Car Insurance question

[sblake01]

The main thing is with Hagerty (one G) that you must have a daily driver insured with a regular insurance carrier. They don't limit the mileage though they once did. And as stated, you can drive to work or stop at the store as long as the classic is not your main mode of transportation for those type of things. I've been insured by them for six years, both my Z and my truck. Call and ask specific questions about your usage and that will help you determine whether or not it's for you. It doesn't really matter whom you speak to. They are all knowlegable and seem to understand an owners needs since they deal with all kinds of cars many of which are far more valuable than a Z.

[peng155]

I just got off the phone with the folks at Hagerty... And when I specifically asked about occasional use of my car to drive to work... The rep said "Hagerty has no problem with the car being driven to work a handful of times during the year"

The Hagerty Rep made it sound like they were flexible in how the car could be used... But obviously common sense has to be used in how and where I drive the car...

I was quoted a price of 158.00/yr and all I need to do is fill out the online application, submit a photo or two, and an affidavit about having a daily use primary vehicle... Looks like I'm moving my insurance over to Hagerty...

Thanks to all for their input, and comments

[jmark]

Good to hear. Thanks for the update Phil.

[Carl Beck]

I just got off the phone with the folks at Hagerty... snipped...

Hi Phil (everyone)

First - I want to make it clear that while I happen to be a very happy Hagerty customer - and I recommend them for that reason - there are several other insurance agencies that offer Classic Car insurance with Agreed Value Policies. I encourage everyone to shop around, make sure you are consistently comparing only companies that have true Agreed Value Policies... and make your own decisions as to who you do business with. (I'm not a Hagerty Stockholder.. have no financial interests at stake..)

This thread is moving so fast I can't keep up... I see you have now already called someone at the Hagerty... but I will related the following reply -that I was writing - just FYI anyway.

Many years ago, Bob DeKorne was my representative at Hagerty. As the Z's got older and as Collector Level Z's became more valuable.... getting them properly insured became more and more important to many of our Members (I serve as the current President of the Internet Z Car Club, and we have about 15,000+ members now).

More and more often we were hearing from owners of Classic Datsun 240-Z's, that were near show quality or better - well worth over $12K at the time - who were in arguments with Insurance Claims Adjustors - that wanted to total their car for a $3K claim, stating that the market value or actual cash value of the 240-Z was less than that amount. (we all know the drill..).

As the IZCC's list of Original Owners grew - we all agreed that the "value" of our Z's to us - far exceeded any market value of the cars. So we wanted to assure that in case of an accident, our Z's would be properly repaired and not get into a court case arguing with Insurance Adjustors over the market value or actual cash value of our cars. Most of us wouldn't sell them at any price - we just wanted to assure they would be repaired without hassle..

I talked this over with Bob, he checked the market for Classic Z Cars, talked to the underwriters at the insurance companies.. and Hagerty has provided realistic Agreed Values for Classic Z Cars ever since.

While Bob is no longer a Customer Representative for Hagerty, he is still with them and he will be more than glad to hear from you related to your Z. Tell him I told you to call him personally.. or feel free to e-mail him as well

Phone: 1-800-922-4050 (ask for Bob DeKorne)

E-Mail:"Bob DeKorne" {bdekorne@hagerty.com}

FWIW,

Carl B.

Carl Beck

Clearwater, FL USA

http://ZHome.com

[jmark]

Carl,

I was trying to think of the name of the guy who has posted either here or IZCC. I believe Bob Dekorne was the guy. He was very helpful as I recall.

[Alex 240Z]

I am very happy with Hagerty Insurance and use them for my 71 and 72 240Z's they are garaged. I never asked if they insure cars that are not. Wonder if anyone has ever asked them that question??? I know for myself my Z's will always be garaged !!!!! Last years hurricanes my Z's stayed in the garage while my 2003 Sebring stayed outside !!!! My wife was not happy with that !!!!

[peng155]

Last years hurricanes my Z's stayed in the garage while my 2003 Sebring stayed outside !!!! My wife was not happy with that !!!!

Too funny... What guy's won't do for their cars..

I won't stake my life on this since I haven't been right yet about this insurance stuff... BUT I would venture a guess that Hagerty, or any other classic car insurer would not insure a "Classic Vehicle" if it were not properly stored and kept safe... But that's just my guess...

[Jeff G 78]

Does anybody know how Hagerty feels about cars being used for occasional open track days? The car would obviously not be insured during any on-track (or would that be off-track? ) incidents, but I've never heard if that is within their rules. I certainly have more invested in my car than a regular insurance company would ever give me for it, so I don't want to get stuck with regular insurance. In my case, my Z is a rust-free southern car with the usual mild engine mods, new springs, bars, dampers, bushings, 16" Panasports, nice interior, etc, but the car hasn't been painted yet, so it doesn't look like much to the non-Z guy. The car will be in the garage 80% of the summer and will never come out in bad weather or over winter, but I do plan on hitting one or two track days each year once the car is completely proven out on the street. Even though it doesn't look pretty yet, I have between $6000 and $7000 in my car so far and would hate to have to settle for pennies on the dollar with a regular insurance company. I have owned the car for many years and am just now getting it ready to go on the road for the first time, so I will need insurance within about a week. Do I NEED an appraisal for Hagerty? If so. how do appraisals work on 'ugly' cars?

[sblake01]

Too funny... What guy's won't do for their cars..

I won't stake my life on this since I haven't been right yet about this insurance stuff... BUT I would venture a guess that Hagerty, or any other classic car insurer would not insure a "Classic Vehicle" if it were not properly stored and kept safe... But that's just my guess...

Very true. I forgot to mention that. The car must be securely stored in a proper structure.

[DougN]

Thanks for the info Carl, based on your clarifications I will call Bob and see if Hagerty will work for my 240Z and my MGB :classic: Like others, I drive both my "classic" cars frequently, but I do have the "daily driver" car available so perhaps I will be fine.

[Carl Beck]

Does anybody know how Hagerty feels about cars being used for occasional open track days? The car would obviously not be insured during any on-track (or would that be off-track? ) incidents, but I've never heard if that is within their rules. ...snipped..cjb.......

Hi Jeff:

I believe that the Hagerty does offer a Policy that allows for limited track days at this point... but will not cover damage received on-track of course.... You need to call Bob and talk to him about that.

In general "Classic Cars" are painted... and in very presentable condition. Not to be unkind in any way but they may not view a race car in primer as meeting the definitions of the cars they insure.

When do you plan on having it painted? You usually do not need an appraisal, the people at the Hagerty have a pretty good knowledge of the Classic Z Cars market values based on the condition of the car - but they do require you to send photo's of the car showing all sides etc and they can be digital images e-mailed to them .... Maybe you'll have to be willing to start with a relatively low Agreed Value ($5K), then request an increase once you can send pictures of it finished.

Just a comment on "value". How much, or how little, money anyone has spent on their Z's - has no bearing on the market or replacement value of the car. If one lucks out and picks up a Z well worth $15K on the open market, but only had to actually pay $5K... the Agreed Value of the car should still be set at $15K. On the other hand, if you have put $35K into the car, and it would only bring $16K on the open market.. then the Agreed Value would still be sat at $16K.

The Underwriters do not allow the insurance companies to "over insure" any cars. In the past all too many of the cars "over insured" somehow got stolen, when they couldn't be sold at inflated prices... if you know what I mean.

From an owners prospective - you don't want to pay the additional premiums for coverage over the replacement costs, most of the time you just want a value high enough to assure the car would be properly repaired in case of an accident

So the question is - what would be a reasonable Market Value for your Z as it sits uncompleted now? Or what would a reasonable Market Value for your Z be when it's finished all bright and shinny?

In primer you might have a hard time getting the underwriters to go anything over $5K on an Agreed Value basis. Finished, the car might well be worth three to four times that amount.

As I said, just my understanding of the way it works... but you need to call Bob about the track days and the current state of the restoration process...

FWIW,

Carl B.

[deadflo]

When I signed up with haggerty two years ago, they offered me coverage of 6K for my car, when i renewed this year they said they could insure it for 12K, but I thought this sounded a bit overvalued. My car is very original but certainly needs paint and some rust repair.Anyway I stuck with 6K, but im suprised Carl feels this is fairly low value. 6K would buy a pretty decent car around Spokane or on Ebay. Have the values gone up that much in the last two years?