American Modern Insurance
- Thread starter Art138
- Start date
Xcentric
GT Owner
~$1,800 with Allstate in Sarasota. Just got a quote from AAA (SAFECO). It was a little less; not enough to change insurers.
If you're thinking of changing to another insurer, ask if they have a cap on ACV. Allstate put a $175K ACV cap on new policies. I am grandfathered with no cap. Another reason to stay put even if it's not the cheapest.
If you're thinking of changing to another insurer, ask if they have a cap on ACV. Allstate put a $175K ACV cap on new policies. I am grandfathered with no cap. Another reason to stay put even if it's not the cheapest.
DLC
GT Owner
I have a State Farm ACV policy - No Cap. Due to the weather conditions in the North East I generally purchase full coverage for six (6) months and then Comp only for the remaining six (6) months. Total Annual Premium is approximately $900.00.
Indy GT
Yea, I got one...too
GTdrummer
GT Owner
THamonGT
GT
Doctr V
GT Owner
I am through Hagerty, but have a bit of a different plan since I insure 7 collector cars. Never really figured out what just the GT costs me..
Shelby#18
GTX1 Owner/Moderator
Cobrar
GT Owner
Xcentric
GT Owner
Funny, Drew's site lists American Modern, which is what the OP has. And, as far as I can tell it's agreed value, not actual cash value.
Agreed value has an annual cap of 6k mi max, with 1K and 3k options.
That might be fine for many, but not for all.
The OP is asking about ACV rates. Does Drew offer ACV?
I get a quote of $4,644, with less liability than I have now and no ACV option in the online quote form.
Agreed value has an annual cap of 6k mi max, with 1K and 3k options.
That might be fine for many, but not for all.
The OP is asking about ACV rates. Does Drew offer ACV?
I get a quote of $4,644, with less liability than I have now and no ACV option in the online quote form.
Last edited:
Doctr V
GT Owner
I'm lost Gary.. What is Acv? I have agreed value on all of mine in case of a wreck or tragedy in the garage.. Total value is about 910k, but each car has its own number.. Acv is different?
Drew has told me his website rate calculator does not work most of the time. It quoted me double what the rate really was. My rate is less with Classic Auto - Drew than it was with Safeco plus the Classic Auto agreed value is $250K where it was market value with a cap with Safeco on cars 10 years or older. I also have more than 6K miles allowed on my Classic Auto policy which pretty much tells us that to call Drew on the phone is the best way to find out the details as they relate to you & your GT.
Ed
Ed
This. And I have first hand seen some people on here have their asses saved big time in painless fashion by Drew when the rubber unfortunately met something besides the road. That's the biggest deal to me. A couple hundred bucks doesn't matter either way when you're insuring something worth several hundred thousand dollars that essentially is not replaceable.
You can also ask Rich and Dennis about their experience with some of the majors. I don't want used junkyard parts on my GT if disaster ever strikes.
- Jan 10, 2008
- 183
Ok, I had a feeling this thread might spiral out of control a bit. First off, the first post in this thread is not a customer of mine He is with American Modern through a relationship he has with USAA. As an American Modern agent we can speak to the fact that they have increased rate in most states, however, they have not made a rate change since 2010/2011. How many insurance policies do any of us have that do not increase year over year or every 6 months? I can tell you based on my knowledge of the industry many of our competitors are doing the same thing. As consumers ourselves we fully understand the need to shop insurance every so often. So many times when these threads start everyone starts comparing what they are paying, what carrier they are with, etc. However, rarely can you compare apples to apples to what others are saying. For my current customers if you see something on your policy at renewal you can always email or call me with questions. We will respond the best that we can to satisfy your concerns.
In reference to our online rater, it is not a full issuance rater. It is provided by our insurance carrier to give customers an idea on the rate. It is also not a restrictive rater, so for the most part the underwriting logic is not in place, and if you select the wrong rate tier to use you can get a grossly inaccurate rate. However, for most customers that have vehicles that are 15 years or older, the rate is pretty much dead on. Vehicles that are newer can go into 2 different categories, etc.
In reference to how we settle claims, we DO NOT utilize ACTUAL CASH VALUE (ACV), rather we use Agreed Value (with an inflation guard built in) and we can utilize Stated Value for cars that are under restoration or for vehicles that are rapidly depreciating. All the policies we have written for our GT customers are on an Agreed Value basis If you want a quote, feel free to contact me as noted below.
I know we have a faction of members on the Forum that my not fit the guidelines and usage of a collector policy and for those they typically end up insuring with a standard auto carrier. We do utilize mileage plans; 1000, 3000, or 6000 miles, but I can tell you the majority of people that have contacted me since we started supporting the forum have not had an issue with how the policy is designed, nor have any clients had any issue in the claims process.
DBK is correct, talk with Rich and Dennis and any other owner that has tried to work a claim with their standard auto carrier, not always an easy task. American Modern has a top notch claims training center, physical damage adjusters are usually collector car enthusiasts, and every field adjuster has to go through a rigorous training process. it is also always shop of your choice to have the vehicle repaired.
In reference to our online rater, it is not a full issuance rater. It is provided by our insurance carrier to give customers an idea on the rate. It is also not a restrictive rater, so for the most part the underwriting logic is not in place, and if you select the wrong rate tier to use you can get a grossly inaccurate rate. However, for most customers that have vehicles that are 15 years or older, the rate is pretty much dead on. Vehicles that are newer can go into 2 different categories, etc.
In reference to how we settle claims, we DO NOT utilize ACTUAL CASH VALUE (ACV), rather we use Agreed Value (with an inflation guard built in) and we can utilize Stated Value for cars that are under restoration or for vehicles that are rapidly depreciating. All the policies we have written for our GT customers are on an Agreed Value basis If you want a quote, feel free to contact me as noted below.
I know we have a faction of members on the Forum that my not fit the guidelines and usage of a collector policy and for those they typically end up insuring with a standard auto carrier. We do utilize mileage plans; 1000, 3000, or 6000 miles, but I can tell you the majority of people that have contacted me since we started supporting the forum have not had an issue with how the policy is designed, nor have any clients had any issue in the claims process.
DBK is correct, talk with Rich and Dennis and any other owner that has tried to work a claim with their standard auto carrier, not always an easy task. American Modern has a top notch claims training center, physical damage adjusters are usually collector car enthusiasts, and every field adjuster has to go through a rigorous training process. it is also always shop of your choice to have the vehicle repaired.
MAD IN NC
Proud Owner/ BOD blah bla
Hey Drew....
Let me know when you can write a policy in this backwards no like insurance state of NC... Home, FGT, cars, truck, umbrella, other collector cars and collectibles... What Shelby18 said....
- Jan 10, 2008
- 183
Shoot me an email and I will refer you to our specialist to see if he can find a market for your needs in the backwards state of NC!!!