Insurance Costs
- Thread starter WyoSyclone
- Start date
Maxtor
New member
Re: Insurance Costs
I have Hagerty until 3/1 but I don't think I'm going to renew my policy. They just sent me an updated list of items they will not cover in an addendum with my policy renewal. At this point they have added so many loopholes I am wondering if there is any way I would ever see the mutually agreed upon value if something happened. For that matter, there is a good chance I won't see anything. Statements such as "We will not pay for damage caused by mechanical breakdown or failure" scare me. So if an electrical fire burns my truck (damage caused by electrical failure) they won't pay? If my fuel system springs a leak (mechanical failure) and the truck burns they won't pay? What if my engine locks up and I skid off the road and destroy the truck? They will "not pay for damage caused by any spontaneous race, testing or preparation for a race, on a public road while operating the vehicle outside the legal speed". So if I crash going 60 in a 40, was I preparing for a race since I was speeding?? There are dozens of items like this in the "exclusions" section. I think before they fork out $40k mutually agreed upon value for my truck they would fight me tooth and nail. I asked my Allstate/Hagerty agent about these items and he said I was probably right.
Another thing I don't like about Hagerty is that there is no way to just do comprehensive (storage) insurance. I'm currently paying more for the Syclone per year than our 02 Sequoia or our 04 4-Runner.
I think I'm going back to Allstate even if it means I'll get rear ended on the actual value of the truck if something happens. At least I might get something.
Bottom line, be careful and read the contract from their perspective if you do collector car insurance. I'm not saying you will get the shaft, but there are plenty of loopholes in their policy. Their business objective isn't different than any other - making money.
blk00z28 said:
I have Hagerty until 3/1 but I don't think I'm going to renew my policy. They just sent me an updated list of items they will not cover in an addendum with my policy renewal. At this point they have added so many loopholes I am wondering if there is any way I would ever see the mutually agreed upon value if something happened. For that matter, there is a good chance I won't see anything. Statements such as "We will not pay for damage caused by mechanical breakdown or failure" scare me. So if an electrical fire burns my truck (damage caused by electrical failure) they won't pay? If my fuel system springs a leak (mechanical failure) and the truck burns they won't pay? What if my engine locks up and I skid off the road and destroy the truck? They will "not pay for damage caused by any spontaneous race, testing or preparation for a race, on a public road while operating the vehicle outside the legal speed". So if I crash going 60 in a 40, was I preparing for a race since I was speeding?? There are dozens of items like this in the "exclusions" section. I think before they fork out $40k mutually agreed upon value for my truck they would fight me tooth and nail. I asked my Allstate/Hagerty agent about these items and he said I was probably right.
Another thing I don't like about Hagerty is that there is no way to just do comprehensive (storage) insurance. I'm currently paying more for the Syclone per year than our 02 Sequoia or our 04 4-Runner.
I think I'm going back to Allstate even if it means I'll get rear ended on the actual value of the truck if something happens. At least I might get something.
Bottom line, be careful and read the contract from their perspective if you do collector car insurance. I'm not saying you will get the shaft, but there are plenty of loopholes in their policy. Their business objective isn't different than any other - making money.
WyoSyclone
Active member
Re: Insurance Costs
Hi Guys,
Thanks for all the input on insurance costs... I'm going to print this thread out on Monday and see what my agent can do to get me a better rate.... good weather is almost here and it's time to get the Sy ready for some boost!
Hi Guys,
Thanks for all the input on insurance costs... I'm going to print this thread out on Monday and see what my agent can do to get me a better rate.... good weather is almost here and it's time to get the Sy ready for some boost!
TyGuyJeff
New member
Re: Insurance Costs
Squeeky clean driving record, and I pay $460/6 months for full coverage through GMAC. They list it as a "specialty vehicle", and its based on my age (23 at the time) under dad's policy and registered in central Illinois (cornvill ) despite being owned/operated 80 miles up the road
Squeeky clean driving record, and I pay $460/6 months for full coverage through GMAC. They list it as a "specialty vehicle", and its based on my age (23 at the time) under dad's policy and registered in central Illinois (cornvill
) despite being owned/operated 80 miles up the road