Agreed upon value insurance policies

[heinzboehmer]

Just FYI, American Collectors doesn't allow you to track your car at all. Was told that if they found out it goes on a racetrack, they'll cancel the policy.

Also, seems like —at least in California— everyone who writes agreed value policies is doing the "one daily per licensed person in the household" thing now.


Edit: Oh one other thing, Grundy didn't like my idea of a motorcycle. Nor did they seem to like that I do track days in my car:

Thank you for your reply. Unfortunately, taking the vehicle to and from the track is not usage that underwriting approves for collector vehicle coverage. Additionally, a motorcycle is not a vehicle that would be considered adequate daily transportation under our guidelines. We’re sorry that we weren’t able to assist you with this.

Have talked to a lot of insurance companies and agents over the past week or so. Seems like things are getting a lot stricter to qualify for these types of policies (once again, at least in California). sigh

[D-O]

Mike,

We have auto coverage through USAA. USAA wont write an agreed value policy, but they have a relationship with American Collectors and I followed a link from the USAA site right to American Collectors. I just entered the details about the car and they quoted it.

Jesse

[nuc1]

I just got quotes from American Collectors and Hagerty.

D-O

What category did you use with American Collectors? Asking as they denied me saying my car isn't that special.

Mike

[Maxima SE]

Grundy here as well. Hagerty quoted me significantly more. Not gonna pay that much more for garage queens that collect dust. Being in Cali the only thing that worries me is an earth quake. Not so much worried about car accidents or theft

[SQ13]

Grundy was much cheaper than Hagerty for me.

[D-O]

I just got quotes from American Collectors and Hagerty. The quotes were for 5k miles of use and an agreed value of $37k. The quoted coverage amounts are the same, except that the American Collectors quote was for a $0 deductible and the Hagerty quote was for $1000. American Collectors quoted $1100 and Hagerty quoted $1600.

My dad has had his stuff insured with Hagerty for years and loves them, and a friend has 9 or 10 cars insured with them and has nothing but good things to say, but at 145% the price of American Collectors, Hagerty seems way out of line. I like all the auto related content and events they sponsor, but I cant see paying so much to help support all that.

I did read that since Hagerty went public State Farm has bought a significant stake. McKeel Hagerty has stated publicly that his family will maintain control of the company, but who knows what will happen with that much money sloshing around. If State Farm does take control it will be the end of them. State Farm are nothing but gangsters and extortionists.

D-O

[timmo]

I'm about ready to go buy a shitty motorcycle off of craigslist to just register as a "daily" for myself. This is ridiculous.

Do eeeeeeeeeeet. Or get a proper cheap bike for the occasional funsies, my SV was only $2500.

Was also told that state farm will be buying Hagerty later this year and will have them manage all their classic cars. Rep wasn't sure if that would make it easier for me to get a policy, but he encouraged me to try calling them back once the deal went through later this year.

Hmmmmmmmmm I hope not. Hagerty has seemed to be such a good company catering to car enthusiasts, not sure that would continue with State Farm taking ship

[heinzboehmer]

Has anyone (in CA) successfully insured their car under one of these policies with more than one licensed driver per household and a shared daily?

All of the companies mentioned in this thread are asking me for one daily per person in the household. I'm about ready to go buy a shitty motorcycle off of craigslist to just register as a "daily" for myself. This is ridiculous.

Edit: Just called a state farm rep to see if they would offer their classic car insurance to me. Was told that a lot of agreed value providers are being much more strict with these policies in California due to the current car market, which is probably why I've been having trouble getting one. Was also told that state farm will be buying Hagerty later this year and will have them manage all their classic cars. Rep wasn't sure if that would make it easier for me to get a policy, but he encouraged me to try calling them back once the deal went through later this year.

[bmw m3 s50]

Just spoke with American Collector Insurance. They stated since my car did not go to car shows and was not a “special model” they were unable to write a policy.
Anyone run into this?

Mike

That’s really weird. I have both of my m3’s insured by American Collectors with zero issues. I think you should reach out and speak with the underwriter to request additional information.

I think that they made a mistake. You should advise them that an m3 is a special model of a BMW 3-series and was made lower numbers compared to the 3 series. Let them also know that you attend meets and shows. They do not track your movements not ask for prove that you attend shows.

Is your car completely stock?

Also depends on the class they put you in. You may have tried to get into the modified class and if your car is totally stock could pose a problem.

You could request to be into the classic class if your completely stock as the e46 m3 is now starting to become 20 years older old.

[whoissuprme]

Nice! fishbowl please though.

These were on the car when I bought it. They look insanely dark in the picture but they are only 20% I do want to go lighter. Will probably do XPEL Prime XR Black in 35% all around when I get around to worrying about the windows. Can't do fishbowl though lmao

[Tbonem3]

Nice! fishbowl please though.

[whoissuprme]

How many miles on your car for that valuation?

It's an 06 comp pack 6-speed. 65k miles on my car at the moment. Bought it with 58k in 2013 🤣

Although, I did just do a laundry list of mods/maintenance to it so I will be driving it way more this upcoming spring/summer. Ultimately I would like it to be ready in time for 46.MEast in May

Edit: Added pic for reference. New daily and the garage queen

[Tbonem3]

How many miles on your car for that valuation?

[whoissuprme]

Hi all,

Actual insurance agent here. We only sell Hagerty, Grundy, and Classicins.com (American Modern is the parent company) at our Agency

My M3 is insured for $65k via Classicins.com I have 100/300 liability limits with $1k deductibles. roughly $650/year. Cool thing about them is that they pay attention to the market. When I originally opened the policy with them we did a stated value for $60k but they automatically increased coverage to $65k due to market conditions upon renewal.

If anyone has any questions feel free to ask! (No I don't get a discount on my insurance even though I'm an agent lol)

[nuc1]

Just spoke with American Collector Insurance. They stated since my car did not go to car shows and was not a “special model” they were unable to write a policy.
Anyone run into this?

Mike