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Yanqui84@gmail.com
12-16-2009, 07:58 AM
Hello,

Around how much do you guys pay for insurance in your studebakers? I will be calling state farm in a couple of days and i will like to know more less what other drivers pay.

BobGlasscock
12-16-2009, 08:09 AM
I think I am a caso on this topic. I have a State Farm policy that provides comprehensive for ALL incidents concerning my car, not just driving, at a set value for payment for damages to my car. It costs $120 per year. The set value does not apply to 'driving' incidents, those are paid like any other insurance coverage. If something happens to the car requiring repair, that is when the set value applies. I just selected a value I felt would exceed any kind of repair.

'50 Champion, 1 family owner
http://i251.photobucket.com/albums/gg316/studebakerbob/SDC%20avatar/Studebakerstuff019.jpghttp://i251.photobucket.com/albums/gg316/studebakerbob/SDC%20avatar/Studebakerstuff018.jpg

Bob Bryant
12-16-2009, 08:55 AM
There are many companies specializing in antique/collector car insurance. You might consider a bid from a company like J. C. Taylor or Hagerty Insurance for comparison.

"It's like deja vu all over again."--Yogi Berra

Avantidon
12-16-2009, 09:11 AM
IMHO and after 30 plus years in the business, most of your mainline companies such as State Farm, Nationwide, Travelers, Erie and many many others do not have the expertise to settle claims on "Classic and Antique" automobiles. I have personally had to arbitrate settlements for at least three people in the last 18 months when they were involved in accidents involving some of the companies mentioned above. It does not lead to a pretty situation. I strongly recommend you insure your classic and or antique automobile insurer such as Hagerty, JC Taylor, Grundy, Condren & Skelly and others. I have 5 cars on one policy with extremely high limits and an aggregate of approximately $85K in physical damage coverage and the premium is less than $1K annually. I also have peace of mind that if I have aproblem I am going to get the help I need without a hassle. I've been there and done that with a hit and run claim on one of my Avantis so know from where I speak in addition to 30 years of experience. Of course, these are my opinions. I am insured with Hagerty :)

Chris Pile
12-16-2009, 09:24 AM
$85 per year for full coverage on my '66 Wagonaire - coverage by State Farm.

Chris Pile
Editor: The Studebaker Special
http://midwaystudebakers.tripod.com/

zoegrant
12-16-2009, 09:26 AM
I am using Hagerty and have two cars insured with them...each valued at $7000....the first car cost $100. the second car cost $25....I have antique plates and are limited to 3000 miles annually PER car

http://i941.photobucket.com/albums/ad260/zoegrant_bucket/BUDDY011-1.jpg

Yanqui84@gmail.com
12-16-2009, 09:31 AM
Thank you everyone for the hints.

sweetolbob
12-16-2009, 09:39 AM
Please remember that when you are comparing coverage costs you also need to compare coverage limits, et,al. My coverage through Condon and Skelly costs about $350/yr for a highly modified 54K valued at $15,000 and my 83 Avanti valued at $15,000 also. Coverage limits are $300K/500K and it is keyed into my umbrella policy.

Last year the total coverage for my AH 3000 and 39 Ford Coupe covered as above was $180. They are now gone to support finishing the 54K and purchasing and building the Avanti.

Bob

http://i258.photobucket.com/albums/hh263/sweetolbob/P1000416.jpg?t=1227109182, http://i258.photobucket.com/albums/hh263/sweetolbob/031-1.jpg?t=1254424814

S2DSteve
12-16-2009, 11:36 AM
One thing you need to know is rates vary radically depending on where you live, so comparing rates on a national forum is not very useful. The other is the term you want to see is "agreed value" (as opposed to estimated value, or actual cash value, or market value etc). Once you and the insurance company agree on a value and a policy is issued for that amount, you don't have to worry about negotiating in the event of a total loss. The other important variable is what kind of documentation they require to establish the value. Some will require an appraisal, but others will accept a price guide value along with pictures. Also, what kind of restrictions are placed on the use of the vehicle.

http://i165.photobucket.com/albums/u57/S2DSteve/Family12-1-2.jpg
Steve Hudson
The Dalles, Oregon
1949 "GMOBaker" 1-T Dually (workhorse)
1953 Commander Convertible (show & go)
1953 Champion Starliner (custom/rod project)
1954 Champion Coupe (daily driver)
1960 Hawk (future project?)

stude62
12-16-2009, 11:56 AM
I'm in the process of dealing with State Farm on this very topic!

To insure my 1963 Lark Regal, with the same coverage limits that I carry on my 2003 Nissan Maxima SE (comprehensive, medical, liability, etc and et. al. MINUS the rental car coverage in case of accident) is around $250 a half. HOWEVER, by getting State Farm underwriting to classify my car as a collectors vehicle (that its what it is, under its own power, isn't up on blocks) and will be driven on special occassions only (parades, club meeting, shows and for maintenance purposes), brings the insurance down to $55 a half for the same coverage as the Maxima.

The rationale for the significantly decreased cost is that the car will be driven fewer miles, less exposure to risk and will be driven more cautiously than a daily driver.

Here's the kicker, when the car goes into the storage garage for the winter and the battery is diconnected, the rate drops again to only about $5 for six months, for comprehensive coverage.

Stu K

http://i883.photobucket.com/albums/ac35/stude62/thumb-2.jpg
'63 Lark Regal, "Miss Rose"

Swifster
12-16-2009, 04:48 PM
quote:Originally posted by stude62

To insure my 1963 Lark Regal, with the same coverage limits that I carry on my 2003 Nissan Maxima SE (comprehensive, medical, liability, etc and et. al. MINUS the rental car coverage in case of accident) is around $250 a half. HOWEVER, by getting State Farm underwriting to classify my car as a collectors vehicle (that its what it is, under its own power, isn't up on blocks) and will be driven on special occassions only (parades, club meeting, shows and for maintenance purposes), brings the insurance down to $55 a half for the same coverage as the Maxima.


The problem is, suppose you insure the car thru State Farm for $10,000. Say two years down the road you have an accident that totals the car. You are at the mercy of the adjuster. Your agent can promise what he wants, but the adjuster has the checkbook. They could disagree and say the car is worth $6000 and that's what they'll pay you. Then you end up fighting the company. This is the risk of Stated Value.

This is why you stay away from companies like State Farm, Allstate, etc. They sell Stated Value policies. What you want is Agreed Value. Anything less is a gamble. If the difference is $100, why risk getting screwed at the end? Check out Hagerty, Grundy, Infinity or any other company that sells Agreed Value policies.

By the way, I'm the appraiser in central Florida for estimating damage for the three companies I listed above.

---------------------------------------------------------------------------------------------------
Tom - Mulberry, FL

1964 Studebaker Daytona - 289 4V, 4-Speed (Cost To Date: $2161.27)

1964 Studebaker Commander 170-1V, 3-speed w/OD (Cost to Date: $623.67)

http://i74.photobucket.com/albums/i280/Swifster/The%20Daytona%20File/Avatar%20Size/01-01-05TheStartingPoint.jpg http://i74.photobucket.com/albums/i280/Swifster/The%20Daytona%20File/Avatar%20Size/07-17-07FrontClipRemoved.jpg

Andy R.
12-16-2009, 05:00 PM
We've been happy with one of the above mentioned specialty insurers. Full coverage, agreed value of $15K, locking garage, urban zip code - $128/year. Very easy to deal with, even when temporarily adding/subtracting drivers (such as visiting parents) to the policy.

The following is a personal opinion based on experience.
State Farm is great, until you need them.
Here's what it took to resolve a claim for a no-fault accident that totaled a Studebaker.

1) Research two years' worth of advertisements and auction results to prove the agreed upon value on which the rates were based. This was not a collector policy, but a full coverage, unlimited use policy.

2) 363 days. All claims must be processed within one year of incident and they were stonewalling until...

3) ...the threat of legal action to recoup medical costs for my own injured passenger. My agent and I had to threaten my own insurance company to get them to pay up before the statute of limitations.

I wouldn't insure even one brand-x hubcap with State Farm again.[xx(]
[/rant]

Andy
62 GT

http://farm4.static.flickr.com/3160/3069855932_de3d120955_t.jpg

Chris Pile
12-16-2009, 05:38 PM
My whole family has been with State Farm since I was a kid.
Our current agent is the son of the guy we started with.
Never had a lick of trouble getting paid in 50 years for traffic accidents, property repairs, life insurance, etc.
Sorry your experience was bad.

Chris Pile
Editor: The Studebaker Special
http://midwaystudebakers.tripod.com/

Swifster
12-16-2009, 05:48 PM
quote:Originally posted by Chris Pile

My whole family has been with State Farm since I was a kid.
Our current agent is the son of the guy we started with.
Never had a lick of trouble getting paid in 50 years for traffic accidents, property repairs, life insurance, etc.
Sorry your experience was bad.


Chris, you are gambling you won't have a bad experience. I don't have to gamble. I know what I'll be paid.

---------------------------------------------------------------------------------------------------
Tom - Mulberry, FL

1964 Studebaker Daytona - 289 4V, 4-Speed (Cost To Date: $2161.27)

1964 Studebaker Commander 170-1V, 3-speed w/OD (Cost to Date: $623.67)

http://i74.photobucket.com/albums/i280/Swifster/The%20Daytona%20File/Avatar%20Size/01-01-05TheStartingPoint.jpg http://i74.photobucket.com/albums/i280/Swifster/The%20Daytona%20File/Avatar%20Size/07-17-07FrontClipRemoved.jpg

Dads Baby
12-17-2009, 01:25 AM
This is always a good topic. I have had State Farm since the mid 80's. I have had to speak my piece a few times but they have always come through. When we got the Packard, I did not hesitate, I called Hagerty! I agree about setting an "agreed value."

Carey
Packard Hawkhttp://i106.photobucket.com/albums/m267/myredyota/misc/146.gif?t=1221925054
http://i106.photobucket.com/albums/m267/myredyota/misc/DSCN0149.jpg?t=1195791215 http://i106.photobucket.com/albums/m267/myredyota/misc/Clublogo2.jpg?t=1208147476http://i106.photobucket.com/albums/m267/myredyota/misc/DSC_0046.jpg?t=1215313071

RareBird
12-17-2009, 05:04 PM
Hagerty charges me $200.oo a year with unlimited milage and flat bed towing up tp 100 miles. Thats with coverage of 23K. on the hawk.

http://i657.photobucket.com/albums/uu300/PackHawkDaddy/My%20Packard%20Hawk/P6230004.jpg
Packardbakerly,
J.D.

stude62
12-17-2009, 05:12 PM
You can talk to twenty people and get twenty different expiriences from twenty different people on twenty different insurance customers. I've been with State Farm since 1980, and have never had a problem with them when something has happened that has caused me to call them. But then again, my Lark is pretty basic and hasn't been restored yet, so I look at the insurance differently. Maybe when it gets new paint and a new interior I'll reassess the insurance issue.

On the other hand, we have had horrible expiriences with Liberty Mutual (our home owners policy following a hail storm three years ago) and with Nationwide eight years ago when our next door neighbor "got his feet confused" and drove his Caddy through our back yard and took out our landscaping and the fence. I just about lost it when the adjuster called me "Dude" and told me to "get a grip" when I heard how little they wanted to pay for our fence. I ought to post pictures of that mess in the stove hugger forum...[:p]




quote:Originally posted by Swifster


quote:Originally posted by Chris Pile

My whole family has been with State Farm since I was a kid.
Our current agent is the son of the guy we started with.
Never had a lick of trouble getting paid in 50 years for traffic accidents, property repairs, life insurance, etc.
Sorry your experience was bad.


Chris, you are gambling you won't have a bad experience. I don't have to gamble. I know what I'll be paid.

---------------------------------------------------------------------------------------------------
Tom - Mulberry, FL

1964 Studebaker Daytona - 289 4V, 4-Speed (Cost To Date: $2161.27)

1964 Studebaker Commander 170-1V, 3-speed w/OD (Cost to Date: $623.67)

http://i74.photobucket.com/albums/i280/Swifster/The%20Daytona%20File/Avatar%20Size/01-01-05TheStartingPoint.jpg http://i74.photobucket.com/albums/i280/Swifster/The%20Daytona%20File/Avatar%20Size/07-17-07FrontClipRemoved.jpg


Stu K

http://i883.photobucket.com/albums/ac35/stude62/thumb-2.jpg
'63 Lark Regal, "Miss Rose"

Chris Pile
12-17-2009, 05:31 PM
quote:Chris, you are gambling you won't have a bad experience. I don't have to gamble.

Say what you want, Tom - but I've always thought insurance was just betting the company that I would have an accident, and they were betting that I wouldn't.

Chris Pile
Editor: The Studebaker Special
http://midwaystudebakers.tripod.com/

GTHawk
12-17-2009, 05:59 PM
Regarding collector car insurance. There are two types of insurance coverage. All regular car insurance companies pay a claim at what they call actual cash value. Which is the value their adjuster states the car is worth at the time of the accident. Most if not all these companies appraise the car very low, certainly not what you think your car is worth.

Collector car insurance companies offer agreed value insurance and this is definitely what you want for your car, not appraised value. Agreed value is amount you and the insurance company agree the car is worth. In the event of a total loss that is what you'll receive. It' just like life insurance, when you die they do not depreciate you. Your people receive the amount agreed upon.

I have found some insurance agents who interchange these terms as if they don't know the difference and maybe they don't, but you as someone insuring a valuable old car should.

Hope this helps.

farmhawk
12-17-2009, 11:15 PM
I have my 61 Hawk with an agreed value of $30,000 and my 71 Mach 1 valued at $23,500 insured with American Collector Car Ins for $288/yr, full coverage 365 days a year. American was the ONLY collector car ins company that would insure the Hawk during restoration. Chris, it is your money and your bet, but if I total one of my cars I know exactly what the settlement is going to be! I won't have to be at the mercy of the adjuster.

Wayen K.
Libby, MT
1961 Hawk
1971 Mustang Mach 1

Swifster
12-17-2009, 11:25 PM
quote:Originally posted by Chris Pile

Say what you want, Tom - but I've always thought insurance was just betting the company that I would have an accident, and they were betting that I wouldn't.


Chris, that is very true. But you're adding a sucker bet that the adjuster will see your car in the same light you do AFTER it's being rolled up into a little ball.

Again, if anything happens I know what I'll be paid. You're hoping they'll pay the limit on your policy and not less. And this is the difference.

Wayne, most all collector car companies cover cars under construction. This is what my Daytona is covered with right now. I have a $3500 policy with Infinity in case the garage burns to the ground. Hagerty and Grundy also have these types of policies. Some agents don't understand this.

---------------------------------------------------------------------------------------------------
Tom - Mulberry, FL

1964 Studebaker Daytona - 289 4V, 4-Speed (Cost To Date: $2161.27)

1964 Studebaker Commander 170-1V, 3-speed w/OD (Cost to Date: $623.67)

http://i74.photobucket.com/albums/i280/Swifster/The%20Daytona%20File/Avatar%20Size/01-01-05TheStartingPoint.jpg http://i74.photobucket.com/albums/i280/Swifster/The%20Daytona%20File/Avatar%20Size/07-17-07FrontClipRemoved.jpg

candbstudebakers
12-17-2009, 11:30 PM
I have JC Taylor on ,
the 53 custom $20,000.00
the 67 Avanti $18,000.00
64 super hawk $20,000.00
63 super lark clone $10,000.00
52 4 door $5,000.00
53 pu hemi powered, $7,000.00
53 pu 3/4 ton $4,000.00
62 custom GT, $7,000.00

all full coverage $600.00 a year the more the cheaper, one can't drive them all the same time...Bob

Bob Peterson / C & B Studebakers

Castro Valley, CA
canbstudebakers-
http://i691.photobucket.com/albums/vv271/canbstudebakers/CedarRapids210.jpg

Swifster
12-17-2009, 11:34 PM
quote:Originally posted by Chris Pile

Say what you want, Tom - but I've always thought insurance was just betting the company that I would have an accident, and they were betting that I wouldn't.


Chris, that is very true. But you're adding a sucker bet that the adjuster will see your car in the same light you do AFTER it's being rolled up into a little ball.

Again, if anything happens I know what I'll be paid. You're hoping they'll pay the limit on your policy and not less. And this is the difference.

Wayne, most all collector car companies cover cars under construction. This is what my Daytona is covered with right now. I have a $3500 policy with Infinity in case the garage burns to the ground. Hagerty and Grundy also have these types of policies. Some agents don't understand this.

---------------------------------------------------------------------------------------------------
Tom - Mulberry, FL

1964 Studebaker Daytona - 289 4V, 4-Speed (Cost To Date: $2161.27)

1964 Studebaker Commander 170-1V, 3-speed w/OD (Cost to Date: $623.67)

http://i74.photobucket.com/albums/i280/Swifster/The%20Daytona%20File/Avatar%20Size/01-01-05TheStartingPoint.jpg http://i74.photobucket.com/albums/i280/Swifster/The%20Daytona%20File/Avatar%20Size/07-17-07FrontClipRemoved.jpg

buddymander
12-18-2009, 12:04 AM
You sure he didn't say, "Get a grip, STUDE"?

farmhawk
12-18-2009, 08:33 AM
Tom. at the time I started my restoration in 2005 ACC was the only one that would cover it. Haggerty, Grundy, JC Taylor and a couple more (names escape me) just kinda laughed and politely said no to insuring during restoration. Bottom line they said they only insure running vehicles.

Wayen K.
Libby, MT
1961 Hawk
1971 Mustang Mach 1

stude62
12-18-2009, 09:09 AM
quote:Originally posted by buddymander

You sure he didn't say, "Get a grip, STUDE"?


At that I would have laughed. He definatly said "dude" and when I asked him to repeat himself, he said it again.

Now, I'm 47, and I can remember being in college and being in situations where just saying "Dude" to someone could mean anything from "Hello" to "Got any munchies?" to "I am so sorry you flunked Oceanography 667; got any munchies?" but to use it in the course of settling a claim? We're trying to get an agreement about a fence and the guy is talking to me like I am bogarting the Funyuns bag.

In the end, I got Nationwide on my side and got my neighbor off the road. And I haven't had a bag of Funyuns since...[:p]

Stu K

http://i883.photobucket.com/albums/ac35/stude62/thumb-2.jpg
'63 Lark Regal, "Miss Rose"

S2DSteve
12-18-2009, 07:17 PM
Sorry, but there is some serious missinformation posted on this topic regarding State Farm. They (as do most of the other majors) offer "agreed value" collector car insurance. If that's what you get, there is no "negotiating" regarding value at the time of a claim. You get the amount stated in the policy. The time for establishing value is when the policy is written. Now you CAN get an actual cash value policy if it you don't want to live with the restrictions, and in that case the value is subject to verification at the time of a claim, but that's your choice.

http://i165.photobucket.com/albums/u57/S2DSteve/Family12-1-2.jpg
Steve Hudson
The Dalles, Oregon
1949 "GMOBaker" 1-T Dually (workhorse)
1953 Commander Convertible (show & go)
1953 Champion Starliner (custom/rod project)
1954 Champion Coupe (daily driver)
1960 Hawk (future project?)

Chris Pile
12-18-2009, 08:39 PM
Thanks, Steve.
State Farm and I agreed beforehand on an amount I figured I would have invested after a little "sprucing up".
Of course, time will tell whether it will be Tom or I saying "Told ya so".

Chris Pile
Editor: The Studebaker Special
http://midwaystudebakers.tripod.com/