Hi guys,
I also evaluated the collector vehicle coverages from Hagerty, as well as Allstate. They are, in fact, Stated Value policies, but are secondary to a "standard policy" and are restrictive in mileage and for driving to "events" or maintaining the vehicle.
I drive my 280SL all over. Last year about 9,000 miles. I simply added it to my main auto policy with Allstate, and with $2m of liability, and a $250 collision deductible and $0 comp deductible, I pay about $275 per 6 months. I still have a 20 year old driver on the policy, or it would be less.
The policy pays "actual cash value" in the event of a total loss, which is approximated by the private sale transaction value of the NADA book. I have spent a ton of time with the home office people at Allstate in claims, and they told me that that is the first place that they would go. If the car is worth $45-55k there, they will then look to validate condition. They urged me to get an appraisal (about $200-300) with pictures, and that would be the primary source for their adjusters. At that value, they would most likely not total the vehicle anyway, but would source parts from the internet and ebay to repair the vehicle. If I do total the vehicle at that value, I would probably be looking at significant bodily injury anyway, which would make the Benz the least of my trouble.
I do have direct experience with the claims adjusters, with a front fender "bender" last summer, and they paid me for a new front fender, rubber guards, mounts, and a headlight door. There was no body damage. I thought the adjuster was enthusiastic with the car, and worked with me to ok the best source for parts. I thought the check was fair, and it was based on replacement parts costs for the car and labor (which since there was no body work, I could do cheaply), as I would define them (not OEM).
I would suggest calling your insurance company claims departments directly and talk to a "claims advocate", not the folks who answer the phone. Or talk to Allstate.
Mike Mizesko
Columbus, OH
