pegdrag

In light of the recent thread about replacement costs for one of our cars......

So my new Cab arrives Wednesday evening (it does!!) and while driving it home, I total it.

I've never cared before as none of my recent cars are worth more than the wholesale value paid by the insurance.

Can I insure this for actual replacement value?

(chatting with the insurance company tomorrow and looking for practical background information.)

solomonschris

Do a search here on "agreed value insurance". I just insured my 97tt with Grundy Worldwide. No mileage restriction, must be garaged, $1,250 @ $88K. Good luck.....Chris

MDamen

If it is a brand new car, you can usually get replacement value. If it is a used, but valuable car, you can sometimes get agreed value insurance. You and your insurance company agree on the value of your car, perhaps based on an appraisal or the estimated cost of replacing it. It usually involves a third party to substantiate the value of the car. There may also be restrictions on how much you can drive it and where it is garaged.

slickster85

Always nice to see my car in that av pic.

CorrdoBrit

Leland West, full coverage with $500 deductibles. Unlimited mileage but no commuting. Must be stored in a secured location when not being used. DD policy must be purchased. Also PCA membership. Agreed value policy for $39K (thought I'd be able to swap the Speedster seats for OEM's). Costs $440/yr. Best deal I found by some considerable margin.

pegdrag

I had looked at the threads and there appear to be two worrisome points...first, some of the coverage from the vendors who provide "agreed value insurance" is bothersome. You can't use the car as a daily driver, nor can you use it for errands. So if i take the car to work on a summer day, I'm not covered. Is driving it to the ice cream stand covered or not...... I drive it on a vacation trip and its parked in the hotel parking lot....is it covered or is it not covered. I dislike this kind of uncertainty.

The second bothersome point is that the liability coverage is low. Will have to see if our rider coverage will extend to this car.

The list of vendors who provide this coverage includes:
Grundy
Leland West
Chubb
Hagerty
USAA (American Collector)
Heacock
Hartford
Chartis

Any more?

A very quick look through the policies available for review on line suggests that Chartis might be the best of the bunch.....

goofballdeluxe

Until I recently sold it, I had my '64 T-Bird convertible insured with J.C. Taylor with agreed value price of $25K, with few restrictions. It cost me $150/year.

Also, I always wonder how an insurance company would be able to prove you were using your car for a commute/errand. You could always say you weren't.

911Dave

I honestly think we're on the honor system in this regard. If your car is stolen out of a grocery store parking lot, it would certainly appear that you used it to run an errand and they might be able to deny the claim on that basis. But they also have to keep customers happy, and if they were that strict they probably would be out of business.

I had an accident in my 911 last May, and Hagerty never even asked what I was doing or where I had gone in it. They just paid the claim with a smile.

2Many Cars

It depends on the type of policy. With a collector car policy it's usually very easy to get agreed value coverage but as you observed there are usually restrictions. They vary considerably so the best thing to do is think seriously about how you'll use your car and go shopping for the best fit.

Normal, mass market policies will cost more and be harder to get agreed value, but they'll be far more liberal on usage. In general if you don't expect to use the car very much the collector policies will be the better deal.

On pretty much all policies you can adjust the liability limits upward to match your excess liability (umbrella) minimums or as needed.

TheBen

"If can't you use it for errands...." what can you use it for?

pegdrag

Wow, several of you guys have pretty good deals...so far all of the agent's I've spoken with have insisted on yearly miles of 3,500 or less...no commuting, no errands....the search continues....and the liability coverage is poor. My favorite quote "Cars newer than 1980 always have mileage restrictions on them....."

"So I can drive my 1920 100,000 but my 1995 less than 3,500?"

"Yes, we'd love to insure your 1920, too!"

"I don't have a 1920, it was an illustration."

"oh, if you get one we'd insure it!"

x50type

pegdrag

this is from hagerty's web site:-

"Freedom to enjoy your car

We believe cars are made to be driven. So our policy allows limited pleasure use with no fixed mileage limits. Whether it's a drive on a gorgeous summer day, a trip to the ice cream shop, attending club events or going to shows, you're covered. If you have specific questions about usage, especially if you own a newer vehicle (generally 1990 and newer), we're happy to discuss them with you."

Sounds great, but when i had a claim recently they grilled me on exactly why i was out in my car in a hail storm, and where was i going, and why couldn't i shelter, and why was there no weather forecast, - did i ignore the weather forecast, etc. etc..................!

Clearly they did not want to pay up [no surprise there-what insurance company likes to pay up?].

When I questioned the grilling, hagerty said they were only brokers and their insurers wanted to know - i.e it's not our fault.

They didn't know if a trip to the ice cream shop was an errand or not.

errands are verboten.

from now on all i do is drive on gorgeous summer days - and not even to the ice cream shop, just in case hagerty's insurers [not hagerty] decide that would be an errand.

DC from Cape Cod

No restrictions with Chartis....even my 18 year old son could drive it.

x50type

DC from Cape Cod

Do you have a link to the Chartis car insurance web site. ?

All i get when googling Chartis is everything but car insurance

Tks.

DC from Cape Cod

No, sorry. I went through my agent.