Shopping for Agreed Value insurance - my recent experience
03-28-2022, 02:53 PM
#1
Pro
Thread Starter
Shopping for Agreed Value insurance - my recent experience
I want to share my recent experience shopping for Agreed Value Insurance in case it helps others.
My situation may not apply to everyone, so bear that in mind. Additionally, my experience relates only to purchasing insurance, not dealing with a claim.
I wanted a 1995 and 2008 insured, each at a specific Agreed Value, without restrictions on daily usage. As a side note, none of the carriers I shopped included HPDE or track coverage in their policies and should I take either car to the track I would purchase separate event insurance.
Beside myself, I wanted my SO and my son on the policy, so that we could share driving during outings. My son is under 25 and has been licensed for less than 9 years. That fact proved to be a disqualifier for some carriers, while for others, the combination of driving experience and agreed value was an obstacle.
I ended up purchasing a policy which met my needs through Porsche Auto Insurance. It is a stated-mileage policy, meaning there is a base fee for the liability, property, and medical coverages chosen plus a per-mile charge. The way the latter works is that one states the anticipated annual mileage driven at the start of the policy, and documents the current odometer reading via a photo submission. Every 6 months, one resubmits a picture of the then current odometer reading. If the odometer reading exceeds 1/2 of the stated annual mileage, a surcharge based on the mileage differential and a per-mile cost stated upfront is added to the renewal. Vice versa, if the mileage reading lags behind 1/2 the stated annual mileage, a credit, based on the same per-mile fee is applied toward the renewal.
The stated-annual mileage limitation works for me as both cars are essentially used for pleasure.
Porsche Auto Insurance also offered a discount for being a PCA member and, in the case of my son, a good student discount.
Some notes on other carriers I shopped:
Porsche Auto Insurance doesn't seem to write policies in every state, but they did in my state.
Hope this helps.
My situation may not apply to everyone, so bear that in mind. Additionally, my experience relates only to purchasing insurance, not dealing with a claim.
I wanted a 1995 and 2008 insured, each at a specific Agreed Value, without restrictions on daily usage. As a side note, none of the carriers I shopped included HPDE or track coverage in their policies and should I take either car to the track I would purchase separate event insurance.
Beside myself, I wanted my SO and my son on the policy, so that we could share driving during outings. My son is under 25 and has been licensed for less than 9 years. That fact proved to be a disqualifier for some carriers, while for others, the combination of driving experience and agreed value was an obstacle.
I ended up purchasing a policy which met my needs through Porsche Auto Insurance. It is a stated-mileage policy, meaning there is a base fee for the liability, property, and medical coverages chosen plus a per-mile charge. The way the latter works is that one states the anticipated annual mileage driven at the start of the policy, and documents the current odometer reading via a photo submission. Every 6 months, one resubmits a picture of the then current odometer reading. If the odometer reading exceeds 1/2 of the stated annual mileage, a surcharge based on the mileage differential and a per-mile cost stated upfront is added to the renewal. Vice versa, if the mileage reading lags behind 1/2 the stated annual mileage, a credit, based on the same per-mile fee is applied toward the renewal.
The stated-annual mileage limitation works for me as both cars are essentially used for pleasure.
Porsche Auto Insurance also offered a discount for being a PCA member and, in the case of my son, a good student discount.
Some notes on other carriers I shopped:
- Haggerty: willing to insure myself, SO, and son, offered Agreed Value, but the quoted premia, for similar annual mileage were much higher
- Leland West, Grundy: not willing to insure my son due to age and years licensed
- Heacock: did not rule out insuring my son but ended up declining due to the Agreed Values I sought (which are not outlandish and are in line with recent transactions of similar model/mileage)
Porsche Auto Insurance doesn't seem to write policies in every state, but they did in my state.
Hope this helps.
The following 3 users liked this post by ard:
03-28-2022, 03:28 PM
#2
Rennlist Member
I have had Porsche Auto Insurance for 2.5 years here in Illinois. No claims but it was a good choice for me.
03-31-2022, 04:32 PM
#3
My insurance agent found me an Agreed Value policy from Safeco. Seems reasonably priced (approx $1550 for $150K coverage for 997.1 GT3 with 2500 annual mileage limit; no coverage for tack use)
Anyone here have any experience w Safeco?
Anyone here have any experience w Safeco?