Agreed upon value insurance policies

[bmw m3 s50]

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

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.

[JayVee]

I am a long-time USAA member. After talking with a rep, they recommended American Collectors for the agreed-upon value full coverage policy. $25,0000 at ~$500/year. Similar cost/coverage to USAA, however, the added peace of mind knowing the car is fully covered is extremely comforting.
I did do quite a bit of research on multiple companies, I couldn't find any bad reviews of AC, and only found good reviews when they needed to payout. That, paired with USAA's recommendation was enough for me to move forward.

[SteelGreyM]

Hi all…

Just skimmed through this thread and got a quote from Grundy. $28k on my m3. They quoted me $424 a YEAR…

I am not an insurance pro. Is this full coverage or liability only…

I think i would qualify.. i dont really put that many miles on it. It's in the garage more days than its not. I rarely run errands in it or anything like that

This seems far too cheap… too good to be true almost.

[su45]

Hagerty quoted me at ~$850/year at a $30,000 valuation but I ran into the same thing where me and the spouse both needed a daily. I live in downtown Chicago and we already have another grocery-getter, why tf do I need 3 cars just to insure the M3...

Does Grundy require that your spouse also has a daily?

[sev]

I have Grundy. $60,000 agreed value on the M3, $40,000 on the M5, up to 5000 miles per year for each. It’s costing me ~half what normal insurance was costing me before I switched over, and that wouldn’t pay out nearly as much, so win win… unless I want to drive more than 5000 miles.

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

[Phoenix///M3]

Looks like I need to switch to Grundy next year. Hagerty has me at $800 a year and $28k valuation. Perfect driving record and over 40

[Obioban]

I have Grundy. $60,000 agreed value on the M3, $40,000 on the M5, up to 5000 miles per year for each. It’s costing me ~half what normal insurance was costing me before I switched over, and that wouldn’t pay out nearly as much, so win win… unless I want to drive more than 5000 miles.

[SamGrant951]

Grundy here on LTW / 951, was about 1k cheaper than Hagerty for the year, same coverage.

[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