Agreed upon value insurance policies

[Rich_lol]

Well my current policy ends at the end of the month and I'm looking to switch to an agreed value policy. Gave American Collectors Insurance a call and was ultimately denied because I don't own another vehicle to use as a daily driver.

Thing is, I don't need a daily. I walk to work (well I did when things were normal) and walk to most other places too. I live in a densely populated city, so even if I wanted to drive somewhere, the pain of finding a place to park outweighs the practicality of driving. The M3 gets driven exclusively for pleasure, all my other transportation is done by walking or getting on the subway or calling an uber or whatever. All right, rant over.

Anyone have experience getting an agreed value policy without another car to list as a daily? I'll give the "regular" insurance providers that also offer agreed value policies a call (State Farm, Progressive, etc.), but I have a feeling I'll be told the same thing from them.

I got the same thing with Hagerty. I take public transport to commute, have a primary car too. But denied because both me and spouse each need a primary commuter car. Then they will insure the collectable car. So redundant


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[Syfon]

$75k. But I'm in Aus...

[ra2fanatic]

Again. Try Safeco. I recommended a friend and he loved my agent who has been phenomenal from day 1. Each rep is different obviously but if you’re going to shop around, give Safeco or your nearest broker a call for it.

[sev]

ive been on grundy since 2015. I pay around 460 a year in california for a agreed value of 30k for my 05 m3 with 52k miles. They never once asked me for a mileage update, and have very nominally raised the rate (probably has gone up about 100 bucks in these 6 years). I havent had to use them, and I hope I never do.

I got them though, because my buddy with a 2000 mcoupe had them. He hit a deer hard and destroyed his car. They made him whole again with minimal fuss and didnt spare any expenses in the repair. That's when I decided I also want to have coverage through them

[heinzboehmer]

I got a quote from American Collectors Insurance the other day. $30k agreed value and 7500 mi per year —with some occasional use allowed— came out to right around $1.1k. I am under 25 though, so that number might be a bit high because of that.

Well my current policy ends at the end of the month and I'm looking to switch to an agreed value policy. Gave American Collectors Insurance a call and was ultimately denied because I don't own another vehicle to use as a daily driver.

Thing is, I don't need a daily. I walk to work (well I did when things were normal) and walk to most other places too. I live in a densely populated city, so even if I wanted to drive somewhere, the pain of finding a place to park outweighs the practicality of driving. The M3 gets driven exclusively for pleasure, all my other transportation is done by walking or getting on the subway or calling an uber or whatever. All right, rant over.

Anyone have experience getting an agreed value policy without another car to list as a daily? I'll give the "regular" insurance providers that also offer agreed value policies a call (State Farm, Progressive, etc.), but I have a feeling I'll be told the same thing from them.

[sev]

Agreed - most of these "collectible car insurance" are worded similarly. It's probably intentional loosely worded in their favor. How would anyone prove that you're on a pleasure drive vs running errands? I mean, I take great pleasure in driving my car on open backroads. I just happened to take a very long break at work in the middle of my fun backroad drive

yeah theyre all worded this way. honestly my buddy hit a deer and destroyed the front of his mcoupe and they didnt bat an eyelash

[Xmetal]

Grundy's reply sounds very loosely worded. Is cars and coffee a car club event? If you get gas for your pleasure drive and get dinged at the Costco parking lot, how does that look to Grundy?

Agreed - most of these "collectible car insurance" are worded similarly. It's probably intentional loosely worded in their favor. How would anyone prove that you're on a pleasure drive vs running errands? I mean, I take great pleasure in driving my car on open backroads. I just happened to take a very long break at work in the middle of my fun backroad drive

[Epsilon]

Grundy's reply sounds very loosely worded. Is cars and coffee a car club event? If you get gas for your pleasure drive and get dinged at the Costco parking lot, how does that look to Grundy?

[sev]

I've asked Grundy that same question just last week and this was their reply:

"We would consider your 2008 BMW Z4 M Coupe as long as it is used for collector purposes like car shows, car club events, and pleasure cruising. If it is used as a backup driving vehicle, for racing, running errands, etc then it would not qualify."

yeah that's exactly how my policy is defined. but that's fine with me. i drive it barely 500 mi a year and its almost always for crusing.

[Xmetal]

As far as I understand my Grundy policy, I can drive it to work and actually use it as a car, it’s just not supposed to be my daily. It’s like $350 a year for $45k valuation. They ask what daily you have and who it’s insured with and check to make sure you don’t have more than one violation over the past five years or so (somehow I qualify .. 🙄 ). After that initial application and check I just do the renewal every year and it seems to be honor system that the car isn’t driven every day.

I’d love to move my E39 M5 over as well and call my fiancée’s CX-5 the daily, which it essentially is especially over winter, but not sure they allow it to be shared. This thread is reminding me that I need to ask. I pay like $1500 for full coverage on that car that they’d probably pay half its value for.

I've asked Grundy that same question just last week and this was their reply:

"We would consider your 2008 BMW Z4 M Coupe as long as it is used for collector purposes like car shows, car club events, and pleasure cruising. If it is used as a backup driving vehicle, for racing, running errands, etc then it would not qualify."

[repoman89]

As far as I understand my Grundy policy, I can drive it to work and actually use it as a car, it’s just not supposed to be my daily. It’s like $350 a year for $45k valuation. They ask what daily you have and who it’s insured with and check to make sure you don’t have more than one violation over the past five years or so (somehow I qualify .. 🙄 ). After that initial application and check I just do the renewal every year and it seems to be honor system that the car isn’t driven every day.

I’d love to move my E39 M5 over as well and call my fiancée’s CX-5 the daily, which it essentially is especially over winter, but not sure they allow it to be shared. This thread is reminding me that I need to ask. I pay like $1500 for full coverage on that car that they’d probably pay half its value for.

[Xmetal]

Thanks for the input guys. I'm still on the fence on these agreed value policies when there are so many restrictions that I feel like I can't really enjoy my car, especially for something that's only valued at around $30k. But if the value start to rise and rise, then I may reconsider. But at that point, if I can't really enjoy driving it due to it's valuation, I mind as well sell it and pick something up that I get to enjoy the pleasure of driving the thing, not just parked in my garage and look at it!

[heinzboehmer]

With the allotted mileage, are you allow to drive it to work if needed? A lot of agreed value policy won't allow you to use the car for work or even as a backup to your daily. Thanks.

I got a quote from American Collectors Insurance the other day. $30k agreed value and 7500 mi per year —with some occasional use allowed— came out to right around $1.1k. I am under 25 though, so that number might be a bit high because of that.

[jareds941]

With the allotted mileage, are you allow to drive it to work if needed? A lot of agreed value policy won't allow you to use the car for work or even as a backup to your daily. Thanks.

I just had my agent from Hagerty quote for my M3 if I were to change to the SP registration Liam posted above. $30k agreed upon value + $7k trailer value with no mileage restrictions and full coverage was about $1k/year. Which is a large increase from the current which is $21.5k agreed value and no street driving coverage unless it's on the trailer being towed or in the paddock and $300/year.

If I just change the agreed upon value to $30k it goes up to $400/year.

[antknee]

With the allotted mileage, are you allow to drive it to work if needed? A lot of agreed value policy won't allow you to use the car for work or even as a backup to your daily. Thanks.

I believe all these policies are intended for just car shows and occasional road trips locally. I did drive my E30 from NYC to North Carolina annually for 3 years (14hr drive)....and i believe i called my insurer and they were ok with it since it was for a car show over the course of 3 days. I still take my car to work from time to time and when i did have a claim on my E30, the car was not in my garage....it was parked on the street and they didn’t question me as to why it was