Agreed upon value insurance policies

[Rkymtnrider]

I haven’t had any issues with State Farm either. No hassle claims and glass replacement. No out of pocket to use O.E. glass in windshields.

[Jimbo's M]

State Farm sucks when you have a claim. Their adjusters are...by far...the worst.
.

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"...

[bigjae46]

Tier 1: USAA (if you are eligible)

Tier 2: Erie, Farm Bureau

Tier 3: State Farm

Tier 4: Geico, Progressive

Tier 5: AllSnake

Tier 6: Insurance presented by Shaq (National General, Integon


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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.

[jager911]

Do any of these agreed value policies not have a 5k mile limit? My M3 isn't necessarily a primary vehicle, but I wouldn't want to be that limited.

I assume you have to tell them how many miles the car has?

American Modern has 1k, 3k and 5k limits, priced accordingly. I went with 3k as I drive about 1-2k per year with other DD. They did not ask for current mileage so no idea how they check.

[DoubleSidedTape]

Do any of these agreed value policies not have a 5k mile limit? My M3 isn't necessarily a primary vehicle, but I wouldn't want to be that limited.

I assume you have to tell them how many miles the car has?

Right. I’m thinking 3000 mile limit… I did half that in a weekend last fall 🤣

[lvm3sm46]

K-Dawg I have American Collectors and they did not ask for proof of current mileage

[Rickyrosh]

Do any of these agreed value policies not have a 5k mile limit? My M3 isn't necessarily a primary vehicle, but I wouldn't want to be that limited.

I assume you have to tell them how many miles the car has?

Just got Hagerty. They did not ask current mileage. I asked if they needed it.


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[K-Dawg]

Do any of these agreed value policies not have a 5k mile limit? My M3 isn't necessarily a primary vehicle, but I wouldn't want to be that limited.

I assume you have to tell them how many miles the car has?

[jager911]

I use American Modern, $1058 total for 3 Porsches and the M3, which costs $213 for $25k stated value. Mileage limit of 3k per year, garaged, not DD etc. I'm going to raise the value to $30k due to about $7k in mods in March, they want pictures and receipts.

[FastMacM3]

I used to have Grundy and they were fine, never had any claims, but it did have the limitations. But i really only take the E46 to cars and coffee, country drives or car events. Then when my car hit 20yrs old my American Family policy would do agreed value, for $30k it was about $400/yr with Grundy or AmFam.

[jrgatfh]

jrgatfh Did you have to go through an agent or can you get quote online? Thats a good rate.

I went through my local State Farm agent. I have my homeowner's insurance with them and my parents have their cars with them as well.

They quoted $1,300 per yr to insure my 911 Turbo with an AV of $300k.

[nuc1]

If you are thinking about changing your carriers or policy, I would humbly suggest, and this is only my two cents:

Tier 1: USAA (if you are eligible)

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USAA:
I've been a member since 2000. If you are separated from the military (not retired, not active duty), their policies/prices aren't all that great. And their customer service has taken a notable dive in the past 5 - 7 years. Between my house insurance and vehicle insurance, they are easily twice the price for inferior coverage. I have since moved all insurance to other companies.

Mike

[Fresh1179]

I checked Hagerty and they seem to offer track insurance now. I seem to hit all their restrictions so I think I will start looking for quotes, If I can knock 2 birds with one stone by lowering my insurance and getting track insurance at the same time, that is a win win!




What track insurance do you get?




Got a name you can send along? Sounds awesome unless they are state specific

Are you talking about a policy that expressly includes insurance for the track, or is a yearly track day policy? Sounds too good to be true? If they were smart, which they are, they would sell these base policies with an offer of %25 off track day insurance or something like that. A hell of a lot of people, including myself, would switch over for that reason alone. I would be interested to see if Hagerty is a licensed carrier or their policies are underwritten by someone else. I’ll check the NCCOI to see in a moment. All the carriers will tell you your 05’ Comp Package with a slicktop and manual is worth $8,000 when they send out their adjuster after an incident. You have the right to an independent appraiser of your own btw, which would be a prudent move given the “niche value” of our cars. %99 of the time it doesn’t really matter, but in the event of damage they are appraising the vehicle against current market values, which are….elevated. If you are thinking about changing your carriers or policy, I would humbly suggest, and this is only my two cents:

Tier 1: USAA (if you are eligible)

Tier 2: Erie, Farm Bureau

Tier 3: State Farm

Tier 4: Geico, Progressive

Tier 5: AllSnake

Tier 6: Insurance presented by Shaq (National General, Integon


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[Tonggi]

Nope. Moment I hit hot pits, coverage is off. In the paddock I’m good.

I checked Hagerty and they seem to offer track insurance now. I seem to hit all their restrictions so I think I will start looking for quotes, If I can knock 2 birds with one stone by lowering my insurance and getting track insurance at the same time, that is a win win!

I have Grundy. $60,000 agreed value on the M3, $40,000 on the M5, up to 5000 miles per year for each. It’s costing me ~half what normal insurance was costing me before I switched over, and that wouldn’t pay out nearly as much, so win win… unless I want to drive more than 5000 miles.

What track insurance do you get?

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.

Got a name you can send along? Sounds awesome unless they are state specific

[lvm3sm46]

jrgatfh Did you have to go through an agent or can you get quote online? Thats a good rate.