Updated Insurance Recommendations? (1 Viewer)

[FishTown]

Searched for threads on the topic, but the most recent one was from 2010. A lot of things can change in 6 years, so I'm posing the question again.

I currently only have liability insurance on my cruiser. After hearing several stories of these trucks being stolen or hit (and the fact that there are so many terrible drivers where I live), it's been stressing me out lately. So I want to get full coverage on her - any suggestions? She's mostly stock, but I'll be slowly adding things and upgrading.

All suggestions are welcome, but I'd really like to hear from some of the guys who have first hand experience with dealing with insurance and what TO do and what NOT to do.

 

[collk22]

I ran into two options:

1. Stated Value policy - seems to offer decent protection of the vehicle relative to the agreed upon value for the policy, with lots of restrictions about vehicle storage, miles driven per year, etc., etc.

2. Traditional Full-Coverage (via USAA) - premiums are lower, no restrictions on miles driven per year, etc., etc. Big unknown is the valuation of the vehicle in the event of something bad happening. There are a couple more recent threads about guys fighting with their insurer over vehicle value under traditional policies.

Ultimately, my wife and I made the decision to go with the Traditional policy so we could use the vehicle how/when we wanted without worry about the restrictions of the stated value policy because at the end of the day, it's just a vehicle that can be replaced in a worst-case type scenario.

Best of luck shopping.

 

[FishTown]

It's my daily driver, so it would be hard to have a restriction on miles. Also, how would they even check the mileage driven? Is it just self reported?

 

[collk22]

It's my daily driver, so it would be hard to have a restriction on miles. Also, how would they even check the mileage driven? Is it just self reported?

I have no idea - that was one of the restrictions that turned me off of the stated value policies I looked at.

 

[SteveH]

It's basically self-reported or not very well tracked, at least by JC Taylor. My restriction is 2500 miles/year on my FJ40, which I don't exceed.

 

[gregnash]

Really depends too on the particular agent/insurance company that you go through as each will do things differently. My SIL is a State Farm agent and has been for a number of years. I recommended her to one of the guys in my club so he could get full coverage/stated value for his 40 he bought, what ended up happening in that case was the 40 was fully restored with some slight modifications (lift, bigger tires, V8 Conversion, etc.) so they came to an agreed upon value of the vehicle AT THAT TIME (not based on market value) and then gave him unlimited mileage (if I remember correctly).

I need to sit down with her and discuss this because the vehicles are old enough to be considered classic or vintage vehicles which can yield a higher payout in the event of an issue but comes with greater constraints/restrictions.

 

[CaptClose]

I switch insurance providers every 12-18 months and usually on a rotation between geico, esurance and progressive. I do this because most insurance companies reward loyalty with a premium increase every 6-months. It's pretty frustrating. This is the only way I've found that keeps them honest. I've never had any claims issue with any of them.

I do opt for traditional full coverage because you're right, drivers around here suck and better than a third of them are uninsured. My strategy is to track and document recent 60 sales on rigs that are in similar condition to mine. I realize that I'm going to have to fight for a fair settlement anyway. So it's better if I have ammunition in hand and ready to go.

I'm also prepared to hire an independent appraiser. Your insurance company's appraiser doesn't work for you. Keep that in mind. Also... Many policies offer optional coverage for accessories and modifications. If you plan on having Roof racks, bumpers, etc... It's well worth it to add that additional rider.

 

[FishTown]

Thanks, guys. I guess I'll have to go the old fashioned route and call around.

 

[megolfer]

Hagerty Classic Car Insurance | For People Who Love Cars

Anyone have experence with this company

 

[2 E L O]

I use Hagerty for my '69 Mustang and the '84 FJ60. Stated value policies for each--neither are my daily driver. Mustang is stored in garage, FJ60 in the driveway. Stated value for Mustang is $25k, FJ60 is $5k. I believe my total annual premium for both vehicles is $460 with $500 deductible. I've never had to make a claim with them...

 

[SteveH]

I recently got a Hagerty quote, and it was 2x what I'm paying with JC Taylor. I used Hagerty years ago, and their customer service was professional and competent. They just aren't as price-competitive as they once were, for me.

Steve

 

[MicahMan]

There is nothing like talking your needs over with an Independent agent. They have more companies and options.
IIAT - Independent Insurance Agents of Texas
Trusted Choice Home Page

These would be two good places to start

 

[FishTown]

There is nothing like talking your needs over with an Independent agent. They have more companies and options.
IIAT - Independent Insurance Agents of Texas
Trusted Choice Home Page

These would be two good places to start

I'll definitely look into this. Thanks!