Insuring the 3x8

I'd be careful insuring an older Ferrari with a regular insurance company. My regular car, house, and liability are all through Allstate. But my 308 is with Hagerty and right now is at $40K. Like has been mentioned here Hagerty's valuation tool has been pretty good in the past but is lagging behind the fast moving 3x8 market.

I will probably up mine to at least $50k in the near future maybe more depending on what happens.

The problem with regular insurance on a collector car is they will value it at what the limited info they can get tell them to. And good luck arguing with them to get it higher. At least with Hagerty or Grundy or similar companies that deal with collector cars they understand what it really costs to fix or replace cars like ours.

 

Hagerty had no issue with 100K on 328.

 

I've been with them for over 10 years and not once have they questioned what I wanted the value to be.

 

+1

 

Sure, they will only question it when it comes to making a claim.

 

Here are recent pics of the cars. As I indicated, they are somewhat needy but show well.
I am making the switch to Grundy...they were $ 600.00 less expensive than hagerty and the new agreed values are $ 75K on the 328 and $ 50K on the 308.
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Your 328 looks great with those wheels.

I'm going to up my insurance to 75k also. Probably go the "classic" route, as I don't put more than a few hundred miles on it per year.

 

Thanks,


When speaking with the Grundy rep yesterday, he indicate the mileage clause is really not enforced/relevant, at least not in Md.
More so the clause is there for Cal.

 

Have you filed a claim? I find that they're great to deal with and while I've never heard anything bad sais about them I don't know that anyone's posted about claim experience.

 

(I read through this thread today for the first time.)

I'm currently with AAA as well. My thinking has been that I have documented FCA Concours assessments of the quality of my car, with which I can demonstrate its condition and therefore its value should the car be stolen or crashed. I am cooling off to this way of thinking. There is no "Kelly Blue Book value" for a 30 year old car that AAA could use. It will be a fight.

Hagerty (and the like) more carefully track the antique vehicle market and their policies are "Agreed Value" anyway. I've not yet moved, but want to. I am curious what the different rates will be. I doubt AAA makes much accommodation for the fact that my 308 is not a commuter appliance.

 

I asked for a $75K Agreed-Value policy from both Hagerty and Grundy. Driving limitations and coverages were the same. Hargety was $734 and Grundy (same coverage) was $504.

 

FWIW, I too have ordinary insurance on my 85 GTB. While not with regard to that car, I can speak to what happens when a car is totaled as one of my other cars was totaled last year. I was not at fault.

1) The accident was reported to my insurance company.

2) My company subrogated the claim against the party at fault's insurance.

3) My company examined my car and established it's value. This was done by comparing it to other cars on the market with similar mileage, age and condition.

4) Once a value was established I was presented the value and was told, as is described in my policy, that I could appeal the evaluation if I felt it was insufficient.

5) The evaluation was base don what it would cost to replace the car including cost of the car, sales tax and registration.

6) Once I agreed to the evaluation I was immediately sent a check for that amount, less my deductible.

7) My insurance company then subrogated the claim against the other insurance company for the amount that paid me and also my deductible.

8) Once the other insurance company paid the full claim, including the deductible, my insurance company released the deductible amount to me.

9) The property damage claim was then closed as far as my insurance company was concerned. That did not prevent me form making additional claims against the other company for items which might not have been covered under my policy, such as after market items not covered by my policy, though I didn't have any.

10) FIY the amount I recovered was not related to NADA or KBB in any way. In fact, it ended up being about 150% of NADA retail for a car in excellent condition.

 

And there is also this which has been posted before


Is Your Car Really Insured? a review of classic-car insurance

 

Hagerty just agreed to 75k for my 85 no questions asked or photos/appraisal required.

 

The question is how solid is that figure at claims time?

We assume that its cut and dry and I've not read anything contradicting it but still you wonder.

 

I personally would not go through anyone without the Agreed Value option. If you want to stay with AAA, I would run a scenario by them. "Okay, I just totaled my car today. What would you give me for it?" See if their number works for you.

I insure mine with Hagerty for significantly more than their outdated Condition 1 valuation on their site.

 

You can not just ask them. The need to come out and inspect the car and make an assessment of the pre accident value. Your best protection is to have a current portfolio of dated pictures and it doesn't hurt to make copies of adds for similar cars off the internet. In case of a total loss the insurance company is required to pay current market value, plus sales tax and registration for a similar car, model, year, mileage, condition, etc. Read you policy. And remember, there are lots of $100k+ cars being driven on the roads every day. I have regular insurance on all my cars. As far as I am concerned stated value or collector car ins is for cars that can not be insured otherwise.

 

Hi Jez

My insurance renewal is coming up too.do you mind sharing which company you use? I'm with Heritage at the moment, i think we have very similar cars.

Arigato.

 

Just bumped my agreed value policy on the 328 by 50%, no questions asked.

 

Condon Skelly. 1983 308 GTS QV. Agreed value of $78k. Everybody with similar years should raise their agreed value. $260 per year with no winter lay up. 300k/300k/300k. $100 collision deductible. I also have an F430 and a old Fiat insured with them so I may have got a multi car discount but it shouldn't be that much of a difference.

 

Hagertys valuations are six months off if you review what comparables they are using, all the way back to Feb 14 - May 14, so not current pricing

 

Pulled the trigger with Grundy today and saved near $ 700.00 over Hagerty.
In retrospect...I paid $ 2,000.00 a year to insure my '81 for 15 years with my regular business insurance agent...never put in a claim..so $ 30,000.00 ( could have bought another 308). I've paid Hagerty around $ 1,000.00 for the last 11 years without a claim.
So all in all paid, $ 41,000.00 in insurance over the time I've owned the cars and didn't put in a claim...no wonder some people chose to self insure.
The thing that scares me, and I guess everyone else, is the one time something major happens and you don't have coverage.

 

Is it a good idea to self insure liability?

 

Not sure how that works?
Wouldn't an umbrella kick in at some point?
Just askin'

 

Not an option using the umbrella...