Agreed Value insurance? What are people doing for their 997s?
#92
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I'm waiting on underwriting from Grundy, fingers crossed
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#93
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Heads up, denied from Grundy for these reasons:
1. Each household operator must have their own daily driven vehicle2. Operators cannot share a daily driven vehicle
3. Does not meet underwriter requirements
Not sure what is meant by point three, but my wife and I share a vehicle.
1. Each household operator must have their own daily driven vehicle2. Operators cannot share a daily driven vehicle
3. Does not meet underwriter requirements
Not sure what is meant by point three, but my wife and I share a vehicle.
#94
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For those of you insuring for agreed value, how are you pricing your car? Are you pricing it near the top of the market if it's clean? Or are you keeping it more middle of the range?
I see pros and cons to each. Pricing higher means a larger payout if your vehicle is a total loss, but the downside there is it will be harder to total out.
For those of us that would rather have a replaced car vs a repaired car, this becomes tricky to make sure you're getting enough value out of it, without making it too hard to total.
The main reason I'm using an agreed value speciality insurer is because of OEM parts replacement, not just for the agreed value aspect.
Interested to hear your thoughts.
I see pros and cons to each. Pricing higher means a larger payout if your vehicle is a total loss, but the downside there is it will be harder to total out.
For those of us that would rather have a replaced car vs a repaired car, this becomes tricky to make sure you're getting enough value out of it, without making it too hard to total.
The main reason I'm using an agreed value speciality insurer is because of OEM parts replacement, not just for the agreed value aspect.
Interested to hear your thoughts.
#95
Rennlist Member
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If you are concerned about the totalling scenario, get an agreed value (current or anticipated future market value) that is the lowest you are comfortable with if your car was totalled and you needed the payout to replace with a similar car. It may not make you completely whole but if it gets you close enough and you would be happy, that is your number. On the risk spectrum, you are more likely to exercise a claim for repair vs total in the future. The calculus to determine whether to total a car also comes into play. Find out what percentage of the value of the car triggers totalling. Some trigger as low as 30% while others require 50%. For 997s, it doesn't take much to get a $15-20K repair bill.
For those of you insuring for agreed value, how are you pricing your car? Are you pricing it near the top of the market if it's clean? Or are you keeping it more middle of the range?
I see pros and cons to each. Pricing higher means a larger payout if your vehicle is a total loss, but the downside there is it will be harder to total out.
For those of us that would rather have a replaced car vs a repaired car, this becomes tricky to make sure you're getting enough value out of it, without making it too hard to total.
The main reason I'm using an agreed value speciality insurer is because of OEM parts replacement, not just for the agreed value aspect.
Interested to hear your thoughts.
I see pros and cons to each. Pricing higher means a larger payout if your vehicle is a total loss, but the downside there is it will be harder to total out.
For those of us that would rather have a replaced car vs a repaired car, this becomes tricky to make sure you're getting enough value out of it, without making it too hard to total.
The main reason I'm using an agreed value speciality insurer is because of OEM parts replacement, not just for the agreed value aspect.
Interested to hear your thoughts.
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Omnigeek (04-23-2024)
#96
RL Community Team
Rennlist Member
Rennlist Member
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For those of you insuring for agreed value, how are you pricing your car? Are you pricing it near the top of the market if it's clean? Or are you keeping it more middle of the range?
I see pros and cons to each. Pricing higher means a larger payout if your vehicle is a total loss, but the downside there is it will be harder to total out.
For those of us that would rather have a replaced car vs a repaired car, this becomes tricky to make sure you're getting enough value out of it, without making it too hard to total.
The main reason I'm using an agreed value speciality insurer is because of OEM parts replacement, not just for the agreed value aspect.
Interested to hear your thoughts.
I see pros and cons to each. Pricing higher means a larger payout if your vehicle is a total loss, but the downside there is it will be harder to total out.
For those of us that would rather have a replaced car vs a repaired car, this becomes tricky to make sure you're getting enough value out of it, without making it too hard to total.
The main reason I'm using an agreed value speciality insurer is because of OEM parts replacement, not just for the agreed value aspect.
Interested to hear your thoughts.
#97
Instructor
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For those of you insuring for agreed value, how are you pricing your car? Are you pricing it near the top of the market if it's clean? Or are you keeping it more middle of the range?
I see pros and cons to each. Pricing higher means a larger payout if your vehicle is a total loss, but the downside there is it will be harder to total out.
For those of us that would rather have a replaced car vs a repaired car, this becomes tricky to make sure you're getting enough value out of it, without making it too hard to total.
The main reason I'm using an agreed value speciality insurer is because of OEM parts replacement, not just for the agreed value aspect.
Interested to hear your thoughts.
I see pros and cons to each. Pricing higher means a larger payout if your vehicle is a total loss, but the downside there is it will be harder to total out.
For those of us that would rather have a replaced car vs a repaired car, this becomes tricky to make sure you're getting enough value out of it, without making it too hard to total.
The main reason I'm using an agreed value speciality insurer is because of OEM parts replacement, not just for the agreed value aspect.
Interested to hear your thoughts.
in the process, I played around with the AV. It seems that the AV to premium value isn’t linear, but instead weighted towards some background view of the eg KBB like value of the car. So it’s not merely about tag your AV and pay a proportionate premium, but for example that the more your AV deviates from some background assumption the more costly your premium may become.
For example, with (lowest deductible, highest coverage) an AV set to $55K (probably nearer an eg KBB value) my 6mo premium was $250, while an AV set at $65K was $330/6mo. So 15% higher AV resulted in a 25% higher premium.
suspect that if I keyed AV to say $75K, the premium would have risen just as exponentially.
Just a back-of napkin observation, but I think factors in to an individual’s optimum strategy.
note also that a person’s quoted premium will be based on a credit check. Have your CCs paid down and reflected in your transition etc for the best rates.
#98
Rennlist Member
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I just signed with Hagerty on my 09 C4S. Grundy no play in Cali. Saved $700 per year and it's agreed value. I valued at about replacement cost. Repair is not a problem for me and she's got 105k on her now so I can replace with a like ride or upgrade for small additional cost. They were careful to ask about commuter cars for each member of the household. They also frowned on taking it on vacation. That was surprising given their motto is "Lets hit the road!" It turns out I can take it on vacation, but they don't want to see long distance drives like intra-state travel or cross country. My wife's joints wouldn't take that long of a trip anyway.