Agreed upon value insurance policies

[Mpower04]

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.

[COVID-19]

They should know the market, but if they question the new value send them Hagerty’s valuations.

https://www.yumpu.com/en/document/read/65759258/hpg45-bmw

This is what I used to get the $40k value on mine.

[Chanman1029]

I hate USAA with a burning passion.

when I was super boot, I was looking for a lender to give me a loan for my M3, the gentleman from usaa was on the phone with me and told me they could only provide $11k( i was looking for $15k as the vehicle purchase price was 17.4k in 2017. He proceeded to tell me that I making a big mistake and was overpaying by thousands, as if he knew anything about the car other than what KBB was probably telling him. That was a little frustrating.

The icing in the cake was when my first policy expired, which had my 325i and my M3 on it. When my policy renewed, they had increased my 6 month premium by $650!!!! No tickets, no accidents, literally nothing different. When I confronted them, they said “our system is changig and your vehicle is being evaluated differently”
horse shit.
They say they are supporters of service members, but I found it pretty insulting for them to think that an E3 with less than 2 years could budget a change in insurance by over $100 a month, especially for someone who literally had, (and still does) have a perfect driving record.

I switched to Geico and got my insurance for just about the same price I was paying previously.

But you bring up a good point, I think I am going to call Geico and ask them what the value of my car would be. I am in the middle of an engine rebuild, and would be devastated to lose out on this investment due to somebody valuing the car off of a crappy website like Kelley blue book or a true car

[Cglhut]

Just left a message with Grundy asking to raise my agreed-upon value on the m3. Currently (and since 2015) its been 30k, but I want to bump it to 45k. You guys think it'll be difficult to do? Besides BAT what else can I use for comps? EAG doesnt list prices anymore for e46 m3's. I used EAG in 2015 to justify the 30k and they took it.

They should know the market, but if they question the new value send them Hagerty’s valuations.

https://www.yumpu.com/en/document/read/65759258/hpg45-bmw

[sev]

Just left a message with Grundy asking to raise my agreed-upon value on the m3. Currently (and since 2015) its been 30k, but I want to bump it to 45k. You guys think it'll be difficult to do? Besides BAT what else can I use for comps? EAG doesnt list prices anymore for e46 m3's. I used EAG in 2015 to justify the 30k and they took it.

[dilmorecg]

do you know what the policy is called? Is it through State Farm? Or does your agent represent multiple companies. I have State Farm and the closest option to stated value is classic car which needs to be 25yrs old. My State Farm rep says they dont offer a stated value or agreed value policy.

Definitely through State Farm. Im pretty sure its called an agreed value policy. I had to fill out an Antique/Classic/Replica Valuation form and send pictures. I don't have my M3 anymore or id look it up.

[Rkymtnrider]

I have State Farm for all my insurance and have a agreed value policy through them.

do you know what the policy is called? Is it through State Farm? Or does your agent represent multiple companies. I have State Farm and the closest option to stated value is classic car which needs to be 25yrs old. My State Farm rep says they dont offer a stated value or agreed value policy.

[COVID-19]

Just went with American Collectors - $1k 5k miles per year. Was paying about $200 more with USAA.

[ridebikes]

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.

Out of curiosity, where does he make the money? By finding new rates and collecting commission? I've never considered this before, it sure sounds nice!

[sc_tr0jan_m3]

Same here. Usually when it comes to brokers I get wary of what type of snake oil they’re trying to sell me.

But my insurance broker made it suuuuuper easy to compare rates and coverages for both my home and auto insurance. She even helped w my hagerty policy too.

Best call I’ve made in the last year.


Sent from my iPhone using Tapatalk

[heinzboehmer]

Yeah I one of the calls I made was to a broker. Still waiting to hear back from them, but I'm expecting the same answer.

I'm am excited to start doing everything through them though. Hate having to deal with this sort of stuff.

[Obioban]

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.

[heinzboehmer]

Again. Try Safeco. I recommended a friend and he loved my agent who has been phenomenal from day 1. Each rep is different obviously but if you’re going to shop around, give Safeco or your nearest broker a call for it.

Appreciate the recommendation, but unfortunately same issue with Safeco.

In fact, I called every single insurance provider I could find that does agreed value and none of them would insure me without a regular use vehicle. Guess I'm stuck with regular insurance until I buy another car that I can put down as being for regular use

[jet_dogg]

So if totaling the car requires 50-60% then you can logically overstate your policy to where the payout would make you whole in the case of an event (if they agree to your stated value of course).

[thegenius46m]

dang that is a TON of money youre paying. hagerty prices seem to be double grundy.

Yeah but the NO BS part is what sold me. The key difference between Hagerty and Grundy is that Grundy is charging less because they impose so many restrictions on how you use the car so they can minimize risk of having to pay out for a claim. Hagerty wants you to use your car and given what I use the car for when it does actually come out of the garage for as little as I drive it now, I don't have to deal with any surprises because the car is covered pretty much no matter what happens. My car is listed as a street driven race car which is what they recommended I classify it as for a lower rate based on my usage, so I don't have to worry about how I drive it just to make sure they don't deny me coverage. Obviously don't want to total this car, but you have to be careful because some of these policies will deny you just for driving the car in a manner they didn't agree to. With Hagerty I am covered no matter what.

One key thing a lot of guys dont realize with these high value payout policies is that your car is not considered totaled until at least 50-60% of the car is damaged based on YOUR agreed value policy, not market value since your agreed value is now considered its own market value for the payout. So for me I'd need 35k in damage to get a payout, but I did ask if the main frame gets bent enough to where it is not safely fixable to the same condition as before, will the car be totaled regardless? Hagerty said yes.