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Agreed upon value insurance policies

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    #16
    Originally posted by eacmen View Post

    Does this cover you for damage on track as well?
    Nope. Moment I hit hot pits, coverage is off. In the paddock I’m good.

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      #17
      Originally posted by liam821 View Post

      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.
      I know nothing about this. I’ll have to look into it. Thanks!

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        #18
        Originally posted by jareds941 View Post

        I know nothing about this. I’ll have to look into it. Thanks!


        Just fill out this paperwork, note the "race car" section, make an appointment with DMV, they do a VIN inspection, pay the registration fee which was like $100 I think, and got plates in the mail a few weeks later! No smog, obviously and thankfully.
        Phoenix Yellow e46m3 Build Thread
        Japanrot Red E46 330i Msport k24/dct/turbo Build Thread

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          #19


          Originally posted by liam821 View Post



          Just fill out this paperwork, note the "race car" section, make an appointment with DMV, they do a VIN inspection, pay the registration fee which was like $100 I think, and got plates in the mail a few weeks later! No smog, obviously and thankfully.
          I’ll give it a try although it doesn’t actually meet the definition as defined...plus I’m sure my insurance would go up. Probably depends on the DMV employee and how good they are at their job 🤣
          Click image for larger version

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            #20
            I used to have mine under my USAA policy. When I got rear-ended a few years ago, they valued it at around $11k (for reference, it's a 2003.5 6MT coupe that had 87k at the time; a few months prior, I turned down someone who offered to buy it for $23,500). After that debacle was over, I switched to Hagerty.

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              #21
              People seem to like Haggerty for other cars... where the “classic” argument is obvious... like for the ultra rare 30year old Benz where parts will be hard to come by... mine aren’t driven much (that car or this one) so I haven’t gotten into stated value policies... I want my current insurer to get into the biz... but that hasn’t happened so I guess I’ll explore Haggerty.

              maw

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                #22
                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.
                when you get a quote for Grundy, do you choose Classic or the MVP quote route?

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                  #23
                  Originally posted by jareds941 View Post



                  I’ll give it a try although it doesn’t actually meet the definition as defined...plus I’m sure my insurance would go up. Probably depends on the DMV employee and how good they are at their job 🤣
                  Click image for larger version

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                  Worth a try...

                  Phoenix Yellow e46m3 Build Thread
                  Japanrot Red E46 330i Msport k24/dct/turbo Build Thread

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                    #24
                    i have grundy, been about 6 years now, very happy with the premium and even back then, I asked for 28k agreed value and they gave me 30k. I pay something like 460 a year. I got it cuz my other buddy had them on his s52 mcoupe and he hit a deer and they took care of him very well. Overall really happy. Theyve never once bothered me about mileage or anything else.

                    I too keep my m3 tucked away safely in the garage 360 days a year and maybe drive 500 miles a year.

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                      #25
                      I have State Farm for all my insurance and have a agreed value policy through them.
                      2002 M3 LSB/Kiwi Vert
                      2014 X5 50i
                      2019 Ford Raptor

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                        #26
                        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
                        With the allotted mileage, are you allow to drive it to work if needed? A lot of agreed value policy won't allow you to use the car for work or even as a backup to your daily. Thanks.

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                          #27
                          Originally posted by Xmetal View Post

                          With the allotted mileage, are you allow to drive it to work if needed? A lot of agreed value policy won't allow you to use the car for work or even as a backup to your daily. Thanks.
                          I believe all these policies are intended for just car shows and occasional road trips locally. I did drive my E30 from NYC to North Carolina annually for 3 years (14hr drive)....and i believe i called my insurer and they were ok with it since it was for a car show over the course of 3 days. I still take my car to work from time to time and when i did have a claim on my E30, the car was not in my garage....it was parked on the street and they didn’t question me as to why it was

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                            #28
                            Originally posted by Xmetal View Post

                            With the allotted mileage, are you allow to drive it to work if needed? A lot of agreed value policy won't allow you to use the car for work or even as a backup to your daily. Thanks.
                            I just had my agent from Hagerty quote for my M3 if I were to change to the SP registration Liam posted above. $30k agreed upon value + $7k trailer value with no mileage restrictions and full coverage was about $1k/year. Which is a large increase from the current which is $21.5k agreed value and no street driving coverage unless it's on the trailer being towed or in the paddock and $300/year.

                            If I just change the agreed upon value to $30k it goes up to $400/year.

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                              #29
                              Originally posted by Xmetal View Post

                              With the allotted mileage, are you allow to drive it to work if needed? A lot of agreed value policy won't allow you to use the car for work or even as a backup to your daily. Thanks.
                              I got a quote from American Collectors Insurance the other day. $30k agreed value and 7500 mi per year —with some occasional use allowed— came out to right around $1.1k. I am under 25 though, so that number might be a bit high because of that.
                              2002 Topasblau M3 - Coupe - 6MT - Karbonius CSL Airbox - MSS54HP Conversion - Kassel MAP - SSV1 - HJS - PCS Tune - Beisan - MK60 Swap - ZCP Rack - Nogaros - AutoSolutions - 996 Brembos - Slon - CMP - VinceBar - Koni - Eibach - BlueBus - Journal

                              2012 Alpinweiss 128i - Coupe - 6AT - Slicktop - Manual Seats - Daily - Journal

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                                #30
                                Thanks for the input guys. I'm still on the fence on these agreed value policies when there are so many restrictions that I feel like I can't really enjoy my car, especially for something that's only valued at around $30k. But if the value start to rise and rise, then I may reconsider. But at that point, if I can't really enjoy driving it due to it's valuation, I mind as well sell it and pick something up that I get to enjoy the pleasure of driving the thing, not just parked in my garage and look at it!

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