Insurance Question Agreed Upon Value

[Hunter]

As I am in the final stages of restoring my Model A, I call my antique car insurance carrier (Condon Skelly) to increase its agreed upon value. Much to my surprise I was told that the max value (agreed upon value) that they could insure any Model A was $15,000. Can this be correct??

I though as long as you were willing to pay the premium that they would insure it for any reasonable amount?

Are the other carriers the same ($15,000 max)?

Thanks - Hunter

[Steve Wastler]

If the insurance company puts a low cap on value, how can it be termed 'agreed upon'? I would think the term would be 'take it or leave it'. I was just told by my business insurance agent at Erie, that they recomend Hagerty for collector car.

[Jason in TX]

Get your insurance at Hagerty. Get the towing coverage while you're at it. Great service so far and you get things like industry news letters, etc.

Don't go with a small company on your classic. When you need someone who understands old cars when it comes time to fix one, it's worth it.

[BRENT in 10-uh-C]

Hunter, an insurance company looks at the entire situation evaluating their risk before establishing a value. I have been through this before with my clients and, ...like it or not, it comes down to them determining how much of a risk is in it for them for their agreed upon exposure. For example, a 25 year old family man who has 3 speeding tickets in his past might not be able to get $10k worth of coverage whereas a 70 year old man may be able to get $50k worth on the same vehicle. Each company sets their own criteria so don't feel offended until you have checked with others. Also, deductible amounts factor in too. At least you were able to get some quote. Last year we did a frame-up concours restoration on a '69 Z-28 Camaro for a businessman that had received two moving violations within 6 months. Several insurance companies would not insure him -or his collection of cars for any amount. Talk about someone who was nervous!!

Just so you know, I have several clients who have agreed values in excess of $100k on their Model-A. It is do-able however we had to substantiate exactly why the vehicle's replacement costs were that much $$.

[ctlikon0712]

In 2010 I followed Jonathan's adventures online at www.365daysofa.com . He is an employee of Hagerty and for the company drove an A as a daily driver for a year. The company supported this venture. I also met him and the Hagerty owner at Hershey this past October. Both gentlemen were great, real car guys. I recommend their organization/company to everyone I meet. A class act and top notch group.

[Kahuna]

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X3 for Hagerty. Great Company

[Pilotdave]

As someone with an insurance company background - though not personal lines such as auto - I completely agree with Brent's perspective on this question. Essentially he is saying that you should be able to agree on a value If you have a good driving record and can substantiate the value you are proposing. If either is untrue, you have a challenge!

So...if you have a clean driving record, try Hagerty - they have been very reasonable with me on both of our A's. And that is with a limited selection of antique insurers available in Massachusetts.

[tierod]

Go Hagerty and get their towing coverage. Worth it.

[Kevin in NJ]

We are missing some details. What body Model A are you insuring?

They had no problem insuring my "in the process of being restored" and not drivable cabriolet with Condon and Skelly and I put it at $20k.

My guess is they look at the body style and actual value. Getting $15K for a tudor is usually towards a max value. Cabriolets can sell for $25K to $35K.

[Mike]

Call J.C. Taylor auto insurance they will help you ! Great company

mike

[Hunter]

Hi Guys!

Thanks for all the input. I have a perfect driving record. No violation in the last 20 to 25 years. No points on record/perfect credit. I will give Hagerty a call.

I really appreciate all of your commments. The insurance is for a 29 Special Coupe restored to compete in fine point judging.

Thanks - Hunter

[Terry, NJ]

I don't mean to hijack this thread, but yesterday I called a few INS companies for a quote and I ran into this, "Do you have a locked, secure garage to store it in?" Well No! I don't! Short of building a new garage, what do I do?
Terry

[Chris in WNC]

Terry, you might have to insure it on your modern vehicle policy.

shop around. for our 58 Chebby truck, State Farm was much higher than Allstate;
and neither one asked about the garage......

[Hunter]

Just called Hagerty. Got the car insured to my requested value within 10 minutes. Already received confirmation.

Thank you guys so much for your help!!!!!!

[kevinmac/toledo]

you have a claim on them yet???/

[kevinmac/toledo]

my insurance man came to my garage , took picture of the seial number like a fed, and issued me a policy ... i think i pay about $ 50/60 a year..... drive anytime ect.....american family insurance... oh yeah, $20.000 replacement....kev

[kevinmac/toledo]

sorry i got a 31 5 windoe coupe ...new engine ect numbers matching resto...ect... thanks kev

[Mitch//pa]

Originally Posted by kevinmac/toledo

my insurance man came to my garage , took picture of the seial number like a fed, and issued me a policy ... i think i pay about $ 50/60 a year..... drive anytime ect.....american family insurance... oh yeah, $20.000 replacement....kev

Originally Posted by kevinmac/toledo

sorry i got a 31 5 windoe coupe ...new engine ect numbers matching resto...ect... thanks kev

If you have a restored car 20,000 is not enough. I have my drivers insured for more than that.

[Iron Shaper]

I am restoring a 31 pick up to use as a driver. How do I determine a value for insurance. Does Hagerty cover vehicles in Maryland?

[1931 flamingo]

Iron: Contact a local agent who handles hagerty or call hagerty direct...................
Paul in CT