Agreed upon value insurance policies

[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?

[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]

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.

[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."

[BlueBimmers]

Interesting reading, and hadn't heard about Hagerty and State Farm. FWIW we only have one daily in the family and both my M cars are covered by agreed value policies with Hagerty. Negotiated a few years ago though. I'm getting old so the numbers are reasonable, around $850 annually covers both cars.

[sev]

FYI - additional data point for you guys.

There's a thread on e46fanatics about manual 330cic's going up in value. got me thinking about appreciation on mine. I decided to give grundy a call and add on my 2002 330cic manual to my agreed value policy I have my m3 on. They didnt bat an eyelash and insured it for 12k agreed value. I asked and they sent me the endorsement, no back and forth with the underwriter.

Easy as pie.. it was actually easier than getting my m3 insured with them in 2016, that time I had to persuade the underwriter with comps and stuff.

What's cool is they said they'd cover glass breakage on the rear window under the glass policy, even if it meant replacing the top

So I'm in so cal, agreed value, $12k 500k liability/ $136/yr...

[K-Dawg]

My normal auto insurance premiums went up significantly, which prompted me to finally start looking at agreed value policies for the M3. Initially I was going to go with Grundy, as the premium was about half of what I've been paying, for essentially the same coverage as my normal policy, except an agreed value of $35k. But when it came time to seal the deal, they wanted me to sign a form stating that the car would never be driven to work or for errands, even though I said in my application that the car is occasionally used for those purposes. While they would probably never know if I was lying, I wasn't comfortable with it, so I ended up going with Hagerty. Essentially the same premium as what I was already paying, with all the same coverages and an agreed value of $35k. I declined the Hagerty Drivers Club memberships. The whole application process was done electronically, where the Grundy site is clunky and they required me to print, sign, scan and email documents. Grundy was also adverse to raising the deductible above $500, which I thought was odd. Hagerty didn't ask anything about mileage or pictures. I hate insurance, but a few hundred more bones spent with Hagerty buys me lots more peace of mind. American Collector's and maybe one other company were not in the same ballpark.

[bimmerfan08]

Have any of you replaced the windshield on your E46 through these declared value providers? Did they let you choose the shop and glass? What was the process like (painless, PITA, etc.)?

[timmo]

FYI - additional data point for you guys.

There's a thread on e46fanatics about manual 330cic's going up in value. got me thinking about appreciation on mine. I decided to give grundy a call and add on my 2002 330cic manual to my agreed value policy I have my m3 on. They didnt bat an eyelash and insured it for 12k agreed value. I asked and they sent me the endorsement, no back and forth with the underwriter.

Easy as pie.. it was actually easier than getting my m3 insured with them in 2016, that time I had to persuade the underwriter with comps and stuff.

What's cool is they said they'd cover glass breakage on the rear window under the glass policy, even if it meant replacing the top

So I'm in so cal, agreed value, $12k 500k liability/ $136/yr...

$136/yr?! My ZHP is something like $592/yr with Hagerty. But $20k value

[D-O]

What category did you use with American Collectors? Asking as they denied me saying my car isn't that special.

Mike

I am coming back around to this because after deciding to move forward with American Collectors and sending them photos, details about licensed drivers in my home, etc. they decided my car was not that special either and declined to cover it. How is it that after filling out the on line form and having two phone calls with them only the underwriter can figure this out?

D-O

[sev]

$136/yr?! My ZHP is something like $592/yr with Hagerty. But $20k value

yep 136/yr for the 330cic! my m3 is 460 a year 30k agreed upon. I need to up that.


my 330cic was about 560 a year with regular insurance. I had it rated at about 3k miles a year

[nshzkaj]

Hey! I totally understand your concern. Insurance companies often suggest switching to liability coverage for older vehicles, but it's true that the payout might not match the actual value of your car. Agreed upon value policies can be a good option in situations like this, but the reviews and quotes online seem all over the place. If anyone here has experience with these policies, it would be great to hear your thoughts. I'm also curious about finding a reliable source for information. By the way, have you considered reaching out to a health insurance broker portland? They might have some insights or recommendations to help you navigate through this.

[bmw m3 s50]

I am coming back around to this because after deciding to move forward with American Collectors and sending them photos, details about licensed drivers in my home, etc. they decided my car was not that special either and declined to cover it. How is it that after filling out the on line form and having two phone calls with them only the underwriter can figure this out?

D-O

I am pretty surprised at seeing a lot of rejections from American Collectors as I have both my e46 M3's insured through them.

Remember, this is an insurance company not an enthusiast company. When speaking to them about an m3, you need to inform them that an m3 is limited and special production of a 3 series BMW. The m3 is built in far less numbers then a 3 series BMW. Additionally, you need to see what class they are insuring your m3 in. They may be trying to ensure your e46 m3 under classic or another another class which it does not qualify for.

I have both my m3's insured under the modified class. If you have any mods done to your car: wheels, suspension, exhaust, body. etc. mention that. It will help when dealing with the underwriter. The underwriter, who knows nothing about cars, will need to understand why your insuring the m3 with them. The underwriter will need to understand the difference between an m3 and a 325i.

[bmw m3 s50]

What category did you use with American Collectors? Asking as they denied me saying my car isn't that special.

Mike

See above.

[freshprince2421]

American Collectors denied my application. Went with Hagerty and process was seamless. $83/month for both E46 M3's ($35k & $25K valuations)