Agreed upon value insurance policies

[bmw]

Those of you getting quotes for 100/300/100 policies, make sure to double check that's sufficient for your umbrella policy minimum limits if you have one. Usually you need to be at least 250/500 to ensure coverage.

[sev]

just got off the phone with grundy, theyre telling me for my 05 m3, 30k is the max based on blackbook. i asked htem if i can send them comps from bring a trailer or grundy's valuation book and they said "we can try" but we're at the max. WTF

I even told them I know others that have the same car and policies with them that have higher agreed value. they told me to submit pics and comps to underwriting but likely wont make a difference

[jbfrancis3]

I don't know. I feel the value could be higher, but I also feel like if it were to get totaled, I'd still be able to salvage thousands in mods. Maybe the boot gets crushed, but I could save the seats or brake or susp.

I get the logic. A question and a thought:
- how does that work if your vehicle is considered a total loss and Hagerty writes a check for $30K, are you also entitled to the residual wreckage to pull the mods from?

- there may some scenarios (like a fire) that wouldn't leave you with much.

[freshprince2421]

Just got my Grundy renewal. $340 (year) for $30k value.

Liability terms on policy? I was quoted $481 for $35K w/ 100/300/100

[Tbonem3]

I don't know. I feel the value could be higher, but I also feel like if it were to get totaled, I'd still be able to salvage thousands in mods. Maybe the boot gets crushed, but I could save the seats or brake or susp.

[jbfrancis3]

Just got my Grundy renewal. $340 (year) for $30k value.

Is that a high enough valuation?

[bmw]

This thread has been eye opening. Looks like Hagerty 250/500 full tort would be less than half of what I am currently paying. Time to call the broker.

[Tbonem3]

Just got my Grundy renewal. $340 (year) for $30k value.

[Nate047]

Subscribed so I remember to look into this.

[TexaZ3]

That is surprisingly high for a multi-car on this type of product. Like if it were 2 cars, $600-700 per vehicle sounds would be good, but you should keep dropping as more special purpose cars get added.

Yup, that is why I was surprised too. Hagerty is much better in this case.

[jbfrancis3]

Just out of curiosity, I have asked for a quote on several of my cars from Grundy. The screenshot of the quote below. Obviously included are multi-car, and some other discounts that are policy-wide, so insuring just one car will raise it a bit. These are annual premiums with $250 deductible. Honestly, my Hagerty premiums are lower with the same coverages, so definitely staying with them.

That is surprisingly high for a multi-car on this type of product. Like if it were 2 cars, $600-700 per vehicle sounds would be good, but you should keep dropping as more special purpose cars get added.

[TexaZ3]

Just out of curiosity, I have asked for a quote on several of my cars from Grundy. The screenshot of the quote below. Obviously included are multi-car, and some other discounts that are policy-wide, so insuring just one car will raise it a bit. These are annual premiums with $250 deductible. Honestly, my Hagerty premiums are lower with the same coverages, so definitely staying with them.

[ej257]

I ended up going with American Classic. My policy was $806/yr for 5k miles and a $35k valuation. Almost $200 cheaper per year than having it on my USAA policy.

Out of curiosity, what was the process with American Classic? What sort of documentation do you provide? and how many miles on your m3?

[lemoose]

Getting an insurance broker has been one of my favorite things I've done. I never deal with insurance companies anymore-- he handles it all for me, at no expense to me. And he consistently gets me lower rates than I was ever getting for myself.

Really, though, it's just so much less painful. When I sold my house on Monday I just sent him a text telling him to get rid of the home owners insurance. He did all the paperwork and just emailed me a link to digitally sign. When I wanted agreed upon value insurance, I just texted him-- he did all the price comparing, paperwork, etc, and emailed me a link where all I had to do is sign. Last year when my license cleared of old tickets he renegotiated all my insurance rates, unprompted, to get me lower rates.

Cheaper, easier, and almost certainly better done (as presumably he's more competent at insurance stuff than me). I have zero intention of ever going back to dealing with my own insurance.

How much do you spend on insurance yearly that its mutually beneficial for yall to be in business together? I spend almost 5k yearly on insurance for mine and my family’s cars so maybe this is something worth looking into if im hitting that threshold

[sev]

thanks guys! that's a great idea!