[Zmagnette] Magnette values and stated value for insurance

Mon Oct 28 14:34:21 MDT 2013

This brings up one of the best arguments for using a company that
specializes in classic and collector cars rather than a "stated value"
policy with a conventional insurance company. I have experienced the
difference! The conventional carriers will start with the stated value then
try to ding you with "depreciation" and "wear and tear" reductions.
Specialist insurers such as Hagerty, J.C. Taylor, Grundy etc. don't seem to
be so inclined. I work with several restorers, painters and other repair
shops that deal with collector cars and they all just cringe when they are
presented with the repair of classic cars that are insured through the
mainstream insurers. One shop that I work with regularly was tasked with
repairing a YB that was in a professional transport trailer that rolled
damaging the car rather significantly. The insurer was one of the
mainstream folks who spent days (weeks) haggling the shop hourly, the cost
of parts, the amount of repair and the repair of surrounding areas (wanted
to paint half the roof!). The next week brought a smashed big Healey
insured with a classic car carrier into the same shop. The adjuster with
the Healey simply insisted on having the car repaired "properly" (use only
Heritage replacement sheet metal were the instructions) and no haggling
after an inspection of the shop to ensure that the capability for proper
repair was there. If you talk to the shop owners, it will quickly become
clear which group they prefer. In 20 years of dealing with Hagerty on my
cars (including a couple of repairs) there is no question in my mind which
is better for our MGs - classic insurance all the way. Not to mention that
Brutus the wonder Mini was $639 per year with a $1000 collision deductible
and a $500 comp deductible for $11K in stated value when on my Liberty
Mutual policy and is now $67 per year with a $15K value and $0 deductible
comp/collision through Hagery on the policy with the other cars. As the
chief cook & bottle washer for a rather large car show, I drive my classics
WAY more than the "optimal" mileage attending multiple club meetings and
multiple club events (you should see the faces of the Land Rover guys when
I show up in a 67 Morris 850 Traveller!!!!!) but use the car in the spirit
of the classic insurance. Hagerty is OK with that as long as I stay within
the spirit of the policy and don't use it as a standard car replacement or
commuter. In years past I have taken the cars cross country to events and
racked up several thousand miles per year over what is "allowed". As long
as I am keeping within the intent of the insurance and keep the insurance
company informed, I have never had any issues. There is way more than
premium $ involved when insuring cars that have fallen out of the
NADA/Kelly blue book world!

Steve H.

On Monday, October 28, 2013, Steve C. wrote:

> ** The reality is that just because you have stated value insurance, it
> does not mean you will get that should your car be totaled. The insurance
> companies will be glad to bed take your money for whatever you wanna put a
> value of your car at, that doesn't mean I will pay you that much. It is
> foolish to over pay for insurance andexpect them to over pay for our cars,
> when the values do not back it up.
> --
> Sent from my Android phone with mail.com Mail. Please excuse my brevity.
>
> CHRIS KOTTING <chris.kotting at gmail.com <javascript:_e({}, 'cvml',
> 'chris.kotting at gmail.com');>> wrote:
>>
>> I don't have classic car insurance on our Magnette.  We want to drive it
>> more regularly than classic policies will allow.  We have it on our regular
>> insurance on a stated value basis.  Not all insurers will do that, but
>> Motorists Mutual does (shameless plug for one of the two major insurers
>> headquartered here in Columbus, Ohio.)
>>
>>
>> On Fri, Oct 25, 2013 at 8:09 PM, Steven Trovato <strovato at optonline.net<javascript:_e({}, 'cvml', 'strovato at optonline.net');>
>> > wrote:
>>
>>> I have a ZA and an MGA.  I wonder how many people have a Magnette and an
>>> MGA.  I've definitely heard of others.  As for insurance, have you had a
>>> classic car insurance company refuse to insure for your stated value?  I
>>> have found them to be pretty flexible, but I haven't tried to request
>>> anything too crazy.  I think the only reason for them to hesitate is that
>>> they don't want you to be able to put a match to it to make a profit.  I
>>> bet there are people on this list who have their Magnettes insured for 25K.
>>>  I am just guessing, though.  I suppose we will get some data points
>>> shortly.  Has anyone had an insurance company refuse to give you as high a
>>> stated value as you wanted?
>>>
>>> -Steve T.
>>>
>>>
>>>
>>> At 07:20 PM 10/25/2013, Mike wrote:
>>>
>>>> SteveT, I'm with you except for one thing - value for repair or
>>>> replacement after an accident or other incident.
>>>>
>>>> If nice Magnettes were trading at around $10K, while they cost upwards
>>>> of $20K to get to that condition, you can be in a bind even with a stated
>>>> value policy. Is your underwriter going to go for you asking for $25K of
>>>> coverage for a car that trades for $10K? Perhaps not.
>>>>
>>>> But if the cars are trading in the $20K range, or to put it another
>>>> way, trading at a price that approximates what it would cost to duplicate
>>>> the car, getting them properly insured becomes easier.
>>>>
>>>> I'm not even going to consider the super-deluxe cars out there, the
>>>> ones with A/C, breathed-upon motors, and so on.
>>>>
>>>> I don't think the sedans will ever be as popular or pricey as the
>>>> sports cars, for all the same reasons that the sedans were widely outsold
>>>> by the sports cars when they were new. I've never really understood that,
>>>> but that's how it is. I have both a ZB and an MGA, and the ZB is the much
>>>> nicer (& rarer!) car. Go figure.
>>>>
>>>> Mike
>>>>
>>>
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>>
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