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Car Forum / Chevrolet / Chevrolet Corvette / October 2004American Collectors Insurance question.
American Collectors Insurance, does anyone have a good or bad feeling about their worth. I was quoted a price of about 25% of what my insurance company is charging me now for my 1972. Very nearly the same coverage, based out of Cherry Hill NJ, the NJ is almost enough to scare me off. ;-] Yes, I'm aware of stated versus replacement value.  SignatureDad 05 C6 Silver/Red 6spd Z51 72 Shark Black/Black/4spd >American Collectors Insurance, does anyone have a good or bad feeling about >their worth. I was quoted a price of about 25% of what my insurance company >is charging me now for my 1972. Very nearly the same coverage, based out of >Cherry Hill NJ, the NJ is almost enough to scare me off. ;-] > >Yes, I'm aware of stated versus replacement value. Dear Dad... send Money... lol Just could not resist BUT to answer your question I have used American Collectors for well over 10 years AND I have had a claim ! The REAL Insurance Company BTW is American Bankers Ins of Florida... Am Collectors out of NJ is the broker Clam was handled without any hassle to me, or the body shop that did the repair .. The only problem ( and it really was not a problem) is that I had to wait 3 days for one of their adjusters to contact me and come out to see the car... Their adjusters are not the normal Gieco adjusters etc the adjuster who was given my claim had to travel close to 100 miles to see the car ...he told me that all he handles is claims involving, Collector Cars etc. Street Rods etc... and he himself was into Mopars... Anyway I had not a single problem with them... Bob Griffiths 64 & 72 Corvette Ragtops 76 79 & 95 Corvette Coupes 68 SS 396 Chevelle And YES thay also insure my 95 even though it is "too new" since I use it the same as my other toys...and because I have 5 other cars covered by them I guess... my 72 is valued at 18k costs me $108 a year (its my 4th car ) IF it were the 1st car the total would be $142 and $130 if it was listed as the 3rd car... the 4th 5th and 6th cars do not get charged for Body Inj & Prop Damage liability, or personal Injury or uninsured/underinsured motorists ... Towing and 500 buck spare parts is included on all the cars at no charge... > American Collectors Insurance, does anyone have a good or bad feeling about > their worth. I was quoted a price of about 25% of what my insurance company > is charging me now for my 1972. Very nearly the same coverage, based out of > Cherry Hill NJ, the NJ is almost enough to scare me off. ;-] > > Yes, I'm aware of stated versus replacement value. Hi Dad. I've had Am. Collectors for about 12-14 years now and am happy with them - though I've never had a claim. Like the other specialty insurers they have clear restrictions on who, what, when and where you can expose your car to risk. Some would find the rules too restrictive but they all work just fine for me. One of the benefits to the way I use the cars is that with my regular insurer, State Farm, I had to formally withdraw and reinstate coverage during the winter and spring when the car was "tucked in" to save on the premiums. With Am Collectors the cars are always covered but the price is so favorable I don't feel the need to withdraw or reinstate and can take the car out on a sunny December day if the mood strikes me. Here's waving to ya - \|||| Owen ___ '67BB & '72BB ___ "To know the world intimately is the beginning of caring." -- Ann Hayman Zwinger >>American Collectors Insurance, does anyone have a good or bad feeling about >>their worth. I was quoted a price of about 25% of what my insurance company [quoted text clipped - 25 lines] > "To know the world intimately is the beginning of caring." > -- Ann Hayman Zwinger If you trailer the car to events make sure you're covered. HTH...... Mike. >> Hi Dad. I've had Am. Collectors for about 12-14 years now and am happy >> with them - though I've never had a claim. Like the other specialty [quoted text clipped - 21 lines] > If you trailer the car to events make sure you're covered. > HTH...... Mike. No need to worry about me putting a Corvette on a trailer. They were made to drive and that's what I do, rain or shine, year round. If it's on a trailer someone stole it. We are having a thunderstorm here right now and I leaving for the east cost in about 8 hours. Need to see how the Supercar tires work in the rain. SignatureDad 05 C6 Silver/Red 6spd Z51 72 Shark Black/Black/4spd American Collectors sounds good from the other posts, but I use Grundy. I have several cars/projects covered through them with a total stated value of I think $46,000 & it costs me $457 per year for full coverage. They must be stored inside, & not used for work transportation or errands. But the mileage is unlimited. Works for me. HTH, ~ Paul aka "Tha Driver" Giggle Cream - it makes dessert *funny*! Grundy won't insure a Corvette newer than 1974 UNLESS you have several older ones already insured with THEM. And they are much higher than American Collector, but slightly less than Haggerty (only slightly, like$5 on $100 less.) But they do have no mileage limits defined by miles. Still, if you begin racking up the miles, and can't show it is show or car club related, they begin to wonder. Like if you do 10,000 miles but you only went to one show 75 miles away, and you are not in a car club that does weekend tours or such, then they begin to think of that extra 9,925 miles as "errands" and not in the Grundy way of thinking. Their communications with you is poor, at least in the initial stages when you are trying to get insurance. > American Collectors sounds good from the other posts, but I use Grundy. I > have several cars/projects covered through them with a total stated value [quoted text clipped - 6 lines] > > Giggle Cream - it makes dessert *funny*! I passed up Haggerty years ago simply because of their answer to a simple question I had asked.... I asked simply "am I covered IF I drove a car 75 miles one way to just to say hello to my parents... sit on the porch a few hours and drive home... They answered NO I would not be covered... ???? To me this is driving the car for pleasure to them it was NOT.... I just this week sent them a check for my renewal (5 Corvettes & a Chevelle) and they give you ONE space to list your odometer reading... To be honest I have left this space BLANK for the last 10 years ...and still had no problem with a claim about 5-6 years ago.... I would feel a little better if they gave me 6 spaces... but they only give you one... 2500 miles per year per car is not a problem... I onoly wish I could max them all out... lol Bob Griffiths >Grundy won't insure a Corvette newer than 1974 UNLESS you have several older >ones already insured with THEM. [quoted text clipped - 11 lines] >Their communications with you is poor, at least in the initial stages when >you are trying to get insurance. >Grundy won't insure a Corvette newer than 1974 UNLESS you have several older ones already insured with THEM. >And they are much higher than American Collector, but slightly less than Haggerty (only slightly, like$5 on $100 less.) >But they do have no mileage limits defined by miles. Still, if you begin racking up the miles, and can't show it is show or car club related, they begin to wonder. Like if you do 10,000 miles but you only went to one show 75 miles away, and you are not in a car club that does weekend tours or such, then they begin to think of that extra 9,925 miles as "errands" and not in the Grundy way of thinking. >Their communications with you is poor, at least in the initial stages when you are trying to get insurance. *********** I didn't have that problem. I called & they were great & answered all my questions. They even sent me my cards via email. I have several cars so I don't rack up that many miles on any one car. (but I do drive them for pleasure as far as I like ;-) Hummm... they didn't even ask for odmeter readings... ~ Paul aka "Tha Driver" Giggle Cream - it makes dessert *funny*! There was a great article last year in VETTE magazine on collector insurance. There is another phrase you have to be very aware of besides Stated and Replacement. But I can't remember it off the top of my head.. In the article VETTE said that is was something that 99% of Insurance Agents aren't really aware of and misrepresent to customers when the customer is asking specific questions. (not intentionally though) >American Collectors Insurance, does anyone have a good or bad feeling about >their worth. I was quoted a price of about 25% of what my insurance company [quoted text clipped - 4 lines] > > SignatureRic Seyler Online Racing: RicSeyler GPL Handicap 6.35 ricseyler@SPAMgulf.net http://www.pcola.gulf.net/~ricseyler remove –SPAM- from email address -------------------------------------- "Homer no function beer well without." - H.J. Simpson > There is another phrase you have to be very aware of besides Stated > and Replacement. What are the pros and cons of stated vs. replacement. (Am. Collectors uses stated values as I understand it - I state it, they agree and insure it for that amount.) Here's waving to ya - \|||| Owen ___ '67BB & '72BB ___ "To know the world intimately is the beginning of caring." -- Ann Hayman Zwinger There are: Replacement value Agreed Value Stated Value what they mean is this: Replacement value - they will give you whatever price is the replacement cost. However, they seek replacements by checking the local market and taking an average with some companies and the lowest price with outs. So if you total your mint 35,000 mile restored 1970 LT1 convertible, and they find someone advertising a 1970 convertible for $8000, guess what you get. Agreed Value - They agree to a value and base the charges to you on this amount. When the car is totaled, they then pay a figure that often is less than what your car is worth. I'm not clear if this is due to them doing magic with replacement cost, market value, and agreed value and averaging to get a number, which I think is what some do, or if it is due to the price does not change with the market. For example, if you insured your NOM 1964 convertible for $25,000 3 years ago ( a very good price for you), it is now about $5000 or more below what you need to replace your car, but you agreed to $25,000. Stated Value - You say your car is worth $30,000, you pay rates based on $30,000, and if totaled, you get $30,000. Cut and dried. > > There is another phrase you have to be very aware of besides Stated > > and Replacement. [quoted text clipped - 12 lines] > "To know the world intimately is the beginning of caring." > -- Ann Hayman Zwinger As always Tom has given a pretty good answer ... I still believe that these terms are defined differently by each Insurance Company depending on the phase of the moon etc on any given day...( night ?) I do know that when I had a "Big Oops" a few years ago the adjuster (from American Collectors) was really cool as he explained how the Insurance Companies work...(He also did adjustment work for several other Collector Insurance Companies) ... Generally a car is totaled if it will cost 80 percent of its value to repair... so if you insure your car for $20,000 it will be totaled MOST OF THE TIME... if it will cost the Insurance Company $16,000 in parts and labor to repair it.... BUT.... even with a Zero deductible your out of pocket expenses MAY be quite allot ... Take your OEM ENGINE... IT DOES WEAR OUT ...so it is depreciated over a period of time...and after 30 years.. guess what....it is worth zero in the mind of the Insurance Company...Oh you had it rebuilt 3 years ago... well then it is only depreciated 30 percent...??? In other words you are responsible for 30 percent of what that engine costs to be replaced... and the Insurance company is off the hook for that 30 percent. Just sit down and think about what parts do wear out on a car and can be (at the Insurance companies whim be depreciated)... Now take your OIL PAN... That part DOES NOT WEAR OUT so they will pay 100 percent for a replacement...even if you ripped a hole in the bottom as you sailed the car over the railroad tracks ... Now in the Street Rod area where Graphics (Shadow Flames, etc) are pretty common you get a major break.... The Insurance company has to pay to have them replaced (expensive) even if you do not repaint the car with graphics... You can pocket the money...! What I learned from him is DO NOT OVER INSURE A CAR... I you owned that one (1) 1983 Corvette that sits in the lobby of the NCM and had it insured for 1,000,000 bucks since it is a true 1983 ...all the insurance company would need to rebuilt it is the rebuild able frame ...damaged or not...... Then they can bolt on parts (new or used) off of one of the 1,000's of 1984 Corvettes and repair the car ... and I bet that the cost to repair your one and only 1983 will be less then one million bucks... Bob Griffiths 68 SS 396 Chevelle 64 & 72 Corvette Rag tops 76 79 & 95 Corvette Coupes ============================================= >There are: >Replacement value [quoted text clipped - 38 lines] >> "To know the world intimately is the beginning of caring." >> -- Ann Hayman Zwinger > Stated Value - You say your car is worth $30,000, you pay rates based on > $30,000, and if totaled, you get $30,000. Cut and dried. Thank you for the explanation. The stated value is American Collector's method, yes? Here's waving to ya - \|||| Owen ___ '67BB & '72BB ___ "To know the world intimately is the beginning of caring." -- Ann Hayman Zwinger |
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