After BJ auction results for American cars any stated value insurance recommedations

[Scott_in_fl]

Just got off the phone with a buddy that is a big seller of older Pcars, mainly at the Mecum auctions. He's getting ready for Amelia Island. Anyway, we got to talking about the BJ results this weekend and he thought the action on the American cars was outstanding, and long overdue. He seems to think the trend will continue.

If so, and if we're going to own cars that potentially become worth more than what we paid, it seems that a stated value policy should be considered.

I currently use State Farm, and they seem to be just fine for the daily driven cars. But what about the garage queens?

Does anyone have a good recommendation for a company/agent to speak with? I expect to drive about 3k miles per year.

Thanks in advance.

[Jhawk]

I have been using Grundy MVP for the past 3 years http://www.grundy.com/mvp/ (866) 338-4006. Requires you to carry insurance on your daily driver along with your exotic (using agreed to value). For me here in Michigan Grundy MVP has been much cheaper than buying separate policies.

[bassplayrr]

I just finished cross shopping both Grundy and Hagerty. Both were within the same ballpark price-wise (Grundy being slightly less expensive). In the end I pulled the trigger on Grundy based solely on the customer service I'd received up to that point. I literally just mailed the check last week, so that's about the extent of my experience with them.

[ViperGeorge]

American National is who I use. They insure my daily drivers, my Vipers, and my 68 Shelby GT350. Good rates.

[Policy Limits]

I think op is looking for a value policy, not a liability one. Is an appraisal required?

[kriskyk]

Call Chubb, they have agreed value, no milage limitations policies

Correction meant agreed value

[ForTehNguyen]

Grundy, which many have recommended here. No mileage restrictions. All grundy wanted for an "appraisal" was a picture of the vehicle for a car of this age

[99RT10]

I have already increased all my values to over $250K on every car...................................


:D

[Scott_in_fl]

George, do you mean American Modern? Just spoke with them. They seem reasonable, and are apparently the vendor for NCM policies (National Corvette Museum) that the Vette guys typically use.

[ViperJames]

Infinity and Haggerty both have great stated value exotic policies. I have had both, most recently infinity with my current Viper.

[cubeman]

Under 25 so no stated value companies will insure me, Just need to stretch it out for another 2 years..

[01sapphirebob]

I've got an agreed value policy with State Farm on my '01 Viper. The only reason they did that though was because of it's age. Over 15 years old. They won't do the '08 yet but when the time comes I'll insure it with them at that time.

[ViperGeorge]

George, do you mean American Modern? Just spoke with them. They seem reasonable, and are apparently the vendor for NCM policies (National Corvette Museum) that the Vette guys typically use.

American National does operate under different names around the country but I don't know if American Modern is one of them. I think in MA (where my daughter lives) they operate as Farm Family. When I moved my car and home insurance to American National from Progressive (3 Vipers, 1 SRT Jeep, 1 Wrangler, and 1 classic Shelby GT350) I saved about $4,000 a year. They also send you back 25% of your premium after 3 years if you don't have a claim. Here in Colorado they also give you a discount if you belong to a car club that is affiliated with the Colorado Classic Car Club. Our regional VOA club is an affiliate.

Thankfully I have not had to put in a claim so I don't know how that process would work but several of our members here also use them and I've heard no complaints.

[flyboy1of1]

Hello All, I have American Modern on my six cars[2018 Corvette-2017 Viper-2012 Corvette- 1958 Corvette-1980 Shay Polar Bear-1927 street rod] They are very reasonible with stated values, and zero deductibles.Fortunately,no claims!!! The agents # is 800=678 =5173

[ViperJon]

Agreed value > Stated value

[flyboy1of1]

Looked at the policy,it states Agreed Value. Not sure what the difference is between stated value& agreed value. Thanks Bob

[viperman4125]

Just got off the phone with a buddy that is a big seller of older Pcars, mainly at the Mecum auctions. He's getting ready for Amelia Island. Anyway, we got to talking about the BJ results this weekend and he thought the action on the American cars was outstanding, and long overdue. He seems to think the trend will continue.

If so, and if we're going to own cars that potentially become worth more than what we paid, it seems that a stated value policy should be considered.

I currently use State Farm, and they seem to be just fine for the daily driven cars. But what about the garage queens?

Does anyone have a good recommendation for a company/agent to speak with? I expect to drive about 3k miles per year.

Thanks in advance.

I bought my Car from BJ. They have an Insurance Co. they use out of Ohio.
I pay a stated value of 50k, for about 300.00 a year. They asked me about mileage, but i drive only 2500 a year.
Great Co.

[ek1]

I just finished cross shopping both Grundy and Hagerty. Both were within the same ballpark price-wise (Grundy being slightly less expensive). In the end I pulled the trigger on Grundy based solely on the customer service I'd received up to that point. I literally just mailed the check last week, so that's about the extent of my experience with them.

I have Hagerty and they restrict mileage to 2,500/year. I'll be switching to another company before the season starts. Does anyone know if Grundy has annual mileage limits?

[ForTehNguyen]

I have Hagerty and they restrict mileage to 2,500/year. I'll be switching to another company before the season starts. Does anyone know if Grundy has annual mileage limits?

other companies seem like BS when grundy gives you unlimited mileage. Just as long as its not a daily and is stored indoors

http://www.grundy.com/collector-cars/


How Can I Use My Car?
Grundy wants you to enjoy your car, not keep track of mileage like some programs with limitations. Therefore, we give you unlimited miles for pleasure driving and in collector car-oriented activities. It is even OK if occasionally you drive your collector car to work to show it off to friends. However, your collector car must not be used as a daily driver. We require you and all licensed drivers in your household to have a modern car for everyday use.

When you have your car at home, it must be kept in an enclosed, secure garage when not in use. If you are away from home on extended outings your car is fully protected if you must park it outside, for example in a hotel parking lot. Grundy coverage includes Trip Interruption that reimburses you for hotel and repair costs in the event of a breakdown, and we also reimburse you for towing and labor charges up to $250. You can count on Grundy as you cruise.

[esm_viper]

Does Grundy cover you car on track for HPDE's?

[13COBRA]

If I had a dollar for every time Scott said the Gen Vs were going to appreciate, I would have bid $300k on the TA/ACR on Saturday.


Does Grundy cover you car on track for HPDE's?

I'm not sure about Grundy inparticular...

But a lot of standard insurance companies will cover it as long as you're not racing door-to-door. Time trial stuff and HPDEs would be covered.

[ForTehNguyen]

you really have to check your insurance about HPDEs, many have changed their policies to exclude anything on a track, timed or not

[ViperJon]

Does Grundy cover you car on track for HPDE's?

NO!
In consideration of the premium charged, it is hereby understood and agreed that any vehicle insured under this policy will be used for hobby purposes and exhibition and will not be used primarily for general transportation. It will not be used for backup transportation, or for errands, except for occasional pleasure use. It will not be driven to work or school or used for business or commercial purposes. The vehicle will not be used for towing, hauling or off road use.
It is further understood and agreed that any vehicle insured under this policy will not be used to participate in any rally gymkhana, speed contest, race or timed event of any kind.

[esm_viper]

Great, thank you! Saves me a phone call.

[ACR Steve]

"But a lot of standard insurance companies will cover it as long as you're not racing door-to-door. Time trial stuff and HPDEs would be covered"

Not true anymore 99.99 % of the companies exclude track events even HPDE's. The exclusions are broader then ever. Also keep in mind that if physical damage is excluded so is your liability and so is your umbrella over your primary liability . It follows form

[13COBRA]

Thanks Steve.

[ViperJon]

When I insured my Viper with Grundy they sent over a completely separate form to be signed stipulating that I agree to the terms in my post above. So they are really on top of it, especially seeing the type of vehicle. I wouldn't want to be within a 20 miles of a track and have a claim even if it was parked at a show there.

[Angleiron]

I've got an agreed value policy with State Farm on my '01 Viper. The only reason they did that though was because of it's age. Over 15 years old. They won't do the '08 yet but when the time comes I'll insure it with them at that time.

I am getting an agreed value policy through State Farm as I write this on my 2008. My agent says that they changed the rules, and the car only has to be 10 years old.

[steve911]

I can't remember where I read and/or heard that insurance is available for bonafied race cars while in the garage/stored.

Was looking for something in the event the garage burned or a tornado hit... that sort of thing.

Anyone heard anything similar or was I hallucinating?