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Agreed Upon Value Insurance

66TotalPerf

66TotalPerf

New Member
Hey!

Looking for a new classic car insurance provider. I've been a Heacock (AMIG) member for a few years and it's been great. However, I just moved from a rural house, with attached 2-car garage, to an apartment in a city, with secure underground parking lot, and they will not cover any vehicle that's not secured in a private garage.

I only drive my '66 maybe once a week for casual purposes; less than 3000 miles per year.

So does anyone know of an Agreed Upon Value insurer that's ok with my '66 parked in a secure but shared underground parking lot?

Thanks!
Brent
 
I don't know the parking answer, but Grundy has been great for me over the years. I just called them up a week ago and told them the car no longer resides at my house and I only race it. They were OK with both those things. And NO, the policy does not cover it once inside a track, but it does cover it inside the trailer...to and from the track!
 
I have been using Hagerty for the last few years on the Mustangs. They do have an agreed value policy, but I am not sure about the storage requirements. The nice thing about the policy is they do not limit the miles and I had zero issues adding my 20 year old son to the policy back then.
 
Hagerty requires the vehicle be stored in a secured facility (locked garage) and that it cannot be a daily driver---you must have another vehicle for that purpose.
 
Midlife said:
Hagerty requires the vehicle be stored in a secured facility (locked garage) and that it cannot be a daily driver---you must have another vehicle for that purpose.
Click to expand...
Hagerty told me that Amber could drive the 67 to work as much as she wanted. We do have other cars available to drive though.

Mel

Sent from my Pixel 2 using Tapatalk
 
You should contact both Hagerty and Grundy to get a clear answer. I have mine insured with Grundy with an agreed value policy in which I set the value and they agreed based only on a few pics I provided...and I value my car a LOT.
 
Horseplay said:
You should contact both Hagerty and Grundy to get a clear answer. I have mine insured with Grundy with an agreed value policy in which I set the value and they agreed based only on a few pics I provided...and I value my car a LOT.
Click to expand...
But,but you don't drive it
 
Well I completed a few online quotes. Progressive uses Hagerty. Grundy/Heacock/ACI/AMIG all require a secure, private garage. Geico only offers traditional insurance but they did provide a plan for $500/year. Statefarm couldn't offer an online quote for pre-1972 vehicles.

The biggest surprise, however, is Hagerty. I just figured they would be same as other classic car insurers with regards to their garage policy but their online quote system said I could be insured in a public parking garage (it was one of the pull down options along with about 6 other choices). The kicker though, my rate with Heacock was $350/yr in CA and the Hagerty quote was for $950/year, but I'm not complaining. I mean if they'll insure my '66 for $50k parked in a public parking garage in downtown Los Angeles, then I'll take it!

Thanks for all the tips!
Brent
 
6t6red said:
But,but you don't drive it
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I knew that was coming! I will wager anyone here I have more miles driven in my car than anyone. It's just that those miles are all logged in my head while safely seated in the car...in the garage.
 
I use American Collectors Insurance, have had them for 20 yrs. I have only had one claim, and it was for towing last spring. Broke down and had to have it flat bedded 50 miles. My policy says they will cover up to $150, my bill was $230 and they paid the whole thing.

This is from their website: Kept in an enclosed, locked garage (alternate garaging options may be permitted; contact our representative).
 
Yea I spoke with American Collectors Insurance and they require a private, secure garage. Additionally, Hagerty does NOT provide coverage for an apartment secure parking garage. Even though it was on their quote menu system, I spoke with them today and they're the same as the other classic car providers, they require cars be stored in a private and secure garage. I'll be looking into Statefarm next.
 
Talk to an independent insurance agent. Those people have access to all kinds of alternatives. I use one for the house and auto policies other than the 66.
 
I appreciate the suggestions and I'm gonna check into all of them today/tomorrow. Silver lining to all of this is that Heacock changed their tune a bit. My current policy isn't canceled, it's just not going to be renewed next year. When I'm out driving or parked at a car show, I'm still fully covered. However, they said if something happens in my apartment garage, the claim will PROBABLY be denied.
 
So spoke with a few places today and looks like State Farm is going to be my new insurer. They were fine with going with an Agreed Upon Policy since my car is an Antique/Replica. They quoted me $550 per year, I can park it in my apartment garage complex, I can drive it however I want as long as I don't exceed 3000 miles/year, and I have a $50k Agreed Upon value.
If anyone can think of any other questions I should ask before switching, I'm all ears!

Attached is my quote. Below are the additional Q&A exchange between the agent and myself over email:
-----------
Q: Just to confirm, this policy is an Antique vehicle policy with Agreed Upon Value, right? So for example, if I’m involved in an accident where the car is damaged beyond repair, State Farm will pay me $50,000 (my agreed upon value) for the car, not the actual cash value?

A: Yes, it is the policy with Agreed Upon Value (I know ACV in the quote is confusing so I confirmed that with our underwriting department; only antique/classic/replica cars are indemnified based on Agreed Upon Value).

Q: Does this policy include $500 coverage for my car's spare parts? This website says Antique policies include this: https://www.statefarm.com/insurance/auto/antique-classic-cars
A: It does include $500 coverage for spare parts.

Q: Are there limits as to how many miles I can drive or where I can drive?
A: Annual mileage limit is 3000; no limitations on where you would take it to.

Q: Can I take the car to a family event and park it at the hotel over night?
A: You can.

Q: Is there any problem parking the car in my apartment’s underground parking garage nightly? You can see in the photos that this is a shared garage, but it is secure and gated.
A: You sure can park here.

Q: if my ’66 Mustang is involved in an accident and replacement parts are needed, will I be able to choose which parts are purchased? Because some parts reproduced for classic Mustangs are poor quality and so I’d want to choose which parts are bought.

A:
We have the right to choose to settle with you or the owner of the covered vehicle in one of the following ways:
Based upon or adjusted to:
a. Pay the cost to repair the covered vehicle minus any applicable deductible.
(1) We have the right to choose one of the following to determine the cost to repair the covered vehicle:
(a) The cost agreed to by both the owner of the covered vehicle and us;
(b) A bid or repair estimate approved by us; or
(c) A repair estimate that is written based upon or adjusted to:
(i) the prevailing competitive price;
(ii) the lower of paintless dent repair pricing established by an agreement we have with a third party or the paintless dent repair price that is competitive in the market; or
(iii) a combination of (i) and (ii) above.
The prevailing competitive price means prices charged by a majority of the repair market in the area where the covered vehicle is to be repaired as determined by a survey made by us. If asked, we will identify some facilities that will perform the repairs at the prevailing competitive price. The estimate will include parts sufficient to restore the covered vehicle to its pre-loss condition.

At the end of the day, you can go to anywhere for the part, but I'm honestly not quite sure if they will pay the part you select 100%. A part of your choice could be cheaper than "competitive part" we select, or more expensive. However, if the vehicle declares a total loss, the faced amount will be indemnified.
 

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Just one thing to keep in mind. Thankfully, I haven't had to use my collector car policy but in the event I would ever need to (based on ALL the things I have ever read) companies like Grundy and Haggerty seem to be awesome to deal with. We all have heard (or experienced) the troubles people routinely have with "regular" insurers. If my prize possession gets damaged I want to be in full throttle mode getting it back to its former glory and not fighting with insurers.
 
I never had a claim but the customer service with Hagerty and Heacock was great. I had Hagerty when I lived in Tennessee for my '66 and would've stayed with them except for one year their premiums randomly increased $200/year. Heacock, which I've had for the last few years has been $350 per year for $40k in Cali and I'll probably go back to them once I'm in a house. However, with my current garage situation, I'm unable to use any of these classic car providers so I'll take what I can get. Plus, my local State Farm agent has been really responsive and detailed so I'm liking the customer service with them a lot already.
 
I had Agreed Value from State Farm on my 68 Coupe. Another State Farm Customer backed into the Mustang in 2016. It took 4 months to settle since they did not want to pay the shop rate of a place that dealt with classic cars. They wanted a place that had a negotiated rate to fix the Mustang. Although all those places would not work on it due to the age of the car. Going back and forth was a huge headache.
 
Yea, I agree with the consensus of comments stating to stay with a classic car policy but I'm kinda in a bind. I either have to find a private garage for ~$500/mo and not have immediate access to my ride or I have to go with a traditional Actual Cash Value policy. Neither of these are appealing options. State Farm, however, has been really straight forward with answering my questions and they're cool with giving me an Agreed Upon Value policy while I park it in a shared but secure underground garage.
 
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