Agreed upon value insurance policies

[antknee]

i had an incident on my E30 years back (my insurer is American Collectors), where my E30 was parked in front of my house overnight. Someone had rammed the front end, resulting in about $10K of damages. I thought it was going to be a nightmare trying to convince American Collectors that it was a one off leaving it parked outside....but they did not question it one bit. In fact at the time I was heavily using the E30 and had racked on a significant amount of miles (around that time) and was worried they would've called me out on the mileage usage. They didn't bat an eye, and covered everything without question. Just like mentioned above, just use your head if at any point you have an incident occur.

[9kracing]

I have Hagerty and would never use anything else.

[Tonggi]

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.

Mind sharing this broker? I'll shoot you a text

[bmw m3 s50]

This is the language they used in their quote: **For Collector Vehicles Only** The mileage plan selected above is the maximum amount of miles that the collector vehicle may be driven annually. Other mileage options are available. Please note that this program allows for driving activities consistent with and related to participation in vehicle exhibitions, vehicle club activities, parades, leisure/pleasure drives, maintenance, pleasure use and infrequent general use; up to the mileage tier indicated above.

I mostly was much more impressed with Hagerty’s attitude of treating their customers like adults who can use their cars as they see fit, rather than applying restrictions. I wonder if your different experience is based on different policies they sell in different states.

Yes, pretty much all collector car polices have that language. I was mentioning in my first post that it will be extremely hard to prove that you were not driving for leisure/pleasure when driving to work, mall, gym, etc. If you are driving the car, your good because it’s your word against theirs. The problem is when you park your car. If something happens when parked that’s when you will have some explaining to do. That’s why I said to be smart when you park your car.

I never had a problem with American Collectors as I don’t really drive my cars often on my collector policy. One car is a restoration in progress-garage queen and the other is barley driven only in the summer. So mileage for me is not the problem.

If you want a policy that allows for more use and higher miles, I think that American Collectors offers a freedom policy or something like that. That policy allows a lot more use of the car but the premiums are more and the deductible is 10% of the agreed value. I considered this policy but realized that I don’t use the cars often enough to need that type of policy. That was a couple years ago. When I renewed in December they told me they switched carriers and the new carrier allows for more use then the old carrier.

In the end, these polices are designed to be very low volumes of claims due to the restrictions placed on them. So as I mentioned, you just need to use common sense when using your m3 to avoid a claim with any collector insurance company.

[DoubleSidedTape]

That’s really weird. I have American collectors and when I renewed my policy, they actually lighten up on the usage clause this renewal period. They said occasional use was no longer a problem. They told me using the car once a week to go to work or dinner was not a problem.

In reality, I find it really hard to prove that if something happens to the car, how can they really prove you were driving the car for pleasure or to the gym. How can they tell that you didn’t park the car for 5 min to run in and out of the gym instead of an hour. They don’t have have a camera or logging device on you.

Honestly, I would just use common sense. Try to limit your use to places that you know the car can be parked or driven in a safe area. If you decide to drive around in a major city or park in a high volume mall parking lot among all other cars then you are going to have problems. If you drive your car in suburban areas and park in a low volume or safe parking lot then you should be fine. It’s all about calculated risk and common sense.

Remember, that’s why they want you to have a daily driver. You should use your insured car on a limited basis. Meaning, you should be treating your m3 as a collectible and not like a normal used car.

This is the language they used in their quote: **For Collector Vehicles Only** The mileage plan selected above is the maximum amount of miles that the collector vehicle may be driven annually. Other mileage options are available. Please note that this program allows for driving activities consistent with and related to participation in vehicle exhibitions, vehicle club activities, parades, leisure/pleasure drives, maintenance, pleasure use and infrequent general use; up to the mileage tier indicated above.

I mostly was much more impressed with Hagerty’s attitude of treating their customers like adults who can use their cars as they see fit, rather than applying restrictions. I wonder if your different experience is based on different policies they sell in different states.

[bmw m3 s50]

Uhm, that award goes to the medical insurance industry. 😁

That’s a different animal completely with its own problems.

[Rkymtnrider]

[QUOTE=bmw m3 s50;

The car insurance industry is the biggest going scam and they get away with it because of the lobbying and money given to politicians.[/QUOTE]

Uhm, that award goes to the medical insurance industry. 😁

[bmw m3 s50]

State Farm sucks when you have a claim. Their adjusters are...by far...the worst. Getting them to pay for fasteners and small detail stuff is difficult. State Farm would not put a new engine into a flood car that had 20k miles on it and under warranty where every other company puts a new engine in, no questions asked.

And USAA is not as good as it used to be either. Same reasons as State Farm.

Nice to know I am not alone. I hear you on this.

[bmw m3 s50]

Wow, I've had State Farm for about 30 years and they've been nothing short of fantastic for me. Whether it's a windshield or body work, never a problem. Guess it's like Forrest's "box of chocolates"...

Wow this is shocking, I just have had numerous claims where they do absolutely nothing to defend you. I am talking about getting hit by drunk drivers and hit/run drivers while giving proper information to State Farm to go after the other party. They do nothing for you.

Then they low ball the hell out of you on claims, almost always having to go into your pocket to pay. They are awful.

The car insurance industry is the biggest going scam and they get away with it because of the lobbying and money given to politicians.

[bmw m3 s50]

I called several of the different providers for agreed value insurance today. Grundy told me that I wouldn’t be covered if my car was parked outside at a hotel during a road trip unless it was a trip to a car show. American Collectors (partnered with USAA) was a bit better, but when I asked what “infrequent general use” meant, they made it sound like going out to dinner or driving to the gym once a month was too much.

The Hagerty rep told me “Our mission is to save driving, you can use your car how you want.” I was prepared to sign with them despite their prices being much higher than the other providers, but unfortunately they wouldn’t underwrite me due to a speeding ticket and a comprehensive claim for a windshield on my X5 within the past three years. I plan to revisit them next spring when those have fallen off my record.

For what it’s worth, none of them had an issue with a $50k agreed value.

That’s really weird. I have American collectors and when I renewed my policy, they actually lighten up on the usage clause this renewal period. They said occasional use was no longer a problem. They told me using the car once a week to go to work or dinner was not a problem.

In reality, I find it really hard to prove that if something happens to the car, how can they really prove you were driving the car for pleasure or to the gym. How can they tell that you didn’t park the car for 5 min to run in and out of the gym instead of an hour. They don’t have have a camera or logging device on you.

Honestly, I would just use common sense. Try to limit your use to places that you know the car can be parked or driven in a safe area. If you decide to drive around in a major city or park in a high volume mall parking lot among all other cars then you are going to have problems. If you drive your car in suburban areas and park in a low volume or safe parking lot then you should be fine. It’s all about calculated risk and common sense.

Remember, that’s why they want you to have a daily driver. You should use your insured car on a limited basis. Meaning, you should be treating your m3 as a collectible and not like a normal used car.

[DoubleSidedTape]

I called several of the different providers for agreed value insurance today. Grundy told me that I wouldn’t be covered if my car was parked outside at a hotel during a road trip unless it was a trip to a car show. American Collectors (partnered with USAA) was a bit better, but when I asked what “infrequent general use” meant, they made it sound like going out to dinner or driving to the gym once a month was too much.

The Hagerty rep told me “Our mission is to save driving, you can use your car how you want.” I was prepared to sign with them despite their prices being much higher than the other providers, but unfortunately they wouldn’t underwrite me due to a speeding ticket and a comprehensive claim for a windshield on my X5 within the past three years. I plan to revisit them next spring when those have fallen off my record.

For what it’s worth, none of them had an issue with a $50k agreed value.

[repoman89]

Looks like Hagerty will insure my E39 M5 and E46 despite sharing a daily driver CX-5 with my wife (her car). I specifically answered “no” on the online quote for the do you have a daily driver question. It’s not cheap compared to my current Grundy policy but the coverage seems a lot more comprehensive and I cranked up the values a bit.

A big chunk of the reason I bought my 21 Miata last year was to satisfy the daily driver requirement with something fun, so I’ve already signed the paperwork to sell it back. Only depreciated a few hundred bucks in a year. It’s cool but pretty redundant with the M3.

[timmo]

Just got on Hagerty, which I've been wanting to do for a very long time given I'm at ~225k miles. Previously I'd only had my car so there was no chance, but recently got a motorcycle and had the lightbulb brain moment of using that as the primary vehicle. Over the phone I clarified with the agent multiple times if this was okay or not, he assured me it was fine. Glad to finally have an agreed value policy on my car!

[bigjae46]

Might be regional but at least in Houston…State Farm is THE worst.


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[Jimbo's M]

No out of pocket to use O.E. glass in windshields.

For sure. I've replaced the M's several times, but my previous car, a 1990 Prelude ate windshields like crazy from the chip sealing that's done here. Aerodynamics where just right I guess. Never outta pocket.