Posted by MoparNorm on Tuesday, March 01, 2005 at 8:03PM :
In Reply to: Hagarty insurance Wont insure my Power Wagon posted by Tim Holloway on Tuesday, March 01, 2005 at 3:43PM :
While the several companies that insure classic vehicles all have restrictions, the one thing that they have in common is that the value is a "stated" value. That means, that what the agreed upon value is what they will pay in the event of a theft or total loss of the vehicle, no arguments, it's in black and white. State Farm and other 'mainstream' companies will NOT cover the vehicle for stated value, unless the premium is in the thousands of dollars per year. They will automatically 'total' the vehicle and give you the lowest blue book value. That could be a few hundred dollars in some cases. You are much better off using a 'Car Guy' company like Hagerty, and playing by their rules for under a hundred dollars per year, than taking a chance or paying too much.
The policies from the classic car insurers in most cases allow limited daily use and also cover the vehicle at "events", shows etc. I consider the numerous PW Rally's as shows and hauling your gear, firewood, etc. to a show is perfectly legit.
Use your 'noggin', not your wallet.
MN
Follow Ups: