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Thread: Collector Car Insurance

  1. #1
    Z8 Addict Scott Pettit's Avatar
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    Collector Car Insurance

    Has anyone used Heacock Insurance. They seem to have great coverage for considerably less than Grundy and Haggerty.
    Scott Pettit
    61930
    Silver / Black

  2. #2
    I requested an online quote 2 times from Heacock for my Boss 302 and got no response. I have heard good things from a couple of friends about them. However, their lack of response is frustrating. I stayed with Hagerty.

    Dana Caldwell
    Peter Pan BMW

  3. #3
    Team Z8 KenZ8's Avatar
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    Check out Barrett-Jackson classic/collector car insurance underwritten by Chartis. Customer service has been top notch so far, and I hope to avoid experiencing or testing their claims efficiency.
    http://www.barrett-jackson.com/insurance/

  4. #4
    Z8 Addict Scott Pettit's Avatar
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    Haggerty was way more expensive than Grundy which is whom I have been with. I have yet to hear from Heacock so apparently they do not want my business.

    I decided to stay with Grudy. Great price. Great coverage and no hard rules on mileage.
    Scott Pettit
    61930
    Silver / Black

  5. #5
    Quote Originally Posted by KenZ8 View Post
    Check out Barrett-Jackson classic/collector car insurance underwritten by Chartis. Customer service has been top notch so far, and I hope to avoid experiencing or testing their claims efficiency.
    http://www.barrett-jackson.com/insurance/
    The quote I got from them for my Z8 and e24 M6 are simply "too good to be true." Do you have any updated information on them?

    Is anyone else in the forum insured with these people and can share experience(s)?
    C.A. Cardenas (AKA Dan)
    2003 (last one?) Z8 - Hellrot / Sport Rot
    Original Owner - Munich Tourist Delivery
    -- Others --
    1988 M6 - 32K mi. - Original Owner
    1989 DINAN 750iL - 73K mi. - Original Owner
    1998 M3 - 63K mi. - Original Owner
    2015 X5 (F15) Diesel - Daily Driver

  6. #6
    Team Z8 KenZ8's Avatar
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    Fortunately no claims experience. I have had several questions since the policy was written, and their customer service is A+ at getting answers quickly. They have explained their low rate structure as a "direct reflection of the quality and careful attitudes of their policyholders who have low claim records".

  7. #7
    Quote Originally Posted by KenZ8 View Post
    Fortunately no claims experience. I have had several questions since the policy was written, and their customer service is A+ at getting answers quickly. They have explained their low rate structure as a "direct reflection of the quality and careful attitudes of their policyholders who have low claim records".
    Thanks for the insight.

    Their quote is half of what I'm currently paying with the Auto Club even thought it includes a $130K stated value, which of course the Auto Club won't do.
    C.A. Cardenas (AKA Dan)
    2003 (last one?) Z8 - Hellrot / Sport Rot
    Original Owner - Munich Tourist Delivery
    -- Others --
    1988 M6 - 32K mi. - Original Owner
    1989 DINAN 750iL - 73K mi. - Original Owner
    1998 M3 - 63K mi. - Original Owner
    2015 X5 (F15) Diesel - Daily Driver

  8. #8
    Z8 Addict Z8doc's Avatar
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    Just an FYI...

    Quote Originally Posted by KenZ8 View Post
    underwritten by Chartis. Customer service has been top notch so far, and I hope to avoid experiencing or testing their claims efficiency.
    http://www.barrett-jackson.com/insurance/
    Chartis is formerly known as, .... AIG. So, keep that in mind, good or bad, when using this company. Certainly they did not go bankrupt, thanks to our tax dollars, but given the size of the company still in existence makes me cautious. Certainly, the price is "too good toe be true" but sometimes you get what you pay for and right now, as long as you do not need it, those cheap premiums are certainly attractive but, if you need coverage... what then. Certainly as with any policy, the details are key and I would read that policy carefully before finalizing it.
    Best Regards,

    Jeff
    61995 Silver /// Rot - Original Owner
    Z8 Club of Germany e.V. #102

  9. #9
    Team Z8 KenZ8's Avatar
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    All policies regardless of carrier warrant careful reading these days. The newest thing they all seem to be slipping in is the use of salvage, reconditioned, and non-OEM replacement parts in the event of an accident with any difference in cost from using real OEM remaining the policy holder's responsibility as a "choice". Each company uses a proprietary name for these second rate parts so it's not easy to see without a careful read.

    I did not know that Chartis was part of AIG. I guess if any of us ever need to collect on a claim, we are actually receiving our great grandchildren's money.

  10. #10
    Z8Mania
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    Didnt those dollars get repaid?

  11. #11
    Nope, not at all! The shell game continues, as they shuffle the 800lb gorilla of toxic debt around, trying to prenend and extend the illusion all is well.
    Andrew Macpherson

    Expert Z8 Inspections, with full support for both Z8 sale and purchases.

  12. #12
    Z8Mania
    Guest
    Oh thats fun.

  13. #13
    I know, I should get out more, all this reading about the economy is turning me into a death watch beetle!

    On a brighter note we had the best dawn of the year here today, posted some snaps over on the day job site, which has also become a blog, like everything else in our lives!
    Andrew Macpherson

    Expert Z8 Inspections, with full support for both Z8 sale and purchases.

  14. #14
    Sport Button On - DSC Off jim's Avatar
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    I insure 5 of my old cars w/Heacock aka: American Modern Ins Grp, I've had one claim in 10 yrs when I spun my 32 Ford HotRod into a guardrail, ouch. Heacock was fine in all respects, claim adjustor, knowledge, payment and even kept the file "open" if there was any damage unseen or noted. That said, my Z8 is insured w/USAA, which btw, is the best insurance company I've ever dealt with...by far, period.
    Jim

  15. #15
    Z8Mania
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    You know what Andrew, the sun will keep shining, the world will keep turning. Get out and take pictures, drive the Z8, have fun. Don't let the basterds get you down

  16. #16
    Z8Mania
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    Some really nice shots. Love this one:

  17. #17
    Team Z8 KenZ8's Avatar
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    Quote Originally Posted by jim View Post
    my Z8 is insured w/USAA,
    Jim
    Jim, check the language in your policy regarding repair parts. USAA is the company that my friend recently had experience with and was forced to pay extra for OEM parts. They built a repair quote based on a refurbished light, bumper, and radiator plus an aftermarket fender and hood (non-OEM) which was supported by the language in his policy. Fortunately for Z8 repairs there are few-to-no after market non-OEM alternatives, but the refurbished/salvage market does exist.

  18. #18
    Sport Button On - DSC Off Lisa's Avatar
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    we just use Farmers - I've never had a problem with a claim from them though we haven't had to claim anything for the Z8 yet...

  19. #19
    and I'm with State Farm for everything, and so far have found them very good. The only issue is they don't carry an agreed value policy, but we have such good evidence to support our values that I can't imagine a fight over it, and my insurance agent with them says all that is required is proof of value.
    Andrew Macpherson

    Expert Z8 Inspections, with full support for both Z8 sale and purchases.

  20. #20
    Sport Button On - DSC Off jim's Avatar
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    Ken, Roger that and appreciated as I was unaware. Thanks, Jim

  21. #21
    Sport Button On - DSC Off Lisa's Avatar
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    oops i mis-stated we are State Farm - Farmers was my old insurance waaaaay back when lol

  22. #22
    Z8 Addict Scott Pettit's Avatar
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    Andrew, do you really trust your agent to pay off if the time comes? Unless it is spelled out in writing, no insurance is gonna pay you what you want.

    You look a lot smarter than that.

    I have been with AAA for 30+ years and list all of my cars (drivers and collector) along with my property with them. With my collector cars, I specifically asked they be covered for what i felt that they were worth if a payoff was needed. My agent, the guy who makes a lot of money off of me, said "we will do that" and I wrote a big check.

    A few months later, I stopped by his office to add the Model T and he was off so I met with another agent who just happened to be a car collector. He told me that AAA doesn't provide agreed value coverage EVER and suggested that I contact a specialty insurance coverage.

    I did 2 things that day. I signed on with Grundy Worldwide and cancelled my policy with AAA.
    Scott Pettit
    61930
    Silver / Black

  23. #23
    Z8Mania
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    Andrew, I agree you should have AV. Firemans has it, so does Chubb and the others mentioned here.

    Scott- Model T? Thats awesome!

  24. #24
    Quote Originally Posted by KenZ8 View Post
    The newest thing they all seem to be slipping in is the use of salvage, reconditioned, and non-OEM replacement parts in the event of an accident with any difference in cost from using real OEM remaining the policy holder's responsibility as a "choice".
    The endorsement that Chartis (Barrett-Jackson) sent me for review states that all parts replacements will be OEM. I'm trying to get additional details because OEM can mean manufactured by the company that supplied BMW, but not a part that has "BMW" stamped on it. That's a big deal to me.

    I did not know that Chartis was part of AIG. I guess if any of us ever need to collect on a claim, we are actually receiving our great grandchildren's money.
    I understand that Chartis has been spun-off by AIG. It was the only really profitable part of AIG and reportedly has a combined statutory surplus of over $38 billion world-wide. My concern is not with their solvency, but with their service. The Barrett-Jackson people have been really good, plus I don't think that Barrett-Jackson would stake their reputation on a bad company, but "strager things have happened."
    C.A. Cardenas (AKA Dan)
    2003 (last one?) Z8 - Hellrot / Sport Rot
    Original Owner - Munich Tourist Delivery
    -- Others --
    1988 M6 - 32K mi. - Original Owner
    1989 DINAN 750iL - 73K mi. - Original Owner
    1998 M3 - 63K mi. - Original Owner
    2015 X5 (F15) Diesel - Daily Driver

  25. #25
    Z8 Addict Scott Pettit's Avatar
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    Jerry,

    The model T is fun to drive but my shoulder is tired of the crank start so I am gonna sell it in the spring. It is a 1913 Speedster-class 1 restoration that was done by the same guy who did one of Lenos steamers. In fact, they came from the same collection.

    Scott
    Scott Pettit
    61930
    Silver / Black

  26. #26
    Z8Mania
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    Post up some pictures in another thread. I'm sorry to read that you'll be selling it.

  27. #27
    Good thought Jerry, I always loved the long dormant 'what your other' thread.
    Andrew Macpherson

    Expert Z8 Inspections, with full support for both Z8 sale and purchases.

  28. #28
    carnut
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    I'm late to this party, but I have a lot of cars insured with American Home Insurance through Dan Yagodnik @ Classic Auto Insurance in Indianapolis. 800.397.0765. He's been excellent and responsive, used him for years, ALL my cars are @ agreed value.

  29. #29
    Quote Originally Posted by carnut View Post
    I'm late to this party, but I have a lot of cars insured with American Home Insurance through Dan Yagodnik @ Classic Auto Insurance in Indianapolis. 800.397.0765. He's been excellent and responsive, used him for years, ALL my cars are @ agreed value.
    What is your annual premium for the Z8 and what's your agreed value, if you don't mind me asking?
    C.A. Cardenas (AKA Dan)
    2003 (last one?) Z8 - Hellrot / Sport Rot
    Original Owner - Munich Tourist Delivery
    -- Others --
    1988 M6 - 32K mi. - Original Owner
    1989 DINAN 750iL - 73K mi. - Original Owner
    1998 M3 - 63K mi. - Original Owner
    2015 X5 (F15) Diesel - Daily Driver

  30. #30
    carnut
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    cost of insurance

    Give me a couple of days to get you an answer. I just looked it up in my computer, and I think I have the wrong numbers: I show no number next to one Z8, and $167G next to the other- and I'm sure that's a mistake, I'd never insure it for that much. I also show a $5G deductible and a $2G premium- those are probably correct. I'll call my broker next week- I'm out of town so I can't check the actual policy. I may also be getting a quantity discount- I have 6 cars on that policy, a bunch on another.

    By the way, I'm not sure how you manage to list the info on your car under your name- what is the procedure?










    ;

  31. #31
    Z8 Ate My Homework! Norcal's Avatar
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    To show more details about your car. Under "User CP (above-left)" "Settings" "Edit signature"

  32. #32
    carnut
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    Thanks for the info.

    Insurance: they're both insured for $125,000 agreed value, $5,000 deductible, the premium is $530. Nominally, I'm supposed to put only 1,000 miles per year on the vehicles. In actuality, they've never asked what the mileage is and no mileage was ever given to them. The premium is very low because I have a bunch of cars on the policy, but even before that I found Dan Yagodnik to be very competitive.

  33. #33
    Quote Originally Posted by carnut View Post
    Thanks for the info.

    Insurance: they're both insured for $125,000 agreed value, $5,000 deductible, the premium is $530. Nominally, I'm supposed to put only 1,000 miles per year on the vehicles. In actuality, they've never asked what the mileage is and no mileage was ever given to them. The premium is very low because I have a bunch of cars on the policy, but even before that I found Dan Yagodnik to be very competitive.
    Thanks very much for the info.

    I have seven cars (six BMWs and one MINI) insured with AAA, but they do not offer stated/agreed value coverage. I'm moving the Z8 and the M6 so that I can get stated/agreed value coverage, and have been doing some shopping.

    This gives me a good baseline for comparison. I got a similar quote from the Barret-Jackson sponsored plan, but I'm bit concerned about their service.
    C.A. Cardenas (AKA Dan)
    2003 (last one?) Z8 - Hellrot / Sport Rot
    Original Owner - Munich Tourist Delivery
    -- Others --
    1988 M6 - 32K mi. - Original Owner
    1989 DINAN 750iL - 73K mi. - Original Owner
    1998 M3 - 63K mi. - Original Owner
    2015 X5 (F15) Diesel - Daily Driver

  34. #34
    Z8 Addict Scott Pettit's Avatar
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    Try Grundy Worldwide.
    Scott Pettit
    61930
    Silver / Black