Quote:
Originally Posted by GOAT8U2
Get it appraised, then insure that amount through American Family. They've been great on claims and cheaper than Haggerty or Grundy.
The problem with cheap insurance are how they handle claims, which is why you buy insurance. I know you're looking for info on this company but search online to see how they handle claims, probably way more results than here.
|
I think you contradict yourself when you say that AF is cheaper than Hagerty or Grundy and then infer that cheap insurance is not good.
I took some time to look into AF collector car coverage (to be honest, I didn't know they handled it). I learned that they do have collector vehicle coverage, but their website is rather vague about how their coverage works.
This includes the valuation of the vehicle. From the AF website:
"Our classic car insurance is customizable, so you can get the coverage you need.
In some cases, you can expand your coverage to reflect your specific vehicle's value.*"
The '*' has the following wording at the bottom of the page:
"*This information represents only a brief description of coverages, is not part of your policy, and is not a promise or guarantee of coverage. If there is any conflict between this information and your policy, the provisions of the policy will prevail. Insurance policy terms and conditions may apply. Exclusions may apply to policies, endorsements, or riders. Coverage may vary by state and may be subject to change. Some products are not available in every state. Please read your policy and contact your agent for assistance."
A key missing element in their information on their policy is the valuation. They never mention the phrase 'Agreed Value' or 'Guaranteed Agreed Value'.
Every legitimate collector car insurance company that I am aware of is quick to point out that the insured value is guaranteed to be paid out.
If they are insuring the appraised car at 'Stated Value' that only means that they charge premiums on that amount, but when they go to settle a claim they can determine what they think is the actual value is at the time of the claim.
AF may in fact settle claims on 'Agreed Value', but I would only consider them for my collector policy if they put that in writing.
As to pricing, no one can make a blanket claim on pricing for any company being cheaper or more expensive for someone else. Pricing varies widely based on many conditions, including what state you live in, what city you live in within the same state, driving record, age, sex...
I've been with Hagerty for decades. I selected them many years ago because of their 'Agreed Value' and their very liberal usage policy.
I do check on pricing every so often, but have never found enough of a price difference to make me switch, especially because anytime I find a cheaper option the restrictions on usage are a deal breaker for me.