Agreed upon value insurance policies

[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

[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.