Author Topic: Insurances for CJ's  (Read 1230 times)

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Offline Don-man

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Insurances for CJ's
« on: August 25, 2018, 07:09:36 pm »
Hey guys's. My insurance bill has arrived (Grundy) and from $300-plus is now $500-plus.  WTH!  >:(

Offline crossboss

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Re: Insurances for CJ's
« Reply #1 on: August 25, 2018, 07:33:41 pm »
Yikes! Thats a 33% increase. Time to shop for a better and cheaper insurance company.
My worthless two cents...
<My old C.J. heap  aka  S-B Racing!
Current lifelong project: 1969 Mustang Fastback/FOX chassis, Powered by a modern Can-Am 494 (Boss 429), Kaase headed, Autolite 1425 cfm 'B' Inline carb, 6 speed, 4 wheel discs, ala Trans-Am style--Whew!

Offline Don-man

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Re: Insurances for CJ's
« Reply #2 on: August 26, 2018, 08:29:17 am »
Any suggestions which Insurance company? Anyone? . . .  anyone?   Hey Orville!!!!!     LOL

Offline rickmustang

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Re: Insurances for CJ's
« Reply #3 on: August 26, 2018, 09:41:01 am »
Try Parish Heacock. They specialize in high performance Fords.
'70 Double R-Code Black Mach 1 (1995 NMCA National Champion) with 4-speed

Offline Don-man

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Re: Insurances for CJ's
« Reply #4 on: August 27, 2018, 02:54:22 pm »
Thanks Rick! I'll check them out.

Offline redscj

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Re: Insurances for CJ's
« Reply #5 on: August 27, 2018, 03:04:14 pm »
     Just an opinion, be prepared that as CJ's value rise. The comprehensive & collision part of the premium will rise also.
Grant
69 Mach 1 Dearborn SCJ 4.30 4spd 6/17/69 Candy Apple Red
69 Sportsroof Metuchen SCJ 4.30 C6 5/28/69 Acapulco Blue

Offline preaction

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Re: Insurances for CJ's
« Reply #6 on: August 27, 2018, 03:07:02 pm »
With Hagerty its all based on the agreed value the more you want as a payout (total loss)  in a claim the more the yearly fee.
68.5 Mustang black 4sp 3:50    67 Cougar 6.5 Liter

Offline redscj

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Re: Insurances for CJ's
« Reply #7 on: August 27, 2018, 04:50:19 pm »
With Hagerty its all based on the agreed value the more you want as a payout (total loss)  in a claim the more the yearly fee.
     I think that you kind of prove my point. If your CJ has went up in value to $75K from $40K. Most people would want a higher face value policy. Also, if you set the value lower. Do they pay market rates to fix less than a total loss?
     As an example. A 130 mph wind hit my area a few years ago. In a few cases people had too low of a face value on their homes. Even if they had $25K in damage with a $50K face value policy. Some of the insurance companies came back & said that since you only had a $50K policy on a $100K home. Then they only paid $12.5K on the damage. Face was half of value so claims were paid at half of the loss.
Grant
69 Mach 1 Dearborn SCJ 4.30 4spd 6/17/69 Candy Apple Red
69 Sportsroof Metuchen SCJ 4.30 C6 5/28/69 Acapulco Blue

Offline crossboss

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Re: Insurances for CJ's
« Reply #8 on: August 28, 2018, 09:50:24 am »
With Hagerty its all based on the agreed value the more you want as a payout (total loss)  in a claim the more the yearly fee.
     I think that you kind of prove my point. If your CJ has went up in value to $75K from $40K. Most people would want a higher face value policy. Also, if you set the value lower. Do they pay market rates to fix less than a total loss?
     As an example. A 130 mph wind hit my area a few years ago. In a few cases people had too low of a face value on their homes. Even if they had $25K in damage with a $50K face value policy. Some of the insurance companies came back & said that since you only had a $50K policy on a $100K home. Then they only paid $12.5K on the damage. Face was half of value so claims were paid at half of the loss.




I am unaware of ANY car that increases value 33% in one year as the OP has stated his premium went from $300 to $500 bucks. Unless you have increased the 'agreed' value. A 33% increase in a yearly value is more than the hot LA real estate market. In my opinion Grundy is greedy.
<My old C.J. heap  aka  S-B Racing!
Current lifelong project: 1969 Mustang Fastback/FOX chassis, Powered by a modern Can-Am 494 (Boss 429), Kaase headed, Autolite 1425 cfm 'B' Inline carb, 6 speed, 4 wheel discs, ala Trans-Am style--Whew!

Offline redscj

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Re: Insurances for CJ's
« Reply #9 on: August 28, 2018, 10:33:28 am »
     Yes, 33% is a lot. Insurance companies look at a lot of things now days. Accident rates in his area, a kid moves home. They even scan your credit scores. If nothing has changed I'd suggest to take the time to see if an error has been posted to your credit report. They won't tell you that a credit ding changed your premium. They just change your renewal premium. Just like in op's case. Just an internet strangers unsolicited advice.
Grant
69 Mach 1 Dearborn SCJ 4.30 4spd 6/17/69 Candy Apple Red
69 Sportsroof Metuchen SCJ 4.30 C6 5/28/69 Acapulco Blue

Offline crossboss

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Re: Insurances for CJ's
« Reply #10 on: August 28, 2018, 10:56:25 am »
     Yes, 33% is a lot. Insurance companies look at a lot of things now days. Accident rates in his area, a kid moves home. They even scan your credit scores. If nothing has changed I'd suggest to take the time to see if an error has been posted to your credit report. They won't tell you that a credit ding changed your premium. They just change your renewal premium. Just like in op's case. Just an internet strangers unsolicited advice.




 I agree with your assessments. That said, in some states like California insurance companies cannot use credit to determine your rates. Thats illegal. Some states its not, like Texas. Call Greedy, opps Grundy (LOL) and see IF there was an internal error on billing. If there wasn't, I would look for a new insurance company. My worthless two cents...
<My old C.J. heap  aka  S-B Racing!
Current lifelong project: 1969 Mustang Fastback/FOX chassis, Powered by a modern Can-Am 494 (Boss 429), Kaase headed, Autolite 1425 cfm 'B' Inline carb, 6 speed, 4 wheel discs, ala Trans-Am style--Whew!

Offline Don-man

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Re: Insurances for CJ's
« Reply #11 on: August 28, 2018, 02:41:58 pm »
I don't believe Grundy has my S.S # to  check my credit score which is very good BTW.  They increase the value of my Cobra jet from 50K to 60k agreed value. Oh, forgotten to mention I paid over $500 last year. I believe collector insurance companies are basing values of muscle car from Barrett Jackson or Mecum auto auctions. That's my thinking.

Or GRUNDY had to payout $1.7 million dollar Bugatti the guy deliberately driven into the ocean and we all have to pay.  Check it out.


Offline redscj

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Re: Insurances for CJ's
« Reply #12 on: August 28, 2018, 03:42:28 pm »
     I'll burst your bubble a little. Your ss# isn't as secret as you might think. Credit reports are to benefit the financial companies, not you. That is how they price risk. They have their own databases. Eventually they find it out & it gets saved/shared on a server somewhere. That is why data breaches are so serious. Nice business model. They lose your data, you might get defrauded so they charge you for fraud protection & stand blameless.
     Even in states that can't use your credit to determine your rates. I bet that they use a report similar to FICO that your score has at least some small value in it. Jeez, they can even make a decent guess about your credit score & income based upon the neighborhood that you live in.
     I doubt they paid out on the Bugatti. Like not paying if you torch your own house.
Grant
69 Mach 1 Dearborn SCJ 4.30 4spd 6/17/69 Candy Apple Red
69 Sportsroof Metuchen SCJ 4.30 C6 5/28/69 Acapulco Blue

Offline crossboss

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Re: Insurances for CJ's
« Reply #13 on: August 29, 2018, 10:28:57 am »
     I'll burst your bubble a little. Your ss# isn't as secret as you might think. Credit reports are to benefit the financial companies, not you. That is how they price risk. They have their own databases. Eventually they find it out & it gets saved/shared on a server somewhere. That is why data breaches are so serious. Nice business model. They lose your data, you might get defrauded so they charge you for fraud protection & stand blameless.
     Even in states that can't use your credit to determine your rates. I bet that they use a report similar to FICO that your score has at least some small value in it. Jeez, they can even make a decent guess about your credit score & income based upon the neighborhood that you live in.
     I doubt they paid out on the Bugatti. Like not paying if you torch your own house.



In the states that do not use your credit to determine your rate there are other sources that insurance companies use. I forgot the name of such sources, however, its similar to a credit score. They use a database on past claims, where you live, etc. Its similar to what banks use to determine IF you can open a checking account. This is legal in all states. Like credit bureaus, I believe there are also three or four data bases they pull from. So, yes they really don't need your SS number, although Im sure they have it anyways.
<My old C.J. heap  aka  S-B Racing!
Current lifelong project: 1969 Mustang Fastback/FOX chassis, Powered by a modern Can-Am 494 (Boss 429), Kaase headed, Autolite 1425 cfm 'B' Inline carb, 6 speed, 4 wheel discs, ala Trans-Am style--Whew!

Offline preaction

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Re: Insurances for CJ's
« Reply #14 on: August 29, 2018, 10:40:11 am »
My 60K agreed value car is insured with Hagerty and the premium is $340 for this year and that's without any pics being shared.
68.5 Mustang black 4sp 3:50    67 Cougar 6.5 Liter