Insurance Value

[robertmark]

Originally Posted by nathanbs

Laugh now cry later. Don’t tell me I didn’t tell you so

Ditto!!!!!!!!!......yet again!!!!! Why can't you people understand we've all had good and bad experiences with different insurers. What's next, who's mother cooked a better turkey at Thanksgiving 30 years ago?

[nathanbs]

Originally Posted by robertmark

Ditto!!!!!!!!!......yet again!!!!! Why can't you people understand we've all had good and bad experiences with different insurers. What's next, who's mother cooked a better turkey at Thanksgiving 30 years ago?

Do you have any knowledge or personal experience with bad claims practices by Hagerty? The only issues I’ve ever experienced with Hagerty or any small boutique insurance is that they often outsource their inspections to independent appraisers who oftentimes suck but one phone call to the adjuster and problem solved if there is one to begin with.

[Alan A]

My experience with them was less than stellar.
I wouldn’t recommend them to someone I didn’t like.
YMMV and that’s fine, but I would use pretty much anyone before them.

[nathanbs]

Originally Posted by Alan A

My experience with them was less than stellar.
I wouldn’t recommend them to someone I didn’t like.
YMMV and that’s fine, but I would use pretty much anyone before them.

Alan can you clarify which insurer you are referring to? Hagerty?

[robertmark]

Seafeye, just find cars that sold as similar to yours as possible. Then come up with a number you feel is justified, and submit it to your State Farm agent. If they won’t insure for your value, then try the specialty insurers. Hope you gained something here, prior to the thread going off the rails.

[dobryan]

This was mentioned before but be sure you get an 'Agreed Value' policy not a 'Stated Value' policy. They are not the same although many folks use the terms interchangeably.

[jlmccauley]

Wouldn’t let State Farm near this classic. U get what u pay for. Sure they’ll give u agreed value, but a fender bender is most likely scenario verses total loss. State Farm will pic body shop and use the cheapest after market parts they can get. Got Hagerty on my 81 highly modified pristine 911. A guy drove a four wheel drive Explorer through my garage door and held the throttle down until everything stopped moving. 😭 Hagerty’s adjuster was a car guy and gave me his sympathy. His estimate covered all OEM replacement parts and my choice of a custom body shop. My baby was made good as new. No hassle or arguing over anything. Can’t say enough good about their service and knowledge of their folks. Get an insurance company that specializes and knows classic cars and Porsches. Then, no worries

[NYNick]

Originally Posted by robertmark

Ditto!!!!!!!!!......yet again!!!!! Why can't you people understand we've all had good and bad experiences with different insurers. What's next, who's mother cooked a better turkey at Thanksgiving 30 years ago?

I particularly liked the breakfast sausage laced stuffing she used to make. I'm SURE it was better than yours.

[MitchT]

Check with JC Taylor for better prices than Hagerty.
I haven't had any experience with either for claims so I can't comment.

[jlmccauley]

Really. The guy asked for an example of a claim with Hagerty and I gave him one.

[QueWhy]

Originally Posted by jlmccauley

Wouldn’t let State Farm near this classic. U get what u pay for. Sure they’ll give u agreed value, but a fender bender is most likely scenario verses total loss. State Farm will pic body shop and use the cheapest after market parts they can get. Got Hagerty on my 81 highly modified pristine 911. A guy drove a four wheel drive Explorer through my garage door and held the throttle down until everything stopped moving. 😭 Hagerty’s adjuster was a car guy and gave me his sympathy. His estimate covered all OEM replacement parts and my choice of a custom body shop. My baby was made good as new. No hassle or arguing over anything. Can’t say enough good about their service and knowledge of their folks. Get an insurance company that specializes and knows classic cars and Porsches. Then, no worries

Maybe it varies from state to state but I think that’s against the law. You should be able to decide who fixes the car and have genuine parts replaced with genuine parts.

[jlmccauley]

Originally Posted by QueWhy

Maybe it varies from state to state but I think that’s against the law. You should be able to decide who fixes the car and have genuine parts replaced with genuine parts.

Agree. May be a South Carolina issue. The insurance companies own the legislature here.

[robertmark]

Originally Posted by jlmccauley

Wouldn’t let State Farm near this classic. U get what u pay for. Sure they’ll give u agreed value, but a fender bender is most likely scenario verses total loss. State Farm will pic body shop and use the cheapest after market parts they can get. Got Hagerty on my 81 highly modified pristine 911. A guy drove a four wheel drive Explorer through my garage door and held the throttle down until everything stopped moving. 😭 Hagerty’s adjuster was a car guy and gave me his sympathy. His estimate covered all OEM replacement parts and my choice of a custom body shop. My baby was made good as new. No hassle or arguing over anything. Can’t say enough good about their service and knowledge of their folks. Get an insurance company that specializes and knows classic cars and Porsches. Then, no worries

I thought I was done on this thread, but, Drove into your garage and held the throttle down until everything stopped moving????? What the ???? You live in Syria?? Why the attack on your house?? Sounds like you’ve got bigger issues than collecter car insurance. This is not political, but if I were you, I’d invest in a heavy duty fence with gates. Oh yea..... Your State Farm claim of cheap parts and they pick the garage is total BS. Did this happen to you???? If so, Maybe you got steam rolled by the claims adjuster. When my 3 month old daily driver got rear ended, the adjuster came out, said how much they were willing to pay. I showed them the estimate from where I knew I was getting it fixed, and he agreed to pay their price

And nobody’s stuffing could compare to my German mother’s German recipe. Lol

[Rawknees'Turbo]

Originally Posted by robertmark

. . .This is not political, but if I were you, I’d invest in a heavy duty fence with gates. . . .

Is Mexico going to pay for the construction? Biggly?

[Euro85Guy]

I have a very small dog in this fight: going thru the Hagerty/American Collectors/stay with USAA/whatever debate re our pristine 2005 BMW CompPkg 6 spd Interlagos Blue M3. Hagerty values a Good example at $40,500. I have Hagerty and ACI quotes for "agreed" value - they're close (around $800-900/year w/a severe annual mileage limit). But ours is a stock car (except for the Bilstein coilover suspension). Your custom built 911 is off-the-charts not stock. One very obvious "problem" with a collector policy: limits on liability and other provisions. ACI won't go close to our regular car limits. So whenever I drive it I'm underinsured for being sued? Not to mention miles/year driven, or to where and doing what. Honestly, with a modified 911 like that are you really and truly never going to drive the u-no-what out of it at the track? or at some other closed course or "registered" speed event? Really? So now you've cancelled your collector insurance!! So what are you insuring for? Theft? Garage fire? Mud slide or flood? Tree falling on your garage? Good idea. Install LoJack re theft and settle on some lower limit? And yeah: get into a road crash and the cat fight begins. Is it repairable? By whom? Where? To what standard? Otherwise, you shouldn't have any problem establishing a "replacement" value by adding up all of your car purchase, parts and labor invoices and getting a "replacement" value. Argue against a "market" value via comparisons because there won't be any comparable market prices! Final thought: just settle on some coverage $$ number that will let you get started on building a replacement and move on. Good luck.

[jlmccauley]

👍 excellent summary covering all the bases.

Note:
“One very obvious "problem" with a collector policy: limits on liability and other provisions. ACI won't go close to our regular car limits. So whenever I drive it I'm underinsured for being sued?”

Hagerty raised my policy liability limits to match the limits required for a USAA Umbrella Policy. Just had to ask.

[nathanbs]

My Hagerty liability limits are substantially high.

[nathanbs]

Originally Posted by QueWhy

Maybe it varies from state to state but I think that’s against the law. You should be able to decide who fixes the car and have genuine parts replaced with genuine parts.

It is the consumers choice where to repair the car in every state that I’m aware of however that doesn’t mean the insurer won’t hide that little detail from you and furthermore “steer” you very adamantly in the direction of their contracted shop. One major issue their shops won’t likely touch your classic car so that’s a good thing to use in your favor when not if you have to argue with them about items like your shop of choices hourly labor rates. Regarding aftermarket versus new or parts it depends on your state and your policy and how competent your shop is in navigating around and away from aftermarket parts. I successfully disqualify every single aftermarket part an insurer try’s to get me to use based on my state’s laws pertaining to aftermarket parts. The $250 million class action settlement with Statefarm is stemmed off of aftermarket parts dispute (Avery vs Statefarm) so they are more than capable of limiting payment to aftermarket parts.

[jlmccauley]

Hagerty politics also have unlimited mileage. My 81 911 is my daily driver.

[Alan A]

Originally Posted by nathanbs

Alan can you clarify which insurer you are referring to? Hagerty?

Yes