Announcement

Collapse
No announcement yet.

Insurance renewal for 2020- too high?

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Insurance renewal for 2020- too high?

    Hi all- anyone who insures their A with J.C. Taylor get a high renewal fee this year? Mine went up 17% from last year, even though no change in status and during the COVID 19 pandemic where driving in clubs and trips has been pretty much stopped since April this year. Thanks.

  • #2
    17% increase certainly merits a call to them to ask that question! After all, they are the only one who know the real reason. With that size increase I’m surprised that you didn’t get an explanation with the renewal.

    Comment


    • #3
      Did your agreed value go up? Usually companies increase that every year. Compare your declarations page from last year, make sure its apples and apples
      3 ~ Tudor's
      Henry Ford said
      "It's all nuts and bolts"


      Mitch's Auto Service ctr

      Comment


      • #4
        Mine was the same as last year from JC Taylor.
        Jon.

        "Don't Worry.... Be Happy"

        Comment


        • #5
          To get any opinion on the rate, I think we would need to know the value of the car and the actual cost/$1000. being charged to do an accurate comparison. Percentages are grossly misleading!

          Comment


          • #6
            For what we pay to insure vs our daily driver's I find it a bargain. Yes 17% is a lot but it depends on what last years bill was. JMO
            Paul in CT

            Comment


            • #7
              I’ve done a ton of research on insurance for both my Model A and my Corvette, I have both cars on a State Farm Antique/Classic policy with agreed value, $100 collision deductible and $0 deductible on comprehensive, I pay $199 per year on the Model A if it is insured for 12 months but turn it off when in winter storage, so it’s actually much less...I have $25K on agreed value. My father-in-law always used JC Whitney before he gave me the car but I found they had too many restrictions, no restrictions with State Farm as long as I stay under 5,000 per year.
              Nick

              1930 Ford Model A Deluxe Coupe
              2002 Corvette C5
              2012 Mini Cooper Clubman S
              2008 HHR
              2008 Audi Q7 Premium 4.2
              2006 Hummer H2

              Comment


              • #8
                Did your credit rating change? Lower credit ratings increase rates.

                There are many factors in the insurance industry. I would guess few will ever understand what really goes on except the companies make a lot of money.

                Comment


                • #9
                  They can also go up from a claim
                  3 ~ Tudor's
                  Henry Ford said
                  "It's all nuts and bolts"


                  Mitch's Auto Service ctr

                  Comment


                  • #10
                    Claims, etc., don't affect rates with J.C. Taylor and other similar insurers as they operate on fixed rate schedule. They will either insure you or decline to do so. If they chose to change their business model and shift to a floating rate they would have customers leaving in droves.

                    Comment


                    • #11
                      I should add that I believe their rates are still the same as they were in the 1970's. The difference is the increased value of collector cars over the decades has increased the policy sizes required for suitable coverage.

                      Comment


                      • #12
                        Thanks all for the responses. J.C. Taylor said it was part of a state-wide increase in insurance rates for liability (TX), it was not specific to my policy (my driving status and car status / agreed value did not change from last year). I think I'm going to shop around for better rates during this pandemic. Thanks.

                        Comment


                        • #13
                          Originally posted by Nabco View Post
                          ................. I have both cars on a State Farm Antique/Classic policy with agreed value, $100 collision deductible and $0 deductible on comprehensive, I pay $199 per year on the Model A if it is insured for 12 months but turn it off when in winter storage, so it’s actually much less..I have $25K on agreed value. .................

                          That's not a bad price, and I see you have Agreed Value THAT'S the key.

                          I was in Business Law classes many years ago in my youth (!) and they were taught by an Attorney. On the lectures on Insurance I recall him saying very specifically ..............
                          'Shop around occasionally for a better rate. The Ins. Companies use their actuary tables and play the odds. If you haven't had a claim, they know one is coming, and they start padding your bill getting ready for it.'

                          Wise words from a very wise fellow!

                          Comment


                          • #14
                            Earlier this year my insurance co sent me a refund check due to less driving from covid. Then last month I was sent a letter from them saying my rates would also be dropping by 10% due to covid. I find it crappy that yours went up by that much.

                            Comment


                            • #15
                              Dec 2012, I paid $1248 for one year of insurance on my brand new 2012 Ram 2500 diesel.
                              The following year it dropped to $1100
                              Then to $960
                              2 years ago it was down to $700 a year. So, last year they sent me my renewal, it was back up to $1250. I called and the response was, “everyone’s insurance is up”. I said, this is a 19.33% increase in one year with no accidents and no claims ever. No traffic tickets no license infractions and being retired, they know the truck is not used for commuting.
                              My wife answered the phone, when they called back about the insurance increase, and the agent stated, it was higher, because “it is a truck” . This is when Sharon, reminded them that, it has always been a “truck” !
                              I asked my broker to “shop around” for a better price. She claimed that this was the best she could find.
                              My wife called her broker, and I now pay $748 a year for insurance.
                              It pays to shop around.
                              Thanks Sharon. Love ya.
                              Twiss Collector Car Parts

                              Comment


                              • #16
                                Yes!!

                                Another comment that attorney told us in class about the insurance companies that still rings true today was 'THE INSURANCE COMPANY IS NOT YOUR FRIEND' so you have to divorce yourself from THAT mindset, the idea that they are working for you. Strangely enough, about 15 years or so ago when Illinois passed a law that said you HAD to have auto insurance the rates went REAL high. Hmmmmm.

                                I bought a new Mustang GT Premium with the V8 and all of that a while back. The insurance wasn't all that bad considering what the car was, Ford designed a lot of safety features into the car to help tone down the Ins. premiums. Anyway a couple years later we bought a new Ford Focus for a knock around car and the insurance was double my Mustang. I called the agent and she said 'Well, that is just the class a Focus is in, they are more money.' I told her 'It is a crap little sedan with a four cylinder engine that can't even get out of it's own way.' Didn't make any difference.

                                We had the Focus about a year, from new I knew there was something wrong with the transmission it shifted like junk so we traded it for a new Ford Escape. Same thing with the insurance. So what to do? I switched to another broker (same company) and the premiums dropped big time. By about 35%. The other guy was just hosing me.

                                Wish I had kept that junk Focus now Ford is giving you $22K towards a new car they admit that 6 speed dual clutch AT designed and built in Germany is total garbage, of course it took a Class Action Lawsuit to help them change their minds!

                                Comment


                                • #17
                                  Every state has their own insurance rules and trying to compare rates from state to state is an exercise in futility. Colorado rates jumped considerably this year on cars and homes. It is what it is!!!

                                  Comment


                                  • #18
                                    Thanks all for your input. It does pay to shop around. I went to Hagerty's website and for same Model As and coverage I got a quote much lower than what I was paying. So I will be a new Hagerty's customer soon! And I get their magazine now as a customer - something that JC Taylor didn't offer either

                                    I don't mind paying reasonable increases on insurance, but during a pandemic when lots of businesses are closed and less people are driving now and pretty much all social car club outings are postponed or canceled, jacking rates up AT ALL, much less over 15% in one year, is just greedy! We should be getting partial refunds, the insurance companies I guarantee you from March to now are paying out much less in accident coverage then they planned for.

                                    Comment


                                    • #19
                                      Jeff/Illinois is absolutely correct. An insurance company is NOT your friend. More than a couple of decades ago my 16 year old daughter and her 12 year old sister threw their tennis rackets into the back seat of the junker I bought for them and forgot to close the back door as they drove out of the garage. Called my agent and said I have a $700 dollar estimate to replace the door hinges on the car, and how much will my insurance go up if I submit a claim. He said about $900/year. So I paid out-of-pocket the $700. The following year my insurance went up $900! I called the agent and he said it was because of the moving accident. It was in my garage and I had not submitted a claim!! I called other insurance companies and they were all aware of my daughter's garage accident. My agent had reported the accident, for which no claim had been submitted (!), to an insurance data base the insurance companies used. I dropped that agent and became my own agent. Moral of the story-insurance agents/brokers are NOT YOUR FRIENDS! Ask around on friendly sites like this if you have an insurance question. Then take the soundest advice.
                                      Last edited by BudP; 07-08-2020, 07:01 AM.

                                      Comment


                                      • #20
                                        As a side note, I'm driving my A's more than ever!

                                        Comment


                                        • #21
                                          Also happened to me many years ago when I had an 1986 Camero Z28. Now I go to a different office of the Insurance company where nobody knows me, do not give them my name so I can ask questions anonymously. Do it in person so they can not trace me through my phone # that comes through ANI on their end.

                                          Comment


                                          • #22
                                            Originally posted by BudP View Post
                                            .............................. He said about $900/year. So I paid out-of-pocket the $700. The following year my insurance went up $900! I called the agent and he said it was because of the moving accident. It was in my garage and I had not submitted a claim!! I called other insurance companies and they were all aware of my daughter's garage accident. My agent had reported the accident, for which no claim had been submitted (!), to an insurance data base the insurance companies used. ................

                                            Just like Bud said ,,, absolutely, they all 'talk' to one another. When you turn in a claim on anything you are 'flagged' in the Insurance database, and considered a loser, a deadbeat, and a potential risk. Nice huh?

                                            I have a close relative who has been in the Insurance game since 1968, and these were his exact words to me one day. He told me 'never turn in a claim at all on anything, if you can absolutely help it.'

                                            This spring we rec'd the yearly premium billing on our antique petroliana collection. They were jacking it up 40% over last year. Plus they lowered the coverage so the actual increase was more than that. I called them and got the expected canned answer 'Well, you know the hurricanes in the Deep South are increasing and hey there were wildfires in Calif. that cost us $XXX (whatever she said) and it is going up nationwide." OK fine. Since they weren't the only game in town I found another company that was not only 70% cheaper they insured the stuff for 15% more value. So the first company got axed.

                                            I got a call back from the first outfit, they were puzzled why I dropped them and I told them the exact reason. They said 'If you had given us a chance WE would have dropped your rates to match the 'ABC Co., Inc.'

                                            Too bad so sad. Don't you hate to have to haggle with these fools! It's not like you are buying a car from Slick Sammy's Used Cars . Whoops not 'Used Cars' I forgot, now they are 'Pre-Owned' that makes all the difference.
                                            Last edited by Jeff/Illinois; 07-08-2020, 12:18 PM.

                                            Comment


                                            • #23
                                              Originally posted by Jeff/Illinois View Post
                                              Whoops not 'Used Cars' I forgot, now they are 'Pre-Owned' that makes all the difference.
                                              And Certified
                                              3 ~ Tudor's
                                              Henry Ford said
                                              "It's all nuts and bolts"


                                              Mitch's Auto Service ctr

                                              Comment


                                              • #24
                                                Yeah, that covers up that they were a RENTAL car that had the snot beat out of them!!!

                                                I wonder how they sold Hertz rental Cars in the Model T and Model A era? Can you imagine how the tranny's got crunched in those new Model A Fords, from the Model T owners trying to drive one and it didn't belong to them so who cares??

                                                Here is a link to Hertz. 'How a 22 year old started Hertz Rental Cars with 12 Model T Fords. Kind of interesting

                                                https://www.hertz.com/blog/automotiv...-created-hertz

                                                Comment


                                                • #25
                                                  Originally posted by Jeff/Illinois View Post
                                                  Yeah, that covers up that they were a RENTAL car that had the snot beat out of them!!!

                                                  I wonder how they sold Hertz rental Cars in the Model T and Model A era? Can you imagine how the tranny's got crunched in those new Model A Fords, from the Model T owners trying to drive one and it didn't belong to them so who cares??

                                                  Here is a link to Hertz. 'How a 22 year old started Hertz Rental Cars with 12 Model T Fords. Kind of interesting

                                                  https://www.hertz.com/blog/automotiv...-created-hertz
                                                  Thanks Jeff, that is some amazing history. I had no idea Hertz started out like that, let alone 100 or so years ago. I wonder how the rental insurance worked then? Maybe they were self insured?
                                                  3 ~ Tudor's
                                                  Henry Ford said
                                                  "It's all nuts and bolts"


                                                  Mitch's Auto Service ctr

                                                  Comment

                                                  widgetinstance 451 (<center>Related Topics</center>) skipped due to lack of content & hide_module_if_empty option.
                                                  Working...
                                                  X