Collectors Insurance (1 Viewer)

[BILT4ME]

I have full coverage, $0.00 deductible (Except $100 collision) and glass breakage (agreed value)

Had a window shattered on my Stude due to some jackhole with a BB gun at a car show. Called the insurance co, they asked me if I wanted to find the part and send them the bill or if I wanted them to find it.

I chose to find it so I can get original parts.

 

[Beardog]

I did talk to both Hagerty and Heacock before talking to Safeco. My FJ is not driven as a daily driver, (we have other vehicles for daily use) and is in a locked garage. I drive it probably less than 1500 miles a year. But when I told Heacock that I want to take it on forest service roads, they immediately declined. Hagerty said the same thing, as well as nixed any errands of any kind. I imagine maybe there is some latitude depending on the agent? In any case, Safeco had none of those restrictions and was the same price (or lower) than the others for the same stated value. I'm still waiting on a quote from my current insurers American Family and Travelers. But you're right, you do need to really lay it out to the agent... my experience in the past has been insurance companies (all of them) will look for any 'out' they can not to pay a claim if something happens. I don't want to risk getting hit in a Home Depot parking lot or something happening on a forest service road and then getting the claim denied.

Those of you with agreed value policies, do you have full coverage or just liability/comprehensive/uninsured motorist?

I'm personally not too worried about wrecking my 80 myself but more by someone else hitting me. Specifically an uninsured or under insured and have to deal with a wholesale payout.

Once I finish my engine rebuild and turbo I'll be shopping for more than my current standard coverage policy. I can accept responsibility if I roll it on the trail. But for an accident on pavement I'd want full coverage for its replacement cost or agreed number.

I'm looking at full coverage. My FJ was only a daily driver some 25 y

I have full coverage, $0.00 deductible (Except $100 collision) and glass breakage (agreed value)

Had a window shattered on my Stude due to some jackhole with a BB gun at a car show. Called the insurance co, they asked me if I wanted to find the part and send them the bill or if I wanted them to find it.

I chose to find it so I can get original parts.

I'm also going to get full coverage. Probably a little higher deduction due to the stated value (from my appraisal) but it's still much cheaper than the standard coverage I have on it now for no stated value. I would have been devastated if something had totaled my FJ under my current coverage, and later found out what the true value was! I think the appraisal is also a good idea for those of you with a condition 1 or 2 or even 3 cruiser. I would expect a lot of pushback from any insurance company for that kind of payout, but with a certified appraisal, there won't be much room for argument. Well worth the $150 IMHO.

 

[Red Merle]

Those of you with agreed value policies, do you have full coverage or just liability/comprehensive/uninsured motorist?

I'm personally not too worried about wrecking my 80 myself but more by someone else hitting me. Specifically an uninsured or under insured and have to deal with a wholesale payout.

Once I finish my engine rebuild and turbo I'll be shopping for more than my current standard coverage policy. I can accept responsibility if I roll it on the trail. But for an accident on pavement I'd want full coverage for its replacement cost or agreed number.

Full coverage, comp, collision, liability with a million dollar umbrella. Also have my house insured by them and I use the same agency for my business insurance.

My theory is that they figured out that they are really just insuring the driver and whatever it costs to replace the vehicle doesn't really matter. If they have to fork out $20K for a four year old minivan or a 25 year old Land Cruiser, why do they care? It's a sunk cost anyway. They just give you a price for what you want to insure the truck for and charge accordingly. The jump from $12K to $20K in terms of agreed value only raises my premium by like 12 dollars per month.

 

[uscmas412]

Anyone care to post what they're paying? I know it's highly dependent on the individual and usage. If we could limit the responses to those that use the 80 as a 3rd or limited use vehicle, it may help.

 

[LINUS]

My policy is with Safeco for $17.5 agreed loss value & my mods are itemized & it doesn’t have any mileage restrictions on use - but I also have full coverage for standard $$ value on the Tundra (have itemized the mods) - I keep a $1K deductible on each for the comp coverage.
Tundra is a 2012 with $4K of used mods, call it a ~$23-25K truck.

My insurance agent has seen both vehicles & knows my Yotas see dirt & knows I tow the boat (weird crap happens at boat launches, expensive & weird crap) - so it’s not like I’m snowing him.

I smacked a Camry while driving the 80 just over 2 yrs ago in a parking lot, so 1 at-fault accident on my record, but my monthly bill is only $162.26, auto-deducted from my account monthly.
Seems fair IMO.

Safeco is cheaper than Geico who already has my boat & homeowner policy, so go figure. Makes no sense.

—— Also, if they offer you the OBD2 tattletale dongle, do it - I damn near parked mine for the 90 days & never drove it late at night, I got 17% off my 80’s portion of the policy.
— The Tundra I had a couple hard braking incidents, it was a single digit %-age deduction for my policy. 5-7%, I forget.

 

[Beardog]

My policy is with Safeco for $17.5 agreed loss value & my mods are itemized & it doesn’t have any mileage restrictions on use - but I also have full coverage for standard $$ value on the Tundra (have itemized the mods) - I keep a $1K deductible on each for the comp coverage.
Tundra is a 2012 with $4K of used mods, call it a ~$23-25K truck.

My insurance agent has seen both vehicles & knows my Yotas see dirt & knows I tow the boat (weird crap happens at boat launches, expensive & weird crap) - so it’s not like I’m snowing him.

I smacked a Camry while driving the 80 just over 2 yrs ago in a parking lot, so 1 at-fault accident on my record, but my monthly bill is only $162.26, auto-deducted from my account monthly.
Seems fair IMO.

Safeco is cheaper than Geico who already has my boat & homeowner policy, so go figure. Makes no sense.

—— Also, if they offer you the OBD2 tattletale dongle, do it - I damn near parked mine for the 90 days & never drove it late at night, I got 17% off my 80’s portion of the policy.
— The Tundra I had a couple hard braking incidents, it was a single digit %-age deduction for my policy. 5-7%, I forget.

OBD2 tattletale dongle? What is that?

 

[Beardog]

Anyone care to post what they're paying? I know it's highly dependent on the individual and usage. If we could limit the responses to those that use the 80 as a 3rd or limited use vehicle, it may help.

The appraisal on my '78 FJ came in at just over 60K. With stated value, and no limitations on where I drive it (although I thought there was a limit on overall mileage annually) the quote I got from Safeco was just under $400/year. I haven't written it up yet, so I don't have the official number. This number is also about what Grundy, Heacock, and Hagerty came in with although they had much higher restrictions but lower deductibles. (one of them was zero deductible, I don't remember which now. Safeco I think was $500)

 

[LINUS]

OBD2 tattletale dongle? What is that?

Plugs into the OBD2 port - It’s a full tattletale unit that tells how hard you brake, gas, time of day driven, minutes/daily, -everything short of full GPS logger.

 

[Beardog]

Plugs into the OBD2 port - It’s a full tattletale unit that tells how hard you brake, gas, time of day driven, minutes/daily, -everything short of full GPS logger.

Ah. Never knew what the thing was called. I don't think they even had those back in '78.

 

[BILT4ME]

Ah. Never knew what the thing was called. I don't think they even had those back in '78.

Yeah, ummm....no. OBD2 came out in 1995 / 1996. These things operate by monitoring all the crap your car tells it what it's doing.

There is no way in hell I EVER want one of those things on my vehicle. I do NOT drive the right way. I drive the way I want. Some days it's like an old man, and others its like the road-raging a****** that passed you on the way to work.

I drive most sensibly in the 80 and in my Studebaker.

 

[Beardog]

So an update... I finally got a quote from American Family Insurance, who I have used for about the last 25 years or so for my vehicles. Turns out they have an 'antique' policy that will insure my FJ for my stated value (appraisal value), NO restrictions on miles driven, NO restrictions on where or how I drive it, pretty much just the same insurance I have always had on any of my cars. Price? lower than all the other 'collectible' policies and about the same as the Safeco 'collectible' policy I had recently quoted. Pretty awesome! By just switching to this policy (which my underwriter says they don't do a lot of so it took some time to get the quote) I cut my 'regular' policy probably in half, and increased my loss coverage by a factor of probably 10x!

 

[Joe Link]

Bumping this thread to see what else people are using to cover the replacement value of their 80. Also might be helpful if we make sure we're using stated value and agreed value correctly

• State value is commonly mistaken for agreed value, though the two vary dramatically in the extent of their coverage. Most commonly used to provide insurance coverage for classic cars, an item’s stated value is determined by the individual, not the insurance company. While you may even have to provide documentation proving such a value, your insurance company will not necessarily pay this amount in full should you suffer a loss.
• Agreed value — sometimes referred to as “guaranteed value” — is an amount you and your insurance company agree a specified item is worth. Unlike most other coverages, if an item is covered at agreed value, you are guaranteed to receive the full amount stated in the policy in the event of a loss.