Agreed upon value insurance policies

[jbfrancis3]

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.

That is surprisingly high for a multi-car on this type of product. Like if it were 2 cars, $600-700 per vehicle sounds would be good, but you should keep dropping as more special purpose cars get added.

[TexaZ3]

That is surprisingly high for a multi-car on this type of product. Like if it were 2 cars, $600-700 per vehicle sounds would be good, but you should keep dropping as more special purpose cars get added.

Yup, that is why I was surprised too. Hagerty is much better in this case.

[Nate047]

Subscribed so I remember to look into this.

[Tbonem3]

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

[bmw]

This thread has been eye opening. Looks like Hagerty 250/500 full tort would be less than half of what I am currently paying. Time to call the broker.

[jbfrancis3]

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

Is that a high enough valuation?

[Tbonem3]

I don't know. I feel the value could be higher, but I also feel like if it were to get totaled, I'd still be able to salvage thousands in mods. Maybe the boot gets crushed, but I could save the seats or brake or susp.

[freshprince2421]

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

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

[jbfrancis3]

I don't know. I feel the value could be higher, but I also feel like if it were to get totaled, I'd still be able to salvage thousands in mods. Maybe the boot gets crushed, but I could save the seats or brake or susp.

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.

[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

[bmw]

Those of you getting quotes for 100/300/100 policies, make sure to double check that's sufficient for your umbrella policy minimum limits if you have one. Usually you need to be at least 250/500 to ensure coverage.

[Tbonem3]

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

Comprehensive

[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.

[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).

[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?