Insurance

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Stovebolt
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Re: Insurance

Post by Stovebolt »

A couple of things I've learned over the years insuring commercial vehicles, collector vehicles, farm vehicles and normal drivers:

1. Everyone is different in the eyes of the insurance companies (Just because one person gets a good deal from one company doesn't mean you will)
2. If you have been with the same company for more than 7 to 10 years, you are probably paying too much -- loyalty in today's insurance market means NOTHING. My grandfather retired as a top level corporate executive with a major insurance company. I do not currently have a policy with that company because their quotes have typically been ... noncompetitive. So if they're not loyal to their own "family" do you think they're actually loyal to *you?* P.T. Barnum had something to say abut you ... Over time, your insurance company slowly raises your rates. And, after a few years, you will find that there will be another company out there who can offer you a lower rate for the same coverage (you MUST ensure you know how to compare quotes because they find ways to confuse you -- it's easy enough to figure out if you do some reasearch -- see #4). Sure, just sending a policy back in with whatever it is they tell you to pay is easy and comfortable. Shoot, you probably get a slick, glossy magazine a couple of times in the months leading up to renewal filled with happy articles and cool pictures of beautiful people enjoying life to condition you to *want* to hand over money mindlessly. (Check out the Hagerty magazine next time -- whoa ... ever notice how no one who looks like any of us ever get featured in those magazines???)
3. You have to get quotes from as many different companies as you can. I do it every 3-4 years. MAKE them earn your business!
4. As every company has a different way of slicing the pie, to effectively compare quotes, you have to understand the basic policy so you can compare apples to apples. Know what your state requires. Know what the basic charges are (so you can tell what you're being charged for).
5. Accept that Insurance companies exist to make a profit -- the more they can sneak in and charge you for, the more profit they can make. It's nothing personal, it's just business. And they are better at it than we will be. So arm yourself with research and knowledge before you play the game with them next time. You won't win, but you can lose less.
6. Collector vehicle insurance is cheaper for good reasons -- if you are willing to abide by a few restrictions, you can save big bucks. But expecting to reap collector vehicle savings while using your antique as a daily driver (and exposing it/you to the higher risks associated with doing that) is not realistic.
7. Bundling policies works for some people, not for others. It doesn't work for me. I have different companies & policies for home owner's, rental properties, daily drivers, collector vehicles and commercial vehicles. I've had a couple of insurance agents work up quotes for bundling everything with a single company and I always save more money keeping them separate. But that's just me. The point is to get quotes. Let them try. Make sure they know they are competing for your business and that you know you have options.

Do not rely on other people's anecdotes. Do your research. Understand your current policy. Know what your state requires and your own driving habits. Get quotes and understand how to compare them.

Or, you can just enjoy the happy pictures as you give them your arm to open your veins and drain you. Sweet dreams!

:)
1963 Dodge M-37B-1 W/W -- "Requisitioned" from the Army ...

"Last to Know, First to Go."
Cal_Gary
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Re: Insurance

Post by Cal_Gary »

Wow Stovebolt,
You've certainly given us a lot to think about-great insights!
Gary
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1954 M37 W/W
MVPA Correspondent #28500
rickf
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Re: Insurance

Post by rickf »

I agree, I have always gone with the loyalty thing but I have noticed recently that my prices have crept (at a running pace) up on my homeowners policy. A lot of that probably has to do with the fact that the broker I was using was a family owned business and the elderly couple turned it over to the kids who in turn tried to get rich overnight and the firm went under and my policy was turned over to another Allstate broker. Your right, time for a change. Thanks for the wake up call! :mrgreen: :mrgreen: :mrgreen: :mrgreen: :mrgreen:
1953 M37
1964 M151A1
1967 M416
1984 M1008
4/1952 M100
12/1952 M100 gone
jim lee
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Re: Insurance

Post by jim lee »

Yes, companies are NOT people.

On that vein, neither are governments.

-jim lee
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m-37Bruce
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Re: Insurance

Post by m-37Bruce »

In the late nineties, my rig was running me about $45, then it was 70$ now it's 150, I guess it is time to start looking around?
Bruce,

1953 M-37 w/ow

Retired Again

Keep Em Rollin'

VMVA
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