Agreed value insurance without driving restrictions?
#16
Burning Brakes
Thread Starter
I spoke to someone local to me (MI) who recommended Grundy's VIP program. He said VIP program was the key, and he was not restricted as long as he had an assigned daily; he did have 3 cars insured, so maybe 3 is the number. I'm looking for 2 like you. From your search, was Grundy okay with daily driving as long as 3 cars were insured?
#17
Burning Brakes
Thread Starter
#18
Although we do have another car for every driver in my home too. there are more cars than drivers and it can be proven it's not anyone's PRIMARY vehicle.
#19
Burning Brakes
Thread Starter
Mine says under "we expect that the vehicles insured under this policy are:
used PRIMARILY for occasional pleasure use. We define this as activities consistent with or related to participation in shows. car club events blah blah. Lesiure pleasure events does not include incedental driving to work unless policy is endorsed as such;
not anyone's principal means of transportation. This means the PRIMARY purpose is not for general transportation errands or shopping"
There are many uses of PRIMARY in my policy.
The did make me sign a waiver that the car would not be covered in any track type event IIRC.
used PRIMARILY for occasional pleasure use. We define this as activities consistent with or related to participation in shows. car club events blah blah. Lesiure pleasure events does not include incedental driving to work unless policy is endorsed as such;
not anyone's principal means of transportation. This means the PRIMARY purpose is not for general transportation errands or shopping"
There are many uses of PRIMARY in my policy.
The did make me sign a waiver that the car would not be covered in any track type event IIRC.
#20
So which is it? one point you say the most important is what's in writing and then next you say it's what they tell you is more important. I would think that ANY of this type of policy would have similar language. My policy doesn't say "NOT EVER" it says "PRIMARY". If you're so worried about it call the gecko. Do you have more cars than drivers in your household? To me, and from talking-to them, that's what they consider most important
#21
Burning Brakes
Thread Starter
So which is it? one point you say the most important is what's in writing and then next you say it's what they tell you is more important. I would think that ANY of this type of policy would have similar language. My policy doesn't say "NOT EVER" it says "PRIMARY". If you're so worried about it call the gecko. Do you have more cars than drivers in your household? To me, and from talking-to them, that's what they consider most important
#22
Addict
Rennlist Member
Rennlist Member
#23
What's in writing in your policy alludes to the fact that they can deny a claim if the car has an accident in any place that is not "point A to point A" driving. I have my insurance with the gecko right now, couldn't find any policies even close to the price they have. GEICO $150/mo for FF with max coverage limits and $1k deductible, every other company was at least double the price, some were 3-4x the price. GEICO has no usage or mileage restrictions, but they pay actual cash value in the event of a totaled car. I'm looking for an agreed value policy without any of these limitations as it is simply not worth the risk of a denied claim for a car I plan to drive a lot (unlimited mileage warranty ftw). Haven't been able to find one yet.
#24
Rennlist Member
The general rule is you need one daily driver on a normal insurance policy for each driver in the household. That pretty standard for every limited use policy I have seen.
#25
Burning Brakes
Thread Starter
I have another DD. I’m not looking for limited use, I’m looking for agreed value with no usage restrictions. Apparently this doesn’t exist?
#26
Rennlist Member
As I mentioned in another thread. I have One car (a 19’ RS) insured with Grundy, just one car. Never was an issue, nor was I told I needed three cars to insure with them. Haggerty and Chubb were my alternates. Only reason I didn’t choose them was because I got the coverage I needed from Grundy for $1000-$1500 cheaper. If I were to insure 2 or more exotics/collectors, Haggerty was the clear winner as the price was significantly cheaper based on my intended uses of the vehicles. The 3 insurers above had “agreed value quotes” that ranged from $3-4800 a year. I am 43 and live in the highest per capita county of MVC in the state of Texas. I have 3 other ”daily’s” that are insured with a run of the mill carrier.
I don’t think you are going to find an “agreed value policy” that has ZERO restrictions. Talk about a high risk low reward for the insurance carrier. They are in it to make money. They would likely charge an astronomical price for something like that. Plus, give the increased risk of daily use, no restrictions, increased mileage, wear and tear on your vehicle, I would think your “agreed value” would have to be re-evaluated quarterly or semi-annually.
“Perceived risk” requires a price......
I don’t think you are going to find an “agreed value policy” that has ZERO restrictions. Talk about a high risk low reward for the insurance carrier. They are in it to make money. They would likely charge an astronomical price for something like that. Plus, give the increased risk of daily use, no restrictions, increased mileage, wear and tear on your vehicle, I would think your “agreed value” would have to be re-evaluated quarterly or semi-annually.
“Perceived risk” requires a price......
#27
^^^MWA. He's not saying you need to insure 3 cars with Grundy, you don't. You just need to have 2 other vehicles
Last edited by shapiroeric; 07-09-2020 at 09:28 AM.
#28
Rennlist Member
I have a traditional insurance policy for the GT3, which has agreed value with a $1,500 deductible and a rider that covers it for HPDE use on a race track.
#29
Rennlist Member
Certain Hagerty policies; I have a different policy than the one you are referencing. But they do have different policies. I never got what I wanted when I called Hagerty direct. But my broker introduced me to a policy there that does not have the restrictions you mention.
#30
Burning Brakes
Thread Starter
Certain Hagerty policies; I have a different policy than the one you are referencing. But they do have different policies. I never got what I wanted when I called Hagerty direct. But my broker introduced me to a policy there that does not have the restrictions you mention.
What company were you able to find that with? That's what I am looking for.