Agreed upon value insurance policies

[bagger]

Read through the entire thread and appreciate all the insights. How is everyone valuing their car? I have a spreadsheet that has every dollar I spent on the car including purchase price. Is that the number you want to go with for agreed upon value? And man, after looking at my spreadsheet, I spent a lot of money on this car (but I love it)!

[Nate047]

You’re a madman lol I never understood why people want to be confronted with the black and white reality of how insane a hobby cars are.

[BlueBimmers]

Read through the entire thread and appreciate all the insights. How is everyone valuing their car? I have a spreadsheet that has every dollar I spent on the car including purchase price. Is that the number you want to go with for agreed upon value? And man, after looking at my spreadsheet, I spent a lot of money on this car (but I love it)!

Pretty sure the number has to be reasonable, and obviously the premium goes up the higher the amount you request. If you want a gauge and your car is clean, use something between the Hagerty condition 2 and condition 3 value.

[cbean]

Hope everyone is doing well.

Just a little information. I am with American Collectors insurance and they just sent me an invoice for next years premium . . . I am going from $650.00 to $1510.00. I called today to confirm and they said "yep, prices are going up fo California" . . . 100 + percent is a little crazy but okay.

I immediately got two other quotes, one that was 200 less than my original 650, so in the end I owe American Collectors a big thank you for saving me a bunch of money. Thank you

Check on your rates if you have auto payment stuff set up.

[AWE46M3]

Hope everyone is doing well.

Just a little information. I am with American Collectors insurance and they just sent me an invoice for next years premium . . . I am going from $650.00 to $1510.00. I called today to confirm and they said "yep, prices are going up fo California" . . . 100 + percent is a little crazy but okay.

I immediately got two other quotes, one that was 200 less than my original 650, so in the end I owe American Collectors a big thank you for saving me a bunch of money. Thank you

Check on your rates if you have auto payment stuff set up.

Who did you switch to?

[bmw m3 s50]

Read through the entire thread and appreciate all the insights. How is everyone valuing their car? I have a spreadsheet that has every dollar I spent on the car including purchase price. Is that the number you want to go with for agreed upon value? And man, after looking at my spreadsheet, I spent a lot of money on this car (but I love it)!

A few years ago, I feel most collector insurance companies were accepting the value that you assigned your car. I did that with two of my e46 m3's. I recently insured a third e46 m3 and the company (American Collectors) for the first time questioned it. The 3rd m3 was a 2004 LSB on black M3 with 28k miles. We all clearly know what the value of that car is. I had to send in all kinds of invoices and data information to substantiate the value. I would say keep invoices of parts and service, this will make it easier for your to justify the value of your car to the insurance company. This will vary with company to company. I called Hagerty to get a quote and they didn't request any information. They just accepted the value I assigned the car. The problem with Hagerty is that they wanted 3x what I am paying with American Collectors.

[bmw m3 s50]

Hope everyone is doing well.

Just a little information. I am with American Collectors insurance and they just sent me an invoice for next years premium . . . I am going from $650.00 to $1510.00. I called today to confirm and they said "yep, prices are going up fo California" . . . 100 + percent is a little crazy but okay.

I immediately got two other quotes, one that was 200 less than my original 650, so in the end I owe American Collectors a big thank you for saving me a bunch of money. Thank you

Check on your rates if you have auto payment stuff set up.

Interesting, I am with American Collectors and while the rates have gone up, they have not doubled. I am in PA not CA. I am wondering if due to all the wild fires and the high amount of collector cars out in CA, that they did suffer a ton of losses and are passing that along to the customers. I am always curious to see how they would handle an actual claim. I have been with them close to 10 years without any claims. Your insurance company is only as good as the they claim that they handle.

+1 what company did your stitch to?

[SQ13]

Had to make a $15k claim earlier this year thru Grundy, and they covered it without any issues. I’m sure they’ll drop me when it’s time to renew my coverage though.

Update: They did not drop me, and surprisingly they lowered my premium from $480/yr to $280/yr. I upped the agreed value by $10k and it’s only $350.

For people with Porsches, you can get agreed value coverage at fair prices thru Porsche Insurance including daily drivers. I’ve switched my Cayman over to them so I can daily it. Currently shopping for a 997.1 GT3 to daily, and it’s supposed to be around $1800-2000/yr.

[fattycharged]

Update: They did not drop me, and surprisingly they lowered my premium from $480/yr to $280/yr. I upped the agreed value by $10k and it's only $350.

For people with Porsches, you can get agreed value coverage at fair prices thru Porsche Insurance including daily drivers. I've switched my Cayman over to them so I can daily it. Currently shopping for a 997.1 GT3 to daily, and it's supposed to be around $1800-2000/yr.

Thanks for update, need to look into this as I was paying more than you were for each M3 until I took them off a couple weeks ago with Progressive. Had not checked my auto drafts for way too long, $6k/yr auto insurance is steep with never having an accident


Sent from my iPhone using Tapatalk

[cbean]

Sorry everyone, dropped off the face of the earth for a minute.

I was with American Collectors, and I am switching to Grundy. That was a wild increase, but I am happy it happened as I am not only paying 400.00.

"I had to send in all kinds of invoices and data information to substantiate the value. I would say keep invoices of parts and service, this will make it easier for your to justify the value of your car to the insurance company."

100% this . . . I did not have to do this before, but they really wanted tons of rationale for everything. I understand but it has been a process.

"I am wondering if due to all the wild fires and the high amount of collector cars out in CA, that they did suffer a ton of losses and are passing that along to the customers"

Could be that, or a good way to get out of covering anyone is CA.

If that 1500 was the new price in CA, I would have been super bummed, but I wasn't gonna do it with those folks who did not show me any love as a returning customer. Funny, if they would have sweet talked me on the phone, they could have got me at 1K . . . In the end it all worked out

[Andratch]

Read through the entire thread and appreciate all the insights. How is everyone valuing their car? I have a spreadsheet that has every dollar I spent on the car including purchase price. Is that the number you want to go with for agreed upon value? And man, after looking at my spreadsheet, I spent a lot of money on this car (but I love it)!

I have Hagerty. I valued my low mile '05 Comp at $36k, and every year Hagerty comes back with a suggestion on up/down based on market changes.

[SteelGreyM]

Bringing this back.

Just got my hagerty quote. Online they quoted me $3800/yr @ $30k AV.

My state farm agent who works with hagerty got it lowered to $3300/yr @ $30k AV.

Waiting on 1 more quote from a member of my local community who insures a lot of collector cars and super cars in Chicagoland.

That is at under 5k miles a year. I am 24yo in Chicago and have zero accidents on my record but I do have a few moving violations.

Grundy and American collectors specifically said I can only drive to and from car shows, repair shops, and pleasure drives. If I stopped at the gym, a friends house, got dinner in the car, etc, I wouldn't be covered in the event of an accident. I haven't been to a car show in years and don't plan on attending one anytime soon. AC also said there's no way my car is worth $30k more like $10k. Say no more.

Sucks but I think next spring I will end up with hagerty and have insurance for 6mo of the year like I usually do. I hope they allow that.

I have also heard that hagerty is a pleasure to deal with for anything from windshield replacement to total loss. And also they don't care where you take your car you basically have freedom to all the things mentioned above (minus HPDE of course).

It's a lot of money but I think it's worth it. I'd be pissed to get a $12k check in the event of a total loss god forbid.

I need to talk to them about storage insurance. I live in Chicago so the car is hibernating 6 months of the year. I usually put on storage insurance for about $10 a month and that covers me in the event that a tree falls on the garage or the car burns down in a house fire etc.

[Slideways]

Bringing this back.

Just got my hagerty quote. Online they quoted me $3800/yr @ $30k AV.

My state farm agent who works with hagerty got it lowered to $3300/yr @ $30k AV.

Waiting on 1 more quote from a member of my local community who insures a lot of collector cars and super cars in Chicagoland.

That is at under 5k miles a year. I am 24yo in Chicago and have zero accidents on my record but I do have a few moving violations.

Grundy and American collectors specifically said I can only drive to and from car shows, repair shops, and pleasure drives. If I stopped at the gym, a friends house, got dinner in the car, etc, I wouldn't be covered in the event of an accident. I haven't been to a car show in years and don't plan on attending one anytime soon. AC also said there's no way my car is worth $30k more like $10k. Say no more.

Sucks but I think next spring I will end up with hagerty and have insurance for 6mo of the year like I usually do. I hope they allow that.

I have also heard that hagerty is a pleasure to deal with for anything from windshield replacement to total loss. And also they don't care where you take your car you basically have freedom to all the things mentioned above (minus HPDE of course).

It's a lot of money but I think it's worth it. I'd be pissed to get a $12k check in the event of a total loss god forbid.

I need to talk to them about storage insurance. I live in Chicago so the car is hibernating 6 months of the year. I usually put on storage insurance for about $10 a month and that covers me in the event that a tree falls on the garage or the car burns down in a house fire etc.

How much is it per year on regular insurance?

[SteelGreyM]

How much is it per year on regular insurance?

Full coverage through state farm is $1142 for 12 months on the M3. $571 for 6 months. So i'd be looking at a 300% increase but for 3x the coverage.

I also have liability only on my 2012 C250 and that costs me $744 a year. For full coverage its $1600 a year. For reference

[Slideways]

Full coverage through state farm is $1142 for 12 months on the M3. $571 for 6 months. So i'd be looking at a 300% increase but for 3x the coverage.

I also have liability only on my 2012 C250 and that costs me $744 a year. For full coverage its $1600 a year. For reference

Yeah, 300% increase for a car that barely gets 5000 miles a year is pretty wild. How many miles are on the M3?