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MarkWard Samba Member
Joined: February 09, 2005 Posts: 17007 Location: Retired South Florida
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Posted: Mon Mar 08, 2021 3:24 pm Post subject: Re: Insurance policy for your Vanagon |
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A result. Hopefully we never need to find out how good a policy it is. _________________ ☮️ |
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Vanuber Samba Member
Joined: February 16, 2020 Posts: 410 Location: Virginia
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Posted: Mon Mar 08, 2021 3:34 pm Post subject: Re: Insurance policy for your Vanagon |
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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. _________________ '85 Westfalia 1.9L
'72 BMW R75/5
'71 BMW R75/5
'02 Subaru Forester 2.5L |
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dobryan Samba Member
Joined: March 24, 2006 Posts: 16473 Location: Brookeville, MD
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Posted: Mon Mar 08, 2021 3:39 pm Post subject: Re: Insurance policy for your Vanagon |
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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. _________________ Dave O
'87 Westy w/ 2002 Subaru EJ25 and Peloquin TBD
"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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Vanuber Samba Member
Joined: February 16, 2020 Posts: 410 Location: Virginia
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Posted: Mon Mar 08, 2021 3:43 pm Post subject: Re: Insurance policy for your Vanagon |
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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 _________________ '85 Westfalia 1.9L
'72 BMW R75/5
'71 BMW R75/5
'02 Subaru Forester 2.5L |
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MarkWard Samba Member
Joined: February 09, 2005 Posts: 17007 Location: Retired South Florida
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Posted: Mon Mar 08, 2021 3:51 pm Post subject: Re: Insurance policy for your Vanagon |
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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 Samba Member
Joined: April 18, 2004 Posts: 787 Location: New Mexico
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Posted: Mon Mar 08, 2021 6:26 pm Post subject: Re: Insurance policy for your Vanagon |
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So Hagerty requires a garage for vehicles they insure?
Does a carport qualify? _________________ Grateful daily,
Ryan
______________________________________
Past loves: '65 Bug, '70 Westy poptop, '64 Squareback project, '76 Westy tintop "Loose Lucy", '76 Westy tintop "Sharee"
Current:'84 Westy poptop "Ramblin' Rose- Rosie" w/ 2003 Subaru EJ25 conversion |
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dobryan Samba Member
Joined: March 24, 2006 Posts: 16473 Location: Brookeville, MD
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Posted: Tue Mar 09, 2021 6:48 am Post subject: Re: Insurance policy for your Vanagon |
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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." _________________ Dave O
'87 Westy w/ 2002 Subaru EJ25 and Peloquin TBD
"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 Samba Peckerhead
Joined: January 01, 2007 Posts: 16802 Location: sticksville, ct.
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Posted: Tue Mar 09, 2021 8:08 am Post subject: Re: Insurance policy for your Vanagon |
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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. _________________
gprudenciop wrote: |
my reason for switching to subaru is my german car was turning chinese so i said fuck it and went japanese....... |
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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Vanuber Samba Member
Joined: February 16, 2020 Posts: 410 Location: Virginia
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Posted: Tue Mar 09, 2021 10:30 am Post subject: Re: Insurance policy for your Vanagon |
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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. _________________ '85 Westfalia 1.9L
'72 BMW R75/5
'71 BMW R75/5
'02 Subaru Forester 2.5L |
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MarkWard Samba Member
Joined: February 09, 2005 Posts: 17007 Location: Retired South Florida
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Posted: Tue Mar 09, 2021 10:39 am Post subject: Re: Insurance policy for your Vanagon |
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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 Samba Peckerhead
Joined: January 01, 2007 Posts: 16802 Location: sticksville, ct.
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Posted: Tue Mar 09, 2021 12:09 pm Post subject: Re: Insurance policy for your Vanagon |
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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 _________________
gprudenciop wrote: |
my reason for switching to subaru is my german car was turning chinese so i said fuck it and went japanese....... |
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 Samba Member
Joined: August 13, 2019 Posts: 9 Location: Logan UT
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Posted: Fri May 07, 2021 8:15 am Post subject: Re: Insurance policy for your Vanagon |
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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 Samba Member
Joined: April 11, 2006 Posts: 6235 Location: Portland OR
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Posted: Fri May 07, 2021 8:30 am Post subject: Re: Insurance policy for your Vanagon |
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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. _________________ 89 Westy 2.1 Auto |
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4Gears4Tires Samba Member
Joined: October 08, 2018 Posts: 2982 Location: MD
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Posted: Fri May 07, 2021 8:51 am Post subject: Re: Insurance policy for your Vanagon |
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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.
I'm also a terrible gambler. _________________ '87 Syncro
Ferric Oxyhydroxide Superleggera Edition |
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skemems Samba Member
Joined: February 23, 2017 Posts: 200 Location: Portland
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Posted: Fri May 07, 2021 9:18 am Post subject: Re: Insurance policy for your Vanagon |
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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 Samba Member
Joined: March 24, 2006 Posts: 16473 Location: Brookeville, MD
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Posted: Fri May 07, 2021 10:04 am Post subject: Re: Insurance policy for your Vanagon |
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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.) _________________ Dave O
'87 Westy w/ 2002 Subaru EJ25 and Peloquin TBD
"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 Samba Member
Joined: February 09, 2005 Posts: 17007 Location: Retired South Florida
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Posted: Fri May 07, 2021 11:58 am Post subject: Re: Insurance policy for your Vanagon |
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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.
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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thebigben Samba Member
Joined: October 22, 2020 Posts: 94 Location: California
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Posted: Fri May 07, 2021 12:14 pm Post subject: Re: Insurance policy for your Vanagon |
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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. _________________ Ben
'85 2WD Westy w/ Peloquin TBD + 2.2 Subi (Kurt Vannegut) |
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Ahwahnee Samba Member
Joined: June 05, 2010 Posts: 9776 Location: Mt Lemmon, AZ
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Posted: Fri May 07, 2021 12:56 pm Post subject: Re: Insurance policy for your Vanagon |
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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 Samba Member
Joined: February 09, 2005 Posts: 17007 Location: Retired South Florida
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Posted: Fri May 07, 2021 1:18 pm Post subject: Re: Insurance policy for your Vanagon |
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Or fly to PNW and help ourselves. _________________ ☮️ |
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