I have insurance with a company here in Florida called Classic Collectors Insurance by Infinity. It is stated value insurance. Right now my R is insured for $40,000.00. If it’s totalled they pay me the stated value. The only restriction is that I drive no more than 3000 miles a year. But unlike most collector policies I can drive it any where I want.
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I have a similer (stated value type) policy with Hagerty. They covered my streetrod for well over 20 yrs. They specialize in covering old classics/customs, etc.
The prior owner of my SSR was KGB. He lives in Las Vegas and is a soon to be retired insurance agent with State Farm. He took over the agency (as I understand it) from his father and KGB has over 40 yrs in the business. Myself as well have State Farm covering my house/bike/boat/one truck and one car. But not the SSR.
KGB was/is certainly in the "know" about such matters. He and I discussed what coverage I should get and he recommended I NOT go with State Farm but deal with Hagerty as I had done previously with my streetrod.
Most of his rationale seemed to be tied to the large (variance) in values of the SSR all across the country. He felt like a total loss or such could result in an insurance pay out far short of actual value. By going with hagerty, I know what the payout is in case of total loss.
By the way, the premium payments I was quoted by State Farm and also Hagerty were within a few dollars of each other..........Not a big difference at all.:wink2: