Collector's insurance for a modified car
#2938702
07/01/21 12:18 PM
07/01/21 12:18 PM
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Joined: Jan 2003
Posts: 12,822 East Bay, N. Cal.
calmopar
OP
I Live Here
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OP
I Live Here
Joined: Jan 2003
Posts: 12,822
East Bay, N. Cal.
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What's the best option here? 1970 orig 318 auto car now hemi 5-speed. All companies seem to ask about originality vs. modifications. Is agreed upon value the way to go? Any company stand out here? thx
Trying to enjoy life!
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Re: Collector's insurance for a modified car
[Re: calmopar]
#2938713
07/01/21 12:48 PM
07/01/21 12:48 PM
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Joined: Dec 2007
Posts: 20,339 Puttin' on the foil in Charles...
not_a_charger
Mr. Big Shot Moparts Moderator
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Mr. Big Shot Moparts Moderator
Joined: Dec 2007
Posts: 20,339
Puttin' on the foil in Charles...
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Call various companies, tell them about the modifications, ask if it is a risk they will insure/provide coverage for. Get a copy of the policy language and read it. That's the only way to know. One company's covered vehicle is another company's uninsurable risk. I'll now sit back and await all of the people with absolutely no experience whatsoever to tell me I'm wrong.
Earning every penny of that moderator paycheck.
DBAP
"They don't think it be like it is, but it do." - Oscar Gamble
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Re: Collector's insurance for a modified car
[Re: not_a_charger]
#2938723
07/01/21 01:25 PM
07/01/21 01:25 PM
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Joined: Jan 2003
Posts: 12,043 State of Confusion
hp383
Just a normal tag again
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Just a normal tag again
Joined: Jan 2003
Posts: 12,043
State of Confusion
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What are the thoughts on Hagerty?
I was looking into them a few months ago since I have plans to do a 440 swap into my ride. And I saw they had an option under the vehicle info for "horsepower increase over 50 more than stock".
It was a stated value, and they say you can still use the vehicle for the occasional drive to work, or the grocery store. It doesn't need to be only for a pleasure cruise or show/event use.
Join the Penguin Liberation Front!! Stop the Hippo Occupation!
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Re: Collector's insurance for a modified car
[Re: calmopar]
#2938725
07/01/21 01:27 PM
07/01/21 01:27 PM
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Joined: Jan 2003
Posts: 26,530 Rio Linda, CA
John_Kunkel
Too Many Posts
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Too Many Posts
Joined: Jan 2003
Posts: 26,530
Rio Linda, CA
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Every car I have insured with Hagerty is modified, no problem. Just state up front that it's modified when making application for a policy.
The INTERNET, the MISinformation superhighway
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Re: Collector's insurance for a modified car
[Re: hp383]
#2938765
07/01/21 03:05 PM
07/01/21 03:05 PM
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Joined: Dec 2007
Posts: 20,339 Puttin' on the foil in Charles...
not_a_charger
Mr. Big Shot Moparts Moderator
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Mr. Big Shot Moparts Moderator
Joined: Dec 2007
Posts: 20,339
Puttin' on the foil in Charles...
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What are the thoughts on Hagerty? Hagerty used to have a list of modifications that they would not accept. It was on their website. Cage, blower, nitrous, etc. It is no longer listed there. Even when it was, people claimed (and I believe them) that they would call Hagerty and ask about mods, and get the "Oh, sure, it's fine" line from whomever they spoke with, even when the website clearly said otherwise. This is why calling to ask, and then verifying in writing by reading the policy, is the only way to know for sure. It was not stated value. It was agreed value. Big difference. Hagerty doesn't sell stated amount/stated value policies.
Earning every penny of that moderator paycheck.
DBAP
"They don't think it be like it is, but it do." - Oscar Gamble
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Re: Collector's insurance for a modified car
[Re: AndyF]
#2938767
07/01/21 03:06 PM
07/01/21 03:06 PM
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Joined: Dec 2007
Posts: 20,339 Puttin' on the foil in Charles...
not_a_charger
Mr. Big Shot Moparts Moderator
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Mr. Big Shot Moparts Moderator
Joined: Dec 2007
Posts: 20,339
Puttin' on the foil in Charles...
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Your best bet is one of the specialty companies. The usual big name insurance companies might provide coverage that looks good on paper but the devil is in the details. State Farm has agreed value policies but the terms are fairly restrictive. If you violate some of the contract terms then you might not be covered. The same is true of the collector car companies. In fact, they all have more restrictions than a standard auto policy.
Earning every penny of that moderator paycheck.
DBAP
"They don't think it be like it is, but it do." - Oscar Gamble
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Re: Collector's insurance for a modified car
[Re: not_a_charger]
#2938791
07/01/21 03:43 PM
07/01/21 03:43 PM
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Joined: Jan 2003
Posts: 4,187 Canada -- Posts: 4034 -Registe...
5thAve
Doesn't care what this says anyway
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Doesn't care what this says anyway
Joined: Jan 2003
Posts: 4,187
Canada -- Posts: 4034 -Registe...
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Your best bet is one of the specialty companies. The usual big name insurance companies might provide coverage that looks good on paper but the devil is in the details. State Farm has agreed value policies but the terms are fairly restrictive. If you violate some of the contract terms then you might not be covered. The same is true of the collector car companies. In fact, they all have more restrictions than a standard auto policy. That's for sure. Just about all companies like Hagerty specifically note that the coverage is for collector type use, not driving to and from work or shopping etc. That's why the policies are so cheap, it's taken out most of high risk use. They all seem to have coverage for modified vehicles.
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Re: Collector's insurance for a modified car
[Re: John_Kunkel]
#2938809
07/01/21 04:59 PM
07/01/21 04:59 PM
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Joined: Nov 2003
Posts: 3,581 Dandridge TN
Dabee
master
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master
Joined: Nov 2003
Posts: 3,581
Dandridge TN
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Every car I have insured with Hagerty is modified, no problem. Just state up front that it's modified when making application for a policy. Same here. Have never had a problem with Hagerty. I currently have a street rod that I built from scratch. Chassis and body were both built by me in my shop. Its a one of. It’s insured by Hagerty. First gal I talked to said no (don’t think she knew what she was doing). I called back and got a guy that understands street rods. Told him what I had, emailed him pictures while I was on the phone with him, told him what I wanted it insured for and he issued the policy.
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Re: Collector's insurance for a modified car
[Re: Dabee]
#2938823
07/01/21 06:42 PM
07/01/21 06:42 PM
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Joined: Nov 2006
Posts: 5,260 Star Idaho
67vertman
master
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master
Joined: Nov 2006
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Star Idaho
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https://www.hubinternational.com/Contact Hub International, they are insurance brokers, I have had Hagerty and Grundy with a modified 70 Cuda, with a Stated Value, they find the best deals and rates that work for what you need.
My Monster are real!
Living within your means makes life pretty easy.
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Re: Collector's insurance for a modified car
[Re: not_a_charger]
#2938864
07/01/21 09:43 PM
07/01/21 09:43 PM
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Joined: Aug 2005
Posts: 6,033 Salem
Grizzly
Moparts Proctologist
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Moparts Proctologist
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Salem
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It was not stated value. It was agreed value. Big difference. Hagerty doesn't sell stated amount/stated value policies. Not_a_Charger, could you please explain what the difference is? I'm getting the "market value" b.s. from my insurance company and not liking the sound of it. I could provide all the comparables of a '71 Hemi Challenger value but could they really say "nah, it's a $200.00 pile of scrap iron?" I'm not worried about mashing the car up on my own account, I'm more concerned about a total loss by theft, if that helps you. Sorry O.P. for the hijack.
Mo' Farts
Moderated by "tbagger".
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Re: Collector's insurance for a modified car
[Re: John_Kunkel]
#2938892
07/01/21 11:50 PM
07/01/21 11:50 PM
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Joined: Dec 2007
Posts: 18,165 Mass
DAYCLONA
I Live Here
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I Live Here
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Mass
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Every car I have insured with Hagerty is modified, no problem. Just state up front that it's modified when making application for a policy. Same here with Hagerty, Agreed policies as well, for the OP don't ever consider a "Stated Value" policy with any Insurance Co, Agreed only....
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Re: Collector's insurance for a modified car
[Re: John_Kunkel]
#2938898
07/02/21 12:31 AM
07/02/21 12:31 AM
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Joined: Jan 2003
Posts: 70,126 Here
DirectSubjection
Tacohead. The First and Only
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Tacohead. The First and Only
Joined: Jan 2003
Posts: 70,126
Here
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Every car I have insured with Hagerty is modified, no problem. Just state up front that it's modified when making application for a policy. Same here - sent pics, no problems. I never had a claim tho
Ride eternal, shiny and chrome
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Re: Collector's insurance for a modified car
[Re: DirectSubjection]
#2938917
07/02/21 07:03 AM
07/02/21 07:03 AM
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Joined: Dec 2007
Posts: 20,339 Puttin' on the foil in Charles...
not_a_charger
Mr. Big Shot Moparts Moderator
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Mr. Big Shot Moparts Moderator
Joined: Dec 2007
Posts: 20,339
Puttin' on the foil in Charles...
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Every car I have insured with Hagerty is modified, no problem. Just state up front that it's modified when making application for a policy. Same here - sent pics, no problems. I never had a claim tho Exactly. Never had a claim. Everyone here making statements that it was "no problem" to get coverage can't actually say there was no problem unless they had a claim and it was covered. If they had a covered loss, that's great...not that they had a loss, but that it was covered. But unless they are speaking from that experience, they have no way to know that it was "no problem" to get coverage. All they really know is that they paid a premium to the insurance company.
Earning every penny of that moderator paycheck.
DBAP
"They don't think it be like it is, but it do." - Oscar Gamble
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Re: Collector's insurance for a modified car
[Re: Grizzly]
#2938919
07/02/21 07:09 AM
07/02/21 07:09 AM
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Joined: Dec 2007
Posts: 20,339 Puttin' on the foil in Charles...
not_a_charger
Mr. Big Shot Moparts Moderator
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Mr. Big Shot Moparts Moderator
Joined: Dec 2007
Posts: 20,339
Puttin' on the foil in Charles...
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It was not stated value. It was agreed value. Big difference. Hagerty doesn't sell stated amount/stated value policies. Not_a_Charger, could you please explain what the difference is? I'm getting the "market value" b.s. from my insurance company and not liking the sound of it. I could provide all the comparables of a '71 Hemi Challenger value but could they really say "nah, it's a $200.00 pile of scrap iron?" I'm not worried about mashing the car up on my own account, I'm more concerned about a total loss by theft, if that helps you. Sorry O.P. for the hijack. Agreed Value = you and the insurance company agree that the car is worth $X. If it's totaled, that's how much $ you get. If it's damaged and it costs less than $X to repair, it gets fixed. None of this "We think the car is worth less than that, so now it's a total loss." These policies typically have more restrictions regarding who can drive the vehicle, what is covered/what is excluded from coverage, where the vehicle can be stored (usually requires a locked garage), etc. They also are typically fairly inexpensive. Stated Amount/Stated Value = you insure the car for $X by telling the insurance company that's how much you want to insure it for. The insurance company lists that amount on your declarations page, but because that value was stated by you alone, the insurer owes you the LESSER of the Stated Amount and the Actual Cash Value. Stated Amount can only limit/reduce your recovery. You'll never get more than that amount, but you may well get less. These policies typically have fewer restrictions than an Agreed Value policy. In fact, most of them are very similar to a standard auto policy, allowing for broad usage of the vehicle, temporarily letting someone drive the vehicle, etc. They also typically cost more because they are less restrictive.
Earning every penny of that moderator paycheck.
DBAP
"They don't think it be like it is, but it do." - Oscar Gamble
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Re: Collector's insurance for a modified car
[Re: not_a_charger]
#2938958
07/02/21 09:30 AM
07/02/21 09:30 AM
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Joined: Jan 2003
Posts: 15,842 Omaha Ne
TJP
I Live Here
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I Live Here
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Omaha Ne
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Every car I have insured with Hagerty is modified, no problem. Just state up front that it's modified when making application for a policy. Same here - sent pics, no problems. I never had a claim tho Exactly. Never had a claim. Everyone here making statements that it was "no problem" to get coverage can't actually say there was no problem unless they had a claim and it was covered. If they had a covered loss, that's great...not that they had a loss, but that it was covered. But unless they are speaking from that experience, they have no way to know that it was "no problem" to get coverage. All they really know is that they paid a premium to the insurance company. Not a Charger: your input on insurance issues is a welcome asset to this site IMO With that being said, over the years I have been asked/paid to go out and do estimates on classic vehicles that have had some sort claim like and electrical fire etc. In every instance Hagerty just wrote a check (normally totaling the vehicle). In one case the car was insured for at least twice what is was worth, again they wrote a check and picked it up. State farm on the other hand has been the exact opposite whining all the way. One car I clearly remember was a 70 Challenger that had been insured with them for over 30 years. The adjuster called me and asked if i could find used parts instead of new. LOL It had an under dash electrical fire. I was like yeah great idea. That turned into a real mess for the insured as they wouldn't pay the claim despite 3 different shops being very close $$ wise. Not sure how it turned out
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Re: Collector's insurance for a modified car
[Re: TJP]
#2938981
07/02/21 11:10 AM
07/02/21 11:10 AM
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Joined: Dec 2007
Posts: 20,339 Puttin' on the foil in Charles...
not_a_charger
Mr. Big Shot Moparts Moderator
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Mr. Big Shot Moparts Moderator
Joined: Dec 2007
Posts: 20,339
Puttin' on the foil in Charles...
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Every collector car company provides good service. They have to. The market is too small for any of them to survive if they provide subpar service. As far as writing a check on a vehicle that was worth half of the insured value, that's their own fault. If they agree to the value, and the value is too high, the insurance company is out of luck, as they should be.They don't have a choice but to pay up in that instance.
Earning every penny of that moderator paycheck.
DBAP
"They don't think it be like it is, but it do." - Oscar Gamble
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Re: Collector's insurance for a modified car
[Re: not_a_charger]
#2938994
07/02/21 11:43 AM
07/02/21 11:43 AM
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Joined: Jan 2003
Posts: 8,686 Buford, GA
I_bleed_MOPAR
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master
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Posts: 8,686
Buford, GA
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My son has Hagerty on the Charger. Been 9 yrs. since we filled out the app and I don't remember any questions about non-stock or modified engine, etc. like they have now. The VIN shows a 318 car while the requested pictures show a non-stock big block (appearance-wise) as well as the American TT-D wheels, race buckets w/ harnesses, and 'glass front end. Of course, this is assuming that whoever looked at the pictures know a BB from a SB. I thought it was a stated value policy but if not-a-charger says it's agreed value, he should know. Tim
'71 Charger 383/727 '17 Challenger SXT (Wifeys car )
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