Matsuzaka

DALLWA,
Basically, if you don't have an agreed value policy and your car gets totaled or stolen the value is somewhat negotiable. Insurance company will try to give you as little as possible for your loss and you will try to get as much as possible.

Among the agreed value policies, the basic differences are related to how you can use your car. Some companies give you more options than others. I agree with everything CRW has said about Leyland. BTW, Leyland is just a broker, they use American Modern Insurance Group from Ohio.

I have used them for six years or so, however, I've never filed a claim so I can't say what they're like in those circumstances. They are more flexible and offer more options than the "name" brand collector car ins companies and their premium is very reasonable.

That's my two cents worth. Hope it helps.

DALLWA

Yes I appreciate that info.

So unless I get an agreed value insurance policy it's me and the insurance company fighting it out with KBB or whatever report, tool benefits either party to gauge replacement value.

Got it. I guess I'll go back to ignorance is bliss. Much more fun.

ilko

Just drive and enjoy them!

matt777

Our cars are increasing in value? That is good news. Personally I don't see why insurance companies would take on agreed value policies without a professional appraisal as back-up. They won't up here. An appraisal also diminishes the chances of getting dicked around in the event of a total loss. I have been told that there has been cases in the past where the insurance company asked the policy owner to substantiate the cars value.

jnicol

The more you are insured for... the more you pay up front. Why pay the extra unless you really really need too. I have standard coverage and 'self insure' the balance. And try not to crash my car.

matt777

i see your point but I pay more than 50% less for $45k worth of classic car coverage versus std coverage which would likely only be around $30k for an 18 year old car.

Matsuzaka

A friend of mine works at American Modern and he told me that if you give them a value that is out of line they simply will not accept it.

I could be wrong on this but if an insurance company requires an appraisal it may not be an agreed value policy, it's probably a "Stated Value" policy.

VERY Important to know that Agreed Value and Stated Value policies are NOT the same. With Agreed Value, there is no argument about the payout, with Stated Value they can argue!

jnicol

Interesting! I tried to get such coverage through ICBC but not available on such a new car (993). I should see if it's possible to opt out and go with a third party provider of insurance in BC.

DC from Cape Cod

Chartis = stated value = requires appraisal = no limitations at all on use = just dropped to $615 per year in MA = $57K coverage.

matt777

The Silver Wheels program in Alberta just started accepting 15 year old cars as last year. i realize province to province and state to state insurance regulations differ greatly.

luv2race

Already mentioned several times in this thread......I have Chartis agreed value policy. I am in the insurance consulting biz.....not things but people actually large groups of people. I have have worked with and am still friendly with some very bright commercial and property insurance agents.

Having been involved in a significant claim or two ( had an 07 GT3RS with 300 miles on it get crushed on the way to a magazine photo shoot and a one year old TT get rear ended and sandwiched ) I can say from first hand experience that i was happy i had a great agent who provided expert guidance. I have a great agent who is a fellow car enthusiast. I have homeowners, auto, personal umbrella, and track insurance through one expert.

Aces

Is insurance rate increase every year? Are their additional coverage for every increase?

autobonrun

I'm wondering how many with agreed value policies are increasing their coverage due to the large price increases over the past year or two? Currently I don't have agreed value on the C4S but in this market probably should.

I called Hagerty today to see about adding my C4S to my policy which currently just has my SC on it. For my agreed value policy, there would be about a $200 per year increase in my rate for every $10k increase I want in agreed value on the C4S. This was a lot more than expected. Regardless, before finalization, I'd have to send in photos and some documentation of recent sales prices.

I got a good laugh when they said a 993 coupe value on KBB was $27k. KBB works for new Toyota's but not very good with the older Porsches.

RonCT

End of the year is a good time to update this post. If you look back in this thread (and others on insurance) I think you'll find my comments on using a "regular" insurance company like I do. I put the car in storage in the winter, so call it 6 months active a year. The premium is about $1200 for $80,000 in coverage, which goes down to about $200 for the 6 months for an average of about $750 a year NET. For that I have $80,000 in coverage 12 months of the year and zero restrictions - I can drive it whenever, wherever, and for as many miles as I like.

As to setting the number - it was easy. I worked with my agent and provided her with some data from the forums and eBay (completed auctions) to demonstrate that my car that was worth $50,000 when I bought it went up to $60,000, then $70,000 and most recently $80,000.

Yes, just get out and drive - I know. But it's foolish to not pay attention to insurance. Just imagine if your car is stolen or hit and totaled. And you know it will take $80,000 to replace it (if you are lucky) and the insurance company sends a check for $50,000.

nine9six

With three pages of upgrades, I hardly think $37.4 would make you happy in the event of a total loss.

I have an agreed value policy @ $45k, with a $250 deductible, on my 96 C2...Upgrades are on file with the Leland West (American Modern), and covered in the policy.

I chose the 3K mi per year policy, for personal reasons; but my premium is currently less than $500 per yr.

P.S. My original policy with Leland was @ $38K agreed value.