Stated Value Cobra Insurance

[Cobrakeith]

I just received a letter stating as of March 2020 my insurance company will no longer insure cars in Arizona . My coverage continues until the expiration date but when my current insurance expires I will need a new insurer. I would like to know which insurance companies other club members are using to insure their cars?

[MKS427]

Who is backing out of AZ?
I am using Grundy. Many use Hagerty Insurance. Ron was just telling me about Barrett Jackson. I was actually going to see how they compare.
Mark

[rads42]

I use American Collectors insurance. I have had Hagerty on my Chevelle for almost twenty years and when I got the Cobra they wanted me to submit a high performance driving resume. I'll spare all the details of all that BS but suffice it to say they did quote me and it was much higher than American Collectors even as an existing client in good standing. I was pretty disappointed in the way they handled everything.

[Danr55]

Keith, I use State Farm for declared value coverage. Who is cancelling?

[Cobrakeith]

I have Classic Collectors Insurance now through Midwest Classic Insurance Agency. The letter they sent me says they entered into an agreement with Hagerty and will no longer conduct business in Arizona. Thanks for the info guys, I'll take a look at those suggestions and see if I can get comparison quotes.

[HealeyRick]

Just a tip. You don't want "stated" value on a collector car. What you want is "agreed value" Here's the difference: https://www.hagerty.com/insurance/in...aranteed-value Most of the collector car insurance companies offer "agreed value" but the regular insurance companies offer "stated value" It can be a huge difference when it's time to pay out.

[Bob Broberg SPF667 460BB]

I use American Modern with agreed values on both of mine.
https://www.amig.com/insurance/colle...r-car-details/
Can't say it's better or worse than others. I get challenging prices with a competitor each year to keep them honest. Only payout was a windshield.
AZ Bob

[LudicrousSpeed]

Great info here - Tagged

[Phx Mike]

Keith I have the same insurance with the same agent (Robbin). I got the quote from Hagerty, and it was the same price that I was paying from Classic Collectors. Robbin suggested I get a quote from American Modern and it was quite a bit cheaper. Robbin says that he and his clients have had good luck with them with regard to claims so I went ahead with American Modern.

By the way, I am sure the insurance you have with Classic Collectors is Agreed Value not Stated Value. I asked Robbin about that on mine and he confirmed it. The insurance with Modern American is also Agreed Value.

Mike

[Karl Bebout]

Keith, I've been with American Modern many years. I have nothing but good things to say about them. They were extremely easy to work with, have adjusters that are familiar with our cars, and were prompt and fair with their claims payment.

[MKS427]

Originally Posted by HealeyRick

Just a tip. You don't want "stated" value on a collector car. What you want is "agreed value" Here's the difference: https://www.hagerty.com/insurance/in...aranteed-value Most of the collector car insurance companies offer "agreed value" but the regular insurance companies offer "stated value" It can be a huge difference when it's time to pay out.

It looks like you will need to read the policy (CONTRACT) on a policy by policy basis. Grundy's AGREED value endorsement, "we will pay the amount STATED in the Declaration." With Grundy, they appear to be synonymous. The policy is a contract and it would be best to read now, rather than learn the hard way when it counts.

[Trubble]

American Modern. Very easy folks to deal with. Good prices on both cars.

[MKS427]

In the process of comparing Barrett-Jackson & American Modern to Grundy.
Haven't received a quote yet, but B-J is partnered with AM. The lady at AM told me they wouldn't quote as a result, but the pricing is identical.
Currently, the GT350 is insured with Progressive, but not with AGREED VALUE. Grundy was too expensive for the GT350.
Will follow up when the results are in.

[twobjshelbys]

Originally Posted by MKS427

In the process of comparing Barrett-Jackson & American Modern to Grundy.
Haven't received a quote yet, but B-J is partnered with AM. The lady at AM told me they wouldn't quote as a result, but the pricing is identical.
Currently, the GT350 is insured with Progressive, but not with AGREED VALUE. Grundy was too expensive for the GT350.
Will follow up when the results are in.

I had Barrett Jackson before it was Barrett Jackson, which is a re-branded AIG Private Client Group policy. You can still get AIG without the BJ attached. When we moved to Nevada American Modern was cheaper. BJ/AIG is built around a collection - the more cars the lower the price overall. For a single car their price was $1/100 (400K of coverage cost 4K) of agreed value coverage. There were no mileage limits.

When I moved to Nevada I explored others. There was a broker that gave discounts on Ford GTs to the forum members. They also had lower rates for very low miles (not by much but enough to change). I think my 400K policy was about 3200/year with 1000 miles max (the lowest bracket they had).

You can save a bundle (truly) with the Barrett Jackson IF you also get your homeowners/daily-driver-auto through through the same broker. We saved about 1/3 of the premium by switching to their Auto-Owners line. It's not offered in all states (Nevada does not) so it might not be available but it was the lowest rate insurance we've ever had and they didn't jockey rates every policy. They also wrote 12-month regular auto which I preferred.

By the way, the broker at BJ also writes American Modern now. Ask for Amy, she was a great person to work with. I always say Hi to her whenever I go to the BJ auctions.

[MKS427]

Originally Posted by twobjshelbys

You can save a bundle (truly) with the Barrett Jackson IF you also get your homeowners/daily-driver-auto through through the same broker.

Home value has to be 1M minimum to bundle everything with them, is what I was just told, yesterday.

[HealeyRick]

Another thing to look carefully at in the policy is driving restrictions. Some severely limit when you can use your car and having an accident while taking it out for an ice cream run may leave you without coverage. Don't rely on their ads that say "no limitations" because when you read the policy you'll find there's no limitations as long as you are driving it in a parade, club event, car show and not much else.

[twobjshelbys]

Originally Posted by MKS427

Home value has to be 1M minimum to bundle everything with them, is what I was just told, yesterday.

I didnt mean through the same carrier. They have another line.

[MKS427]

THE RESULTS

Barrett-Jackson which goes through American Modern (Identical pricing per American Modern) saved us money over Grundy and Progressive.

On the Cobra, I raise the Agreed Value 5K and will save $289/yr, over Grundy.

Lisa's GT350 now has Agreed Value, but has a mileage restriction that shouldn't be a problem. This will save $335/yr, over Progressive.

Good hunting all,
Mark

[Cobrakeith]

Originally Posted by MKS427

THE RESULTS

Barrett-Jackson which goes through American Modern (Identical pricing per American Modern) saved us money over Grundy and Progressive.

On the Cobra, I raise the Agreed Value 5K and will save $289/yr, over Grundy.

Lisa's GT350 now has Agreed Value, but has a mileage restriction that shouldn't be a problem. This will save $335/yr, over Progressive.

Good hunting all,
Mark

Thanks Mark, good information.

[Blue66]

Great info.. mine is coming up for renewal in May.