More Is Less (Car Insurance)

dbCooper

State Farm has notified me that will not be renewing the "Classic" policy on my '69 Chevy.  They are handing over the policies to Hagerty and it will be known as a "Classic+".  Same coverage amounts at the same price except it must be purchased at 12 month intervals instead of 6.  So what is this "+" part?  Shouldn't that mean I'm now getting something additional to what I had?  Nope!  That means roadside assistance is dropped from the policy, but may be obtained by purchasing a membership in the Hagerty Drivers Club for $70.

Curiously, State Farm is still the underwriter of these policies, with Hagerty being the administrator.  I asked my State Farm person how much of the $70. increase they will receive.  Did not get a answer.

Ozzie_Isaac

Hagerty is generally the go-to for classic and exotic car insurance.  They have r more options and understand the use cases for these cars.

Also, being able to purchase 12 months at a time is great.  In AZ I have been limited to 6 months at a time.  So I have to go through the dance process twice a year.  

alaskanassasin

shop your local insurance broker, i am sure state farm is ripping you off.

fishlessman

Ozzie_Isaac said:

Hagerty is generally the go-to for classic and exotic car insurance.  They have r more options and understand the use cases for these cars.

Also, being able to purchase 12 months at a time is great.  In AZ I have been limited to 6 months at a time.  So I have to go through the dance process twice a year.  

its more a problem when you live in certain places where you store the vehicle for six months.  you dont need 12 months insurance but they are happy to charge you for a year

Ozzie_Isaac

fishlessman said:

Ozzie_Isaac said:

Hagerty is generally the go-to for classic and exotic car insurance.  They have r more options and understand the use cases for these cars.

Also, being able to purchase 12 months at a time is great.  In AZ I have been limited to 6 months at a time.  So I have to go through the dance process twice a year.  

its more a problem when you live in certain places where you store the vehicle for six months.  you dont need 12 months insurance but they are happy to charge you for a year

Oof, that is something I do not encounter in AZ, now I see the potential issues.

dbCooper

alaskanassasin said:

shop your local insurance broker, i am sure state farm is ripping you off.

I do use brokers when shopping insurance and agree SF is not typically the best choice for home or auto.  In this particular use case they were the best option.

nealmgb

I have Hagerty on my 68 MGB.  Stated amount coverage with no appraisal required.  I think they require it to be garaged and only I can drive it.  Never filed a claim so I can’t comment on service.  I’m on an MG forum and claims seem to be very favorable.  

Botch

@nealmgb, what do you think of the MG Cyberster?  I read it is available in the EU but don't know if it'll come to the US.  Its lines (and its price!) really caught my eye (not fond of the name, however).
 

MaskedMarvel

We have my grandfather’s 1930 Model A Ford garaged. It hasn’t been out in years, unfortunately. To register that tag,  North Carolina REQUIRES liability. Same as a daily driver. They also pair taxes with the registration, but that’s a different issue. 

And, basically, in NC, we’re regulated weirdly for auto insurance. It’s the same price wherever you go. 

Suuuuuuucks…

.. that’s all original, BTW..

Corv

Beautiful car!

RRP

I’m a big fan of Hagerty! I have been with Allstate since 1966. And it was my Allstate agent who told me they were ripping  me off on two of my cars: a ‘95 Corvette and a ‘99 Mercedes. 

Allstate remained the agent of record which just means they get some piece of the action and is not the actual insurer. I’m sure that is the case with SF as well. 

In 2025 my premium for both cars was less than $1,200. They have some restrictions but I could live with them. such as  only 2,000 miles per year and for pleasure only and there was none of that nonsense 
  about no winter driving or having to be mothballed for months.

Now here is the thing that apparently your SF agent forgot to tell you. With Hagerty insurance think of it the same as a life insurance policy whereas you set the value of your car / they don’t. Then your premium is based on that! So in the event your vehicle gets totaled then Hagerty’s underwriter pays that amount minus any deductible you chose.
As part of applying for insurance Hagerty required you to submit photos of your car including interior, motor bay and even trunk. they want proof that your vehicle is well cared for.

And lastly I’m speaking from experience. In Feb I totaled my Corvette and they paid our medical bills plus paid me $17,500 for my 31 year old car.Check a blue book and you’ll see my car with basic motor etc even super clean which mine was is not worth anything even close to $17,500. Again think of it as a life insurance policy.

RRP

Ozzie_Isaac said:

Hagerty is generally the go-to for classic and exotic car insurance.  They have r more options and understand the use cases for these cars.

Also, being able to purchase 12 months at a time is great.  In AZ I have been limited to 6 months at a time.  So I have to go through the dance process twice a year.  

Ozzie_Isaac said:

Hagerty is generally the go-to for classic and exotic car insurance.  They have r more options and understand the use cases for these cars.

Also, being able to purchase 12 months at a time is great.  In AZ I have been limited to 6 months at a time.  So I have to go through the dance process twice a year.  

Good to see you post again - last I saw was you were changing jobs. Any chance you will/would return to that big yellow tractor company?

RRP

Botch said:

@nealmgb, what do you think of the MG Cyberster?  I read it is available in the EU but don't know if it'll come to the US.  Its lines (and its price!) really caught my eye (not fond of the name, however).
 

Botch, if they make it to the US then I'm a buyer! I had a 1956 MGA for years and loved it, but this model's styling is beautiful!

Begger

Coverage is a real hassle here in California.    Our carrier went thru some trouble and I spent 3 hours or more at the Auto Dealership trying to get the 'carrier' policy so I could drive my new car home.    I never did get connected!
I went shopping for new....And with 'bundle' savings, added the house into the mix and went to 3 brokers.   
I had gone to one broker who tried conducting business in the LOBBY.    I walked out.   Another guy left my information with someone who never called back.   
California a a black hole of coverage.     Will you have EQ coverage with that?
At least AAA was interested in my business.  

dbCooper

RRP said:

Now here is the thing that apparently your SF agent forgot to tell you. With Hagerty insurance think of it the same as a life insurance policy whereas you set the value of your car / they don’t. Then your premium is based on that! So in the event your vehicle gets totaled then Hagerty’s underwriter pays that amount minus any deductible you chose.
As part of applying for insurance Hagerty required you to submit photos of your car including interior, motor bay and even trunk. they want proof that your vehicle is well cared for.

@RRP - Thanks for your insights.  My current policy at State Farm is a stated value policy and that value was chosen by me.  The only difference with moving to Hagerty is a price increase from $240/yr to $310/yr, or I can stay at $240/yr and forego emergency roadside assistance/towing coverage.  

Compared to all the other ways I waste money $70. does not even warrant a footnote.  It is mostly just the principle of a 30% increase and having SF present it as a no cost upgrade i.e. the name change from Classic to Classic+ coverage.

And I'm rooting for you to be behind the wheel of a MG Cyberster.

RRP

dbCooper said:

And I'm rooting for you to be behind the wheel of a MG Cyberster.

Thanks - that front end appears to be moulded fiberglass which is cool enough by itself. Then if the width of the rear tires are accurate in this picture(?) then they are wider for more traction - so perhaps it has a stable of horses instead of their traditional sewing machine power plant!

lousubcap

Another in the @RRP camp for whatever ride he wants.  Go for it!  Always time to look forward.  
That's why the front window on your ride is so much larger than the rear view mirror.  

Tspud1

I use Berkley One   https://www.berkleyone.com/offerings/classics/collector-cars/

Botch

RRP said:
...Then if the width of the rear tires are accurate in this picture(?) then they are wider for more traction - so perhaps it has a stable of horses instead of their traditional sewing machine power plant!

510 horsepower enough for you?
 
https://youtube.com/shorts/8ClUA93mYoI?si=c0lg4UCWkWDcH8zF

fishlessman

Botch said:

RRP said:
...Then if the width of the rear tires are accurate in this picture(?) then they are wider for more traction - so perhaps it has a stable of horses instead of their traditional sewing machine power plant!

510 horsepower enough for you?
 
https://youtube.com/shorts/8ClUA93mYoI?si=c0lg4UCWkWDcH8zF

510hp and it only goes 125mph my aerodynamic cinder-block rover had 510 hp, weighed over 6000# and would go 143mph

RRP

My sudden lust for that vehicle died immediately as soon as I realized that it is a battery auto. I don't want to be holding that car when the typical 5 year life expires. Dumping it at 2 years out would make more sense, but still lose half of your purchase price.. Caveat emptor