Car insurance coverage

(Bill) #1

After reading this article I grew concerned that by transporting my 7 year old son to and from his baseball games I wasn’t insured…

I call to hagerty reassured me that as long as I wasn’t using my vehicle as a true daily driver I would be ok. Phew.

(Geo Hahn 1969 Series 2 OTS) #2

Hagerty seems to have a very common sense approach that supports our hobby.

I called them when I was planning to drive into Canada to see if they needed to know. It was obvious (because I live in Tucson) that this was going to be a trip of many miles. They had no problem with it, they even sent me an insurance card (English & French) specifically for Canada in a little plastic holder that said on the outside ‘Cruise Liberally’.

I suppose if I had an accident in 7am rush hour traffic on a week-day I would have some explaining to do but generally they want us to enjoy our cars.

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(David Divins 1970 S2 2+2) #3

Hagerty said I could even drive the car to work as long as it’s not my primary mode of commute (ie daily).

They really do seem to support the community.

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(Bill) #4

I explained that since I live in Vermont and don’t drive in the snow or rain the maximum number of drives per year would be 3 :slight_smile:

(Geo Hahn 1969 Series 2 OTS) #5

And that is only if summer falls on a week-end.

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(Les Halls 1968 S1.5 2+2 Atlanta) #6

So if you took the kid to school everyday in the E, you’d be uninsured!?

(Mark ) #7

When I first purchased my E one of my girls just started driver’s ed. but we only owned two vehicles plus the E. Hagerty gave me 30 days to find a different insurer because we had three drivers and three cars (one of them being the E) making the E a daily driver. American Collector covered it til both girls had a car then I switched back .
Bottom line you can use them as you want (well almost) but you have to have a vehicle for each driver that resides in the household besides the E.

Marco

(Bill) #8

It seemed a bit imprecise but in my case I claim that I will drive the car less than 1,000 miles/year. As long as I stay under that (and even then the customer service agent made it sound like that wasn’t an actual hard and fast cap) multiple short drives would be ok. This is good in my case since the chances of glass breakage around a bunch of 7 year old wannabe baseball players might be higher than I like.

(Carl Hutchins, Jr. ) #9

Oh, me. sounds awful “loosey- goosey” to me as a former claim professional.

Agent interprets one way. But, will the claim dept; see t that way??

Best read the policy, line by line.

Carl

(D Barnes) #10

You might want to read thru this string. My memory is Jerry drove his E quite a lot and I was happy to hear his story about how well Hagerty treated him.

David
68 E-type FHC

(Jack Terrick '66 FHC Greensburg, PA) #11

Speaking of insurance:

https://www.post-gazette.com/local/north/2019/05/09/Warehouse-fire-Etna-destroyed-hundreds-antique-cars-and-motorcycles/stories/201905090095

There are sure to be lots of claims and counter-claims coming out of this. Glad I have my own garage space to keep my toys in.

(Karl) #12

I use American family insurance on all my cars, and have comprehensive named value coverage on my " collector" vehicles. There are no driving restrictions, mileage restrictions etc. The only caveat, is that it is not my primary vehicle. This does not prevent coverage if I drive it every day. They are comparable to Hagarty pricewise, a couple a little more, a couple a little less.

(Geo Hahn 1969 Series 2 OTS) #13

The choices are typically ‘stated value’ and ‘agreed value’. Hopefully you have the latter.

(Karl) #14

Yes, " stated" wasn’t really aware of the distinction. My agent asks me what kind of car, I tell her. She asks what is the value, I tell her. As I understand it. That is maximum payout for a total loss.

(Geo Hahn 1969 Series 2 OTS) #15

Did you read the link? That is your insurance company explaining why you are not fully covered.

(1967 FHC) #16

My experience with Hagerty has been similar to Geo. I always call them before I go on a long tour and confirm that they are aware of my drive and are okay with it. I moved to Hagerty after I had my first E with State Farm and a Nationwide Insurance driver rear-ended me and totaled the car. Nationwide refused to pay the claim until I filed a complaint with the Texas Department of Insurance.

(Karl) #17

I’m not seeing where I am not covered. One if my cars is a 36 Buick coupe. It’s a rare car. Fire sale price, 15,000, good auction price 50,000. I’m insured for 50,000. I’m open to listen if you think this is not true.

(Geo Hahn 1969 Series 2 OTS) #18

If, as you say, you have ‘stated value’ then you are covered… but not necessarily for $50,000.

At the time of loss with stated value the settlement will be:

…a capped amount that will be paid based on the price of repairs, actual cash value at the time of loss or the agreed upon stated amount.

Repeating that with emphasis added…

“…actual cash value at the time of loss or the agreed upon stated amount…”.

In other words, they might pay you $50,000 for a total loss or they might decide that the actual cash value is less and pay accordingly.

With ‘agreed value’ there is no doubt or quibble - once the carrier agrees to the value you have requested for the policy that is what is paid for a total loss irrespective of what the car is worth at the time (whether more or less).

I cannot give you advice other than to suggest you examine the available coverages and discuss with your agent if in doubt. Agreed value coverage will cost you more - understandably, as the carrier is on the hook for the full agreed amount.

1 Like
(Karl) #19

Just got off the phone with my agent, turns out I have some of each. I have a couple cars with values beyond dispute, those are “stated” and a few that could be more difficult. I had to give documentation for those years ago. I’ll definitely be using agreed value on the Jag in a few weeks, as the values are all over the place.
Thanks for pointing it out, I was way fuzzier than I should be.

(David Langley) #20

I understand that some people use “stated value” (not “agreed value”) policies to deliberately underinsure their vehicles, as if it was insured for the full value they would never be able to afford the premium. They run the risk of being out of pocket in the case of a total loss, but it allows them to enjoy their cars. I suspect that quite a few folks also have “stated value” policies and think they have “agreed value”…