My experience with American was not exceptional and as
a result I switched to Hagerty.
I bought my Healey 10 years ago and insured it with
American for ~$10K. My wife had been concerned that
it was underinsured. About 3 years ago I attempted to
raise my agreed-to value to something more in line
with replacement costs. At the time I was hoping to
raise the value to ~$20K. American made it hard to do
this. They required photos (which I provided),
detailed receipts, proof of the improvements and a
independent appraisal. In addition, I was required to
do the research to show that recent sales supported
the value from three sources. All of which needed to
be sent to their underwriter for review. There seemed
to be no concept of "appreciation" or collectability.
The agent said "Show me what you fixed or paided for
and we will review that."
After a few rounds and discussions, I eventually told
them that I was not going to do the research and I
expected them to have access to the research knowledge
bases to include Sports Car Market - Gold Portfolio,
if they were in this business. I canceled my
insurance and called Hagerty.
Ten minutes on the phone with Hagerty and I was set.
They suggested a value of ~35K based on recent sales
and said we could make market adjustments without
paperwork.
If it were me, Unless they changes their approach, I
would not go with American... it is just too hard.
And to think I didn't have a claim, I was just trying
to send them more money!
YMMV,
Dean (Healey BN7 - Thousand Oaks)
Tired of spam? Yahoo! Mail has the best spam protection around
|