Geico Insurance on 930

[ljpviper]

Recently got back into an 1989 930 coupe. Geico accepted the VIN. Insurance is like 1200 a year. I was certain I would have to get collector car insurance with stated value.

My concern would be if something happens to the car, I assume they go by classic nada or Hagerty values. Just wondering if anyone else has Geico.

[WPOZZZ]

My 77 is insured by the gecko.

[JMS935]

Unless you’ve got an agreed value, you’ll probably be quite unhappy with the payout if/when you ever need to use it. You can probably get an agreed value that you’re happy with at a collector car insurer for the same dollars you’re paying at Geico.

[gogriz91]

Hagerty $30K for my Z is around $350 a year. I have a mileage limit and it has to be covered when not driven but that's not an issue for me.

[ljpviper]

I had Grundy on my Ferrari F355, the policy limits you to basically driving to car shows. The Geico policy just limits you to 5k miles a year you can drive it anywhere.

[racer]

Originally Posted by ljpviper

My concern would be if something happens to the car, I assume they go by classic nada or Hagerty values. Just wondering if anyone else has Geico.

Don't assume. Read the policy. Ask the questions and ask for the answers in writing. Most of the big companies will offer a policy.. Some will even offer a collector policy.. the issue is the details like the one mentioned about how do they determine value? If you are paying for a policy and think it will make you "whole" in the case of an accident, you might want to make sure. I don't follow the 930 market, but these seem to be $80k-150k asking prices. I'd hate to see your policy only pay out 1/2 of what you paid.

[patina]

Hagerty agreed value is the best option period. There is a reason they insure more classics than all other "classic" car insurers COMBINED.

[JMS935]

A buddy of mine recently wrecked his 930 and did so without a collector car agreed value policy, he is currently getting screwed over by his insurance company. The appraised value they gave him was a total joke, so he hired a third party unbiased appraiser that valued the car so much more than the insurance company’s appraiser that you wonder how both appraisers could’ve been looking at the same car. Unless you’re on the same page with your insurance company with an agreed value policy, you will NOT be made whole if/when you need to file a claim. Once you understand this, and are willing to take that risk, then proceed with your gamble, cause that’s what it is. My buddy will probably need to hire an attorney now to go after the insurance company, which will end up costing him far more than if he just had an agreed value policy with a collector car insurer for even triple its actual value. It’s not worth taking the risk when insurance companies offer agreed values, I don’t know why anyone would choose otherwise.

The other benefit with Hagerty, and maybe other collector car insurers, is that you get a diminished value clause. If the car isn’t totaled and they pay you to fix it, they’ll also pay you for your diminished value since it will be worth less post repair due to the accident. That is huge since every car post accident is worth less, so without that clause in your policy you will never be made whole unless the car gets totaled, and if it does get totaled you still won’t be made whole unless you’ve got an agreed value.

[Bucketlist]

Originally Posted by patina

Hagerty agreed value is the best option period. There is a reason they insure more classics than all other "classic" car insurers COMBINED.

I check with Hagerty every year at renewal time and they always want twice what I pay for agreed value thru Leland West. LW is recommended by the PCA. I have no claim experience but I don't think they could keep the PCA happy if it wasn't a good option.

[racer]

There are several specialty companies out there.. Leland West, Hagerty, American Classics.. and several of the big guys (Allstate, Geico) will sell you a similar policy. Just read the fine print and understand what is actually covered and how it is valued.

[ljpviper]

Do the Hagerty policies allow you to use the car whenever you want, or is it limited to car shows and once off drives?

[JMS935]

Originally Posted by ljpviper

Do the Hagerty policies allow you to use the car whenever you want, or is it limited to car shows and once off drives?

I have no defined limited mileage clause on my Hagerty policy, the only requirement with Hagerty, and I’d assume many of the collector car insurers work the same way, is that you have to have a primary car daily driver insured with another insurance carrier to prove that you don’t use your collector car as a DD. All you need to qualify is to provide a copy of that insurance policy. Would you have problems if you daily drove your Porsche on a collector car policy and needed to file a claim? I don’t know, but I do know that I haven’t been asked for mileage updates, which would make it very hard for them to figure it out if/when a claim is filed. I think this whole notion of only being able to drive it to car shows is a lot of misinformation being spread.

I’ve also got Hagerty plus, which is free unlimited flat bed towing and roadside service, which saves you $100/year on AAA since this service offers the same but is far better and more reliable.

The policy also includes lots of other great features that others don’t, like market appreciation (if you don’t raise the agreed value yourself every so often), international protection, etc...Here’s a list of their bullet points:
There really is no comparing Hagerty to a non-collector car insurance company.

[flightlead404]

Originally Posted by Hot Euro

I check with Hagerty every year at renewal time and they always want twice what I pay for agreed value thru Leland West. LW is recommended by the PCA. I have no claim experience but I don't think they could keep the PCA happy if it wasn't a good option.

I was unable to use Leyland since I live in a high rise condo with a parking garage. Even though entrances are secured and video monitored.

I even agreed to store the car in my private hangar at the airport (I have 2 parking spaces and 3 cars so this would not have been an issue). Not only did they not respond, they summarily dropped me with no reason and were quite rude about it.

Haggerty agreed in writing my parking was just fine.

[infraredcalvin]

Leland west is a broker, they sold me a policy that is ultimately through AXA insurance services. Once they sold me the policy I don’t hear from them anymore, except at renewal. I’m going through a claim as we speak, so far so good, although we’re only talking about a $5k repair on a 914 with $15k agreed value. The online damage estimate process we started with was a joke though, 4 pics to New York, I’m in CA, he made a repair estimate from there... about 1/4 of what it’ll end up being...

I had Hagerty previously for several years, but costs went up 15-20% per year, finally lost faith when I tried to use their roadside assistance and it took then 4 hours and botched billing process to get my car 5 miles to my shop... switched to PCA recommended Leland since....

[boosted79]

Check out Grundy, I switched to them after Hagerty got ridiculous. About 650 for two turbos and a VW. Agreed upon value. They have mileage limitations but that is fine with me.

[Alan A]

The other benefit with Hagerty

I had Hagerty for a number of years, across a number of vehicles. They were great until I had a claim. Then ... not so good. The adjuster was a c**t. I received zero help sourcing rare parts - which people tout as a benefit - and a laughable offer of restitution. Then of course at the next renewal they dropped me.

The only “benefit” from Hagerty I received was that they gave me a piece of paper so I could register the cars in return for writing them a series of checks. I wouldn’t use them if they were free.

YMMV and that’s fine. Happy if you (one) had a good experience.
I’m just relating *my* own dealings with them.

[boosted79]

That is the opposite of what my friend found out with Hagerty. True story. He had just completed a meticulous restoration on his '67 E-Type roadster. He is an absolute perfectionist, no bondo, all lead on the seams and only when req'd if he can't work the metal to perfection. Anyway he had just completed it, had it licensed and was working on adjusting the timing. He reached in and turned the key to start it but forgot he had it in gear. The car started and drove into his toolbox and the rear wall of his garage. Put a big dent right on the bonnet nose and pushed it back into the cowl. Hagerty covered the 10k bill from a high end shop no problem. Not sure they covered his therapy bill though