Insurance lessons learned

[c9zx]

Due to the recent theft of my enclosed trailer, I was forced to learn more about home and auto insurance. It was not enjoyable in any regard. However, it was very informative. The most important thing I learned was don't use an agent that is captive to a single company, use an independent agent who can access several companies. Number two lesson was "bundling" is a bit of a scam. It is a bit like "half off of double the price". Lesson three was, collector car insurance coverage and restriction vary wildly, as does the price of coverage. I knew my old cars were under-insured but, I did not know how under-insured my home was. The time and effort it took dealing with and haggling with the insurance company was extraordinary. All to end up getting about 60 cents on the dollar of replacement cost. That is largely my fault for not understanding the difference between coverage on my home versus "personal property".
The end result is I'm changing insurance companies next week. One company for my home, contents, and personal property, a different company for the 3 daily drivers, and a third for the old cars. The cost to insure the daily drivers, with the same coverage, will drop more than 55%. The home will be insured for what it would really cost to rebuild it, at a 9% increase in cost. The old cars, three of them, will have the coverage increased to near true market value, an increase in total coverage of about $135K, for an increase in cost of about $850. Yes, I will be paying more however, I will have real insurance, at an appropriate level.
Right now I'm leaning towards Hagerty for the old cars. They are a little bit more expensive but, have a better reputation when it comes to claims. Others I'm considering are Safeco, American Modern, and American Collectors. Any feedback on any of these companies would be appreciated. Oh yeah, I think it also is beneficial to me that the new agent is real car guy as well. Please take the time to study your policies and true market values. It will not be fun but, it may be beneficial. Chuck

 

[Sheriff41]

Sound advice, Chuck. Thanks for sharing. Now I've got some research to do...

 

[Mac]

Chuck,

Have had Hagerty for years covering my old Mustangs. What sold me on them was years ago, another individual where I had worked had Hagerty on his old Camaro and was in the process of buying another old Chevy. Ended up buying the old Chevy and was trailering it back to his home an got into an accident. The trailer rolled and destroyed the old Chevy. He contacted Hagerty and they covered the old Chevy telling him that since he was already a customer, when ever he bought another collector car he had 30 days to file the paper work but was already covered.

 

[Stanglover]

Chuck(s),
I totally agree. Our daughter is our insurance broker, so we feel somewhat obligated to use her for our insurances. However she can and does shop for the best rates for us. Insurance is a total scam anyway, but we have to have it. It's like they want to put their arms around all the money they take from us, but grudgingly only pay out the minimum they can get away with when that time comes. This is why Lawyers are out there "fighting for our just settlements", but then take 40% of that as a fee. Nice eh!
Here in Ontario, many houses built in the late 60's and early 70's, had aluminum wiring installed instead of copper, which was in short supply. Ours is one of those houses. The problem was in those days, there was no such thing as aluminum rated switches and plugs, which meant that ordinary brass connections loosened due to different expansion rates and caused fires. As a result, there are only a few that will insure these houses unless they have been rewired or meet current updated codes. It cost us nearly $1000 just to replace all the plugs and switches with AL/CU rated.
What I'm getting at is we also insured our two daily drivers with this company until this year, when CAA insurance (similar to your AAA) joined the group of companies our daughter represents. Splitting our "bundle" caused our house insurance to go up by less than 100 dollars a year, but our car insurance with exactly the same coverage saved us over 600 dollars a year. I'll take that any day!

 

[Kilgon]

Thanks for the great info. I found out what you are talking about some years ago. I have always shopped for insurance every couple of years and sometimes I have the same insurer for home and cars and other times I don't. As long as you have not had any tickets or accidents or other claims, switching insurances companies to get the best rate and or coverage is fairly easy. As far as your older cars I would definitely get quotes from all of them and compare the coverage. I was ready to go with Hagerty when a friend of mine suggested American Modern. I went with them for two reasons. He had a 66 T Bird that was t boned. It was written off as a total loss. American Modern had an agent out there the next day and he had a check in hand the next morning. Talk about fast service - two day turn around. Second, when I was getting quotes I originally as for 20K coverage. Modern came in close to $100 less than Hagerty for the same coverage and with more allotted driving miles - I have a limited mileage policy of 1,000 miles per year. To add a cherry to Modern, I wanted to increase my coverage from the original 20k to 25K at the beginning of last year. After calling to increase my coverage and sending updated pictures of the car, they increase my coverage at NO additional cost. What a great company.

 

[cv_72mustang]

Insurance always sounds great on paper until you need it. I have Hagerty and I did a deep read and felt it was sufficient for my car.

 

[Cleveland Crush]

I've had American Modern for many years with excellent coverage, fair price. They specialize in classic cars like Hagerty. The only claim (happy to say) was a breakdown tow for 65 miles (not happy to say) a few years ago. Me and the tow truck driver knew all about each other's family, pets, jobs and and hobbies after the long tow back home!

 

[jpaz]

I know you were asking about the other 3 companies, but I gotta give another good word about Hagerty. When I smacked up my Mach they took care of me, had no issues at all and my premium has not gone up.

 

[Stanglover]

I think in Canada, we have fewer alternative insurance options for our classic cars.
Haggerty works for me and the one aspect I liked, although it is 15% of the premium on top, is the "Cherished Salvage" option. If I write it off, I get the money AND the car back. So, even if the car is a total heap of scrap, there's a ton of parts that can be either reused on anther project or sold. A win-win as I see it.

 

[ib4stangs]

I've had J.C. Taylor for 20+ years with good results. Started at $120 and is now $158 a year for $10,000 stated value insurance on a 74 Maverick. Filed a cracked windshield claim they quickly covered, and rates didn't increase much for well over a year...

https://jctaylor.com/

 

[tpj71mach]

I have always had Haggerty on my old cars but, thankfully I have never needed to make a claim so I don't know how they would be.

 

[PoFoMoCo]

Due to the recent theft of my enclosed trailer, I was forced to learn more about home and auto insurance. It was not enjoyable in any regard. However, it was very informative. The most important thing I learned was don't use an agent that is captive to a single company, use an independent agent who can access several companies. Number two lesson was "bundling" is a bit of a scam. It is a bit like "half off of double the price". Lesson three was, collector car insurance coverage and restriction vary wildly, as does the price of coverage. I knew my old cars were under-insured but, I did not know how under-insured my home was. The time and effort it took dealing with and haggling with the insurance company was extraordinary. All to end up getting about 60 cents on the dollar of replacement cost. That is largely my fault for not understanding the difference between coverage on my home versus "personal property".
The end result is I'm changing insurance companies next week…..

Definitely hard lessons. I have my house and cars under one policy with USAA and Hagerty for the 71 convertible. Thanks for the follow-up, great info!

 

[c9zx]

Some may find this informative. Chuck

 

[EBSTANG]

I have found how each company defines "pleasure use" is not the same. Read it all and decide for yourself. I chose American Modern and currently have a "6,000 mile plan." I really don't drive close to 6,000 miles/year but the difference in premium to a lower mileage level is somewhat negligible. I've had AModern since around 2010 and had a claim with my 68 Torino convertible in 2012. As stated in another comment, they were responsive and fair.

 

[kcmash]

I thought my classic car insurance was through Hagerty, but my Allstate rep switched it to a place called Essentia Insurance Company. I am leaving Allstate this month.

kcmash

 

[Tnfastbk]

Just about all of my friends to include myself and my wife have American Modern with an agreed value on our old cars. I have separate policies on my trailers, motorcycles and cars. Insurance is one of the biggest money makers I think going. You pay a premium for it and they try every way in the world not to pay you when you have paid for a service.

 

[kevken1959]

I thought my classic car insurance was through Hagerty, but my Allstate rep switched it to a place called Essentia Insurance Company. I am leaving Allstate this month.

kcmash

All my cars are insured through Hagerty kcmash, and my policy says Essentia also, so I don't think it's your agents fault. I think that's the case with everyone insured with Hagerty.

 

[ronsoldcars]

I thought my classic car insurance was through Hagerty, but my Allstate rep switched it to a place called Essentia Insurance Company. I am leaving Allstate this month.

kcmash

I believe Essentia is the company that Hagerty's insurance is written through. Check with Allstate and Hagerty

 

[cjstaci]

I have American Modern with agreed value. A year and a half ago, I bought a second home (retirement home) and I after checking with all the big name insurance companies, a broker hooked me up with American Modern. They were $600 a year cheaper. So far, I haven’t had to file a claim for my car or house.

 

[Stanglover]

All my cars are insured through Hagerty kcmash, and my policy says Essentia also, so I don't think it's your agents fault. I think that's the case with everyone insured with Hagerty.

Yes, Hagerty do insure through other companies. Mine is through Elite Insurance Co. in Ontario.