Insurance for F-Type SVR Impossible
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#43
It pays to look in to it.
Started doing some digging after reading the posts on insuring an F. As a result, we will be moving the insurance on my 2017 F premium, and husband's 2018 2LT Corvette, probably sometime this week. We had been insuring them on our regular home and auto policy with West Bend Mutual (typically a Wisconsin company). After corresponding with our agent, I found that standard H&A policies put an 'actual cash value' on your car and will calculate "totalled" or repairable, based on that value. Totalled is typically 70-75% of the car's value. KBB right now puts a $29,000 value on my F, so 70% would be a damage claim of about $20,000. F repairs require an approved JLR Aluminum Network shop, and you know that it wouldn't take much to rack up $20,000 in body parts/paint, etc. and, the cash value will decrease every year, making the totalled' figure less as well.
We are moving both the cars to Hagerty (we've had them for years) where my 69 E type has been insured for @ 30 years. We are able to insure them at 'Agreed Value', which for the F is $48,000 and the Corvette at $57,000. Zero deductibles and the total premium will be LESS than what we were paying for both cars with the standard H&A policy, plus, there were deductibles and only cash value, with the H&A. We can revise our 'agreed value' at any time. Despite what current sales are for Fs, I believe that their value will go back up at some point. In 1969 my E sold for $6200 new, I bought it in 1989 for $13,500, and it's agreed value is now $85,000.
I only got part of the 'story' when I used the online quote tool on Hagerty's website. Our agent called them and went through the comparison between what we currently have, coverage-wise, and what we would have with Hagerty. Exact same coverages, but as mentioned above, 0 deductible with Hagerty and it was $250/$500 on the H&A. There may also be some discounting as we now have 3 vehicles insured together. Hagerty also coordinates with our H&A company to be sure that our Umbrella Liability policy includes accurate values for all these specialty cars.
It's worth the time to call and talk to a live person, as everyone's situation is different. Worth it for us!!!
We are moving both the cars to Hagerty (we've had them for years) where my 69 E type has been insured for @ 30 years. We are able to insure them at 'Agreed Value', which for the F is $48,000 and the Corvette at $57,000. Zero deductibles and the total premium will be LESS than what we were paying for both cars with the standard H&A policy, plus, there were deductibles and only cash value, with the H&A. We can revise our 'agreed value' at any time. Despite what current sales are for Fs, I believe that their value will go back up at some point. In 1969 my E sold for $6200 new, I bought it in 1989 for $13,500, and it's agreed value is now $85,000.
I only got part of the 'story' when I used the online quote tool on Hagerty's website. Our agent called them and went through the comparison between what we currently have, coverage-wise, and what we would have with Hagerty. Exact same coverages, but as mentioned above, 0 deductible with Hagerty and it was $250/$500 on the H&A. There may also be some discounting as we now have 3 vehicles insured together. Hagerty also coordinates with our H&A company to be sure that our Umbrella Liability policy includes accurate values for all these specialty cars.
It's worth the time to call and talk to a live person, as everyone's situation is different. Worth it for us!!!
#44
Started doing some digging after reading the posts on insuring an F. As a result, we will be moving the insurance on my 2017 F premium, and husband's 2018 2LT Corvette, probably sometime this week. We had been insuring them on our regular home and auto policy with West Bend Mutual (typically a Wisconsin company). After corresponding with our agent, I found that standard H&A policies put an 'actual cash value' on your car and will calculate "totalled" or repairable, based on that value. Totalled is typically 70-75% of the car's value. KBB right now puts a $29,000 value on my F, so 70% would be a damage claim of about $20,000. F repairs require an approved JLR Aluminum Network shop, and you know that it wouldn't take much to rack up $20,000 in body parts/paint, etc. and, the cash value will decrease every year, making the totalled' figure less as well.
We are moving both the cars to Hagerty (we've had them for years) where my 69 E type has been insured for @ 30 years. We are able to insure them at 'Agreed Value', which for the F is $48,000 and the Corvette at $57,000. Zero deductibles and the total premium will be LESS than what we were paying for both cars with the standard H&A policy, plus, there were deductibles and only cash value, with the H&A. We can revise our 'agreed value' at any time. Despite what current sales are for Fs, I believe that their value will go back up at some point. In 1969 my E sold for $6200 new, I bought it in 1989 for $13,500, and it's agreed value is now $85,000.
I only got part of the 'story' when I used the online quote tool on Hagerty's website. Our agent called them and went through the comparison between what we currently have, coverage-wise, and what we would have with Hagerty. Exact same coverages, but as mentioned above, 0 deductible with Hagerty and it was $250/$500 on the H&A. There may also be some discounting as we now have 3 vehicles insured together. Hagerty also coordinates with our H&A company to be sure that our Umbrella Liability policy includes accurate values for all these specialty cars.
It's worth the time to call and talk to a live person, as everyone's situation is different. Worth it for us!!!
We are moving both the cars to Hagerty (we've had them for years) where my 69 E type has been insured for @ 30 years. We are able to insure them at 'Agreed Value', which for the F is $48,000 and the Corvette at $57,000. Zero deductibles and the total premium will be LESS than what we were paying for both cars with the standard H&A policy, plus, there were deductibles and only cash value, with the H&A. We can revise our 'agreed value' at any time. Despite what current sales are for Fs, I believe that their value will go back up at some point. In 1969 my E sold for $6200 new, I bought it in 1989 for $13,500, and it's agreed value is now $85,000.
I only got part of the 'story' when I used the online quote tool on Hagerty's website. Our agent called them and went through the comparison between what we currently have, coverage-wise, and what we would have with Hagerty. Exact same coverages, but as mentioned above, 0 deductible with Hagerty and it was $250/$500 on the H&A. There may also be some discounting as we now have 3 vehicles insured together. Hagerty also coordinates with our H&A company to be sure that our Umbrella Liability policy includes accurate values for all these specialty cars.
It's worth the time to call and talk to a live person, as everyone's situation is different. Worth it for us!!!
#45
Many thanks!
Brian, thank you for starting this thread. I probably would never have pursued doing the research. Just yesterday, I noticed a broken spring ( horizontal) on the Fs garage door. Calling the garage door place, shutting off power to that door and moving all the cars out the other door.
#46
Yup I spoke to Hagerty and three others. Hagerty required a garage, Grundy would only give me 500 miles a year, etc. My age was also a factor for them so looks like I'm going to need to roll the dice with Progressive unfortunately. I think the "cash value" is even worse for the SVRs.
#47
Make sure that they put a safety wire through the new spring and the old ones as well if they don't already have them. The safety wire prevents the spring from hitting stuff when/if the spring breaks.
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