Agreed upon value insurance policies

[K-Dawg]

Well, they asked why I was driving ~5000 mi a year and I responded that most of that was on the highway to/from the track.

But I wasn't asking them to insure me on track, just wanted to me sure I was covered on the way there and back. Their response (over the phone) sounded like they would deny coverage anywhere if they ever found out the car had been to a racetrack.

"For pleasure."

[SQ13]

Well, they asked why I was driving ~5000 mi a year and I responded that most of that was on the highway to/from the track.

But I wasn't asking them to insure me on track, just wanted to me sure I was covered on the way there and back. Their response (over the phone) sounded like they would deny coverage anywhere if they ever found out the car had been to a racetrack.

Interesting. I don’t remember Grundy asking anything like that, though to be fair I did put down 4K miles per year in my application (actual number is 1200ish for blue car and 3000ish for silver car. I also haven’t tracked my cars since I acquired coverage thru them.

[heinzboehmer]

It’s pretty well understood that incidents on a racetrack would not be covered unless you buy separate HPDE insurance, so why even ask about it?

Well, they asked why I was driving ~5000 mi a year and I responded that most of that was on the highway to/from the track.

But I wasn't asking them to insure me on track, just wanted to me sure I was covered on the way there and back. Their response (over the phone) sounded like they would deny coverage anywhere if they ever found out the car had been to a racetrack.

[SQ13]

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:



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

It’s pretty well understood that incidents on a racetrack would not be covered unless you buy separate HPDE insurance, so why even ask about it?

[D-O]

All of this is why Hagerty is the most expensive. As far as I can gather, they won’t refuse to pay or cancel your policy for any of this stuff, basically it’s a rough mileage limit. They don’t even seem to care about separate daily drivers per household member, at least here in MA. They also allow driveway storage unlike any of the other policies that I’ve seen.

I just switched my three cars to them from Grundy .. yeah it’s twice as much for a few bucks lower agreed value but the Grundy policy always made me nervous. I might pull some shit where I rotate cars off Grundy and Hagerty depending on which one is off the road / stored at a given time. That would be easy on the Hagerty side but Grundy is pretty slow and unresponsive .. another reason I just ditched them.

The exclusions make me nervous too. When I called American Collectors they gave me the answers I wanted to hear, but I am going to request a written copy of the policy. My regular USAA policy would probably only cover about half the value of the car, but at least I know I am covered no matter what I am using the car for. I am a bit concerned that if she gets stacked up American Collectors/Hagerty/etc will pull some loop hole out of the fine print and deny me any coverage at all.

I wonder if its possible to get a policy to cover only the difference between what USAA will cover and the agreed value.

D-O

[heinzboehmer]

All of this is why Hagerty is the most expensive. As far as I can gather, they won’t refuse to pay or cancel your policy for any of this stuff, basically it’s a rough mileage limit. They don’t even seem to care about separate daily drivers per household member, at least here in MA. They also allow driveway storage unlike any of the other policies that I’ve seen.

Yeah they were pretty good about letting me do whatever I wanted with my car. Unfortunately still got denied because of the separate daily driver thing . Maybe that's a recent change or maybe that's just a CA thing.

[repoman89]

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:



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

All of this is why Hagerty is the most expensive. As far as I can gather, they won’t refuse to pay or cancel your policy for any of this stuff, basically it’s a rough mileage limit. They don’t even seem to care about separate daily drivers per household member, at least here in MA. They also allow driveway storage unlike any of the other policies that I’ve seen.

I just switched my three cars to them from Grundy .. yeah it’s twice as much for a few bucks lower agreed value but the Grundy policy always made me nervous. I might pull some shit where I rotate cars off Grundy and Hagerty depending on which one is off the road / stored at a given time. That would be easy on the Hagerty side but Grundy is pretty slow and unresponsive .. another reason I just ditched them.

[Nate047]

Man plus it's raining here too now, what the fuck

[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