Agreed upon value insurance policies

[heinzboehmer]

Has anyone (in CA) successfully insured their car under one of these policies with more than one licensed driver per household and a shared daily?

All of the companies mentioned in this thread are asking me for one daily per person in the household. I'm about ready to go buy a shitty motorcycle off of craigslist to just register as a "daily" for myself. This is ridiculous.

Edit: Just called a state farm rep to see if they would offer their classic car insurance to me. Was told that a lot of agreed value providers are being much more strict with these policies in California due to the current car market, which is probably why I've been having trouble getting one. 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.

[bmw m3 s50]

Just spoke with American Collector Insurance. They stated since my car did not go to car shows and was not a “special model” they were unable to write a policy.
Anyone run into this?

Mike

That’s really weird. I have both of my m3’s insured by American Collectors with zero issues. I think you should reach out and speak with the underwriter to request additional information.

I think that they made a mistake. You should advise them that an m3 is a special model of a BMW 3-series and was made lower numbers compared to the 3 series. Let them also know that you attend meets and shows. They do not track your movements not ask for prove that you attend shows.

Is your car completely stock?

Also depends on the class they put you in. You may have tried to get into the modified class and if your car is totally stock could pose a problem.

You could request to be into the classic class if your completely stock as the e46 m3 is now starting to become 20 years older old.

[whoissuprme]

Nice! fishbowl please though.

These were on the car when I bought it. They look insanely dark in the picture but they are only 20% I do want to go lighter. Will probably do XPEL Prime XR Black in 35% all around when I get around to worrying about the windows. Can't do fishbowl though lmao

[Tbonem3]

Nice! fishbowl please though.

[whoissuprme]

How many miles on your car for that valuation?

It's an 06 comp pack 6-speed. 65k miles on my car at the moment. Bought it with 58k in 2013 🤣

Although, I did just do a laundry list of mods/maintenance to it so I will be driving it way more this upcoming spring/summer. Ultimately I would like it to be ready in time for 46.MEast in May

Edit: Added pic for reference. New daily and the garage queen

[Tbonem3]

How many miles on your car for that valuation?

[whoissuprme]

Hi all,

Actual insurance agent here. We only sell Hagerty, Grundy, and Classicins.com (American Modern is the parent company) at our Agency

My M3 is insured for $65k via Classicins.com I have 100/300 liability limits with $1k deductibles. roughly $650/year. Cool thing about them is that they pay attention to the market. When I originally opened the policy with them we did a stated value for $60k but they automatically increased coverage to $65k due to market conditions upon renewal.

If anyone has any questions feel free to ask! (No I don't get a discount on my insurance even though I'm an agent lol)

[nuc1]

Just spoke with American Collector Insurance. They stated since my car did not go to car shows and was not a “special model” they were unable to write a policy.
Anyone run into this?

Mike

[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. 😁