Who insures your SyTy?
- Thread starter R&C_RallySyTy
- Start date
Maxtor
New member
Re: Who insures your SyTy?
Before you decide to go with a collector car insurance company read the contract very carefully. It's long and painful and generally written for people who trailer their car from one show to the next. I had Hagerty but dropped them after they wouldn't clarify several concerning points I identified in the contract regarding conditions where they won't pay. I was left with little confidence I would ever see the "mutually agreed upon value" from them since it seemed like several of the items that would create a total loss were not covered.
From a post I made in 2007:
I have Hagerty until 3/1 but I don't think I'm going to renew my policy. They just sent me an updated list of items they will not cover in an addendum with my policy renewal. At this point they have added so many loopholes I am wondering if there is any way I would ever see the mutually agreed upon value if something happened. For that matter, there is a good chance I won't see anything. Statements such as "We will not pay for damage caused by mechanical breakdown or failure" scare me. They will "not pay for damage caused by any spontaneous race, testing or preparation for a race, on a public road while operating the vehicle outside the legal speed". So if I crash going 60 in a 40, was I preparing for a race since I was speeding?? There are dozens of items like this in the "exclusions" section. I think before they fork out $40k mutually agreed upon value for my truck they would fight me tooth and nail. I asked my Allstate/Hagerty agent about these items and he said I was probably right.
Another thing I don't like about Hagerty is that there is no way to just do comprehensive (storage) insurance. I'm currently paying more for the Syclone per year than our 02 Sequoia or our 04 4-Runner.
I think I'm going back to Allstate even if it means I'll get rear ended on the actual value of the truck if something happens. At least I might get something.
Bottom line, be careful and read the contract from their perspective if you do collector car insurance. I'm not saying you will get the shaft, but there are plenty of loopholes in their policy. Their business objective isn't different than any other - making money.
R&C_RallyTy said:
Before you decide to go with a collector car insurance company read the contract very carefully. It's long and painful and generally written for people who trailer their car from one show to the next. I had Hagerty but dropped them after they wouldn't clarify several concerning points I identified in the contract regarding conditions where they won't pay. I was left with little confidence I would ever see the "mutually agreed upon value" from them since it seemed like several of the items that would create a total loss were not covered.
From a post I made in 2007:
I have Hagerty until 3/1 but I don't think I'm going to renew my policy. They just sent me an updated list of items they will not cover in an addendum with my policy renewal. At this point they have added so many loopholes I am wondering if there is any way I would ever see the mutually agreed upon value if something happened. For that matter, there is a good chance I won't see anything. Statements such as "We will not pay for damage caused by mechanical breakdown or failure" scare me. They will "not pay for damage caused by any spontaneous race, testing or preparation for a race, on a public road while operating the vehicle outside the legal speed". So if I crash going 60 in a 40, was I preparing for a race since I was speeding?? There are dozens of items like this in the "exclusions" section. I think before they fork out $40k mutually agreed upon value for my truck they would fight me tooth and nail. I asked my Allstate/Hagerty agent about these items and he said I was probably right.
Another thing I don't like about Hagerty is that there is no way to just do comprehensive (storage) insurance. I'm currently paying more for the Syclone per year than our 02 Sequoia or our 04 4-Runner.
I think I'm going back to Allstate even if it means I'll get rear ended on the actual value of the truck if something happens. At least I might get something.
Bottom line, be careful and read the contract from their perspective if you do collector car insurance. I'm not saying you will get the shaft, but there are plenty of loopholes in their policy. Their business objective isn't different than any other - making money.
92Typhoon1679
Member
Re: Who insures your SyTy?
I dont want to make you all feel bad on insurance i only spend $8.00 yes eight dollars a month on insurance a month but i have my truck listed as a Recreation vehicle and i put less than 500 miles on it in a year and i only drive my truck about 50 miles a Month so its CHEAP! my insurance company is Farmers. they have special plans for people that have collector cars that they only drive on sunny days and are not a daily drivers. but my insurance is not a high coverage though it only covers theft and damage caused by natural events like liabilty insurance but at any time i can increase it up if i want to go somewhere for the weekend and i only pay for the weekend. all i do is call them.
I dont want to make you all feel bad on insurance i only spend $8.00 yes eight dollars a month on insurance a month but i have my truck listed as a Recreation vehicle and i put less than 500 miles on it in a year and i only drive my truck about 50 miles a Month so its CHEAP! my insurance company is Farmers. they have special plans for people that have collector cars that they only drive on sunny days and are not a daily drivers. but my insurance is not a high coverage though it only covers theft and damage caused by natural events like liabilty insurance but at any time i can increase it up if i want to go somewhere for the weekend and i only pay for the weekend. all i do is call them.
92Typhoon1679
Member
Re: Who insures your SyTy?
yes mine is a multi car discount too so that helps. my insurance is bairly the State minimum so its not great coverage but my truck is garaged.
yes mine is a multi car discount too so that helps. my insurance is bairly the State minimum so its not great coverage but my truck is garaged.
Last edited:
djwaggoner
New member
Re: Who insures your SyTy?
When my 'clone was stolen - I got a whopping $1200 from GEICO!
Farmer's homeowners ins paid more than that for the contents!
I want "agreed value" ins, too - from a company that is trustworthy.
When my 'clone was stolen - I got a whopping $1200 from GEICO!
Farmer's homeowners ins paid more than that for the contents!
I want "agreed value" ins, too - from a company that is trustworthy.
R&C_RallySyTy
Little Big Man
Re: Who insures your SyTy?
That scares me...
Thanks for the heads up, I will be checking into these things. :squint:
Maxtor said:
That scares me...
Thanks for the heads up, I will be checking into these things. :squint:
