Posted by MoparNorm on Monday, October 02, 2006 at 10:31AM :
In Reply to: Anmyone use American Collectors Insurance? posted by Tim Holloway on Sunday, October 01, 2006 at 11:04PM :
The problem using a "major" insurance carrier is the payment value in the event of a claim. Yes, State Farm, Allstate, Mercury etc. will write a policy, but they are going to use the Blue Book or similar rate book for coverage value (good luck with that!) and their premiums are about triple of what Haggerty and the others will charge. Classic Car Insurers will cover any vehicle at the owners stated value and will pay off on that stated value with very little issues, the majority of the time, that will not be the case with "major" carriers in the event of total loss.
Haggerty and some of the others don't like a working truck because they are geared towards custom rigs with fancy paint jobs and they don't want the added expense of sorting out that issue in the event of a "minor" claim over body damage or a fender bender.
No company is going to be your friend, all of the time, the Classic Car insurers will do a better job in the event of a total or major loss. In fact one thing to consider, if you have a "major" carrier and you have a loss in the range of $2,000, your major carrier will likely just total the truck claim the truck, and send you a check for $500 or whatever value they can try to attach to a 50 year old truck.
As for Haggerty, they will normally pay the stated value with no questions asked. And for the recored the only question they asked was if I was going to use the truck for work. The answer was "no, I have a work truck for that". If you are going to use your truck for work or similar uses, then you may be better off getting a commercial policy with a stated value, but you will pay through the nose for it.
MN
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