Insurance Questions -

[Coronet_Arch]

I would do as you suggest for safety sake. But to be clear a shop has to have insurance to cover customer goods in their possession. If they didn’t they wouldn’t be in business for long. But always ask for certificates of insurance if you’re planning to leave your car at one for any length of time.

The important thing to remember is that the insurance pays the owner of the shop up to the policy limits. Unless you are named as additional insured it does not pay you. In the event of a fire destroying a shop along with the customers' cars (it does happen) the insurance writes a check to the shop owner for up to the limit of the policy if the value of the loss exceeds the policy limits.

 

[Geff McCarthy]

American Collectors insures mine, but I think you must be a USAA member.

 

[WileERobby]

Not always true. I have GEICO and was rear ended while at a stop light by some knucklehead coming off the freeway and was seriously going 60 mph when he hit me. This was 3 years ago and I had just recently gone to Geico. My SUV was seriously damaged as you might expect. As was I. Bottom line the guy that hit me was underinsured so GEICO had to pay a significant part of the freight. They did want to spring for used parts but I was smart enough to bring the car the best Lexus shop in the area. The guys there convinced them to buy everything brand spanking new. Including - not straightening the frame - but instead replacing it. It took awhile to repair but I did nothing - the shop negotiated it all. When I got the Lexus back it was unbelievably pristine - one would never know. Bottom line it can be done if you use the right shop. It was a good experience for me - sans the time in the hospital..

That's only because you picked A GOOD SHOP ! The shop fixes the car, not the insurance company. Sometimes the shop will get OEM parts price match to the aftermarket crap that the insurance company Geico will only pay for. I know I've been in the industry for many years. You had a good experience due to the shop, not Geico. Geico sucks, they will put aftermarket parts on a car 3 days old.

 

[Budnicks]

Geico = Govt. Employees Insurance Co.
that should tell you all you need to know
don't believe a word that lame-*** lizard tells you

stay the **** away, go to Hagerty or even Grundy

I had AAA on everything until recently
never ever had any problems
But;
they jumped/increased "up in costs", like 40% for all aspects
house, trucks, car, RV, boat

I don't/didn't do it because I'm a cheap bastard
everything else is still AAA, except my classic car
& AAA had it as an agreed "replacement" valued at $55,000
(probably low in today's market)
the classic car policy alone (68 RR) went up like 80% in rate...

It's under Hagerty now too, no stipulations, same stated value...
about the exact same as what I was paying AAA bundled policies
with "a clause" if it is driven less than 2,000 miles anually "it is like 33% less"
before the price hike...

All the car, trucks, boat, RV etc. have both me & my father as drivers
both our names on the reg. too (living trust legal BS)
removing him from the policy on only the RR, helped too...

He dinged up my/a 02 F350 4x4 7.3ltr PS diesel dually truck (150k miles)
bumper & rear dually fender & paint, recently (he 85 y/o)
& "totaled" Rv (insurance lingo for spent too much for an old trailer)
the trailer was/is in near perfect condition, aside from the **** he sideswiped
that is fixed now, it's some BS deal by the insurance co.
I still made them fix it...
The RV (5th wheel) & F350 truck are 20 years old now, both are 2002's,
both are near perfect condition...
They assed or valued the RV at like $5,800,
it cost $5,400 to repair the damage he did, hence trying to total it...
It was 100% his fault too...
we've been with them for well over 20 years
Only claims were his, this sideswiped deal & a lil' wreck some 10+ years ago
in another damn Safeway parking lot had to replace a front bumper
& headlight trim etc. (like an $800 claim)...
They "NOW" or recently (2+ years ago) before the chip shortage deal
before used car went thru the roof... "had" valued the truck at like $10,000
"not anymore" they don't, not in today's market, it's not,
probably still double that...

******* insurance
It is a legal 'mafia type' protection extortion racket...
You pay me extortion now "for if something happens to you in the future"

Pisses me 'the **** off'

 

[1969VAGTX]

I have had Grundy for quite a while on my cars. Their rates were better than Hagerty, not that Hagerty is a bad company. They have always been responsive and raised know real issues on the agreed value of my cars. I don't think you can go wrong with these two or similar companies. Stay away from insuring a classic from traditional insurance companies.

 

[GetX'd]

That's only because you picked A GOOD SHOP ! The shop fixes the car, not the insurance company. Sometimes the shop will get OEM parts price match to the aftermarket crap that the insurance company Geico will only pay for. I know I've been in the industry for many years. You had a good experience due to the shop, not Geico. Geico sucks, they will put aftermarket parts on a car 3 days old.

Sure if you let them. But the moral of the story for me is to always pick the best in the business for repairs. It’s not that complicated. Why would one pick a **** shop that lets the ins co roll over them? You’re not paying for it the ins co is. Pick the best and the rest will take care of itself. Play the game that’s in front of you.

 

[GetX'd]

Well if not, then who is? I know off-hand they insure for Heathcock, National Corvette Museum Insurance and Midwest. Apparently the Treasure Guard policy’s offered by American Collectors are insured by Modern. Companies like Haggerty, Grundy, etc, are underwritten by other insurers but I don’t see much repetition in them. So, maybe they aren’t but if my impression is wrong I would like to know who is the largest.

I don’t know which classic carrier is the largest - DuckDuckGo is your friend. Search it. One thing to know is that many of these carriers - of all kinds - have multiple companies under their umbrella. Companies they’ve either purchased or merged with over the course of their lifetimes. For example - I started my career and spent half of it with The Hartford. They have acquired or split their paper amongst many companies over their 200+ year history. They use each company
under their umbrella for different lines of ins and/or products and rating structures. Point of reference The Hartford has a company called Twin City Fire - This was once an old line carrier based in my hometown of Mpls, MN. Now owned for many years by The Hartford - they use it for substandard higher risk insureds. All of these various companies have their own rate filings - Twin City I believe is the highest priced of Hartfords multiple carriers due to the substandard higher risks they’re used to insure. Most carriers that have been around for awhile have similar structures. It can be confusing to the uninitiated - but quite clear to those in the biz. So point of fact - I believe Condon & Skelly is owned by Ironshore as one of their multiple paper companies. Haggerty I believe was on it’s own prior to the recent merger with Alendel. But I believe even Haggerty had several companies under their umbrella from purchases over the years.

So enough of that - If I haven’t confused the issue even more - I hope I’ve shed some light on how these carriers function and are structured.

 

[Russ Hood]

American Collectors insures mine, but I think you must be a USAA member.

You don't

 

[WileERobby]

Sure if you let them. { you can't dictate what the insurance company pays for, they do } But the moral of the story for me is to always pick the best in the business for repairs. It’s not that complicated. Why would one pick a **** shop that lets the ins co roll over them? { that happens all the time, the insurance company holds the hammer } You’re not paying for it the ins co is. Pick the best and the rest will take care of itself. Play the game that’s in front of you.

Different states have different regulations, in some states like New Jersey, the insurance companies rule. The body shops are forced to use whatever the insurance company pays for. And here, whether you like it or not, that's the way it is, not only Geico, but practically all the major ripoff companies. They all suck.

 

[Russ Hood]

Geico = Govt. Employees Insurance Co.
that should tell you all you need to know
don't believe a word that lame-*** lizard tells you

stay the **** away, go to Hagerty or even Grundy

I had AAA on everything until recently
never ever had any problems
But;
they jumped/increased "up in costs", like 40% for all aspects
house, trucks, car, RV, boat

I don't/didn't do it because I'm a cheap bastard
everything else is still AAA, except my classic car
& AAA had it as an agreed "replacement" valued at $55,000
(probably low in today's market)
the classic car policy alone (68 RR) went up like 80% in rate...

It's under Hagerty now too, no stipulations, same stated value...
about the exact same as what I was paying AAA bundled policies
with "a clause" if it is driven less than 2,000 miles anually "it is like 33% less"
before the price hike...

All the car, trucks, boat, RV etc. have both me & my father as drivers
both our names on the reg. too (living trust legal BS)
removing him from the policy on only the RR, helped too...

He dinged up my/a 02 F350 4x4 7.3ltr PS diesel dually truck (150k miles)
bumper & rear dually fender & paint, recently (he 85 y/o)
& "totaled" Rv (insurance lingo for spent too much for an old trailer)
the trailer was/is in near perfect condition, aside from the **** he sideswiped
that is fixed now, it's some BS deal by the insurance co.
I still made them fix it...
The RV (5th wheel) & F350 truck are 20 years old now, both are 2002's,
both are near perfect condition...
They assed or valued the RV at like $5,800,
it cost $5,400 to repair the damage he did, hence trying to total it...
It was 100% his fault too...
we've been with them for well over 20 years
Only claims were his, this sideswiped deal & a lil' wreck some 10+ years ago
in another damn Safeway parking lot had to replace a front bumper
& headlight trim etc. (like an $800 claim)...
They "NOW" or recently (2+ years ago) before the chip shortage deal
before used car went thru the roof... "had" valued the truck at like $10,000
"not anymore" they don't, not in today's market, it's not,
probably still double that...

******* insurance
It is a legal 'mafia type' protection extortion racket...
You pay me extortion now "for if something happens to you in the future"

Pisses me 'the **** off'

I don't know what state you live in but I'm sure you could self insure instead of paying that "extortion money."

 

[GetX'd]

Different states have different regulations, in some states like New Jersey, the insurance companies rule. The body shops are forced to use whatever the insurance company pays for. And here, whether you like it or not, that's the way it is, not only Geico, but practically all the major ripoff companies. They all suck.

Well you have a choice - buy a bond and self insure if you’re so bitter. I work the system I know quite well countrywide for my best benefit. Haven’t been screwed ever. To each his own…..

 

[wahya]

Well kinda along these lines. I have a classic boat, I am planning a refurbishment and have sold my old motor because I’m not really in a position to store it. I plan on repowering with new. The problem is, outboard motors are scarce these days and it may take a year or more to get one. Since it will not be used, I thought maybe I could save some money, not having liability, fuel spill issues and such. I contacted Geico to inquire. Wrong decision. They informed me that they only insured boats that were usable. Cancelled me on the spot. I wonder if it is the same with a car. If someone decides to replace a motor or a drivetrain that will be taking some time to accomplish,or for that matter major body work that will effectively render it not roadworthy, would a company drop you for this.

 

[WileERobby]

Well you have a choice - buy a bond and self insure if you’re so bitter. I work the system I know quite well countrywide for my best benefit. Haven’t been screwed ever. To each his own…..

It's from years of experience. You and I may know the shortcuts, but I've seen people get royally screwed by companies only interested in fattening the ceo's and the stockholders bank accounts. And they don't give a spit about their employees, either.

 

[Bighouse]

Well kinda along these lines. I have a classic boat, I am planning a refurbishment and have sold my old motor because I’m not really in a position to store it. I plan on repowering with new. The problem is, outboard motors are scarce these days and it may take a year or more to get one. Since it will not be used, I thought maybe I could save some money, not having liability, fuel spill issues and such. I contacted Geico to inquire. Wrong decision. They informed me that they only insured boats that were usable. Cancelled me on the spot. I wonder if it is the same with a car. If someone decides to replace a motor or a drivetrain that will be taking some time to accomplish,or for that matter major body work that will effectively render it not roadworthy, would a company drop you for this.

Dont ask.

 

[Ron H]

Many ins agents, independent or otherwise, will recommend obtaining new quotes periodically. The hook here is those who are trying to get your business, while those locked in should be seeking the best most economical coverages to keep their clients happy. Having worked in the industry for business ins, many will put their coverages out to quote every three years including inviting in other agents. Time consuming process; but can be well worth it. Interesting game as carriers and agents wine & dine with their clients to build friendships to deter going out to market. Never played so much golf at private CC’s then when I was an account manager. Then when a new CEO or CFO came in, it was start from scratch to keep the biz…nothing matches gaining savings on ins to make them shine…or they have relationships with other agents they bring in for first pickings.

I’ve found surprising savings when putting my personal coverages out to bid. I had one agent that I had worked with at a company becoming work friends, before opening up his own agency, I trusted for years. He got complacent…as I discovered when seeking liability coverages when I opened my biz. The premium was nuts and he said sorry that’s what’s available. I went to another agent (another guy I knew from my days in ins) and he came up with a premium less than half. He asked to provide a quote on my other lines and came up with appreciably less on most of them. When I informed my old agent I was moving he got all pissy…like I should be beholding given our lengthy relationship. WDF? He came back with new quotes, lower, thinking I should stick with him! I said where in the hell were you with these prices before now? This wasn’t the only time this happened with agents I had been with. My lesson was putting my coverages out to quote every few years.

 

[ckessel]

Get X'd, you answered one question I've had for many years. Whenever I asked the Hagerty reps at the shows if one of the other companies owns them, like Allstate/State Farm/Allied-Nationwide/Farmers/Mercury etc, they would give me the deer in the headlight look. Those companies can be quite horrid to deal with sometimes on the newer vehicles they mostly cover. One of the things I learned from managing a production body shop some time ago.

 

[cr8crshr]

I don't know what state you live in but I'm sure you could self insure instead of paying that "extortion money."

In order to "self insure" one needs tangible assets in excess of 3 million in order to do so. I dare say most here are not in that kind of group either...cr8crshr/Bill

 

[Budnicks]

I don't know what state you live in but I'm sure you could self insure instead of paying that "extortion money."

Yes, I can with my houses, but not the cars/trucks etc.
(I have to be insured, liability at a min. or you need to post a bond
of "a considerable amount", that I don't have &/or I am not willing to do)
&
I own all of them outright, no mortgages or payments

hence the extortion payments "Mafia-like protection tactics"

 

[Ron H]

Took years in my state before they mandated drivers have vehicle insurance. Well then those of us WITH insurance had an extra line of coverage called “Uninsured motorist coverage”. Man that's a pisser. Remember two friends getting smacked by drivers NOT having insurance. And then THEIR premiums elevated cuz they had an accident! Something akin to ‘no fault’ here where even if somebody rear-ended you – you still had a percentage of negligence. Well, our state doesn’t police this well as I’ve heard anyway and then there are the skanks stealing cars I have to doubt…have insurance, lol (not). There’s coverage we’re paying for that isn’t spelled out in the policy – for fucks who steal cars and injure or kill others..

 

[joe smith]

Took years in my state before they mandated drivers have vehicle insurance. Well then those of us WITH insurance had an extra line of coverage called “Uninsured motorist coverage”. Man that's a pisser. Remember two friends getting smacked by drivers NOT having insurance. And then THEIR premiums elevated cuz they had an accident! Something akin to ‘no fault’ here where even if somebody rear-ended you – you still had a percentage of negligence. Well, our state doesn’t police this well as I’ve heard anyway and then there are the skanks stealing cars I have to doubt…have insurance, lol (not). There’s coverage we’re paying for that isn’t spelled out in the policy – for fucks who steal cars and injure or kill others..

That is what "Equity" is