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Registered User
Join Date: Nov 2013
Location: Main Line, PA
Posts: 1,226
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Insurance cost bump?
Anyone else seeing this for their renewals this year? When I called they told me there was an across the board bump for '80s vehicles due to an increased loss rate.
Currently using Hagerty.
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1985 911 3.2 Carrera Coupe - Constant Project - 2550lbs 2005 E46 M3- Daily Beater - 3350lbs |
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Registered
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Great. My renewal with Hagerty is up in May. I can't wait...
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1987 911 Carrera coupe - Guards Red 2010 997.2 C4S 6-Speed 2005 Mini Cooper Convertible (R52) - Wife's car 1977 VW Bay Window Camper Bus |
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Registered
Join Date: Feb 2012
Location: Ventura County, CA
Posts: 874
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Mine stayed the same and I have hagerty. Looks like I snuck in my renewal before the change. What % increase did you incur?
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‘84 Carrera, heavily modded Please follow me @chopped_up_fitness |
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Registered User
Join Date: Nov 2013
Location: Main Line, PA
Posts: 1,226
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Quote:
And to be clear, zero speeding tickets/accidents/claims this year that would have otherwise impacted it.
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1985 911 3.2 Carrera Coupe - Constant Project - 2550lbs 2005 E46 M3- Daily Beater - 3350lbs |
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Registered
Join Date: Feb 2012
Location: Ventura County, CA
Posts: 874
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Holy cr@p that's a big jump!
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‘84 Carrera, heavily modded Please follow me @chopped_up_fitness |
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Registered User
Join Date: Nov 2013
Location: Main Line, PA
Posts: 1,226
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That was pretty much my reaction.
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1985 911 3.2 Carrera Coupe - Constant Project - 2550lbs 2005 E46 M3- Daily Beater - 3350lbs |
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I am just doing stated value with State Farm - no change. $50k / $14.10 a month
84 Carrera 39,000 miles
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Jeff |
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El Duderino
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I'm with Leland West. Last year my premium went up, but not by much. They told me because of the bump in the market for SCs that my agreed value was too low. The new value is now $10k over what it was the previous year. I'm up for renewal in a couple of months. I'll probably be getting the reminder letter soon.
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Registered User
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Hagerty, Same as last year.
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Vintage Owner
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Insurance
I'm sure the insurance companiy's underwriters are aware of the increasing value of these cars, and pricing their policies to reflect their increased exposure. Increased values will translate to increased premiums.
Remember, their business is to collect premiums, and paying claims just irritates them as it decreases profits!
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84 Targa (sold) 70 914-6 (sold) 73 914-6 2.7 conversion (sold) 75 GMC Motorhome (sold) 2016 Cayenne |
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Registered
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Hagerty same as last year, socialist ICBC up 18%
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Registered
Join Date: Feb 2012
Location: Ventura County, CA
Posts: 874
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Maybe- but that makes no sense in a stated value policy as the asset value is fixed.
I can see the rash of theft of 80s cars as a potential reason for premium hikes. OP, was yours a stated value policy? Quote:
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‘84 Carrera, heavily modded Please follow me @chopped_up_fitness |
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Registered
Join Date: Nov 2005
Location: CA
Posts: 7,286
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Mine is the opposite. I received an increase every year lately, but this year there is a decrease on my 911 (80s), but slight increase on the other cars, 2008.
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Fat butt 911, 1987 |
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Registered
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American Collectors bumped up my stated value last year along with a commensurate bump in premium cost. Even with the bump, my car is still underinsured to its current value and I need to increase stated value maybe another $10k to get it to average market value. Can't really complain I guess...
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'84 Carrera Targa (3.0 with SSIs, Webers, DC-19 Cams, MSD) - Sold |
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