Agreed upon value insurance policies

[sev]

I was asked for pictures with Grundy when I first signed up a few years ago. I wonder if they act as a broker for different insurance providers? That would explain all the different experiences. My actual coverage is through Philadelphia insurance companies, anyone have anything different?

I have both my M3 and M5 insured with them for $45k valuation, $410 premium each I believe.

that's who mine is through, philadephia insurance company. im at 30k and theyre giving me grief to go over that. Do you have any mods on your m3?

[Tbonem3]

Whats the liability limits and deductible? Seems way lower than even what I'm currently paying w/multi-car, and loyalty discounts.

100k, unins 35k, 30k value, $100 deduc. Comp & coll

[TexaZ3]

I was asked for pictures with Grundy when I first signed up a few years ago. I wonder if they act as a broker for different insurance providers? That would explain all the different experiences. My actual coverage is through Philadelphia insurance companies, anyone have anything different?

I have both my M3 and M5 insured with them for $45k valuation, $410 premium each I believe.

Didn't have to submit any pictures.
That is why I was surprised at the valuations I got from Grundy, for much lower agreed value - however, perhaps my policy limits were higher/lower deductible. Hagerty (which I have right now) were considerably lower with the same limits/values.

Screen Shot 2021-07-24 at 9.55.20 AM by Italian Horses, on Flickr

[repoman89]

What? No. I wasn't asked for any with Hagerty or Grundy.

I was asked for pictures with Grundy when I first signed up a few years ago. I wonder if they act as a broker for different insurance providers? That would explain all the different experiences. My actual coverage is through Philadelphia insurance companies, anyone have anything different?

I have both my M3 and M5 insured with them for $45k valuation, $410 premium each I believe.

[juju396]

I recently got a new policy with Grundy; did everything online (had to submit front / rear/ side pics) and there were no issues with them giving me agreed value quotes higher than 30k. I'm not sure what the issue is (location maybe?), but if they are firm in not accepting agreed values over 30k for e46m3; id have no issue going with Hagerty (as evidenced by their own valuation guide)

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

[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

anyone else run into this?

[sev]

Me neither

i was. wtf?

[jbfrancis3]

What? No. I wasn't asked for any with Hagerty or Grundy.

Me neither

[TexaZ3]

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

Whats the liability limits and deductible? Seems way lower than even what I'm currently paying w/multi-car, and loyalty discounts.

[TexaZ3]

picutres and comps

What? No. I wasn't asked for any with Hagerty or Grundy.

[sev]

As someone just getting into looking at an agreed upon value insurance, what's the process with various companies in verifying the condition/value for your car?

picutres and comps

[ej257]

As someone just getting into looking at an agreed upon value insurance, what's the process with various companies in verifying the condition/value for your car?

[jbfrancis3]

I would, personally, attempt to remove things depending on situation. As far as I know, you can buy back your salvage.

It's also just a car. If I walk away with my life and $30k, I'm good. Even if I spent more than $30k over the last 12 years.

I'll look at upping the amount to $35k, but I don't think it's reasonable to expect them to agree to some $50k figure because that's what you've spent on modding the car.

I guess it depends on your objective, whether its recoup the value of your asset in some form or be guaranteed a full replacement. Which you can do, if you so choose, by using their guaranteed value feature. Fair point that what you put into it years ago will diminish in value over time. I'm not including the vehicle itself in that comment. But if you're dead-set on recreating the experience, you have to account for the mods. Some will say that's wasteful.

I know I asked the question, but I took a peek in Hagerty's docs:
How are deductibles and salvage treated when there is a claim?
The choice is yours. If you elect to have a de-ductible and to keep your salvage after a total loss, the total paid would be adjusted for these amounts. Or you may purchase Cherised Salvage coverage*

*Cherish Salvage
Payment for Guaranteed Value (less any deductible) and the vehicle is returned, with no deduction of salvage (not available in all states).

[Tbonem3]

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.

I would, personally, attempt to remove things depending on situation. As far as I know, you can buy back your salvage.

It's also just a car. If I walk away with my life and $30k, I'm good. Even if I spent more than $30k over the last 12 years.

I'll look at upping the amount to $35k, but I don't think it's reasonable to expect them to agree to some $50k figure because that's what you've spent on modding the car.

[Tbonem3]

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

Comprehensive