thanks,
a

 

[airbur]

You will never get a stated value plan through any insurer unless you sign a statement that it's a "collector" car and you only drive it to and from car shows. I went through all this.

Even if an agency says its "stated value" you probably won't get that in a claim as they will use similar Bronco values within a radius of your zip code. The stated value they talk about means "we can decide what we are going to pay you based on other local bronco values up to $15K".

Receipts and all can help....but it's their call.

 

[rwill]

Farm Bureau. No restrictins stated value, only requirment had to have appraised, but I got to choose the appraiser. Check them out. I have been a long time member and all my insurance is through them.Cost me $200.00 a year over my liability.

 

[airbur]

Farm Bureau. No restrictins stated value, only requirment had to have appraised, but I got to choose the appraiser. Check them out. I have been a long time member and all my insurance is through them.Cost me $200.00 a year over my liability.

Check the fine print. No way they will cut you a check for stated value unless you've signed something stating you rarely drive it and it sits in storage most of the time.

 

[70 Steed]

Do a search here for "insurance". There are several threads here. This has been discussed extensively.

There is a difference between stated value and agreed value. With agreed value you and the insurance company agree on a value. If the vehicle is a total loss they will pay the agreed value. Most collector car insurance works this way. That said, they won't cover it for damage incurred off road.

 

[kholding]

http://www.americancollectors.com/

Should be the same as American National Insurance. That is who I went with. Best deal I could find that would insure my "modified" Bronco for its appraised value.

 

[tgaines14]

Find an Independent Agent who sells for Grundy. I was in the insurance business for many many years, and that is where we placed most all of our vintage cars. I just purchased a Bronco a few days ago. I insured it for $18,000 with $300,000 Combined Single Limit Liability, and it cost me $286.00 per year.

 

[70 Steed]

Find an Independent Agent who sells for Grundy. I was in the insurance business for many many years, and that is where we placed most all of our vintage cars. I just purchased a Bronco a few days ago. I insured it for $18,000 with $300,000 Combined Single Limit Liability, and it cost me $286.00 per year.

Grundy is who I use for three of my vehicles. No milage restrictions, doesn't have to be garaged and no driving limitations.

 

[jw0747]

There is a difference between stated value and agreed value. With agreed value you and the insurance company agree on a value. If the vehicle is a total loss they will pay the agreed value. Most collector car insurance works this way.

maybe a little more clarification is needed.

collector car policies are written for a stated value which means if the vehicle is declared a total loss they will pay you the policy's stated value which you selected when the policy was written.

most typical auto policies are actual cash value policies which means if the vehicle is declared a total loss they will pay you the before accident or theft value of the vehicle based on a survey of the local used car market. If not many Broncos for sale or recently sold in a local market, a company would probably extend the market survey outward.

 

[70 Steed]

maybe a little more clarification is needed.

collector car policies are written for a stated value which means if the vehicle is declared a total loss they will pay you the policy's stated value which you selected when the policy was written.

most typical auto policies are actual cash value policies which means if the vehicle is declared a total loss they will pay you the before accident or theft value of the vehicle based on a survey of the local used car market. If not many Broncos for sale or recently sold in a local market, a company would probably extend the market survey outward.

Grundy is agreed value policy. Go to their website here:

http://www.grundy.com/collector-ins/

The important point is read the fine print carefully. YMMV

 

[jw0747]

agreed value is when an owner states how much coverage he wants on his collector car and the insurer agrees that it's a value that they can underwrite and afford to pay in the event of total loss. What the policy includes is a stated value that both insured and insurer agreed on before the policy was written.

Let's suppose an early Bronco owner says he wants his stated value to be $150,000. A collector car insurer won't agree to write a stated value policy until the owner gets more realistic and closer to the true value of his Bronco. Collector car insurers have a good knowledge of how much collector cars are worth or else they'll find out before they agree to write a policy.

 

[70 Steed]

agreed value is when an owner states how much coverage he wants on his collector car and the insurer agrees that it's a value that they can underwrite and afford to pay in the event of total loss. What the policy includes is a stated value that both insured and insurer agreed on before the policy was written.

Let's suppose an early Bronco owner says he wants his stated value to be $150,000. A collector car insurer won't agree to write a stated value policy until the owner gets more realistic and closer to the true value of his Bronco. Collector car insurers have a good knowledge of how much collector cars are worth or else they'll find out before they agree to write a policy.

Unfortunately this is not true. Agreed value is NOT the same as stated value. Go here for an explanation of the differences:

http://www.hhrvresource.com/Images/PDFs/Stated_vs_Agreed_Value.pdf

 

[WASP1971]

I'm trying to go through Hagarty right now for an insured amount of $15k. It has to be stored in a garage and I backed up the value with KBB classic car values. Hopefully it works out for me. The quote was for $268 per year.

 

[airbur]

My original post still stands. Think about it...for less than $300 PER YEAR you really think these policies are the same as the one you have on your daily driver?! BS. Not only does it have to be garaged but you CANNOT DRIVE IT other than to and from car shows. PERIOD.

I should scan and post the docs that Grundy makes you sign.

 

[bknbronco]

My cousin had hagerty for his cutlass. When the neighbor kids stole it out of the garage and crashed it they would barly give him enough money to pay for the heads on the motor let alone a entire new motor and all the body damage when it hit a pole at 100mph.

After that he cancelled hagerty and now has a stated amount with a normal big name company like amfamily, or state farm (cant remember). He said hagerty sucked to deal with and hell never use them again.

Most of them classic policys are great if you park it in your living room and never drive it. I just have liability for 200 for 6 months. Its a gamble but better than not driving it! Someday ill call around the big name insureance companys like state farm, farmers, amfam, etc, but for now im fine with liability.

 

[70 Steed]

My original post still stands. Think about it...for less than $300 PER YEAR you really think these policies are the same as the one you have on your daily driver?! BS. Not only does it have to be garaged but you CANNOT DRIVE IT other than to and from car shows. PERIOD.

I should scan and post the docs that Grundy makes you sign.

Once again not quite true. Go here:

http://www.hotrodhotline.com/pr/2010/010grundytips/

Read what it says on item 6. Usage, Storage and Mileage Restrictions

They do want it to be garaged but won't automatically deny a claim if it's left unattended in your driveway. Go here:

http://www.grundy.com/faqs/#miles

Read what it says under 3) Are my cars covered while parked outside or left unattended?

I would like it if you would scan and post the documents or post a link to substantiate your claim.

 

[jw0747]

Unfortunately this is not true. Agreed value is NOT the same as stated value

read first paragraph Agreed Value on your link below. what is the difference in my earlier definition of agreed value and stated value that differs from their definition? the insurer Grundy and their customer agree on the vehicle's value before the policy is written. whether you want to believe it or not that agreed amount is then stated in the policy. the agreed value is one of the primary factors in setting premiums on the policy. in the event of a total loss the earlier agreed upon value is paid...simple as that.
maybe it would be better to use different terms such as the agreed value is "written" in the policy rather than "stated" in the policy

http://www.hotrodhotline.com/pr/2010/010grundytips/

 

[airbur]

Here's one of them....I'll look for the other.

 

[70 Steed]

read first paragraph Agreed Value on your link below. what is the difference in my earlier definition of agreed value and stated value that differs from their definition? the insurer Grundy and their customer agree on the vehicle's value before the policy is written. whether you want to believe it or not that agreed amount is then stated in the policy. the agreed value is one of the primary factors in setting premiums on the policy. in the event of a total loss the earlier agreed upon value is paid...simple as that.
maybe it would be better to use different terms such as the agreed value is "written" in the policy rather than "stated" in the policy

http://www.hotrodhotline.com/pr/2010/010grundytips/

Read the second and third paragraphs. There is a difference. One of my posts above has a link describing the differences. Also Google "agreed value vs stated value insurance". You will see the difference.

 

[WASP1971]

I had my 70 insured with Hagarty several years ago. Luckily I never had an accident. Sucks to hear that they gave someone poor service. I think I'm still going to take my chances with the 69. Oh, btw, they said my wife could not drive it because she had two at fault accidents within the past year. That maybe a good thing The her not driving it part that is.