I just completed a policy application and was accepted by Hagerty. It is an
"agreed value" policy in which my '67 Triumph Spitfire will be covered for
$6,000. If it's hit and can't be restored for less than six grand, they'll
cut me a check. If it's stolen, they'll cut me a check for the full amount.
I'm paying $76 a year for 300,000 liability (per occurance) and 100,000
comprehensive/uninsured motorist plus $5,000 medical (which is really
insignificant) with NO deductible and no odometer statement required. I
estimated that I'll drive the car around 4,000 mi a year, which is
consistent with what I had in mind to begin with.
I asked for references before applying for the coverage. They mailed me
comment cards from about six policy holders in my general area, but did NOT
include their phone numbers.
I believe I'm satisfied with this coverage. The limits were originally
quoted as lower (not the $6k agreed upon value, but the accident coverage)
and it cost me all of $6 extra to raise them substantially. Hagerty called
me two days ago to say that my application had been accepted and the
insurance cards were in the mail.
Cheers,
Jeff in San Diego
----- Original Message -----
From: Jim Hill <Jim_Hill@chsra.wisc.edu>
To: <HarvoC@aol.com>; <vafred@erols.com>
Cc: <triumphs@autox.team.net>
Sent: Thursday, March 23, 2000 2:22 PM
Subject: RE: Hagerty Insurance & CT insurance
>
>
>
> Harvey wrote:
>
> > I just got insurance from State Farm who have only recently entered a
> program
> > for Connecticut. It is a declared value policy and was $100 less than
the
>
> > insurance I was buying from Parrish. No stipulations, drive where you
> want,
> > etc. State Farm rates are very good - switched my other cars to them as
> well.
>
> Once again . . . a "declared value" policy is NOT the same thing as an
> "agreed value" policy. The "declared value" policy only protects the
> insurance company in that it will never be required to pay MORE than the
> value you've declared - and they will NOT pay more than what they
determine
> the loss to be, regardless of the value you declare. State Farm's opinion
of
> the value of a 25+ year old car (whose value is largely due to all the
work
> you've put into it) may be somewhat different than yours or mine.
>
> An "agreed value" policy means just that - if the car is stolen or
totaled,
> the insurer will cut you a check for the value you've agreed upon up
front.
> That's why appraisals are generally required for collector cars.
>
> For all damage less than total, the reasonableness of the company's
> adjusters is the important factor. The notes posted to this list convince
me
> that the specialty insurers and agents like Parrish, Hagerty, etc. are
more
> knowledgeable about the true cost of repairing a collector car than the
> adjusters who work for mass-market auto insurers. Your mileage may differ.
>
> Jim Hill
> Madison WI
>
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