Hagerty Pricey? Best Collector Car Insurer? | FerrariChat

Hagerty Pricey? Best Collector Car Insurer?

Discussion in '308/328' started by Russ Gould, Aug 8, 2017.

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  1. Russ Gould

    Russ Gould Formula 3
    Silver Subscribed

    Nov 8, 2004
    1,073
    I recently quoted Hagerty on 3 cars thinking they would beat State Farm. They were quite a bit more money. Texas. Anyone done any pricing and found "the answer"? And what's with this uninsured motorist coverage? Your own collision covers your cars. Your (separate) medical policy covers your medical costs. Pain and suffering? Yes, but we don't drive these cars on a daily basis so that's a long shot.

    Anyone had a claim with State Farm for a collector vehicle? How did that go?
     
  2. wildcat326

    wildcat326 Formula 3
    Silver Subscribed

    Dec 10, 2012
    1,777
    Chicago, IL
    Full Name:
    Justin
    I had a similar experience with Hagerty, and a customer service nightmare cancelling with my Porsche before I got the Ferrari. With the 308, I contacted Grundy, and they were literally half the cost, in addition to which they offer "agreed value," where you tell them what you think it's worth and - provided you're not out in left field - they say ok without much further hassle. Never had to file a claim with them (thank goodness), but they have friendly and accessible customer service and best rates.
     
  3. waymar

    waymar Formula 3

    Sep 2, 2008
    1,321
    Northeast, PA - USA
    Full Name:
    Wayne Martin
    +1 Grundy
     
  4. miketuason

    miketuason F1 World Champ
    Owner Silver Subscribed

    Feb 24, 2006
    15,517
    Cerritos, CA.
    Full Name:
    Mike
    Try Grundy Insurance, I got I quote from Hadert, American Classics, and AAA.
    Grundy came out to be the cheapest given with a certain agreed value.
     
  5. thorn

    thorn F1 Rookie
    Silver Subscribed

    Aug 7, 2012
    3,322
    Tallahassee, FL
    I chose to go with Hagerty (in FL) over State Farm, due to the fact that State Farm's policy options don't cover full/declared value - in the same manner/same premium costs - of Hagerty, if you wish to drive your car more often than a parade or car show.

    And FWIW, the policy on my 308 is only about $100/yr more than the policy on my regular car, despite the $60K difference in value.
     
  6. Russ Gould

    Russ Gould Formula 3
    Silver Subscribed

    Nov 8, 2004
    1,073
    I just quoted Grundy, they were even more expensive than Hagerty. (My cars are all on antique plates in TX which restricts the legal use anyway ..)
     
  7. MrMark

    MrMark Karting

    Apr 3, 2013
    139
    Louisiana, USA
    I've got a State Farm stated value policy on a project car that lives in my garage. It's the least expensive and was very simple to obtain (I only had to send 2-3 photos of the car and IIRC the address of where it's stored), but the allowed yearly mileage is very low. American Classics was slightly higher but you are allowed to drive the car a lot more.
    I had a bad experience with Hagerty's application process and their Google Earth-based "investigation" of my warehouse building. They saw employee cars in the parking lot and accused me of keeping my collection outdoors.
     
  8. wildcat326

    wildcat326 Formula 3
    Silver Subscribed

    Dec 10, 2012
    1,777
    Chicago, IL
    Full Name:
    Justin
    Russ -

    Do you have insured daily drivers on a separate policy?
     
  9. Bullfighter

    Bullfighter Two Time F1 World Champ
    Lifetime Rossa Owner

    Jan 26, 2005
    22,352
    Indian Wells, California
    Full Name:
    Jon
    Long shots happen.

    Check with Chubb on pricing. I used them for my 1956 Porsche.
     
  10. Russ Gould

    Russ Gould Formula 3
    Silver Subscribed

    Nov 8, 2004
    1,073
    Yes my DD cars are also with State Farm.

    What irks me about State Farm is they will not allow stated value on my current project (almost complete) because the console is not installed yet. They are insuring it as a normal driver and they get to set the value if I total it.
     
  11. johnk...

    johnk... F1 World Champ
    Owner

    Jun 11, 2004
    10,627
    CT
    Full Name:
    John Kreskovsky
    Stated value or agreed value? Big difference.
     
  12. ClydeM

    ClydeM F1 World Champ
    Owner Rossa Subscribed

    Nov 4, 2003
    10,460
    Wayne, NJ
    Full Name:
    Clyde E. McMurdy
    I was with NJM with my DDs, then switched to Grundy for the Ferraris as it was a little cheaper, but more restrictions. I want to drive the car when & where I want, so I just switched back to NJM as a classic/occasional use. Agreed upon value with my appraisal. NJM now partners with another collector car company. I asked for a quote. Quite a bit more. No thanks.

    NJM it is.
     
  13. CaptOharry

    CaptOharry Formula Junior

    Jan 4, 2009
    755
    Green Cove Spgs FL
    Full Name:
    Harry Welch
    Heacock Insurance.
     
  14. eyeman1234

    eyeman1234 Formula 3
    Owner

    Dec 25, 2006
    1,881
    Boca Raton, FL
    I switched from Hagerty to Grundy b/c of big price increase and then rolled in my DD for a good group rate
     
  15. lopena

    lopena Formula Junior
    Rossa Subscribed

    Nov 3, 2003
    692
    I've used Hagerty and others in the past, but I now have all of my collector cars insured with Chubb. They have competitive pricing and an excellent claims-paying reputation.
     
  16. Tire Fryer

    Tire Fryer Karting

    Feb 18, 2013
    153
    Farmers Branch, TX
    Full Name:
    Christopher Williams
    I use Infinity Collectors Insurance. I shop them yearly between all the other major players, and their prices are never beat. I insure 6 classics with them.
     
  17. ferraripete

    ferraripete F1 World Champ

    yes they do jon:( I hope you are as well as you can be jon. I still keep my fingers crossed for you.

    Peter
     
  18. sltillim

    sltillim Formula 3
    Silver Subscribed

    Nov 22, 2009
    1,497
    San Diego
    Chubb was less for me. Hagerty prices jumped up on me. Grundy tried to limit the use of my car. I've heard they are loosening their usage restrictions, though.
     
  19. BigTex

    BigTex Seven Time F1 World Champ
    Owner Rossa Subscribed

    Dec 6, 2002
    79,143
    Houston, Texas
    Full Name:
    Bubba
    Over half of my cars can now be classified as "collection" under my normal policy.

    State Farm did it for years but they went ape &*^*& crazy, on the Ducatis!

    Moved to Progressive now but I have to "age" as a policy holder before I can add then all back on.
     
  20. BigTex

    BigTex Seven Time F1 World Champ
    Owner Rossa Subscribed

    Dec 6, 2002
    79,143
    Houston, Texas
    Full Name:
    Bubba
    I did several Ferrari claims under my State Farm coverage...

    That's where you learn the downside of the coverage.

    No one knows how to estimate a vintage Ferrari, so it's VERY easy to run a retail $$ parts repair bill SO high they add future risk, and total your car!

    Many times I had to ask for a "Specialist" who after seeing sponsor logos and racing numbers on the car, allowed for odd things like "$500 custom graphics" but then also allowed for "used parts, salvage" where else will you find 1976 sheet metal? and thereby keep costs below the "total loss" threshold.

    Almost easier to self insure the car, really.
     
  21. Srtviper

    Srtviper Karting

    Sep 6, 2016
    90
    I switched from Hagarty to Heacock....much lower cost and much better service.
     

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