Cruiser Insurance?

[BELMONT148]

What is you guy's take on Cruiser insurance for these Classic modified rigs? I can get full coverage with State Farm, but they go by book value for $220 every 6 months, or I can go with Grundy and get a stated value policy of $13,000 for $220 a year. I can only drive it to events, and meetings, and it has to stay in the garage. Figured I could wing it if I got in a wreck heading somewhere and just say I was going to a Cruiser get together or something, but is it worth the hassle with Grundy, or is State Farm just as good?

Thanks,
Jeremy

 

[Southeast Overland]

I have State Farm on 4 vehicles (including my Cruiser), and on my house and an umbrella policy. My new agent as of 4 years ago is mediocre at best. They told me I have a 'stated value' policy on my Pig but the next breath said 'it would be appraised at the time of an accident.' I know if I ever got in an accident I would be in a huge fight to get a decent amount on the truck - but at least I do have a folder full of receipts for parts.

Can you find a 'stated value' policy that allows you to drive your 40 more?

 

[jfz80]

Good topic..... i just got my renewal on the 45 and its valued at 550 bux. Doh

I thought stated value had no effect on amount driven, unlike its registered status.
NC allows you to register as special use, or classic auto but have annual mileage caps (3000)

Krzycanuck (?) darin just had an accident in his nicely modded 60 and is doing ok with the insurance on finding a price point that is appropriate to replace the vehicle with one in LIKE condition. I do not know what coverage he had.

 

[Southeast Overland]

How many 55's or 45's are there in 'like condition' like ours in the US? It's not like finding a modded F150. I'm going to eventually get a 'stated value' policy but have to find the time first...

 

[BELMONT148]

State Farm would do a Stated Value if it is was in "Showroom" condition and then they would write it up as a classic policy. We didn't get into the specifics of said policy, as my truck didn't qualify.

Grundy let's you truly "State" your value. In a complete loss they will pay you. However, you are limited to where you keep it, how much you drive it, and you have to have a "primary" vehicle 10 years or newer in your possession as well.

I am leaning towards the Grundy as I will only be driving it on weekends, to meetings, events, etc. Plus I will be trailering it to any place further than 1.5 hours away.

I might could do the SF thing and find a "like" condition 40 for around $10k in the event I had a total-loss, but for right now I think the limitations of the Grundy will be fine. After I beat it up on the trails some, I'll just get a regular policy and buy it back in the event of an accident.

Jeremy

 

[jleeFJ62]

seems kind of high. On my 62, i have 10k full liability insurance for like 25 bucks a month. I have 2 houses, 3 cars, checking and savings with USAA. They freaking rock.

 

[BELMONT148]

Well I don't know what it would be if I could have had 10k coverage with State Farm as my car isn't original. It might be that much under there definition of a "classic" policy. Also I have heard USAA's stated policies aren't really a true replacement value. Only people like Hagerty's and Grundy stand behind their "agreed" value.

A declared or stated value on a policy is entirely different than an "agreed" value policy with a company like mentioned above. Just thought I would throw that out so you can check on what you have. If it doesn't say "agreed" they always go by book value regardless of what you told them it was worth when you started the policy.

On a side note, I am sure USAA are cheaper than State Farm as they are a pain in the ass. I am still trying to settle with them from my accident in December with a person that has USAA.

Jeremy

 

[JToobe]

Resurrecting this thread as I am doing some comparison shopping for at least the 40 since it is probably the most valuable in my fold! @emac , @durabuiltdale , @The Relic I know I had a conversation with one of you at the last Cars & Coffee but can't remember who you had gone with. Please refresh my memory......

 

[CharlestonG8R]

Resurrecting this thread as I am doing some comparison shopping for at least the 40 since it is probably the most valuable in my fold! @emac , @durabuiltdale , @The Relic I know I had a conversation with one of you at the last Cars & Coffee but can't remember who you had gone with. Please refresh my memory......

I use Hagerty for the 40 and 45. It's not too bad, but I also don't keep the trucks in an enclosed garage... That really hurt the premium. I can also drive them as much and wherever I want, so there's that.

 

[emac]

I use USAA and their collector insurance is American Collectors Insurance. Reasonable cost, agreed value, normal restrictions. I have never had a claim, so who knows if they are good or not! I have had about 3-4 claims with USAA over my 30 years with them and I have never had an issue. HTH

 

[pondjumpr]

I had mine through the same company my other cars were through until about 3 years ago. I checked with Haggerty's and JC Taylor. I ended up going with JC Taylor. They use stated value coverage. I think as long as your stated value isn't outrageous, they don't even need you to have it appraised. I currently have $10,000 value coverage plus all the required liability coverage and it's right at $150 per year. That's about 1/3 of what it was through my normal car insurance company and they had little to no coverage value on it.

I do think it is required to be housed in a garage FWIW.

 

[David70FJ40]

I also went with Hagerty. They agreed on a value which I believe is more than fair then allowed me to up the value once the hard top and steel doors were installed. I only have a carport which seemed to alter the premium a little. $429/yr for $45k value, no mileage restrictions and I am allowed to take it off road occasionally. I did have it towed once from the hot rod shop that did the body work and painting and Hagerty was easy to work with and went out of their way to make sure I was taken care of.

BTW I have a few ties with upstate SC, my daughter graduated from Clemson and she lives in Seneca with her two children. The steel doors for my 40 also came from a teacher at Seneca High School.

 

[The Relic]

Resurrecting this thread as I am doing some comparison shopping for at least the 40 since it is probably the most valuable in my fold! @emac , @durabuiltdale , @The Relic I know I had a conversation with one of you at the last Cars & Coffee but can't remember who you had gone with. Please refresh my memory......

I went with Grundy for both 40's. I'll have to dig out my policy to get the particulars, but I think I went with a stated value of something like 35 -40k each for a total premium for both vehicles of around $500 annually (about half of the price Hagerty quoted me). They didn't require an appraisal, either - just a couple of photos of each vehicle. If I remember correctly, there are no annual mileage limits, but you do have to confirm that the insured vehicle is not a daily driver, and is driven primarily to club events, meetings, and the like, and that it is kept inside a locked building (or that was one of the questions they asked, at least).

By comparison, State Farm would only insure my 40 for a max value of $10,000. However, it wasn't local agent's fault (they insure the rest of my vehicles) - it was some unnamed underwriter at the home office in Atlanta. This guy claimed his internet searches found no evidence that the vehicle had any collector value, and that he didn't find any owner forums, or collector clubs. Go figure.

 

[pondjumpr]

This thread reminds me that I need to look at my coverage amount. Mine wasn't even on the road when I added the insurance a few years back. I need to see what they will accept for valuation.