News:

Due to a technical issue, some recently uploaded pictures have been lost. We are investigating why this happened but the issue has been resolved so that future uploads should be safe.  You can also Modify your post (MORE...) and re-upload the pictures in your post.

Main Menu

Classic car insurance scam?

Started by Dave #17592, November 06, 2005, 05:35:10 PM

Previous topic - Next topic

0 Members and 1 Guest are viewing this topic.

Dave #17592

OK,  here is the scenario.

I have two classic cars with Antique Insurance.   I have used the same agency for 15 years.   I wrote to them to add a third car.    When they were taking my info, they asked for a copy of my insurance card of my daily driver.    I understand that they want to make sure that I "have" a daily driver so they know I am not using one of the old cars as a daily driver.

BUT GET THIS!    When they saw that my daily driver was a company car, they refused my Antique Insurance and told me to take my business elsewhere!!!     They sent a letter thats states that they cannot be "Primary" liability carrier.  

    So this means that they have no intention of paying claims on our classic cars.  They expect our "Regular" insurance companies to pay first!   Sounds like a scam to me!      I would think it is against the law for them to take our money and expect to pass the claim liability off to your regular auto insurance policy!      

   I dont own a modern car.    Part of my salary is that I am provided with a company vehicle that is only mine to use, 100percent of the time, 24/7.        So is everyone who has a company car expected to drop out of the old car hobby?    I AM OUTRAGED!

   So be warned fellow collectors!   Even if you dont have a company car, please be aware that you are paying for Liability coverage that they have no intention of paying off!!

David "Angry in Hartford"

Lou 19028

"So this means that they have no intention of paying claims on our classic cars. They expect our "Regular" insurance companies to pay first! Sounds like a scam to me! I would think it is against the law for them to take our money and expect to pass the claim liability off to your regular auto insurance policy!"

NO,it means that in their eyes you dont have a primary vehicle.That fact makes you more likely to use you classic car as a daily driver. In most cases a company car is for business use only, plus what happens if you get fired or the company goes under??? So they every right to deny you,on paper you dont have a primary car!

Dick Heller

Classic car insurance wont pay any claim if after the insurer performs due diligence and determines that the car was used other than as it was intended, e.g., can t use the car during rush hour for a once a month exercise of the car to work.  When I go to a local cruise night, they provide documentation that the event took place.

Dave Smith #17592

I sent them a copy of my insurance card from my company car plus my business card.  What more proof do they need?   I dont know.  They didnt call me back, instead they sent a nasty letter.  How is that for customer service!

You would think that they would have at least phoned me to say that they needed something more specific from my companies insurance agent.  But nothing!   15 years of paying my premiums promptly and not even a phone call!

Dick Heller

JC Taylor or Grundy International?

Paul Flykt CLC # 18899

I have a company car as my daily driver also and I have Hagerty Insurance on my classic cars. All Hagerty required was a letter from the company I work for stating that I can drive my company car for personal use.

Dave Smith #17592

Thanks Paul!

   That is helpful information.    

   Condon & Skelly will not however,  neither will Grundy.   Those are the only ones I have dealt with so far.     I called my companies Insurance representative and he said that they may be able to set me up with Insurance as well, especially seeing that I am already written into a commercial policy.   If not, he suggested that I contact my homeowners insurance agent.  They may take on my classic cars since I have my house insured with them.

  I appreciate the suggestion of Hagerty.  I will look into them too.  

David  :)

Barry Wheeler #2189

I have my 1941 60S insured with State Farm as one of my vehicles and also under my umbrella policy that is attached to my home owners policy.

Jim Govoni

I use American Collectors. As a registered agent, not for them, I can attest to the fact that its about using a company car. In most cases the rates for collector cars are so low that if you are in an at-fault, which in CT as a no fault state is automatic, they would end up paying a lot out in claims. You will find too sometimes in that situation that if you left a job and didnt have insurance you may end up in an insurance pool at 5 X the usual rates even with a good record. The bottom line is: Its all about risk. No other primary carrier results in more risk than they want. Also, most collector policys are insured by large carriers like Assurant. The people you quoted are just agents. The carrier rules the risk pool. Hope that helps. Jim

Dave #17592

Hi Jim,

   Thanks for writing.    My business agent is very optomistic in getting me a policy for all three of my classic cars.  Plus he said he could also save me money on my home owners policy.    They told me that because I have a 15 year history of being on my companies policy that it should not be a problem.  They run annual drivers history checks and know that I have a good record.

  As a last resort I will have to insure one of the old cars as a daily driver at full rate.  Then I can get antique insurance on the other two.

Dick Heller


Chris Braun

Simple Solution.. get your car appraised, and have a "normal" insurance agency insure your car at a stated value.  Thats what Ive done with my 60 sedan.  Every couple years I get it re-appraised, and tell the insurance company the "new" stated value, as they would otherwise continue to apply their depreciation percentage.  

In NC, Nationwide uses average values for that year, make, and model of vehicle, that is still on the road.  My 60, without any appraisal, would only have an insurance value of $3600.  However, when they recieve said appraisal, for, lets say 10k, then each year, they reduce the value by right around 15 to 20 percent, until I get a new appraisal.  

Its kind of a hassle, and much more expensive than "antique" insurance.  But I drive my car pretty regularly, and have it fully covered, so if some jerk rams me without insurance, at least Ill get enough dough, to be able to get another one.

Just my $.02

Bill Podany

I speak from personal experience as one who owns classic and milestone collector cars...national first prize winning show vehicles.  Hagerty Insurance Traverse City, MI is absolutely the finest and most ethical and responsible insurance carrier that I have ever used.  They will not insure daily drivers, only limited mileage vintage cars.  Last year my 41 Cadillac 60 Special had a freak accident at the Meadow Brook Concours dElegance; the car had lots of damage, and I had to be admitted into the emergency room in Rochester, MI.  Hagerty was on the spot and provided unlimited support including masterful repair of my classic, they paid all bills,no questions asked, and even followed up constantly to make sure that I was being taken care of.  Believe me, I have never had an insurance company ever that I had any respect for, except this company.  I even wrote to the Presiden of Hagerty thanking him for running a company with such a fine value system of ethical service.

Larry Savino

Hello folks my name is Larry,I own a 67 DeVille Convertable I stop in on this board often but never realy have anything to share.

Today I have some information to share on collector car insurance.

Its not all the same and you have to carefully select what is best for your car.

The only insurance you should have on a collector car used as a collector car is "Agreed Value Coverage" this means that you and the insurance company have agrred that in a total loss of your car you are paid what ever the agreed value is period end of subject.

State farm only offers "actual cash value" ACV or "Stated Value" this means that they only have to pay up to that amount.In the case of a total loss you have to prove what your car is worth at the time of a loss, Even if you have a current aprasial with in 6 months the loss is actually settled on "ACV" witch I am sure you realize the insurance company will always have a much lower number then you would

Please take the time to read about collector car insurance at the link below. Most of you guys will be changing your collector car insurance after reading this
 http://lelandwest.com/What_You_Should_Know.cfm TARGET=_blank>http://lelandwest.com/What_You_Should_Know.cfm

After reading it if you have questions please contact me,No I am not in the insurance buisness I am just into old cars and have heard so many horros stories about people being under insured I feel compelled to share what I know with others.

I am with condon skelly and have been with them since 1995 with "Agreed Value Coverage" that ties into the umbrella policy I have with my home owners and other dailey drivers. We have 2 drivers in my home me and my wife. We only had one dailey driver for my wife and my vechicle was a company owned vechicle that I had a letter from the company I worked for stating that the vechicle was part of my compensation package and the company had no regulation on what it was used for as long as it was not used in a manner to violate the traffic laws.I never had a problem with condon skelly and me only owning one vechicle. We now have 2 dailey driver cars in the family and I still have a company vechicle so maybee there rules have changed. If you want to see A picture of my Deville or my other collector cars please visit http://www.yellowcorvettes.com TARGET=_blank>www.yellowcorvettes.com

I cant say how condon skelly actually handles a claim as(knock on wood) I never had to make one and hope I never have to.

Good Luck guys  

Michael Stamps 19507

Hi Larry,
  I remember you posting before.  I think it was about the Climate control in your 67 DVC.  I just wanted to say that I welcome the updates on your 62 Vette.  Just dont let Pooter see it.

Stampie

Larry Savino

YUP finally the vette is done took me just about a year,

Last time I was here I was looking to gather information on a 1976 eldo i flew out to Michegan too look at.And yes you did share information with me about the hvac system in my deville