Full coverage insurance

I purchased Vintage car insurance through Allstate, a guy came out and appraised it, it is covered up to $10,500.00, the guy was sharp and did his homework. It is garage kept but I'm not sure if it's necessary for the coverage. It's even covered if the garage were to burn or colapse...God forbid.

 

Then don't go around saying things like this. You're going to shoot yourself in the foot.

I'm still not sold. A car can have only one value. If a collector car insurance company is going to insure a car for a certain value, they need to see evidence that it's worth that. What evidence do you have that your car is worth whatever you say it is?

You say you "had" a policy? Did you actually have the policy, or were you in the process of applying for it? Had they actually approved insuring it for $5,000, or is that what you applied for? Was the carport thing the only objection raised, or were there others?

 

Check with Progressive. They didn't bat an eye about having full coverage on my '81 Pontiac Safari. I did already have an existing policy with them, though.....

One bit of caution though.
I used to be in auto insurance claims. Without a 'stated amount' policy or specialized coverage, if something happens to your wagon, you are going to have to jump through hoops to get what you think is replacement value. There are steps you can take to be proactive in documenting this - keeping track of market values, saving ads for similar vehicles, etc.......

Marshall

 

But that's insured as a daily driver, not a collector car, correct? If your car were totaled in an accident, they would pay you the book value, correct? That's "full coverage" in their eyes?

That's not what the OP wants, apparently. His car is valued as a collector car, and he wants more than book value coverage. He needs to go with a collector-car insurance company like Hagerty.

If I'm understanding the situation correctly.

 

Correct. I have a normal policy. But it doesn't have any 'stated amount' for payment if it gets totaled. That means that I have to negotiate a settlement with them. If I don't like their offer, I submit proof of what I think the value should be. That 'proof' would usually be ads for similar vehicles. Another tactic is to pick apart the inspurance company's offer. Usually, they would have contracted with an outside firm that does this for a number of different ins. co's. It's maybe a 4-12 page report. You would look up the 'comparable vehicles' listed (info obtained from actual ads or perhaps used car dealer listings), then you would call on the ads, looking for issues. I've seen cases where the referenced vehicle (maybe with an extremely low price) actually has a 'salvage' title (and should be thrown out of the survey sample).

I employed the above method when I totaled my 03 Focus in 2010, and increased the offer from $6,300 up to $6,800.........

 

That's what I thought. But the OP doesn't want a normal policy because he feels the coverage would be too low as they would base the value on the book. That's why he working with Hagerty and running into problems with the restrictions they require.

I've never seen a collector car policy that didn't require storage in a locked garage. I'm sure exposure to weather is one reason, but possible theft and vandalism are others.

 

Man, I didn't mean to start a whole thing here, I was just seeing if anyone may have run into the same situation. As for Hagerty, yes they approved the 5K based on photos, even asked for extra photos of the interior and engine and I sent the payment, had a policy number and everything. It seemed to be a done deal until someone called about the carport. I was only asking because the guy I bought it from has a 63 Galaxie 500 that he claimed to have insured for 14K that sits outside, but he couldn't remember the name of the company, so it could be BS...Ok, I guess nobody has run into the same situation, so thanks!

 

That's poor service on their part. To have actually issued a policy and then turn around and rescind it is an amateur operation. They should make sure all questions are answered and all issues are resolved before issuing a policy.

It sure is! How could someone not know who their car is insured with? If he really had forgotten, it seems that he could have gone into his house, looked in his files, and gotten you the name.

 

Check with Grundy.

 

Grundy has the same restrictions when it comes to having a garage. In fact, all of the specialty companies do. Plus, let's say you lie and say it's garaged when indeed it is only under a carport. Something happens to the car and they come out to investigate to settle the claim, and all you have is a carport. Guess what? No payment, and they have the legal high ground.

I've had insurance with Hagerty for over 15 years, and have never had an issue with them. Oh, and the policy spells out the storage requirements, inability to use the vehicle for a spare or as a daily, etc, quite clearly and in real English.

 

Yeah, I think they're all pretty much the same when it comes to a garage. I spent about a week and a half searching before I gave up and got normal insurance. Hagerty does have a carport listed on the application though and I was honest and selected it. When they called about the carport they said if I lived in like AZ or NM a carport would be acceptable. I would never try to defraud anyone, I stole a 5 cent pack of BB's from a store when I was 12 and felt so bad that I snuck them back in the next day...

 

I have a two car garage large enough for four cars and a pole building with three cars and three cars worth of junk. Two car ports out back with nothing right now under them.
Does that mean I can buy more cars now? Ooops got off topic.
Plus my late model truck sits under one of my two vinyl pole shelters.
If a hurricane comes I doubt if any of them will protect my cars.

 

Good kid...even better adult.

 

Have you ever filed a claim with them?

 

This is interesting, and I'll bet it has nothing to do with likelihood of theft or damage. Rather, carports are not uncommon in this part of the world because of the general climate, and it's also an area with lots of older cars. If these companies absolutely required an enclosed garage before they'd issue a policy, they'd be cutting themselves off from quite a few potential customers.

Like everything else, it's all a matter of risk. Yes, a car is more susceptible to theft or vandalism if not secured, but the likelihood that any particular carport-stored car would be stolen or vandalized is small. Sell enough policies in the area, charge enough for each, and you can make enough to cover the occasional loss.

They say that having a carport is acceptable. Any word on whether having a carport raises your premium over what it would be if you had an enclosed, locked garage?