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TheSt|G's Avatar
 
Join Date: Nov 2013
Location: Main Line, PA
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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
Old 03-03-2015, 07:58 AM
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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
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Old 03-03-2015, 08:01 AM
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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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Old 03-03-2015, 08:04 AM
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Quote:
Originally Posted by SoCalSK8r View Post
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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~25%

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
Old 03-03-2015, 09:08 AM
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Holy cr@p that's a big jump!


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Old 03-03-2015, 09:42 AM
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Quote:
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Holy cr@p that's a big jump!


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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
Old 03-03-2015, 10:02 AM
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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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Old 03-03-2015, 10:03 AM
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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.
Old 03-03-2015, 10:09 AM
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Hagerty, Same as last year.
Old 03-03-2015, 10:24 AM
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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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Old 03-03-2015, 12:49 PM
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Hagerty same as last year, socialist ICBC up 18%
Old 03-03-2015, 01:16 PM
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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:
Originally Posted by Jack Stands View Post
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!




Sent from my iPhone using Tapatalk
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‘84 Carrera, heavily modded
Please follow me @chopped_up_fitness
Old 03-04-2015, 12:44 PM
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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.

Quote:
Originally Posted by TheSt|G View Post
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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Fat butt 911, 1987
Old 03-04-2015, 01:23 PM
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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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Old 03-04-2015, 03:29 PM
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