Agreed upon value insurance policies

[COVID-19]

Just went with American Collectors - $1k 5k miles per year. Was paying about $200 more with USAA.

[ridebikes]

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.

Out of curiosity, where does he make the money? By finding new rates and collecting commission? I've never considered this before, it sure sounds nice!

[sc_tr0jan_m3]

Same here. Usually when it comes to brokers I get wary of what type of snake oil they’re trying to sell me.

But my insurance broker made it suuuuuper easy to compare rates and coverages for both my home and auto insurance. She even helped w my hagerty policy too.

Best call I’ve made in the last year.


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[heinzboehmer]

Yeah I one of the calls I made was to a broker. Still waiting to hear back from them, but I'm expecting the same answer.

I'm am excited to start doing everything through them though. Hate having to deal with this sort of stuff.

[Obioban]

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.

[heinzboehmer]

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.

Appreciate the recommendation, but unfortunately same issue with Safeco.

In fact, I called every single insurance provider I could find that does agreed value and none of them would insure me without a regular use vehicle. Guess I'm stuck with regular insurance until I buy another car that I can put down as being for regular use

[jet_dogg]

So if totaling the car requires 50-60% then you can logically overstate your policy to where the payout would make you whole in the case of an event (if they agree to your stated value of course).

[thegenius46m]

dang that is a TON of money youre paying. hagerty prices seem to be double grundy.

Yeah but the NO BS part is what sold me. The key difference between Hagerty and Grundy is that Grundy is charging less because they impose so many restrictions on how you use the car so they can minimize risk of having to pay out for a claim. Hagerty wants you to use your car and given what I use the car for when it does actually come out of the garage for as little as I drive it now, I don't have to deal with any surprises because the car is covered pretty much no matter what happens. My car is listed as a street driven race car which is what they recommended I classify it as for a lower rate based on my usage, so I don't have to worry about how I drive it just to make sure they don't deny me coverage. Obviously don't want to total this car, but you have to be careful because some of these policies will deny you just for driving the car in a manner they didn't agree to. With Hagerty I am covered no matter what.

One key thing a lot of guys dont realize with these high value payout policies is that your car is not considered totaled until at least 50-60% of the car is damaged based on YOUR agreed value policy, not market value since your agreed value is now considered its own market value for the payout. So for me I'd need 35k in damage to get a payout, but I did ask if the main frame gets bent enough to where it is not safely fixable to the same condition as before, will the car be totaled regardless? Hagerty said yes.

[Maxima SE]

I have Hagerty with a 60k agreed value on the M3 with 5-10k in spare parts coverage (cant remember the exact number atm) and get the car back for free in the event of a total loss. I'm paying about $2200 a year but will most likely be raising the coverage in the next few months as I just put another 15k into the car

Hagerty just made the process easy and I pounded them hard for answers to every type of scenario where the coverage would need to be used in the event of a claim so there are no surprises. Everything checked out but I heavily did my research.

dang that is a TON of money youre paying. hagerty prices seem to be double grundy.

[Albino09]

I have a Hagerty policy with my E30 touring ($25k) and my E46 ($20k) and it's a premium of $900/yr which is what I was paying for the E46 by itself on Liberty Mutual. 1 Driver, minimum mileage per year on both, pleasure/casual use and some track indicated (but not covered obviously). The magazine is great too.

[JayVee]

Are these policies with sub $500/yr typically covering a single driver on the vehicle?

This might help some people so I have no issues sharing.

2004 Silber Grau/Black SMG 135K Miles 9/10 condition, $25,000 value.

- Two drivers, me and my Fiancee.
- 2,500 miles/year
- Pleasure/casual use only.. No work/school
- ~$500/year

[sev]

I have 2001 widebody insured for $55k and my 2002 convertible for $25k. I am going to be returning the widebody to stock but keeping the same agreed value.

I have said this a hundred times, if you own an e46 m3 on a regular insurance policy, you are asking for problems. You can research on how many members were screwed on payouts by insurance companies on their e46 m3’s.

All of these policies require a daily driver with insurance and the car must be newer than your m3. The m3 must be garaged as well. It almost worth buying an 2005-2007 Honda or Toyota just to call it your daily. Yes, it sucks you have to pay running costs but it’s better then getting paid $10k-$15k on your m3, especially if you have mods and sunk money into the m3.

hey man dont look at me! I've had agreed value on my beast for 6 years. Preach it!


I think i need to revisit the agreed value on mine, 30k is too low. they accepted 30k in 2015....

[thegenius46m]

I have Hagerty with a 60k agreed value on the M3 with 5-10k in spare parts coverage (cant remember the exact number atm) and get the car back for free in the event of a total loss. I'm paying about $2200 a year but will most likely be raising the coverage in the next few months as I just put another 15k into the car

Hagerty just made the process easy and I pounded them hard for answers to every type of scenario where the coverage would need to be used in the event of a claim so there are no surprises. Everything checked out but I heavily did my research.

[HitmanM3]

Are these policies with sub $500/yr typically covering a single driver on the vehicle?

[Obioban]

how the heck did you justify 60k to them on the m3? I wonder if I need to revisit the valuation on mine... obviously not 60k but maybe raise it from 30

They didn’t ask me to, but I could (sadly) easily send them mod receipts to hit that 🙄.