Reducing Agreed Value

[Nabco]

Originally Posted by Corley

I just switched from Hagerty to the Corvette National collector insurance, as it turned out to be a lot cheaper, and is more tolerant of pleasure driving. I put 10 collector cars on it, for less than $500/yr. What I DID find is that the agreed value makes a huge difference in the premiums. I recommend you keep the agreed value at a reasonable level.

Just my recent experience.

I would be curious as to your comment on NCM being more tolerant of pleasure driving, I also have a corvette show car and getting ready to buy a second one, I Checked with NCM and I found they were far less tolerant of pleasure driving then Hagerty, I even get unlimited mileage on th Vette.

[Corley]

Originally Posted by Nabco

I would be curious as to your comment on NCM being more tolerant of pleasure driving, I also have a corvette show car and getting ready to buy a second one, I Checked with NCM and I found they were far less tolerant of pleasure driving then Hagerty, I even get unlimited mileage on th Vette.

I had Hagerty for about 15 or more years, so I am pretty familiar with their policies.

You must be talking to a different person than me at both places as to the driving restrictions. Hagerty said club events blah blah blah, and occasional pleasure driving, such as an occasional dinner out. Ncm said club events, blah blah blah, and "pleasure driving", just not regular transportation. With ncm, you also pick the mileage you think you might use, 1000, 3000, or 10,000. Tell Hagerty you plan on 10000 miles of pleasure driving and see what they say. Or, better yet, read your policy. My Hagerty policy stated only occational pleasure driving was permitted. That doesn't sound more liberal to me, and certainly not unlimited, but your money, your policy. It's really a personal choice.

Also, I liked the $489 with ncm for 10 vehicles vs $897 for only 6 with Hagerty. I have several more project vehicles, which are not covered, and never ever driven. With so many vehicles and projects (nicer name than junkers), I often don't drive some of the covered ones in two or three years anyway, so lots of miles is not really an issue for me.

Of course with either, you must have other conventional insurance on your daily driver(s). All collector insurance requires that.

[Nabco]

Originally Posted by Corley

I had Hagerty for about 15 or more years, so I am pretty familiar with their policies.

You must be talking to a different person than me at both places as to the driving restrictions. Hagerty said club events blah blah blah, and occasional pleasure driving, such as an occasional dinner out. Ncm said club events, blah blah blah, and "pleasure driving", just not regular transportation. With ncm, you also pick the mileage you think you might use, 1000, 3000, or 10,000. Tell Hagerty you plan on 10000 miles of pleasure driving and see what they say. Or, better yet, read your policy. My Hagerty policy stated only occational pleasure driving was permitted. That doesn't sound more liberal to me, and certainly not unlimited, but your money, your policy. It's really a personal choice.

Also, I liked the $489 with ncm for 10 vehicles vs $897 for only 6 with Hagerty. I have several more project vehicles, which are not covered, and never ever driven. With so many vehicles and projects (nicer name than junkers), I often don't drive some of the covered ones in two or three years anyway, so lots of miles is not really an issue for me.

Of course with either, you must have other conventional insurance on your daily driver(s). All collector insurance requires that.

Thanks for the response, I really want to understand the differences, I’m going to give Hagerty a call today to verify and have them point out to me where in the policy this is covered.....I do have a “policy highlights” document that states.

Flexible Usage
Our custom designed policy doesn’t restrict usage to just parades and car shows; we encourage you to drive your classic just for the fun of it.

Now this isn’t the policy it’s just a marketing piece but I’ll check back in after I talk to them....probably going to reach back out to NCM too.

Thanks again,

Nick

[31Cabriolet68-C]

Do any of those outfits mentioned above deal with the salvage/buy-back problem. I'd want my car back even if some 'adjuster' doesn't know an A from an Accord.....

[Hoop]

When deciding on the AGREED VALUE, keep this example in mind.

Say you have a nice Model A Roadster and cleverly insure it for $10,000 Agreed Value. It's a little less than it may be worth, will save you some premium, but it provides plenty of coverage for fender-benders for sure.

Your long-time family owned A is then caught in a major hurricane. The insurance company declares it a total loss at $10,000.

The A becomes theirs, after paying you the full amount of the coverage, since they have all salvage rights. You have the option of buying it from them, and you tell them you'd like to do that.

They agree and tell you the current bid for the salvage is $13,000 ... remember they have all salvage rights. You have to bid on it, and it'll cost you closer to $14,000 to get your Model A back.

(Actually happened, Hurricane Katrina, Louisiana. "We know a thing or two because we've seen a thing or two.")