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Insurance policy for your Vanagon
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MarkWard
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PostPosted: Mon Mar 08, 2021 3:24 pm    Post subject: Re: Insurance policy for your Vanagon Reply with quote

A result. Hopefully we never need to find out how good a policy it is.
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Vanuber
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PostPosted: Mon Mar 08, 2021 3:34 pm    Post subject: Re: Insurance policy for your Vanagon Reply with quote

MarkWard wrote:
A result. Hopefully we never need to find out how good a policy it is.


Right, hopefully we will never know. The agent told me their "guaranteed value" policy is better than agreed value with no questions asked. Sounded so good I also added my motorcycles.
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dobryan
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PostPosted: Mon Mar 08, 2021 3:39 pm    Post subject: Re: Insurance policy for your Vanagon Reply with quote

Vanuber wrote:
MarkWard wrote:
A result. Hopefully we never need to find out how good a policy it is.


Right, hopefully we will never know. The agent told me their "guaranteed value" policy is better than agreed value with no questions asked. Sounded so good I also added my motorcycles.


What is the language in their 'guaranteed value' vs an 'agreed value' policy that makes it better? I do not trust agents to know what they are selling.
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https://www.thesamba.com/vw/forum/viewtopic.php?t=620646

Building a bus for travel in Europe (euroBus)
https://www.thesamba.com/vw/forum/viewtopic.php?t=695371

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Vanuber
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PostPosted: Mon Mar 08, 2021 3:43 pm    Post subject: Re: Insurance policy for your Vanagon Reply with quote

dobryan wrote:

What is the language in their 'guaranteed value' vs an 'agreed value' policy that makes it better? I do not trust agents to know what they are selling.


I think he was just reinforcing that there is no depreciation language in their policies. What I gather from this article is that "guaranteed value" equals "agreed value". It's just marketing language:

https://www.hagerty.com/insurance/insurance-tips-and-resources/stated-value-vs-guaranteed-value
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MarkWard
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PostPosted: Mon Mar 08, 2021 3:51 pm    Post subject: Re: Insurance policy for your Vanagon Reply with quote

Disclaimer: I am an SCCA member and Hagerty is one of our partners. I was paying Travelers $740 a year just for liability and bodily injury. If the van was wrecked or stolen, I got $0. For the same amount I have comp and collision and agreed value, so, technically if the van is stolen and I get $1.00, I’m getting 100% more than I would with Travelers.

I did not use a rep. I did it all on their website, but called to ask to have the 5% SCCA discount applied.
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deadaheadub
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PostPosted: Mon Mar 08, 2021 6:26 pm    Post subject: Re: Insurance policy for your Vanagon Reply with quote

So Hagerty requires a garage for vehicles they insure?
Does a carport qualify?
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dobryan
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PostPosted: Tue Mar 09, 2021 6:48 am    Post subject: Re: Insurance policy for your Vanagon Reply with quote

Vanuber wrote:
dobryan wrote:

What is the language in their 'guaranteed value' vs an 'agreed value' policy that makes it better? I do not trust agents to know what they are selling.


I think he was just reinforcing that there is no depreciation language in their policies. What I gather from this article is that "guaranteed value" equals "agreed value". It's just marketing language:

https://www.hagerty.com/insurance/insurance-tips-and-resources/stated-value-vs-guaranteed-value


Thank you.

That article is also a great concise explanation of the insurance types.

"When it comes to insurance, a primary concern – and rightfully so -- of classic and collector car owners is how much your policy will pay out if you have an accident and your car is a total loss.

Of course, much of that payout depends on what type of coverage you have on your vehicle. We’ll talk about two types in this article, Stated Value and Guaranteed Value® (also known as Agreed Value), but first we must review something called Actual Cash Value.

Because most cars begin depreciating the moment they’re driven off the lot, standard insurance companies insure your cars accordingly. They will adjust your payout based on what the car would be worth the day of the accident (prior to any damage occurring), instead of what you originally paid. This is referred to as a vehicle’s Actual Cash Value.

Stated Value is coverage that reflects an amount that is “stated” at the onset of the policy. You tell your insurer what your car is worth (with proper documentation) and it is insured for that amount. The caveat here, however, is that the insurance company can choose to pay you either the Stated Value or the Actual Cash Value, whichever is less.

Alternatively, Agreed Value, coverage primarily offered by specialty insurers, is based on the proven value of your car as determined by you and the insurance company, according to appraisals, photos, or other relevant documentation. With Agreed Value coverage, the insurance company will guarantee that they will pay this agreed-upon value in the event of a covered total loss."
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Dave O
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"To travel hopefully is a better thing than to arrive." Robert Louis Stevenson

MD>Canada>AK>WA>OR>CA>AZ>UT>WY>SD
https://www.thesamba.com/vw/forum/viewtopic.php?t=620646

Building a bus for travel in Europe (euroBus)
https://www.thesamba.com/vw/forum/viewtopic.php?t=695371

The Western Syncro build
https://www.thesamba.com/vw/forum/viewtopic.php?t=746794
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skills@eurocarsplus
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PostPosted: Tue Mar 09, 2021 8:08 am    Post subject: Re: Insurance policy for your Vanagon Reply with quote

Vanuber wrote:
MarkWard wrote:
Just moved our 82 camper over to Hagerty. No problem with it being a camper.


Interesting... I will have to try Hagerty again.


that's very interesting as i went thru the wringer with hagerty about 8-10 years ago.

long story short is they didn't want to do my 71 westy because it was a camper and were a bit leery about my 71 single cab survivor....basically it had scratches in the bed (no shit, it's a 50 year old survivor) but the 70 deluxe was ok.

in the end Grundy took me. all are agreed value, 30k on the westy, 25k on the s/c and 80k on the deluxe. in the beginning it was around 800/year for all 3 but now it's almost 1200.

i will have to call Hagerty and see what they will do as i will be getting ready for the vanagon to be insured here in a bit.
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my reason for switching to subaru is my german car was turning chinese so i said fuck it and went japanese.......
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most VW enthusiasts are stuck in 80's price land.

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Thanks for the correction. I used to be a nice guy, then I ruined it by exposing myself to the public.

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Vanuber
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PostPosted: Tue Mar 09, 2021 10:30 am    Post subject: Re: Insurance policy for your Vanagon Reply with quote

skills@eurocarsplus wrote:
that's very interesting as i went thru the wringer with hagerty about 8-10 years ago.


I, like Mark Ward, received my quote through the website, not through an agent. Maybe give that a try. I had to provide photos of the van as well.
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MarkWard
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PostPosted: Tue Mar 09, 2021 10:39 am    Post subject: Re: Insurance policy for your Vanagon Reply with quote

Weird, I wasn't asked to provide any photos. Hmm? Maybe the value I stated was on the lower end? No idea. They asked about a garage, but I did not get the sense that it was a requirement. I do keep it garaged though.
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skills@eurocarsplus
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PostPosted: Tue Mar 09, 2021 12:09 pm    Post subject: Re: Insurance policy for your Vanagon Reply with quote

Vanuber wrote:


I, like Mark Ward, received my quote through the website...


huh... i called them direct way back then. maybe i'll try a sneak attack online Laughing
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gprudenciop wrote:

my reason for switching to subaru is my german car was turning chinese so i said fuck it and went japanese.......
[email protected] wrote:
most VW enthusiasts are stuck in 80's price land.

Jake Raby wrote:
Thanks for the correction. I used to be a nice guy, then I ruined it by exposing myself to the public.

Brian wrote:
Also the fact that people are agreeing with Skills, it's a turn of events for samba history
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RobdogAles
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PostPosted: Fri May 07, 2021 8:15 am    Post subject: Re: Insurance policy for your Vanagon Reply with quote

Vanuber wrote:
MarkWard wrote:
Just moved our 82 camper over to Hagerty. No problem with it being a camper.


Interesting... I will have to try Hagerty again.


I called Hagerty yesterday. They won't insure my Westy because I estimated I did 10K miles per year in it. "Too much use". It's not my daily driver but a half dozen trips per year will get me in that range.
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PDXWesty
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PostPosted: Fri May 07, 2021 8:30 am    Post subject: Re: Insurance policy for your Vanagon Reply with quote

As one of the few that has been through a total loss claim, I have to say I was completely satisfied with my standard full coverage policy for Farmers. After the loss they sent me an offer. I said no and we mutually agreed to an appraisal to determine pre-loss value. I did have receipts and records of maintenance and upgrades to show. The outcome was fair and conflict free.

I'm not sure (because the laws vary by state) on the benefits of agreed or stated value policies. My experience shows that standard full coverage pays for the loss.

Van owners can be unreasonable though. Just because you sink $20k-$30k into your van, it doesn't make it worth that same amount more than market value or that the insurance company will pay the agreed amount.

I now have Geico and pay about $350 a year for full coverage.
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4Gears4Tires
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PostPosted: Fri May 07, 2021 8:51 am    Post subject: Re: Insurance policy for your Vanagon Reply with quote

I pay $14/month for Liability only because I like to gamble. I do this for all my shitty cars because I am under the impression that they're all shitty and worthless.

Image may have been reduced in size. Click image to view fullscreen.


I'm also a terrible gambler.
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PostPosted: Fri May 07, 2021 9:18 am    Post subject: Re: Insurance policy for your Vanagon Reply with quote

I highly recommend insuring your van for "agreed value" only. There are many companies that insure for "agreed value" not just hagerty or others listed. Use a local independent agent who can quote with numerous different companies.
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dobryan
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PostPosted: Fri May 07, 2021 10:04 am    Post subject: Re: Insurance policy for your Vanagon Reply with quote

Agreed value is the way to go if you have a complete loss and no appraisal prior to the loss.

I have had a westy burn to the shell years ago and a recent appraisal saved me many thousands of dollars, there was only a metal shell left after the fire, nothing to show the before condition. And if you have a theft and the bus is not recovered you are not going to get a premium price from your insurance company unless you have agreed value insurance or an up to date appraisal.

Typically insurance covers Actual Cash Value ACV. You need something to document that value or get an Agreed Value Policy which sets that value up front. (Do NOT get Stated Value insurance, that just caps the ACV they will pay up to.)
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"To travel hopefully is a better thing than to arrive." Robert Louis Stevenson

MD>Canada>AK>WA>OR>CA>AZ>UT>WY>SD
https://www.thesamba.com/vw/forum/viewtopic.php?t=620646

Building a bus for travel in Europe (euroBus)
https://www.thesamba.com/vw/forum/viewtopic.php?t=695371

The Western Syncro build
https://www.thesamba.com/vw/forum/viewtopic.php?t=746794
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MarkWard
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PostPosted: Fri May 07, 2021 11:58 am    Post subject: Re: Insurance policy for your Vanagon Reply with quote

4Gears4Tires wrote:
I pay $14/month for Liability only because I like to gamble. I do this for all my shitty cars because I am under the impression that they're all shitty and worthless.

Image may have been reduced in size. Click image to view fullscreen.


I'm also a terrible gambler.


Try and buy a shitty worthless vanagon now. I discussed this with my wife. We only carry liability on our turds. Question was, if we get back to the trailhead and our van is gone, what would we do? She said we’d buy another one. $25k seemed like it would help nurse the wound vs nothing but a sad story.
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PostPosted: Fri May 07, 2021 12:14 pm    Post subject: Re: Insurance policy for your Vanagon Reply with quote

Just got a policy with Hagerty for my "daily driver" (I don't drive it daily, especially right now!).

Also added the "3rd Gear" roadside assistance program. $175 per year. Unlimited tows up to 150 miles. I have AAA as well, but already used my tow for the year.

$100k bodily injury/property damage/UIM. $0 deductible. Agreed upon value of $45k.

Annual cost: $1200 -- way cheaper than expected for California.
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PostPosted: Fri May 07, 2021 12:56 pm    Post subject: Re: Insurance policy for your Vanagon Reply with quote

MarkWard wrote:
...Question was, if we get back to the trailhead and our van is gone, what would we do?...


Set up a GoFundMe page and ask the Sambistas to buy you another one?
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MarkWard
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PostPosted: Fri May 07, 2021 1:18 pm    Post subject: Re: Insurance policy for your Vanagon Reply with quote

Or fly to PNW and help ourselves. Wink
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