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    Agreed upon value insurance policies

    The other day I was on the phone with my insurance company (USAA) to fix a couple things on my policy. We were finishing up and the person asks if I want to change my 2002 M3 from full coverage to liability due to the age... long story short they are not going pay near what the vehicle is worth in the event something happens. I've been searching online for agreed upon policies and the reviews/usage/quotes seems to be all over the place. Is there anyone here that has one of these policies and would like to share their experience? This is not my daily driver and is kept in a locked garage.

    #2
    I have Grundy. Never had to use it. Hagerty and Grundy are the top 2 from what I know, with Hagerty being the more reputable of the two and from what I remember more expensive and with more restrictions. Depending on where you live, the agreed value policies may be significantly cheaper than regular full coverage so it is a no brainer as long as you have a dedicated DD.
    2005 Phoenix Yellow M3 Coupe 6spd
    2013 Interlagos Blue M3 Coupe 6spd ZCP, CF roof

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      #3
      I’ve had my m3 under classic/collectors car insurance for the last 5-6yrs when they first recognized the e46 as a collector. I have “American Collectors Insurance”. I set an agreed value of $27.5k i believe and my premium with the M3 and my E30 ($18k value) combined is $700ish a year. I had a claim years back for my E30 and they were a pleasure to deal with. Gave them a list of parts the car needed for repair from the dealer and they simply cut me a check for the parts and had a choice at whatever shop did they work....and sent a supplement check for that. I’m allowed 5500 miles a year per car

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        #4
        Originally posted by Maxima SE View Post
        I have Grundy. Never had to use it. Hagerty and Grundy are the top 2 from what I know, with Hagerty being the more reputable of the two and from what I remember more expensive and with more restrictions. Depending on where you live, the agreed value policies may be significantly cheaper than regular full coverage so it is a no brainer as long as you have a dedicated DD.
        I've looked at both Grundy and Hagerty. Both have less than stellar customer reviews from what I've seen but that seems to be common place for most of these companies. Everyone is happy until they need to submit a claim and have to jump through 100 hoops. There was also a huge price gap form Hagerty to Grundy. Granted, I only did the basic quotes but for the same info plugged in Hagerty was $2,023/year with a $2,500 deductible and Grundy was $396/year with no deductible.

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          #5
          Originally posted by Mpower04 View Post

          I've looked at both Grundy and Hagerty. Both have less than stellar customer reviews from what I've seen but that seems to be common place for most of these companies. Everyone is happy until they need to submit a claim and have to jump through 100 hoops. There was also a huge price gap form Hagerty to Grundy. Granted, I only did the basic quotes but for the same info plugged in Hagerty was $2,023/year with a $2,500 deductible and Grundy was $396/year with no deductible.
          Hagerty was much more expensive for me too. That's why I have Grundy. Hagerty is well known among enthusiasts.
          2005 Phoenix Yellow M3 Coupe 6spd
          2013 Interlagos Blue M3 Coupe 6spd ZCP, CF roof

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            #6
            Originally posted by antknee View Post
            I’ve had my m3 under classic/collectors car insurance for the last 5-6yrs when they first recognized the e46 as a collector. I have “American Collectors Insurance”. I set an agreed value of $27.5k i believe and my premium with the M3 and my E30 ($18k value) combined is $700ish a year. I had a claim years back for my E30 and they were a pleasure to deal with. Gave them a list of parts the car needed for repair from the dealer and they simply cut me a check for the parts and had a choice at whatever shop did they work....and sent a supplement check for that. I’m allowed 5500 miles a year per car
            I'm considering them as well. The small discount being a USAA member is cool too. I just entered mine at $30k with a $1k deductible for 6k miles/year and they quoted $816/year which is a couple dollars cheaper than what I currently pay for it.
            Last edited by Mpower04; 02-21-2021, 02:47 PM.

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              #7
              Originally posted by Maxima SE View Post

              Hagerty was much more expensive for me too. That's why I have Grundy. Hagerty is well known among enthusiasts.
              Yeah, they were the first quote I got because of the name but 2k/year is kind of crazy for what it is.

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                #8
                Originally posted by Mpower04 View Post

                Yeah, they were the first quote I got because of the name but 2k/year is kind of crazy for what it is.
                It is, especially if you live in the colder climates and it is stored in the garage for several months at a time. My E46 doesn't even see 500 miles a year so any insurance for me is really just money down the drain since it is tucked away safely in the garage 360 days a year. It is kind of stupid to pay a grand a year to drive that car 4 hours annually but it is what it is. It all depends on your usage honestly.
                2005 Phoenix Yellow M3 Coupe 6spd
                2013 Interlagos Blue M3 Coupe 6spd ZCP, CF roof

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                  #9
                  I have my track car and featherlite trailer insured with Hagerty. Car isn't registered and is only tracked. For an agreed upon value of $21.5k for the car (I probably need to increase this with the current M3 market) and $7k for the trailer, it was only $300/year. Process was pain free and considering the vehicle isn't registered this is liability only, and far superior to what any "normal" company would give me.

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                    #10
                    I have Safeco insurance with agreed value and coverage on all my aftermarket parts. My agent is the best and says she'd recommend Chubbs if I were making 7 figures, but based on my salary there is no point and Safeco has been solid for me. I've had USAA, and I don't get the same treatment or experience and I'd have with Safeco.

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                      #11
                      Originally posted by Maxima SE View Post

                      It is, especially if you live in the colder climates and it is stored in the garage for several months at a time. My E46 doesn't even see 500 miles a year so any insurance for me is really just money down the drain since it is tucked away safely in the garage 360 days a year. It is kind of stupid to pay a grand a year to drive that car 4 hours annually but it is what it is. It all depends on your usage honestly.

                      sure you want to take the blue one with you?!?!

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                        #12
                        Originally posted by Swizbeatz View Post


                        sure you want to take the blue one with you?!?!
                        Yes I am shipping both of them haha
                        2005 Phoenix Yellow M3 Coupe 6spd
                        2013 Interlagos Blue M3 Coupe 6spd ZCP, CF roof

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                          #13
                          Just signed up for Hagerty with an agreed value of $40k for my track car for about $800 a year. I was in the same situation with bare min insurance from Progressive so it made more sense to get better coverage for the car from another provider.


                          Sent from my iPhone using Tapatalk
                          2018 Grigio Telesto F80 M3 DCT | :: Bone Stock ::
                          2004 Titanium Silver E46 M3 6 Speed | :: Track Car ::

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                            #14
                            Originally posted by jareds941 View Post
                            I have my track car and featherlite trailer insured with Hagerty. Car isn't registered and is only tracked. For an agreed upon value of $21.5k for the car (I probably need to increase this with the current M3 market) and $7k for the trailer, it was only $300/year. Process was pain free and considering the vehicle isn't registered this is liability only, and far superior to what any "normal" company would give me.
                            Does this cover you for damage on track as well?

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                              #15
                              Originally posted by jareds941 View Post
                              I have my track car and featherlite trailer insured with Hagerty. Car isn't registered and is only tracked. For an agreed upon value of $21.5k for the car (I probably need to increase this with the current M3 market) and $7k for the trailer, it was only $300/year. Process was pain free and considering the vehicle isn't registered this is liability only, and far superior to what any "normal" company would give me.
                              You know here in Oregon you can get those sweet SP "race car" license plates which allows you to street drive the car for testing, and drive to and from events/tracks. I have one on my track car. It's also a one-time fee and the registration lasts the life of the car.
                              Phoenix Yellow e46m3 Build Thread
                              Melbourne Red e93m3

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