Insurance Questions????

[8cam]

I have State Farm too, but then I drive mine all the time, everywhere. I've been with them since I was 16...which was a long time ago, so the cost is really reasonable and I'm covered no matter what I do. I've talked to my agent, and he says they know exactly what the ZR-1 is and have it valued accordingly. I've never had a problem with them, and the very few claims I've made have always been handled well.

FWIW I have Hagerty on the 308 and also very happy with them. They do "guaranteed value" not agreed, which means I can insure it for just about any value I want and simply pay the appropriate premium. If something ever happened, they just pay the insured value no questions asked.

[cvette98pacecar]

Originally Posted by 8cam

I have State Farm too, but then I drive mine all the time, everywhere. I've been with them since I was 16...which was a long time ago, so the cost is really reasonable and I'm covered no matter what I do. I've talked to my agent, and he says they know exactly what the ZR-1 is and have it valued accordingly. I've never had a problem with them, and the very few claims I've made have always been handled well.

FWIW I have Hagerty on the 308 and also very happy with them. They do "guaranteed value" not agreed, which means I can insure it for just about any value I want and simply pay the appropriate premium. If something ever happened, they just pay the insured value no questions asked.

Likewise, 31 years now with State Farm and I have had no issues. I just do not like the fact that they wont give me an agreed value.

[Roadster]

Originally Posted by cvette98pacecar

Likewise, 31 years now with State Farm and I have had no issues. I just do not like the fact that they wont give me an agreed value.

From what I understand, you can get agreed value with State Farm, but you have yo switch to their collector car policy in order to do so, and there are restrictions as mentioned earlier.
Again a few more $$$ for me, so I will take my non-restricted ZR-1 out for a ride today and run some errands and not have to worry where I am going...
A good feeling for sure......

[Paul Workman]

Originally Posted by Roadster

Update.....

I have decided to go with State Farm with a regular policy just like my 82 "dd" and other family vehicle. Verified what would transpire if the ZR-1 would ever encounter anything. Was reassured that although not stated value as in their collector insurance policy and the coverage I had, that they know the value of the vehicle, and would make it right.
I can now drive anytime, anywhere.....to the store, down the shore, stay overnight, a weekend, a week, well you get the idea.
Yes, it is more expensive that what I had, but to me it is worth it, as I feel I can enjoy driving the "Beast" even more then before.......

Boy-yo-boy... Maybe just a bad experience with my (former) State Farm agent, now a decade ago too, but I'd NOT trust SF (or use them since) to cover my wheelbarrow unless it were written in the contract! And, that's goes for any insurance company, I'm sure.

BTW, apparently something changed at the underwriter level, or so it seems. Before last spring, Hagarty (sp?) and the NCM, and one other (name escapes me) made it a point to inform me they had revised and relaxed their policies with regard to mileage and other restrictions (going to the grocery store was mentioned a couple times, and OK as part of another trip.) Did anyone else experience that, or was it just my (ahem...) maturity milestone that resulted in more leniency?

[Franke]

Always get it in writing. A salesman/agent word for it doesn't work for me. Someone above them calls the shots when it comes time to pay out.

[Roadster]

I understand everyone's concerns, I know the owner of the agency personally, and my daughter has worked for him the last 17 years. No, we dont get special treatment or anything like that, but an honest answer(s) to any concerns that we may have.
As mentioned you have to do your homework before making any decisions. I've been with SF since '89 and have never had any problems or misunderstandings with any claims that have ever been presented, and there have been very few, very few if that.
The purpose of this thread was and is to make all of us aware of what is out there and what the best policy is for our particular needs are for our driving desires.
As with any company, we can all have or had a bad experience at one time or another.

[8cam]

Originally Posted by Paul Workman

BTW, apparently something changed at the underwriter level, or so it seems. Before last spring, Hagarty (sp?) and the NCM, and one other (name escapes me) made it a point to inform me they had revised and relaxed their policies with regard to mileage and other restrictions (going to the grocery store was mentioned a couple times, and OK as part of another trip.) Did anyone else experience that, or was it just my (ahem...) maturity milestone that resulted in more leniency?

Hagerty is definitely a little more lenient, which is one reason I like them. They expect you to actually drive the car, have some fun with it, and yes treat it like a normal car within reason. They don't have specific mileage or destination restrictions, but they do require that you have other cars for daily driving, the covered car is in a locked garage, and you use reasonable judgement when driving a collector car - i.e. don't leave it unlocked in the 'hood.

My SF agent says they will do agreed value, but it requires several good pictures, an appraisal by their approved appraiser-person, and you do have to switch to their collector policy which has a lot of restrictions. It was too restrictive for me, more expensive than Hagerty, and at the end of the day it's still an agreed value is not what I wanted. With my Hagerty policy, I pick the value which is important to me - my 308 is a rare bird, nearly irreplaceable, and market value is a bit higher than the norm, so standard valuations don't really apply.

[edram454]

I have plenty of experience with state farm. I had my cars and my home and anything else insured with them for years. when hurricane andrew came they did pay up eventually. it was not nearly what my neighbors got but they decided to steal. I eventually had to leave them a few years ago because my car policies where going through the roof despite having no accidents and multi car deductions. they cancelled by home owners insurance and every other florida resident was also cancelled.

there collector car insurance is expensive. I have grundy. i can go anywhere i want except... cant take it to work as daily work transportation... cant race it at race tracks... that is it. If I were to retire, I can drive it 10000 miles a day anywhere I want everyday and it would never be a problem. I have the freedom to go anywhere but race it at a race track. If I take it to a race track and I crack it up, I pay. I can live with that. I have unlimited miles. I have a AGREED UPON VALUE!!! State Farm will pay you pennies on the dollar trust me. they will depreciate your car to the point that what you get would not buy a yugo. Caveat emptor.

ed ramos #3028

[Roadster]

Hey guys, in all due respect if you want to bash or complain about certain insurance companies with bad experiences, then please start another thread. This thread is not to single out anyone company for their past performances, either good or bad. But again, too let everyone know about the differences of different types of policies. Do your homework and then decide. Remember what works for me may not work for you and vice versa. Just because someone doesnt get paid on a claim what they feel they should have, doesnt mean that they will value your item the same as theirs, as every situation is different.
whatever you decide to do, just do your homework, and go with who you feel is the right company for your needs..

[WARP TEN]

At my agent's recommendation I recently switched from Met Life (sorry Lee) to a company called Crestbrook (part of Nationwide) for all of my insurance. One reason I switched is that I wanted Agreed Value coverage on my '95 ZR-1. Others like Met wanted appraisals. Crestbrook did not need anything from me (although my agent may have sent pictures he has) and did Agreed Value on all three of my cars, (ZR-1, '10 BMW 535 and '14 BMW 328). Total annual premium $2089 for all three; $639 for ZR-1. Total for everything (house, etc) less than Met Life.--Bob