Agreed value insurance without driving restrictions?
07-09-2020, 02:15 PM
#31
Burning Brakes
Thread Starter
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......
The price shouldn't be astronomical - in theory, you are only paying for the difference between what actual cash value would potentially pay and what an agreed value policy would definitely pay. For example, if I paid $100k for my car but it gets totaled and they tell me actual cash value is $115k, having a $120k agreed value policy only nets an extra $5k payout. This results in an odd market dynamic where if you have a high mile lower priced car you are more "protected" against the pitfalls of actual cash value since the closest comps will generally be higher, while if you have a low mile high value car, you have much more exposure. I'd prefer to have an agreed value so I don't have to worry about it, but not at the expense of not being able to drive the car wherever I want.
When my Cayenne was totaled 3 months after I bought it, the actual cash value the policy paid was a few thousand more than I paid for the car. They also reimbursed the sales tax that I paid which was surprising. I don't think an agreed value policy does that.
07-09-2020, 08:02 PM
#32
Burning Brakes
Grundy only requires you to have 3 cars total covered across all insurers, not 3 cars insured with them, but I only have 2 cars so they aren't an option. I have seen people in older posts I searched saying they have agreed value with no restrictions so it is out there somewhere, just a matter of finding it and being available in my state. Some people mentioned State Farm but they told me they only do classic cars over 25 years old for agreed value, could be a state thing.
The price shouldn't be astronomical - in theory, you are only paying for the difference between what actual cash value would potentially pay and what an agreed value policy would definitely pay. For example, if I paid $100k for my car but it gets totaled and they tell me actual cash value is $115k, having a $120k agreed value policy only nets an extra $5k payout. This results in an odd market dynamic where if you have a high mile lower priced car you are more "protected" against the pitfalls of actual cash value since the closest comps will generally be higher, while if you have a low mile high value car, you have much more exposure. I'd prefer to have an agreed value so I don't have to worry about it, but not at the expense of not being able to drive the car wherever I want.
When my Cayenne was totaled 3 months after I bought it, the actual cash value the policy paid was a few thousand more than I paid for the car. They also reimbursed the sales tax that I paid which was surprising. I don't think an agreed value policy does that.
The price shouldn't be astronomical - in theory, you are only paying for the difference between what actual cash value would potentially pay and what an agreed value policy would definitely pay. For example, if I paid $100k for my car but it gets totaled and they tell me actual cash value is $115k, having a $120k agreed value policy only nets an extra $5k payout. This results in an odd market dynamic where if you have a high mile lower priced car you are more "protected" against the pitfalls of actual cash value since the closest comps will generally be higher, while if you have a low mile high value car, you have much more exposure. I'd prefer to have an agreed value so I don't have to worry about it, but not at the expense of not being able to drive the car wherever I want.
When my Cayenne was totaled 3 months after I bought it, the actual cash value the policy paid was a few thousand more than I paid for the car. They also reimbursed the sales tax that I paid which was surprising. I don't think an agreed value policy does that.
07-09-2020, 08:18 PM
#33
Rennlist Member
The person I spoke with at Hagerty said they generally aren't too keen on exotics because of the high repair costs for damaged parts. What car(s) do you have with them and which policy did you end up with? I wasn't able to get anywhere with them.
What company were you able to find that with? That's what I am looking for.
What company were you able to find that with? That's what I am looking for.
07-10-2020, 12:20 AM
#34
Rennlist Member
Originally Posted by dgoldenz
The person I spoke with at Hagerty said they generally aren't too keen on exotics because of the high repair costs for damaged parts. What car(s) do you have with them and which policy did you end up with? I wasn't able to get anywhere with them.What company were you able to find that with? That's what I am looking for.
My hagerty person does nothing but exotic/classic collectors. You are just talking to the wrong people imo.
07-10-2020, 04:05 AM
#36
I used Grundy for my 458. When I got the car at 30 i had it insured for 200k. 3000 mile a year. 2500 a year for coverage. I have a beater insured through Geico with just liability on it. I have my f80 m3 with Grundy as well for and it's like 600 a year.
But even when I just did 2 cars ( 458 + 335i) they still insured me as long as one of the cars was with a major carrier.
I'll have to double check on the policy. The agent told me occasional work use is fine... ? And I would assume canyon carving is "leisure use".
But even when I just did 2 cars ( 458 + 335i) they still insured me as long as one of the cars was with a major carrier.
I'll have to double check on the policy. The agent told me occasional work use is fine... ? And I would assume canyon carving is "leisure use".
