Car Insurance

[Yanqui84@gmail.com]

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]

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

[Bob Bryant]

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]

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]

$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]

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

[Yanqui84@gmail.com]

Thank you everyone for the hints.

[sweetolbob]

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

,

[S2DSteve]

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.


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]

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


'63 Lark Regal, "Miss Rose"

[Swifster]

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)

[Andy R.]

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

[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 Pile
Editor: The Studebaker Special

http://midwaystudebakers.tripod.com/

[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)

[Dads Baby]

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 Hawk