American Modern vs. Hagerty at 2x Price - Vintage Mustang Forums
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post #1 of 61 (permalink) Old 07-09-2019, 09:51 AM Thread Starter
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American Modern vs. Hagerty at 2x Price

Shopping for collector car insurance for my 68 and wanted some opinions. Hagerty is quoting me TWICE the price of American Modern for basically the same coverage.

I've searched here and the web and it's clear that people are happy with Hagerty while American Modern is harder to find any real claims experiences on.

So I know Hagerty is good - but is it really worth TWICE the price?

1968 Coupe, 289 / 4 Speed, Her name is Penelope, Penny for short
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post #2 of 61 (permalink) Old 07-09-2019, 10:08 AM
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Whats twice the amount? 300 instead of 150? I mean, its all in context. 4000 is quite a bit more than 2000

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post #3 of 61 (permalink) Old 07-09-2019, 10:23 AM Thread Starter
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Hah, good point. $290 vs $580

1968 Coupe, 289 / 4 Speed, Her name is Penelope, Penny for short
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post #4 of 61 (permalink) Old 07-09-2019, 10:41 AM
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I think I pay about $250/yr with Hagery with a $17,000 stated value. One thing to check with Hagerty is if they’ve enrolled you in their auto club. You can cancel for savings.
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post #5 of 61 (permalink) Old 07-09-2019, 11:24 AM
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I've got American Modern, because Hagerty and Heacock wouldn't insure it because of the number of window dings in the ex's vehicle that were repaired in the previous 3 years. I think there was 3 for her and 1 for me. I've yet to file a claim, but the price is reasonable.
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post #6 of 61 (permalink) Old 07-09-2019, 11:35 AM
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I had not previously heard of American Modern so I just "Yelp'd" them. The customer ratings indicate problems. Check for yourself.
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post #7 of 61 (permalink) Old 07-09-2019, 11:38 AM
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I switched from Hag to Amer Mod about 4 yrs ago
yeah it is about half the price

only differences are with AM Mod they rate you on mileage tiers where as Hag is unlimited mileage.

Hagg had $250 Deductible Amer Mod gave me zero deductible.

I chose the min. tier of 1000 miles on both my cars and never come close

Im also a Licensed Agent in NY so I read the fine print and didnt see anything that would hurt me or that differed from Hagg other than no deductibles and choice of mileage tiers.

whatever you do stay away from anything that says "Stated Value"
thats a major trap.

buy only "Agreed Amount."
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post #8 of 61 (permalink) Old 07-09-2019, 11:53 AM
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I couldn't figure out why my 67 C10 was more than double my Mustang and Firebird (both are set around 25K for +/-$200/yr) then I started playing with their online calculator. If you check "modified" they jack the rate up over "stock". Considering my C10 is pretty much stock, just lowered with a different engine (factory I6 truck with a 350 now), I put it back to "stock".

They also include other factors, like locked garage vs. outside, parade use vs. shows/weekend cruiser, and will even up the bill if you live in a high automotive crime/theft area. Living in Atl might be one reason for it being higher.
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post #9 of 61 (permalink) Old 07-09-2019, 01:14 PM
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I had american modern for a few years and dropped them for Hagerty about a year ago. Super strict about everything and it was always a hassle to renew every year. I don't recall a price difference honestly. My main reason was hagerty would let me drive mine to work a few times a month.
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post #10 of 61 (permalink) Old 07-09-2019, 01:24 PM
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Quote:
Originally Posted by Blues Power View Post
I switched from Hag to Amer Mod about 4 yrs ago
yeah it is about half the price

only differences are with AM Mod they rate you on mileage tiers where as Hag is unlimited mileage.

Hagg had $250 Deductible Amer Mod gave me zero deductible.

I chose the min. tier of 1000 miles on both my cars and never come close

Im also a Licensed Agent in NY so I read the fine print and didnt see anything that would hurt me or that differed from Hagg other than no deductibles and choice of mileage tiers.

whatever you do stay away from anything that says "Stated Value"
thats a major trap.

buy only "Agreed Amount."
What's the difference between stated value and agreed amount? I need to go back and check what mine is...
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post #11 of 61 (permalink) Old 07-09-2019, 01:30 PM
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I have Heacock ins. but its subsidized through American Modern. Never have had to put a claim, Thank goodness, so can't say if good or bad.

1967 Mustang Convertible, 289-4v, C4, Edelbrock Performer Intake, Mild Cam.
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post #12 of 61 (permalink) Old 07-09-2019, 01:46 PM
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Quote:
Originally Posted by Steven Ramage View Post
What's the difference between stated value and agreed amount? I need to go back and check what mine is...
http://hhrvresource.com/sites/defaul...reed_Value.pdf

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post #13 of 61 (permalink) Old 07-09-2019, 01:57 PM
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Got it. Looks like my Hagerty policy is actually a "guaranteed value". Not sure if that's different...
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post #14 of 61 (permalink) Old 07-09-2019, 02:02 PM
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I've got an Agreed Value policy with Condon Skelly. No claims filed.
I looked at a few of the carriers (Hagerty, etc) after USAA told me they'd probably have trouble adequately covering my '66.
American Collectors is one of two that USAA refers their policy holders to. It didn't take me much research to determine that
I wanted to avoid American Collectors.

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post #15 of 61 (permalink) Old 07-09-2019, 02:11 PM
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Quote:
Originally Posted by Steven Ramage View Post
Got it. Looks like my Hagerty policy is actually a "guaranteed value". Not sure if that's different...
Hagerty calls their agreed value guaranteed value. It's the same thing it's just a marketing phrase Hagerty uses.

https://www.hagerty.com/insurance/in...aranteed-value
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