Agreed upon value insurance policies

[Xmetal]

I’ve had my m3 under classic/collectors car insurance for the last 5-6yrs when they first recognized the e46 as a collector. I have “American Collectors Insurance”. I set an agreed value of $27.5k i believe and my premium with the M3 and my E30 ($18k value) combined is $700ish a year. I had a claim years back for my E30 and they were a pleasure to deal with. Gave them a list of parts the car needed for repair from the dealer and they simply cut me a check for the parts and had a choice at whatever shop did they work....and sent a supplement check for that. I’m allowed 5500 miles a year per car

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.

[dilmorecg]

I have State Farm for all my insurance and have a agreed value policy through them.

[sev]

i have grundy, been about 6 years now, very happy with the premium and even back then, I asked for 28k agreed value and they gave me 30k. I pay something like 460 a year. I got it cuz my other buddy had them on his s52 mcoupe and he hit a deer and they took care of him very well. Overall really happy. Theyve never once bothered me about mileage or anything else.

I too keep my m3 tucked away safely in the garage 360 days a year and maybe drive 500 miles a year.

[liam821]

I’ll give it a try although it doesn’t actually meet the definition as defined...plus I’m sure my insurance would go up. Probably depends on the DMV employee and how good they are at their job 🤣

Worth a try...

[nextelbuddy]

I have Grundy. Never had to use it. Hagerty and Grundy are the top 2 from what I know, with Hagerty being the more reputable of the two and from what I remember more expensive and with more restrictions. Depending on where you live, the agreed value policies may be significantly cheaper than regular full coverage so it is a no brainer as long as you have a dedicated DD.

when you get a quote for Grundy, do you choose Classic or the MVP quote route?

[maw1124]

People seem to like Haggerty for other cars... where the “classic” argument is obvious... like for the ultra rare 30year old Benz where parts will be hard to come by... mine aren’t driven much (that car or this one) so I haven’t gotten into stated value policies... I want my current insurer to get into the biz... but that hasn’t happened so I guess I’ll explore Haggerty.

maw

[abk0006]

I used to have mine under my USAA policy. When I got rear-ended a few years ago, they valued it at around $11k (for reference, it's a 2003.5 6MT coupe that had 87k at the time; a few months prior, I turned down someone who offered to buy it for $23,500). After that debacle was over, I switched to Hagerty.

[jareds941]

https://www.oregon.gov/odot/Forms/DMV/6577.pdf

Just fill out this paperwork, note the "race car" section, make an appointment with DMV, they do a VIN inspection, pay the registration fee which was like $100 I think, and got plates in the mail a few weeks later! No smog, obviously and thankfully.

I’ll give it a try although it doesn’t actually meet the definition as defined...plus I’m sure my insurance would go up. Probably depends on the DMV employee and how good they are at their job 🤣

[liam821]

I know nothing about this. I’ll have to look into it. Thanks!

https://www.oregon.gov/odot/Forms/DMV/6577.pdf

Just fill out this paperwork, note the "race car" section, make an appointment with DMV, they do a VIN inspection, pay the registration fee which was like $100 I think, and got plates in the mail a few weeks later! No smog, obviously and thankfully.

[jareds941]

You know here in Oregon you can get those sweet SP "race car" license plates which allows you to street drive the car for testing, and drive to and from events/tracks. I have one on my track car. It's also a one-time fee and the registration lasts the life of the car.

I know nothing about this. I’ll have to look into it. Thanks!

[jareds941]

Does this cover you for damage on track as well?

Nope. Moment I hit hot pits, coverage is off. In the paddock I’m good.

[liam821]

I have my track car and featherlite trailer insured with Hagerty. Car isn't registered and is only tracked. For an agreed upon value of $21.5k for the car (I probably need to increase this with the current M3 market) and $7k for the trailer, it was only $300/year. Process was pain free and considering the vehicle isn't registered this is liability only, and far superior to what any "normal" company would give me.

You know here in Oregon you can get those sweet SP "race car" license plates which allows you to street drive the car for testing, and drive to and from events/tracks. I have one on my track car. It's also a one-time fee and the registration lasts the life of the car.

[eacmen]

I have my track car and featherlite trailer insured with Hagerty. Car isn't registered and is only tracked. For an agreed upon value of $21.5k for the car (I probably need to increase this with the current M3 market) and $7k for the trailer, it was only $300/year. Process was pain free and considering the vehicle isn't registered this is liability only, and far superior to what any "normal" company would give me.

Does this cover you for damage on track as well?

[sc_tr0jan_m3]

Just signed up for Hagerty with an agreed value of $40k for my track car for about $800 a year. I was in the same situation with bare min insurance from Progressive so it made more sense to get better coverage for the car from another provider.


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[Maxima SE]

sure you want to take the blue one with you?!?!

Yes I am shipping both of them haha