Decode L78

[EZ Nova]

Originally Posted by SeattleCarGuy

Funny story...

I use Hagerty for all four of my classics and each one, I have agreed value insurance for about 50% of the car's true value. I do this because the cars rarely get driven, just trailered to one of two shows a year and maybe a neighborhood drive with the kids. Anyway, I hate paying insurance and by reducing the values, I keep the insurance costs with Hagerty down to a minimum and I accept the risk should something catastrophic happen.

Anyway, last time I added a car to my Hagerty policy a couple years ago, they asked how much I paid for it and whether it was 1,2,3 or 4 grade car based on their ranking/appraisal system from project car to trailer queen. I then told them I wanted it insured for a value that was roughly half of what I paid. They said they would be happy to cover it for the full amount I paid as the value was within their guidelines. I stated, "no, I'm self-insured for the rest". The guy on the phone responded: "Self-insured? Never heard of them."

WHY would you want to do this????

I see 4 cars in you sig. Lets say there all value at 80K each, but you only insure for 40K each. On non modified cars, there isn't that much difference really in coverage amounts. I myself couldn't sleep well knowing that if something happens it will cost you BIG time. Yes you might not take them out much, but there has been the case where people lose there whole collection to fire or storms? Then what, the couple grand you save a year is worth the 160K of cars you lost? Isn't that like buying a new Lamborghini and insuring it like a Nissan Ultima to keep the yr insurance costs down? But it's your call, not mine.

And what people don't think about is a claim is a claim, larger or small. Mine I keep FULL coverage for FULL value and lower the deducible as low as it can be. If it's something minor, like a couple or 3K I will cover it. But say a 10K claim, I know I'm covered and not out much $$$ just time and use.