My learnings of stated value insurance companies:
- Hagerty, Grundy, American Collectors Insurance, Safeco etc. are secondary insurance companies that require a daily driver to be in possession and registered with a Geico or another type of primary insurance provider in order to be able to even offer you insurance on your car. In my case, I don't have or need a daily, so they denied me insurance on the M3.
- All other types of insurance will be for market value at the time of the incident
- In order to get to a stated value insurance company, you could in theory by a beater car for $500, insure it at a Geico, and then go to one of those stated value companies to get your M3 insured with them
- Learned a ton through this thread on stated-value insurance for our cars on this thread: https://nam3forum.com/forums/forum/m...rance-policies
I ended up continuing with Geico although I'm not a fan of market value policies, it's the best I can do right now until I decide to get a daily. $3082 a year š
--------------
Original post: ā
Let's talk about insurance and coverages ā I just got off the phone with my current insurer, Geico, and was shocked to learn that in the event of a total loss they would give me market value - depreciation - deductible on my collision. That worked out to their estimate to about $5k, which I fell out of my chair when I heard this. I also learned that for CA coverage for 5k miles driven a year, and coverages that were the same as my MA insurance that would work itself out to over $3k/year.
With that said, my own situation is that the car is still insured in Massachusetts (my family still has property there) and now I'm in the process of getting new CA plates, and transferring it to CA properly, which sucks.
With all of this said, I checked out Hagerty right now and this is the policy they gave me ā
2004 M3, 6-spd, 155k miles, driven about 4-5k a year
ā
My questions ā
From the major edit headline: Where should I go for stated-value insurance?ā
Input would be helpful ā I've not been in a place where I've had to insure the car based on value, and am keen to learn about it!
Thank you in advance!
Jonathan ā
- Hagerty, Grundy, American Collectors Insurance, Safeco etc. are secondary insurance companies that require a daily driver to be in possession and registered with a Geico or another type of primary insurance provider in order to be able to even offer you insurance on your car. In my case, I don't have or need a daily, so they denied me insurance on the M3.
- All other types of insurance will be for market value at the time of the incident
- In order to get to a stated value insurance company, you could in theory by a beater car for $500, insure it at a Geico, and then go to one of those stated value companies to get your M3 insured with them
- Learned a ton through this thread on stated-value insurance for our cars on this thread: https://nam3forum.com/forums/forum/m...rance-policies
I ended up continuing with Geico although I'm not a fan of market value policies, it's the best I can do right now until I decide to get a daily. $3082 a year š
--------------
Original post: ā
Let's talk about insurance and coverages ā I just got off the phone with my current insurer, Geico, and was shocked to learn that in the event of a total loss they would give me market value - depreciation - deductible on my collision. That worked out to their estimate to about $5k, which I fell out of my chair when I heard this. I also learned that for CA coverage for 5k miles driven a year, and coverages that were the same as my MA insurance that would work itself out to over $3k/year.
With that said, my own situation is that the car is still insured in Massachusetts (my family still has property there) and now I'm in the process of getting new CA plates, and transferring it to CA properly, which sucks.
With all of this said, I checked out Hagerty right now and this is the policy they gave me ā
2004 M3, 6-spd, 155k miles, driven about 4-5k a year
- Miles Driven Annually 2501-5000
- Applied Number of Years Licensed: 14-18
- Liability$15000 / $30000 (Each Person/Each Accident)
- Liability - PD$5000 (Each Accident)
- Medical Payments$1000 (Each Person/Each Accident)
- Uninsured Motorist$15000 / $30000 (Each Person/Each Accident)
- Limited Earthquake Coverage$1000000 (Guaranteed Value)
- Collision - $1,000 Deductible
- Other Than Collision - $1,000 Deductible
ā
My questions ā
From the major edit headline: Where should I go for stated-value insurance?ā
Input would be helpful ā I've not been in a place where I've had to insure the car based on value, and am keen to learn about it!
Thank you in advance!
Jonathan ā
āāāāāā
Comment