Agreed upon value insurance policies

[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.

[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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