Insurance review/discussion - feedback and guidance appreciated

[Speedmaster]

I am currently covered by Chubb Masterpiece. From what I can tell, I am covered for all sorts of variables including roadside assistance (towing, repairs, etc.), loss of use, window glass, air bag replacement, lock replacement, and even pet injury coverage. The premium for this coverage at Chubb on an under $30K agreed value is nearly identical to the coverage Hagerty is quoting with one big caveat...Hagerty's quote is at 2X the agreed value.

I am going to chat with Hagerty this week, but as I sift through coverages I have, I wonder what coverages I am leaving on the table were I to move (and if they mean anything to me.)

On to the point of this post, have any of you found a comparison tool for policies/insurers? I get a sense that there are different "levels" of policies (maybe even generic levels) and each insurer may offer you different policies based on their perception of your needs. So, maybe all entities offer Auto 1, Auto 2, Auto n, etc. I would like to compare the policy cost across insurance companies. My gut tells me some may need to charge more based on their service model and loss history.

For you insurance pros, am I directionally correct here or is this going to be like trying to compare mattresses?

 

[DocL]

Who here can answer this for our young Jedi? ��

 

[crxguy52]

Not an insurance pro, but I am currently shopping for insurance. I'm with Grundy, and for my 91 it's ~$300 for the year. Hagerty quoted me at $1200, so there was a significant difference.

I'm trying to find a policy that has some sort of (ideally) agreed or (not ideally) stated value on it where I can still drive the car. All the collector policies I've seen only want you to drive the car once or twice a month for non-pleasure related driving.

 

[emac]

Years ago USAA referred me to American Collectors Insurance for a collector car. I have had several cars insured with them for about 20 years. Easy to deal with, but you never know how good a company is until you file a claim. I have never filed a claim. Car use is somewhat restricted, but not too bad. Works for me.

With that said, I pay $716/year for an agreed value of 50K.

 

[docjohn]

I have an agreed policy with westfield......

 

[runnin9z]

From my research earlier in the year when i purchased my car companies like hagardy and grundy insure your car as a collector / show car. You have a lot of regulation on when and where you can drive your car and if you are out side of that you will not be covered.

I ended up getting a Collector/ antique car policy though State Farm. I am allowed to drive up to 7500 unrestricted miles in a year, but the car must be garage kept, and you must have a modern car to daily drive. I have a replacement value on the car for $60k, i had to submit pics, bill of sale, and some other car details. My policy cost about $70 a month in VA.

 

[SW20toNA1]

Hey. New member here but I work in a field where I deal with insurance. I'm curious as to how some of you guys have such inexpensive policies.

I understand that you want to ensure that your NSX (and other collectible cars) are covered for their value and the value that you've put into it, but have you considered the other side as to what happens if YOU cause the accident? We never want to think about it, but that's why we pay for the insurance, not just to replace the NSX, but to cover ourselves in the event that you cause the injury/prop damage.

For all your insurance policies, what is the limit to your bodily injury (if you hurt someone) and property damage (if you hit something)?

I got a quote from Hagerty for my 1991 and it's almost $1,400 for bodily injury limits of $100k/$300k. Given that I'm sure some of you do have some property to protect, I'd recommend getting as much insurance as you can comfortably afford.

 

[8R6]

so there are A LOT of variables when each insurance provider calculates a person's premium. The "short" and easy version is, in no particular order:

Driving history length
Driving history events (tickets, claims, etc.)
Type of vehicle use (commercial, personal, collector, pleasure, etc.)
Number of vehicles in household
Number of drivers in household
Zipcode of vehicle kept
Garaged or no garage
Annual mileage driven on said car
Liability coverage limits for bodily injury per person/per event (i.e. as low as 15k/30k or higher to 100k/300k, etc. and even higher)
Liability coverage limits for property damage (i.e. as low as 15k or higher to 100k, etc.)
Collision deductible for your car
Comprehensive deductible for your car
Uninsured/Under-insured Motorist coverage yes or no
Rental car coverage yes or no and how much per day if yes
Value of car (if agreed value) or otherwise every car is issued a vehicle symbol that correlates more or less to what the insuring company deems your car's value "level" to be (i.e. a 2017 Porsche 911 GT3 could be like a "Y" (im making it up) and a 2017 Honda Accord Touring could be like a "M")

With all that said, these all contribute in raising/lowering a premium. From what i've seen long time ago, the biggest factors (besides car value) seem to be affected by the zipcode, liability limits for bodily injury, collision deductible and annual mileage driven. This is also why it's nearly impossible to do insurance premium comparisons online because everyone is everywhere and unfortunately, this is almost always a "case by case" situation.

i used to be an insurance agent for a few years but that was over 10 yrs ago... i dont think much has changed tho since.

 

[Mac Attack]

Given that I'm sure some of you do have some property to protect, I'd recommend getting as much insurance as you can comfortably afford.

That's why I have an "umbrella" policy for the home and vehicles.

 

[DocL]

That's why I have an "umbrella" policy for the home and vehicles.

Yep. Most of us who have any net worth/assets have umbrella protection. It's a no brainer.

 

[The Kid]

Yep. Most of us who have any net worth/assets have umbrella protection. It's a no brainer.

Agreed, just finally got around to getting one.

Back to the topic, I just signed back up with Hagerty. I was with State Farm before but the agreed upon values were way off, putting me at risk in the unlikely event something happened (sadly, I don't drive much) but they were half the price. I now pay $3200 a year for my 911 Turbo and my NSX, insane but they really are the best.

 

[Speedmaster]

Quick update; I went with Hagerty and dropped the NSX from Chubb Masterpiece.

Hagerty gave me appropriate coverage (zero deductible, glass coverage as well as comp/coll/UI/UIM) at an agreed upon value - at half the premium. There are no expectations that I contact them were I to drive the car at any time, I gave them the address where I store the car, etc. I went with their optional flat-bed coverage for up to 150 mile radius (seemed odd for a Honda to break down but with NSXPO coming up and things that can break...)

Oh, and I put $10K of parts coverage. You know, because of what is in the garage.

Thanks all for your input. I must have grilled Hagerty over several thirty-minute discussion blocks. They seemed to answer all the questions to my satisfaction and were probably afraid of taking me on as a client. (BTW, they were very accommodating and professional.) But for the record, I am convinced that were there an insurance calculator, this would have gone a ton easier.

 

[ajmr2]

I've been with State Farm for all my insurance for decades. Cars, house, umbrella, etc. When I bought my NSX in December I registered it in MD as a "Historic" vehicle and got a quote from SF. They were low balling the value by 25%, but my long time agent said I could have the car professionally appraised and that they would probably accept that number. Done and done. (I did apply with Hagerty & other well known classic car companies, but decided to keep it simple.)
Anyway, with all the various discounts I have earned, I'm only paying about $600 a year for the NSX, covered for full appraised value and occasional use. I've been very happy with SF over the years and have had no problem when I have had to file a claim.
AJ

 

[Ray Rodriguez]

I went with Grundy, $550 a year for $70,000, Hagerty quoted me $1200 a year for the same coverage.