I recently received my Classic Automobile Insurance policy from CNA (Continental Insurance Co.) which was sold through Hagerty Insurance. For some reason, I believed this to be an "Agreed Value" policy (you tell them it's worth $X and that's what they pay you in the event of a total loss). I read the policy and under "Part D - Damage To Your Car" it says:
"Our limit of liability for loss will be the lesser of the: 1. Actual cash value of the stolen or damaged property; 2. Amount necessary to repair or replace the property with other of like kind and quality; or 3. Amount stated in the Declarations of this policy..."

This means that the policy is a "Stated Value" or the same variety as the "Antique" policy that I cancelled with State Farm.

I know that quite a few of you have gotten policies through Hagerty's. You may or may not have believed, as did I, that it would pay you the amount that you declared. If you did, I suggest you read your policy.

This isn't intended to denigrate the quality of coverage available through Hagerty's. Rather, it's just to open some eyes or stir debate. I am quite pleased with the price difference.

I think you took "stated value" oout of context They're saying they Agree to the value of your car by insuring it for the amount you do(stated in your policy).I also have a policy with them and they were very helpful on the phone to clear the mud

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PhilMullaly Member562 72camino TPI proj

Please elaborate. State Farm also accepted the value that I placed on the vehicles. The limiting language here is the reference to limiting their liability to the "actual cash value" rather than the stated or declared value. No flames intended, I just don't understand your point.

They were also very helpful to me. But in case of a claim, I guarantee you that the written terms will prevail over what might have been said on the phone.

Alan, check the declarations sections, you should find the value there. I just bumped mine to cover my dollars in and recieved a bill stating it very clearly.

One thing that bothers me though, is the liability coverage. It's pretty light, mcuh lighter than I would ordinarily recommend. Mine is only 50,000 per individual. Now I know these policies preclude you from racing, etc ( all auto policies do if you read the fine print), but I'm thinking about bumping it to 100,000/300,000 because, 50,000/300,000 leaves you a little too exposed on the individual liability side. FWIW.

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Chaas
Gold #62/ACES
67 SS396/L88
www.chevelles.com/showroom/chaas1.jpg (http://www.chevelles.com/showroom/chaas1.jpg)

I have the 100000/300000 policy with Hagartys, they will give it to you as long as your regular vehicle has the same limits. As far as state farm, I had 2 cars with them on classic insurance, and they cancelled them and put them on regular policies because I couldnt show that they were entered in car shows and couldnt list any car clubs that I belonged to.. at least thats what my agent said, and man was I pissed. Just because I choose not to show my cars or join a bunch of clubs? I immediately got the policy through Hagartys, which ended up having a better deal anyway, as they seem to let you drive your car for pleasure use, while everyone else doesnt want it to leave the garage without a police escort!

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70 chevelle ss396 conv
66 chevelle ss396 hdp/conv
55 chevy prostreet
69/71 camaros
TC member #493

I have Hagerty's and I don't have that phrase in my policy, Mine says:

"We will pay the limit shown under coverage D in the declarations for each scheduled vehicle, which is agreed to be the value of "your covered auto"' in case of a total loss or "constructive total loss". "

I have two cars on Hagerty - My 37 Coupe and my 'velle which is under restofication.

Gene, Droptop is right, you can increase with Hagerty as long as your regular policy has that limit. $50K just aint enough with the yuppies driving them porsches and benzs around.

--Andy--

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1970 Chevelle SS Convertible
1937 Master Business Coupe
1996 S-10 Blazer
TC #551, ACES #3513
VCCA #35642
http://home.earthlink.net/~andypap/wsnC442.html
Yup, I'm Chevy Prejudiced!!!!

Gene,
The amounts that I gave them are there on the front page. The problem, as I see it, comes from language that states clearly that they pay the LESSER of the actual cash value or the amount declared.

I got the $100,000/$300,000 liability because that's what's on my other cars. I don't think they will allow you to increase the liability on your classic car disproportionately to your daily drivers.

I've posted this before, but State Farm is going to raise the cost of my $2MM excess liability (umbrella) policy because of moving the classic cars to another company.

AndyP,
That's very interesting about the language difference. What you say is there is EXACTLY what I would be looking for. Who is the issuing insurance company for your policy? Is it CNA? Now I'm wondering if the language I got in my policy is all that's available in Texas (you know the states each do their own thing).

Thanks for all the feedback. Anyone else?

[This message has been edited by Alan F (edited 03-02-2000).]

i have my CAR covered by hagerty as well but no liability with them..

carry liability with my regular carrier, USAA, at higher limits than hagerty offered

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Rich
Cocoa Beach, Fla
Team Chevelle #380
46 but feeling like 20 when i'm in my 70 SS 454
wa3men@aol.com
www.chevelles.com/showroom/70_SS_454.jpg (http://www.chevelles.com/showroom/70_SS_454.jpg)

GEICO covers mine for $8000 believe it or not. their "specialty"ins. co. for antiques wouldn't cover my "over 5kmiles/year" classic so i went back and asked what the "actual" value was and they told me to go to NADA.com that's what they use. it was nearly $8000 i love GEICO. And NO i don't work for em. I fill vending machines.

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members.aol.com/jnkb2cool/chevelle9.jpg (http://members.aol.com/jnkb2cool/chevelle9.jpg) members.aol.com/jnkb2cool/350.jpg (http://members.aol.com/jnkb2cool/350.jpg)
John Krenn
1970 malibu SS look-a-like well kinda
350/200-4r (soon to be 383)

Ft.Worth, Tx

My policy from Hagarty does not have the same wording as in the first post. This may refer to a loss of less than the total vehicle, I would call Hagarty. Also my liability with them is $500,000. They did not have any problems with that amount.