Mercury Cougar Owners banner

1 - 20 of 64 Posts

·
Premium Member
Joined
·
13,577 Posts
Discussion Starter #1 (Edited)
First time for me and have a few questions.

Shopped around and Grundy seems to have the best pricing. However, they came back with a max insured value of $20K, I had applied for considerably more and as much as I hate to even think about it, I probably have more than their number into the car, Way more if you start to think about labor.

I thought that you could insure for whatever value you wanted, are other companies (Haggerty?) doing that? I didn't realize or think they would be assessing the value of what was to be insured. I *thought* it was pay for the coverage you want (without caveats).

I plan on taking the coverage they offer initially and then I will have the car appraised and (hopefully) get the insured value up to closer to what I feel is a reasonable number.

Please let me know what you know and what your experience has been.

Thanks,

Bob
 

·
Registered
Joined
·
980 Posts
Hey Bob -

I know that I promised yesterday not to make any posts related to "man" things after I posted that thing about "Dancing w/ the Stars"...but I have mine insured through American Family for 25k (that was the amount that I told them I wanted), it has already paid off that amount once after my son totaled my blue one out last year, had it insured for 25k and they paid $24,700 citing it didn't have "stock wheels and tires" then I bought it back from them. For what it's worth...I am happy with them and they never gave me any static about it when I filed the claim. Took two days to settle from the time I called and got the check that second day. Might add, I have been with American Family for over 30 years too.

Jay
 

·
Registered
Joined
·
650 Posts
I use Haggerty's, and it was an agreed on value. I told them how much I thought the car was worth and the gave me a price. As I continue to work on it, I will increase the value. I had to send them 4 or 5 pictures documenting the car and it was over. I also did not register the car as an antique as I want to drive it as much as possible. VA laws for antiques says to and from car show, car events, pleasure rides, etc. Which means I would not be able to drive back and forth to work. Hope this helps,
Paul
 

·
Registered
Joined
·
5,633 Posts

·
Registered
Joined
·
2,739 Posts
I use Hagerty and have for many years now. Most of these classic car insurers have an online quoting system so you should be able to find out exactly what the $ coverage is and the amount it will cost you for that coverage. You likely will be required to provide some minimal personal information but if you're shopping price it is worth it to compare the quotes.

I have never had a claim with Hagerty so cannot comment on their quality of service when a claim is made. I did witness the damage at the auctions in Scottsdale in 2009 following the storm and heard no complaints about any of the classic car insurers.
 

·
Registered
Joined
·
2,400 Posts
You don't get to pick the value. If that was true then folks in our great society would insure a 1976 chevy caprice for 1 million and.....it would get stolen.
Does this sound like something the big corporate money making insurance companies would do? If they did, how long do you think we would be able to get the extremely reasonable collector car rates we enjoy now?

Does a Hagerty (one g) classic car policy allow you to drive to and from work on a regular basis??

Jeff. Have you ever read your policy?
 

·
Registered
Joined
·
2,739 Posts
Yeah Jeff, I've read it. I didn't insure it for a million and you're right, if I did it may come up missing. My guaranteed or stated value is a little less then that. Here is what Hagerty says;
Hagerty said:
Guaranteed Value We understand the value of your car. With Hagerty, securing coverage for the true value of your car is a simple process. We start with an Agreed Value policy, then we guarantee it. That is, we’ll agree on the insured value, and in the event of a covered total loss, you’re guaranteed to receive that amount. Period.
This sets Hagerty apart from companies who offer “Actual Cash Value” or “Stated Value” policies, which may depreciate your vehicle in the event of a claim.
Like I said, I've never made a claim so no first hand experience with that situation. There are a couple of other requirements; (1) Cannot drive the car to work, which I don't do anyway and (2) the car must be stored in a locked garage, which it is.

You don't get to pick the value. If that was true then folks in our great society would insure a 1976 chevy caprice for 1 million and.....it would get stolen.
Does this sound like something the big corporate money making insurance companies would do? If they did, how long do you think we would be able to get the extremely reasonable collector car rates we enjoy now?

Does a Hagerty (one g) classic car policy allow you to drive to and from work on a regular basis??

Jeff. Have you ever read your policy?
 

·
Registered
Joined
·
171 Posts
I use Hagerty for four of my cars. I've never had any damage, so I can't vouch personally for their service. But I have a friend who got rear-ended in one of his classics that was insured with Hagerty. He had great luck with them -- they wound up buying a parts car for the repairs and didn't balk when he found a NOS emblem. They even paid to re-chrome the parts car's bumper.

Four years ago I was on a tour in NM with several friends when a Mazda 6 rear-ended my buddy's old Bonneville convertible. He had Grundy, and they were not as easy to work with. He has since switched insurance companies.

As far as agreed value is concerned, as previous posters have stated, the value has to be justifiable. I was honestly surprised at the high value that Hagerty offered to put on my Cougar. When I called to add it to my policy, their employee wanted to value it as a 390 XR7. They had to do a little research to even find a '68 R-code, but their reps made the extra effort, and they came back with a value more in line with the rarity of the car.

Because Hagerty doesn't cover using your vintage car as a daily driver, I don't have my Turbo Coupe or 5.0 LX 'vert Moostang insured with them. I like to drive them to work on nice days. Although it may be a deal-breaker for some, that limitation doesn't bother me as I work downtown and wouldn't leave one of my vintage cars sitting in the parking garage even if my insurance allowed it. I hope that is helpful.There are plenty of decent options for collector's insurance.
 

·
Registered
Joined
·
2,400 Posts
Awesome, Jeff! You are a concerned, educated, and intelligent insurance buyer. With all that knowledge and ability, you probably don't need an agent.

Buying a Hagerty classic car insurance policy direct, or from an independant agent, the cost is EXACTLY the same.
 

·
Registered
Joined
·
2,660 Posts
I use American Collectors Ins. and have been happy with them. Remember the higher the agreed value the higher the pemium so be realistic as most likely you will never have a claim for a Total.
 

·
Premium Member
Joined
·
13,577 Posts
Discussion Starter #11
I use American Collectors Ins. and have been happy with them. Remember the higher the agreed value the higher the pemium so be realistic as most likely you will never have a claim for a Total.
This is true to a point, the point being that what I have heard so far is you don't pick the value, it is agreed upon value (in other words the insurer has to agree with what you ask for). Bill B. says he gets to pick, I might have to check those guys out. However, Bill may be wrong and not know it, his cars are generally high $$ cars. Bill, can you pick a value for a 351W car for instance?
 

·
Premium Member
Joined
·
13,577 Posts
Discussion Starter #12 (Edited)
Also, what do you guys think about the don't drive to work thing? Does this mean you can never drive it to work or that it cannot be used regularly to drive to work? If the former "we have a problem" as I fully intend to drive it to work once in a while on a nice day. Going to have to ask that one to the company(s) but wonder what your all take is on this. If it is "if you have an accident or loss and were driving to/from or were at work, we ain't paying", that ain't going to fly.
 

·
Registered
Joined
·
2,660 Posts
Mine has a 2500 mile a year limit per vehicle which I don't even get close to using.
 

·
Registered
Joined
·
5,633 Posts
They are pretty clear about the not driving to work thing on my policies. I think I can add a rider for a "nice day" exemption, bit since I work from home... Also I have to tell them if I am driving out of state. In general, I defer to Jeff as he does this every day. All I can say about agents is that some will screw you, some won't my State Farm agent lost all six of my Cougars when he told me they didn't offer collector car policies... (they do).
 

·
Registered
Joined
·
1,717 Posts
Bob - If you'd like to see a copy of the policy Hagerty sells let me know. I have mine in pdf and can email it to you. The use restriction, at least in my policy, is in the definition of classic car, which states:

"Classic vehicle" means a motor vehicle of
unique or rare design and of limited
production that is an object of curiosity and:

1. Is maintained primarily for use in car club
activities, exhibitions, parades, other
functions of public interest or for a private
collection; and

2. Is used only infrequently for other purposes.

I infrequently drive to work....

By the way, not that it much matters, but Hagerty is an insurance agency. The policy is written by a different company, Essentia Insurance in my case.

 

·
Registered
Joined
·
2,518 Posts
I recently got mine through American Family. Very happy so far, but have not had to make a claim either. The agent told me that it doesn't say anywhere in the contract that it can't be driven to work, just can't be a daily driver. Also it doesn't say anything about milage limits. They recently did call me and want pictures and an appraisal or bill of sale, will see what happens with that. Either way, for 20,000 in coverage, 0 deductible and half the price of Grundy or Hagerty, I am happy for now.
 

·
Registered
Joined
·
1,863 Posts
I have Hagerty and pay $187 per year with $20k declared value and 24 hr roadside assistance. Same as stated above I can increase the coverage as I restore the car back to it's former glory. No limit on mileage. I did question the drive to work thing. Not as my daily driver but that I might take it to work when it's nice every so often. Rep asked a few questions on location, route, time and mileage and said it wouldn't be a problem. I didn't want to be limited to when and where I can drive.
 

·
Registered
Joined
·
643 Posts
+1 for American Collector's. As Don noted, 2500 annual mile agreed-value policy. They asked for a photo of the Cougar and confirmation that I had another car to drive on a regular basis.

Vehicle can used for occasional pleasure drives, not for general transportation.
 

·
Premium Member
Joined
·
13,577 Posts
Discussion Starter #19
...Either way, for 20,000 in coverage, 0 deductible and half the price of Grundy or Hagerty, I am happy for now.
Mike,

You know I am a shopper. and I'm betting your policy (or anyones) is not half the price of Grundy. I will go out on a limb and say that I think Grundy is cheaper. For the same $20K (looks like this is a common number for our cars since that is what they offered me as well), the premium I was quoted is $164.47 with $300K limits (you can get lower) and $0 deductibles.
 

·
Registered
Joined
·
2,518 Posts
Unless Grundy and Hagerty both quoted me wrong for some reason. Seems they may have because they said on TV that it would cost around 160 for 20K coverage. I was told 358 from Hagerty and 310 Grundy, I may even still have the Grundy quote. I got it through American Family for 147, but that seems to be about inline with everyone else.
 
1 - 20 of 64 Posts
Top