Classic Auto Insurance - New offering

bmwmadman

bmwmadman

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I have been very happy with Haggerty's policy and service levels. I have had a policy with them for many years. But on the other hand, I also have been very happy with the service levels at AAA and how they have taken care of me. I was very surprised to find out recently that AAA is now in the Classic Auto business.

So for ****s and giggles I had them quote me a price to convert over from Haggertys. I only have one car on the haggertys policy. While I had to haggle with them on the car stated value of the car, I was pleasently surprised. All coverages being the same the AAA quote was about 1/3 the price. It came out to $125 a yr for 30K stated value and 500K limits. The only catch was 2500 miles limit annually - not sure is they actually check or not. But for me I don't drive that much anyway.

So for you AAA customers or others looking for classic car stated value policy, you might want to investigate. I'm not trying to sell this and I don't work for AAA. Just thought I would pass this info along so others can save some money and protect teir love and joy.

Gary
 
I have American Collectors which is the same rate as a Hagerty's but I am allowed 5k miles a year which makes a big difference to me. I probably log around 3500 to 4000 miles a year and next year when I retire I plan to enjoy it even more.
 
Do they limit you to "club related" activities or parades like some do?

HB Chris said:
I have American Collectors which is the same rate as a Hagerty's but I am allowed 5k miles a year which makes a big difference to me. I probably log around 3500 to 4000 miles a year and next year when I retire I plan to enjoy it even more.
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I have my coupe bundled with my State Farm policy. Agreed value, $29K. I believe 4K per year but no one ever checks and I am under that limit anyway. They even allow me to take it to "Driver's Schools" although I leave off the "High Performance" part.

Premium $150 a year.

Steve
 
My policy (Impact/ING) is similar in that there is an annual 3000 mile limit but for $25 more I can buy a "holiday" package with unlimited mileage/no time restriction for the longer drives. I do this for any long drives and use the 3000mi basic for the local stuff.

Doug
 
bmwmadman said:
I have been very happy with Haggerty's policy and service levels. I have had a policy with them for many years. But on the other hand, I also have been very happy with the service levels at AAA and how they have taken care of me. I was very surprised to find out recently that AAA is now in the Classic Auto business.

So for ****s and giggles I had them quote me a price to convert over from Haggertys. I only have one car on the haggertys policy. While I had to haggle with them on the car stated value of the car, I was pleasently surprised. All coverages being the same the AAA quote was about 1/3 the price. It came out to $125 a yr for 30K stated value and 500K limits. The only catch was 2500 miles limit annually - not sure is they actually check or not. But for me I don't drive that much anyway.

So for you AAA customers or others looking for classic car stated value policy, you might want to investigate. I'm not trying to sell this and I don't work for AAA. Just thought I would pass this info along so others can save some money and protect teir love and joy.

Gary
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I just spoke with AAA and they said that their classic car policies aren't available until after August 1. I'm in NoCA, not sure if that makes any difference.
 
I looked into this over the weekend. I was told they are available now (maybe just in SoCal ??). However this new policy is apparently only available for '72 and older.
 
Not sure about the So Cal vs No Cal thing. They offered me the policy earlier this yr. I also put my wife's 89 Mercedes on it. So the comment about having to be older than 1972 sounds fishy. After 20 years, a cars is considered a classic.
 
AAA is regional in their operations...so I suppose they are rolling out the policy later in N. Cal.

Did they inspect the car for any of the Classic policies Haggerty, ING, State Farm...?? or was it "stated value"?

I have an Actual Cash Value (State Farm) policy on my coupe ongoing since '84 (they looked at it parked outside their office when I purchased it).
Jon
 
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Buyer beware! You want your policy to show "Agreed" value, not "Stated" value. There is a big difference. Stated value gives the insurance company wiggle room.
 
Steve,

I am not limited to parades and club activities and it "shouldn't" be used to commute to work. If I abuse the rules I could be dropped but it doesn't void any claim, just would not be renewed. They were very easy to deal with over the phone and I just sent them a couple of photos.
 
My State Farm agent came to the house and took some photos. Has not been back in years. No problems.

Steve
 
Being a car appraiser by profession, i know a bit about this.

It is of the utmost importance your policy reads "Agreed Value" and not "Stated Value" as 66toaster said, the difference is the stated value is the same policy as an Actual Cash Value, except it limits the upside of the value of the car!! its actually a worse policy than an ACV. For example if your $50,000 freshly restored CSI car get totalled, you have a stated value of $50,000 on the car, you will get paid the fair market value based upon comparables out there in the marketplace, so all the rusty lumps out there are percieved as the comps, so the insurance company offers you $12,000 for it. Not good, also if the car market goes crazy and every E9 coupe is worth $100,000 in a couple of years, you have an accident, you will get paid the stated value $50k

dont think your insurance agent knows the difference either, i recently had a case where the agent didnt know the difference between stated and agreed and my client was out of pocket $25k because he had stated value, the insurance company was charging him an extra $600 premium for the stated value policy !

so read your policy and protect yourself, if your car is worth over $50k you will need an appraisal with AAA (that's where i come in) hope this helps

neil
 
bmwmadman said:
Not sure about the So Cal vs No Cal thing. They offered me the policy earlier this yr. I also put my wife's 89 Mercedes on it. So the comment about having to be older than 1972 sounds fishy. After 20 years, a cars is considered a classic.
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I don't suppose you have the AAA agent's name and number ? Id like to sign-up for the policy and my agent is apparently not looking up the correct info.
 
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