In this months Hemmings, there is an add for this antique car insurance company. I submitted the required info and got a preliminary premium that is 70% of what I am paying now. While I am not unhappy with my insurance now, I was interested if anyone has ever heard of or done business with these folks. If it too good to be true, it usually is. But if I can save a few bucks, so be it. I keep saying I have a satisfactory company, but never having had a claim, I really don't know how good they are.
Sounds like another Johnny come lately profiteer jumping into the fray.
Find out of they are licensed to offer insurance in your state. If so ask your insurance commis for the companies record. If that does not work, check with the insurance dept in the state where they are incorporated.
It would scare me to find a insurance company offering the same coverage at a 70% difference. There has to be a reason for that large a gap.
My guess would be poor claims, lack of service, or inferior underwriting, meaning no cash reserves to support potential claims.
I would suggest to use a main line company that has a proven claims record and plenty of reserves to support their clients. Its not what you pay for insurance, it was your insurance will pay you if you have a loss.
The company has an A+ rating by A.M. Best (A++ being the best). That means they have the means to meet the obligations owed to the insured based on reviews of their balance sheet, business profile and a comparison to other insurance companies.
They have actually been around for quite sometime. I used to refer a lot of customers to them when I ran a classic car dealership in Florida. Customer service was always very good. Never got any negative feedback from anybody we referred. I only know of one person who had to file a claim, and they said it was handled well.
Thanks for the replies and info. While I may not change, it is good to have options.
I have used them at times, customer service was good and rates were always low. They've been around for quite awhile. I think they advertised more to the muscle car era in the past.
I tired to get a online quote but the web site only went to the 70's
"70% of what I'm paying now" is a 30%