Insurance

[Bills37]

You can also call Progressive. They have what is called "agreed value" You can insure for any amount (within reason) that you like. I don't know how their rates compare with others.

[rdillon]

HAGERTY IS THE CLEAR AND CORRECT CHOICE. I HAVE STATED VALUE ON ALL MY BIKES WITH THEM. (VALUES HAVE ACTUALLY BEEN RAISED A TIME OR TWO) NO DEDUCTIBLE, GREAT RATES. I HAD AN ACCIDENT A FEW YEARS BACK, THEY PAID WITH NO HESITATION, NO QUESTIONS. BIKE WAS REPAIRED TO EVERY DETAIL. GOOD PEOPLE. I'm sure there's nothing wrong with these other companies, this has just been my experience. Randy

[bobdo]

Thanks everyone with the advice.
Sounds like Hagerty is the place to go for good coverage & experience with old iron. Unfortunately, I'm unemployed & the $81. a year quote sounds pretty good for now. I'll just have to be underinsured for the time being. In the meantime, I'll try to gather proof of value to resubmit. If anyone has proof of the going rate of accurately restored 47 EL's with minimal repop parts that they feel comfortable sharing as a PM, I'd appreciate it.

[Rollo]

Bob,

You have to do what you have to do but I too have a dozen antique bikes insured with Hagerty. You might check the policy differences to see what you are paying for with each. For all 12 bikes I pay about $120 each per year. My state requires state minimum coverage ( pretty significant amounts) on all vehicles so that is what I have plus the agreed to value and on my 47 knuckle it is $30K. I know I should probably raise that because as you say I can't replace it for that but the agreed to value is what is raising your premium. Frankly I don't see how State Farm can cover that bike for $81 with a year with a $30 K agreed to value. Dealing with Hagerty is as easy and simple as stated by others here. Better check your home owners policy regarding this too. A lot of them won't cover this sort of thing if something happens to them in the garage. As suggested I would speak with someone at Hagerty to clarify what they provide. Good Luck!

Tom (Rollo) Hardy
AMCA # 12766

[bobdo]

Thanks Tom,
I only have the one antique bike & a 2005 Softail. I have had my homeowners insurance, 4 cars & the Softail with State Farm for many years. I guess that's why I'm getting a good deal, just like you having all your bikes with Hagerty. If your 47 was valued the same, I guess thats the rate. But, we know we can't replace it. I've never liked insurance. Its like betting on something bad happening.

[KNUCK]

Not True, classic car and motorcycle insurance is in their scope of insurance. A few years ago they began to advertise and promote the desire to do this. State Farm has been in business for over 80 years, just a little new to the Classic coverage. I know as I work in the claims dept and have seen many payments for a stated value. You need to work with your underwriter and this will get the value correct for your cycle. This will protect you and the company for any issue that would promote bad peelings upon a loss.
I would take the bike to someone who can appraise it, maybe someone at an AMCA meet or such. Sounds like you have a little time so you can make it happen if you want it all at one provider. I have heard nothing bad about Hagerty so you are in good shape with either. Hope this helps.

I second Gerry's suggestion for "Hagerty". I too, tried to keep all of my insurance under one provider, but the underwriter's at State Farm could not find enough documentation to support the value that I and others have placed on my cycles. Insuring vintage vehicles is not in their scope of insurance. The underwriters at Hagerty have much more experience in insuring vintage vehicles and had adequate documentation to support the value that I requested. That's their business.

[Randy STL]

Make sure that you get Agreed Value in lieu of Stated Value. You can search the web for more information.

"There are three types of automobile insurance available today: Actual Cash Value (ACV), Stated Value, and Agreed Value. ACV coverage is what insures most everyday cars; these vehicles are insured for purchased or book value and will be depreciated in the event of a claim. Stated Value insurance is what large companies and some specialty insurers use to insure collectible cars; it is better than ACV coverage because it allows you to "state' a value for your car that might be higher than its purchased or book value. But Stated Value can still depreciate cars because these companies only have to pay "up to" the "stated" amount. Only Agreed Value insurance absolutely guarantees you will get all of your money back in the event of a total loss."