I have used Hagerty for several years and find their rates to be very reasonable. I insure a 1960 Porsche roadster with guaranteed value of $170,000 for $834/year and a 1991 Mercedes 560 SEC with a guaranteed value of $15000 for $215/year. I just added a 2006 low mileage, minty Jaguar XKR-Victory with a guaranteed value of $22000 for $194/year. We have 3 drivers in the house and 3 daily drivers insured by another company. I have not had any claims and can't comment on how they respond, which of course is the whole purpose of insurance. I'd like to hear is anyone has had claim experience with them.

 

Amazen congrats, those rates are "amazeng", I'm pretty sure Geico sells home ins. through a third party, did your rates include a bundle rate with your home ins?

 

Wow wm! I would love to see photos of your Porsche and XKR-Victory, let me know if you ever create a photo album with them in there, thanks.

 

I recently asked Gieco who I use for all my vehicles about the insurance on my ‘96 XJ6 which is kept in the garage and isn’t our primary vehicle. They referred me to an underwriter out of Florida who halved my annual cost. Only wish I had thought of it before.

 

Thanks for correcting my terminology. I'm not an insurance agent and didn't realize that "stated value" has a different meaning than "agreed value".

I learn something new every day.

P.S. Stated Value is a trap for the unwary! Here's the difference between Stated Value and Agreed Value, from Hagerty's website: https://www.hagerty.com/Insurance/Cl...5354c5a3b495af

An Agreed Value policy -- the same as Hagerty’s Guaranteed Value™ policy --guarantees that you will receive the full insured amount of the vehicle (with no depreciation, and including all sales taxes), in the event of a covered total loss.

In contrast, a Stated Value policy (sometimes called “stated amount” or “maximum limit of liability”) does not promise to pay the full vehicle value that’s indicated or “stated” on the policy. With regard to a covered total loss, you may receive less than that stated amount, because the insurer has the right to pay either your vehicle’s depreciated actual cash value OR the cost to replace your vehicle -- whichever is less. Also, many insurers that offer stated value policies (typically standard insurers) require periodic appraisals to affirm the insured amount, adding cost and inconvenience to the client.

 

I have owned multiple British sports cars at a time over the years and have insured through Hagerty since 2004. I’ve never filed a claim, but from others, I have understood that they have been excellent to work with.

The specifics I do like about Hagerty, is that they understand that you’re generally driving only one car at a time, thus the liability covers all cars, and we can value our cars on an agreed value. I also love the Hagerty drivers club, and the publication they put out as well as the pricing guide they publish online.

I currently insure my 1965 MG Midget, my 1995 XJS, my special edition MiniPaceman S All4 which has a history of being the press car and the Cannonball One Lap car, as well as my newest purchase, a 1969 MGCGT currently in all original survivor condition but getting ready for a full restoration.

I do like as I put money into my cars, I can insure them for the value that I have into them up to the cap of what the market will bear.

I have been very very happy with Haggerty

 

I only learned about stated value vs agreed value when the cars I’ve been driving since the 1960’s became old enough to be “classics”.

Before anyone ties up with one of the major insurance companies ask them who determines the payout amount in case of a total loss. Most of them will hew and haw and finally admit that our 20 + year old cars are valued at extreme devalued prices, much less than what we paid for them.

Sure, Allstate and Farmers may have great rates. But unless you have a policy that states the “agreed value” of the car in exact dollar numbers, then you will SOL if you have to claim a total loss someday and find out then the insurance company says your classic is only worth $2,000 , etc.

this is why Hagerty and other specialty insurance companies charge more; they will pay out according to the amount you agreed on that your was worth, not some small percentage of what it would actually take to replace the car.

as I mentioned earlier, Hagerty paid my claims and when I disagreed with their adjuster on the quality of parts to be used, Hagerty listened to me, and increased the amount paid to cover the OEM or NOS parts, not the cheap(er) reproduction parts the adjuster was figuring on using. That is what makes them worth some loyalty on my part.

Z

 

I use Hagerty for my '61 Vespa 400 and '93 Lotus Esprit. Main reason is for the agreed value on these cars. Had a friend with an "old" car that got hit by a person with The General car insurance. They paid him less than a third of what it was worth being an "old car". He took them to court and lost. I have my 2014 F-type insured through USAA since establishing value is not an issue on that one. Hagerty is a good option for a classic non daily driver. They also do a lot to support the hobby, so I am happy to do business with them. I haven't personally had any claims experience with them, but have heard good things from people that have.

 

I just did an apples-to-apples comparison between Hagerty and my current insurance company. Hagerty's annual premium is $643 compared to $728, a savings of only $85. Does it make sense to switch to Hagerty?

Absolutely! because Hagerty accepted a Stated Value of $30,000, which is much more than I suspect my insurance company would pay (without a fight) if it totaled my 38,000 mile pristine and rare XKR.

 

I have had Hagerty for many years, and no complaints. The selling point for me was that they cover occasional use of the car, other than parades, club outings, etc. I try to drive my collectables at least every two weeks.
My cars: 2010 Jaguar XK Coupe
1965 Jaguar E Type Coupe
1965 Mustang 2+2 fastback

 

Good points Z, you are absolutely correct about "agreed" value. My State Farm "Antique" auto policy specifically indicates it as "agreed" value. In fact they go even further by suggesting I get periodic value assessments to make sure the value of the car and the insurance stays current. They also required photos, inside-out incl. the engine bay to verify the current condition of the vehicle before approving the policy, its a separate policy specifically designed for these cars, I certainly had no argument with the premium they charge.

 

I also insure my '69 E-Type through Hagerty. I pay a little extra to have the option of keeping my car if it is totaled!

 

From what I'm reading (on a predominantly US thread) is thst you guys pay a heck of a lot more for your insurance (home and vehicle) than I do this side of the pond.

Home buildings & ntents £280
Audi A6 quatrro £250
2014 xkr £309
​​​​​Peugeot 2008 mini SUV £220

So my total for 3 cars and home is £1059pa = 1300 pa USD

By your term 'assured valuation' we call 'like-for-like'

So when my 96 (launch colour) antigua blue was totalled by fire in 2018 they tried to offer me £3500 which was the lowest listed x100 available (gold and seafrost green ). I insisted that with a l4l policy they needed to find another 96 Antigua blue which was £6500...which they paid!

Minus my £400 excess I bought the car back for £650, sold the lpg system for £400, the chrome stuff for £200, the interior for £500 and the BMC carbon dymanic intake for £200, I then sold the carcass for £1200, so did pretty well for 14yrs of driving pleasure

You guys seem to get right royally (or is that presidentially?) screwed in such a litigious country

 

They are for more limited use collector vehicles. They will write late model high value cars as well. They have a program if you want to drive your car around a race track as well. I'm an independent insurance agent and have good success with them.

 

it's a replica of the 1973 XJ6C prototype intoduced at the 1973 London Motor Show, of which there were 2. I removed the shock absorbing bumpers ant 76 hood and replaced with 73 bumpers and sheetmetal. Lowered it 1.5 inches added Jaguar Daytons and some other goodies when I rebuilt the engine. Its a driver, use it once or twice a week.

 

Perhaps, perhaps not! Comparing total insurance cost is completely irrelevant without diving into the details on coverage amounts, etc. I run very high limits, others may maintain lower, or not have certain elective coverages.

Then you throw in the factor that in the US the rates vary based on each individual state law regarding insurance. For instance, in Florida we are called a No Fault state, others are not, so we have rates based on how that impacts the carrier. Not to mention we have the risk and many claims for hurricane damage! This risk amount is passed to the individuals and is encapsulated to each states rates. Not sure if Idaho and Montana see the rates we do, so if you were to compare to someone there, it might even be less?

Here is an article of average insurance rates by state if you want to see the variance, they list top 8 cost, and lowest 5.

https://www.a-abana.com/about-us/blo...e-rates-state/

 

As mentioned, Hagerty and Grundy are most beneficial for older cars because of “stated value”. I’m mostly with USAA which is tough to beat, but normal Blue Book values would have them total my ‘68 Triumph Resto-Mod for a mere bug-strike to the windshield. We have both the Triumph and an ‘01 Ferrari with Hagerty. Both are a little cheaper than USAA, even with the same liability limits. The only problem is that my two daughters, just out of college, can’t drive either car. Of course both cars are infrequently driven, but I “can” take them out for just about any reason I want. Thankfully, I have no experience with claims yet, so I can’t comment on that, I think Hagerty is good value “if” it serves your actual needs. I don’t think it’s meant for daily drivers with less than unusual value.

 

hagerty doesn’t have mileage limits, I have 2 vehicles with them. A ‘03 Ford lightning and a ‘66 Pontiac 2+2 convertible. I’m not sure if they will write a’10 car. A phone call will let you know.

 

Hey Marky,

Yes, we may pay higher insurance premiums than you do. We also have a better road system and mostly larger homes per capita.

Almost everything else you and your fellow countrymen buy is more costly. Your form of government clearly works no better (I'd say even worse) than ours and how about Brexit?

On the plus side you do have a great car culture, so there's that. So let's just call it no contest and move on.

Glad you made out on the liquidation of your vehicle as well. It's all about the negotiations and how much work someone is willing to put into something I imagine.

 

Different places are different is the gist.

the USA is a republic of states; of which each can be vastly different from each other. I pay prettycheap rates considering age and assets; about 4000 per year for 4 cars with resale out about 35k and 2 motorcycles with about 7k resale and a 300k house. I have high coverages (not deductibles) in the liability aspects of insurance and this is despite all vehicles and the house being owned outright. This is very good for a 33yo single woman in West Michigan with excellent credit.

That's a lot of variables though, and even a zip code change alone can nail you. I know they can change rates based on owning outright versus making payments; i know that they can use your credit history against you. So many variables, then a large, diverse country with laws that vary HIGHLY state to state. The UK obviously has this be the case too; but I'm betting less overall