Insurance Question - Anyone experience a loss with non-collector insurance? (1 Viewer)

[Jamieson22]

My 88 62 is pretty nice and value would likely exceed what KBB etc. would say (they don't even go back to 1988 to verify). Coverage under my normal policy (Farmer's) is pretty cheap at like $250 a year. Worried about "getting what it is worth" I quoted from Grundy/Hagerty and also shopped all my policies with State Farm hoping for a "declared/stated value policy".

State Farm uses Hagerty so basically it boils down to Grundy or Hagerty. Grundy was $270/yr and Hagerty was $750/yr for $35k value.

My concern is both state they do not cover if car is used for "errands" or "backup to primary". While my 62 is not a daily driver it certainly will be used for running errands and such. I am leaning towards just staying with my Farmer's Policy w/o declared value vs paying for insurance I run a risk of claim denial based on my usage.

Anyone have a loss using non-collector insurance? What was your experience?

 

[sschruff]

Went through the same process and found significant use limitation on most policies. Went with SafeCo after settling on an agreed value and matching PLI umbrella limits that I have with USAA. SafeCo doesn't have use restrictions. The 7500mi/yr policy I opted for allows 7500mi/yr of use - errands, work, vacation, etc.

 

[SteveH]

I suspect if you have a collision with 'regular' insurance, they will say that "it's a 30 year old Toyota and it's worth $2500 as transportation". I would interrogate your agent and ask them this exact scenario. It may also depend on whether you're in a no-fault state.

 

[Jamieson22]

Went through the same process and found significant use limitation on most policies. Went with SafeCo after settling on an agreed value and matching PLI umbrella limits that I have with USAA. SafeCo doesn't have use restrictions. The 7500mi/yr policy I opted for allows 7500mi/yr of use - errands, work, vacation, etc.

Ballpark what is your annual cost for that? May need to look into. I know all I need is $250/500 to tie with our umbrella even though we have $1M per on our other cars.

 

[3_puppies]

is a stated value policy available? insure it for $XXX. it may require an appraisal.

 

[WSOPgold2012]

My 88 62 is pretty nice and value would likely exceed what KBB etc. would say (they don't even go back to 1988 to verify). Coverage under my normal policy (Farmer's) is pretty cheap at like $250 a year. Worried about "getting what it is worth" I quoted from Grundy/Hagerty and also shopped all my policies with State Farm hoping for a "declared/stated value policy".

State Farm uses Hagerty so basically it boils down to Grundy or Hagerty. Grundy was $270/yr and Hagerty was $750/yr for $35k value.

My concern is both state they do not cover if car is used for "errands" or "backup to primary". While my 62 is not a daily driver it certainly will be used for running errands and such. I am leaning towards just staying with my Farmer's Policy w/o declared value vs paying for insurance I run a risk of claim denial based on my usage.

Anyone have a loss using non-collector insurance? What was your experience?

I have Farmers...No garage or mileage clause. will be doing an "appraised value" value when my rigs done. Pretty sure they also do "declared value" as long as its not so much that an appraised value is needed. Atleast in Colorado....