Best insurance carrier for agreed upon value
05-25-2021, 01:29 PM
#46
Update for this thread...
Clearly the markets are going crazy, prices are through the roof, and yet valuations ARE NOT KEEING PACE.
I not only just paid for, and obtained a recent APPRAISEL on my 2010 GT3,... but also went to Hagerty directly to see what they are doing ... and whether they could beat my current policy.
Result? ... NADA, "Sports Car Market inc", Hagerty,.... ALL of them are sooo badly behind the last 3-4 months,... that it is NOT worth it to get an appraisal & attempt to bump our Agreed Value policies. At least not from my own personal attempts.
Hagerty currently has a #1 with less than 20k miles, valued at $110k,... AND, here's the kicker,... "with flat, slightly downward trend" in prices in the coming year. WTF!!!
... anyway, I thought I would report out here, and get this discussion kicked back in gear. Sucks that I jumped too early & paid for an appraisal that is essentially useless to me. AND more importantly that our policies are not up to snuff to cover our cars if something were to happen. We could not replace them for the agreed value we would receive. yet another kick in the a$$ that is forcing people to leave the cars in the garage until all this crap boils over (if it ever does).
ugh.
Clearly the markets are going crazy, prices are through the roof, and yet valuations ARE NOT KEEING PACE.
I not only just paid for, and obtained a recent APPRAISEL on my 2010 GT3,... but also went to Hagerty directly to see what they are doing ... and whether they could beat my current policy.
Result? ... NADA, "Sports Car Market inc", Hagerty,.... ALL of them are sooo badly behind the last 3-4 months,... that it is NOT worth it to get an appraisal & attempt to bump our Agreed Value policies. At least not from my own personal attempts.
Hagerty currently has a #1 with less than 20k miles, valued at $110k,... AND, here's the kicker,... "with flat, slightly downward trend" in prices in the coming year. WTF!!!
... anyway, I thought I would report out here, and get this discussion kicked back in gear. Sucks that I jumped too early & paid for an appraisal that is essentially useless to me. AND more importantly that our policies are not up to snuff to cover our cars if something were to happen. We could not replace them for the agreed value we would receive. yet another kick in the a$$ that is forcing people to leave the cars in the garage until all this crap boils over (if it ever does).
ugh.
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ljmartyre (05-25-2021)
05-25-2021, 02:52 PM
#47
Rennlist Member
I'm in California which may or may not be more expensive and use Progressive mainly because I have 6 motorcycles. I have a personal umbrella policy so my limits need to be at the maximum which is $500k.
My 2010 GT3 is $722 a year w/ 2500 miles and $2500 deductable.
2012 GTS w/ agreed value of $80k is $1050 (weird...I know. Probably because of agreed value)
2015 GTS $488 year
2014 Prius $1142 year. I need to ask why.
2016 Tesla XP90 $710 year
Last I talked to them they don't do agreed value over $100k. I'm going ask see if that has changed.
Called Hagerty yesterday. Crazy quote because my Porsches aren't old enough.
.
EDIT: Changing the GT3 to stated value of $150k raises the premium about $800 from $722 to maybe $1500.
My 2010 GT3 is $722 a year w/ 2500 miles and $2500 deductable.
2012 GTS w/ agreed value of $80k is $1050 (weird...I know. Probably because of agreed value)
2015 GTS $488 year
2014 Prius $1142 year. I need to ask why.
2016 Tesla XP90 $710 year
Last I talked to them they don't do agreed value over $100k. I'm going ask see if that has changed.
Called Hagerty yesterday. Crazy quote because my Porsches aren't old enough.
.
EDIT: Changing the GT3 to stated value of $150k raises the premium about $800 from $722 to maybe $1500.
Last edited by Upscale Audio; 05-25-2021 at 03:34 PM.
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daddyscar (05-25-2021)
05-25-2021, 04:16 PM
#48
Rennlist Member
I pay $150 per year for the GT3RS and $260 per year for an RS4. These are not daily drivers
My 2 daily drivers are about $1,300 each. 2011 Cayenne Turbo and a 2015 Audi Q7 Sport Edition.
Total annual Premium is $3,050 for a 100/300/100 policy. Deductibles are 1,000 collision and $500 comprehensive.
My 2 daily drivers are about $1,300 each. 2011 Cayenne Turbo and a 2015 Audi Q7 Sport Edition.
Total annual Premium is $3,050 for a 100/300/100 policy. Deductibles are 1,000 collision and $500 comprehensive.
05-25-2021, 05:18 PM
#49
Rennlist Member
I pay $150 per year for the GT3RS and $260 per year for an RS4. These are not daily drivers
My 2 daily drivers are about $1,300 each. 2011 Cayenne Turbo and a 2015 Audi Q7 Sport Edition.
Total annual Premium is $3,050 for a 100/300/100 policy. Deductibles are 1,000 collision and $500 comprehensive.
My 2 daily drivers are about $1,300 each. 2011 Cayenne Turbo and a 2015 Audi Q7 Sport Edition.
Total annual Premium is $3,050 for a 100/300/100 policy. Deductibles are 1,000 collision and $500 comprehensive.
About the same I guess. It just matters how they line it up2014 TOYOTA PRIUS premium: $571.00
2015 PORSCHE 911 CARRERA premium: $244.00
2016 TESLA MODEL X premium: $355.00
2012 PORSCHE 911 CARRERA premium: $525.00
2010 PORSCHE 911 GT3 premium: $361.00
There are two daily drivers there each w/ 12k miles, and three Porsches. My limits are higher at $500k though my deductible is higher at $2500 Total premium $4120 I'm open to look at any options.
05-25-2021, 05:27 PM
#50
Update for this thread...
Clearly the markets are going crazy, prices are through the roof, and yet valuations ARE NOT KEEING PACE.
I not only just paid for, and obtained a recent APPRAISEL on my 2010 GT3,... but also went to Hagerty directly to see what they are doing ... and whether they could beat my current policy.
Result? ... NADA, "Sports Car Market inc", Hagerty,.... ALL of them are sooo badly behind the last 3-4 months,... that it is NOT worth it to get an appraisal & attempt to bump our Agreed Value policies. At least not from my own personal attempts.
Hagerty currently has a #1 with less than 20k miles, valued at $110k,... AND, here's the kicker,... "with flat, slightly downward trend" in prices in the coming year. WTF!!!
... anyway, I thought I would report out here, and get this discussion kicked back in gear. Sucks that I jumped too early & paid for an appraisal that is essentially useless to me. AND more importantly that our policies are not up to snuff to cover our cars if something were to happen. We could not replace them for the agreed value we would receive. yet another kick in the a$$ that is forcing people to leave the cars in the garage until all this crap boils over (if it ever does).
ugh.
Clearly the markets are going crazy, prices are through the roof, and yet valuations ARE NOT KEEING PACE.
I not only just paid for, and obtained a recent APPRAISEL on my 2010 GT3,... but also went to Hagerty directly to see what they are doing ... and whether they could beat my current policy.
Result? ... NADA, "Sports Car Market inc", Hagerty,.... ALL of them are sooo badly behind the last 3-4 months,... that it is NOT worth it to get an appraisal & attempt to bump our Agreed Value policies. At least not from my own personal attempts.
Hagerty currently has a #1 with less than 20k miles, valued at $110k,... AND, here's the kicker,... "with flat, slightly downward trend" in prices in the coming year. WTF!!!
... anyway, I thought I would report out here, and get this discussion kicked back in gear. Sucks that I jumped too early & paid for an appraisal that is essentially useless to me. AND more importantly that our policies are not up to snuff to cover our cars if something were to happen. We could not replace them for the agreed value we would receive. yet another kick in the a$$ that is forcing people to leave the cars in the garage until all this crap boils over (if it ever does).
ugh.
**Forgot to mention $500 deductible on the GT3.
Last edited by Burren; 05-25-2021 at 05:28 PM.
05-25-2021, 05:46 PM
#51
Rennlist Member
I pay $150 per year for the GT3RS and $260 per year for an RS4. These are not daily drivers
My 2 daily drivers are about $1,300 each. 2011 Cayenne Turbo and a 2015 Audi Q7 Sport Edition.
Total annual Premium is $3,050 for a 100/300/100 policy. Deductibles are 1,000 collision and $500 comprehensive.
My 2 daily drivers are about $1,300 each. 2011 Cayenne Turbo and a 2015 Audi Q7 Sport Edition.
Total annual Premium is $3,050 for a 100/300/100 policy. Deductibles are 1,000 collision and $500 comprehensive.
05-25-2021, 06:12 PM
#52
Rennlist Member
Liberty Mutual. Only pay for what you need. Super easy to change things on the fly also.
05-25-2021, 09:19 PM
#53
Rennlist Member
I'm in California which may or may not be more expensive and use Progressive mainly because I have 6 motorcycles. I have a personal umbrella policy so my limits need to be at the maximum which is $500k.
My 2010 GT3 is $722 a year w/ 2500 miles and $2500 deductable.
2012 GTS w/ agreed value of $80k is $1050 (weird...I know. Probably because of agreed value)
2015 GTS $488 year
2014 Prius $1142 year. I need to ask why.
2016 Tesla XP90 $710 year
Last I talked to them they don't do agreed value over $100k. I'm going ask see if that has changed.
Called Hagerty yesterday. Crazy quote because my Porsches aren't old enough.
EDIT: Changing the GT3 to stated value of $150k raises the premium about $800 from $722 to maybe $1500.
My 2010 GT3 is $722 a year w/ 2500 miles and $2500 deductable.
2012 GTS w/ agreed value of $80k is $1050 (weird...I know. Probably because of agreed value)
2015 GTS $488 year
2014 Prius $1142 year. I need to ask why.
2016 Tesla XP90 $710 year
Last I talked to them they don't do agreed value over $100k. I'm going ask see if that has changed.
Called Hagerty yesterday. Crazy quote because my Porsches aren't old enough.
EDIT: Changing the GT3 to stated value of $150k raises the premium about $800 from $722 to maybe $1500.
About the same I guess. It just matters how they line it up
2014 TOYOTA PRIUS premium: $571.00
2015 PORSCHE 911 CARRERA premium: $244.00
2016 TESLA MODEL X premium: $355.00
2012 PORSCHE 911 CARRERA premium: $525.00
2010 PORSCHE 911 GT3 premium: $361.00
There are two daily drivers there each w/ 12k miles, and three Porsches. My limits are higher at $500k though my deductible is higher at $2500 Total premium $4120 I'm open to look at any options.
2014 TOYOTA PRIUS premium: $571.00
2015 PORSCHE 911 CARRERA premium: $244.00
2016 TESLA MODEL X premium: $355.00
2012 PORSCHE 911 CARRERA premium: $525.00
2010 PORSCHE 911 GT3 premium: $361.00
There are two daily drivers there each w/ 12k miles, and three Porsches. My limits are higher at $500k though my deductible is higher at $2500 Total premium $4120 I'm open to look at any options.
I'm paying $1,200/yr for a Agreed Value of $130k with 500k limits & low deductible, and ZERO mileage restrictions. But I want my new Agreed Value to be more like $140k in this new market. Hagerty said no.
I just wen through this with my P&C broker. With Grundy for the 2011 GT3 I just bought, I got a $140,000 declared value, $500,000 total line for $137/mo with a 10,000/yr mileage limit. I was pretty happy with that. I won't exceed 10,000 per year on this car and the price is better than the dailies my wife and I have.
**Forgot to mention $500 deductible on the GT3.
**Forgot to mention $500 deductible on the GT3.
.... seems like lots of variances between all our policies.
Last edited by bweSteve; 05-25-2021 at 09:20 PM.
05-25-2021, 09:48 PM
#54
Rennlist Member
05-25-2021, 09:57 PM
#55
I've got a quote for a AV through Grundy for a S2000 and 2011 GT3
500k coverage and $500 deductible:
S2000: $330 at 30k AV
GT3: $1,680 at 150k AV
I'm not sure if this quote combines with Umbrella/DD coverage as well.
500k coverage and $500 deductible:
S2000: $330 at 30k AV
GT3: $1,680 at 150k AV
I'm not sure if this quote combines with Umbrella/DD coverage as well.
05-25-2021, 10:16 PM
#56
Rennlist Member
Stated value is NOT the same as Agreed value.
Hat tip, Grundy:STATED VALUE does NOT establish the amount a policyholder will receive in advance. The term Stated Value is very misleading because a Stated Value policy is nothing more than an Actual Cash Value policy with an upward limit on how much an insurance company will pay.
As previously mentioned, there are certain instances where an Actual Cash Value policy will pay additions or increases to policyholders who can “prove” their investment. Stated Value was developed 50 years ago (when collectors started investing large sums in great vehicles) by insurance companies to protect them from paying “more than they bargained for.” Stated Value is the worst option for any vehicle, because it will depreciate and deduct on the downside, but your settlement is limited to the Stated Value.
Hat tip, Grundy:STATED VALUE does NOT establish the amount a policyholder will receive in advance. The term Stated Value is very misleading because a Stated Value policy is nothing more than an Actual Cash Value policy with an upward limit on how much an insurance company will pay.
As previously mentioned, there are certain instances where an Actual Cash Value policy will pay additions or increases to policyholders who can “prove” their investment. Stated Value was developed 50 years ago (when collectors started investing large sums in great vehicles) by insurance companies to protect them from paying “more than they bargained for.” Stated Value is the worst option for any vehicle, because it will depreciate and deduct on the downside, but your settlement is limited to the Stated Value.
Last edited by 8Lug; 05-25-2021 at 10:17 PM.
05-25-2021, 10:49 PM
#58
Rennlist Member
05-25-2021, 11:18 PM
#60
Rennlist Member