Agreed upon value insurance policies

[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.

[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.


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[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!

[COVID-19]

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

[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.

[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.

[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.

[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

[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

[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.

[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.

[sev]

thanks guys! that's a great idea!

[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

[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?

[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.