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Agreed Upon Value Insurance

sounds like you did your homework. I chose Grundy mostly because they had the agreed value and didn't limit how many miles I drive. The HRPT is typically 3,000+ round trip alone! They do require it be locked in a secure garage. I have also had two claims. Once for a rock busting my windshield and the other for some front-end damage at Beach Bend drag strip (I wasn't racing, it was in the parking lot). Both claims were handles quickly and they let me choose who did the repair and did not make me get quotes. They just said get it fixed! i'm really happy with Grundy. I did have State Farm prior to having it painted back in 2007 but I never had a claim. I was just worried since I have them on my home and other cars and they are not that great. They nit pick everything and try to get out of paying for anything. We had a wind storm damage our camper trailer and it was like pulling teeth. Then we had a pipe leak in the house and they said since it didn't "burst" they wouldn't cover it. Next we had a heavy rain storm where water seeped into the the basement bedrooms and flooded the carpets, they wouldn't cover that either. I decided I didn't want them covering my 67
 
good on you! I had been insured with State Farm for over 30 years and they dropped me over a DUI. I will never spend another red cent with State Farm.
 
I have used Hagerty for years for my Mustangs and the '69 Corvette I had. My other cars were insured by State Farm with a $500 deductible and all the standard trimmings. I was paying over $250 a month for a 2008 Trailblazer and a 2009 Corvette. A few months ago I thought "Hey, the Corvette is a special interest vehicle" and called Hagerty. They insured it without a question for about 40% less than State Farm. A couple of months later I bought a '95 Bronco and figured "What the hell?". Again, they insured it for a real bargain price. The only proviso was that the vehicles would all be kept in a secure garage. This is saving me something like $2,000 a year and there isn't any deductible. I love those guys!
 
So due to my garage situation, along with a variety of other family desires, we moved to a house with private, attached 2-car garage in Torrance, CA (about 30 mins south of downtown LA). Just this move caused my Statefarm premium to go from $550/yr to $400/yr! Keep in mind, I have a $50k Agreed Upon Value policy with them and I'm allowed to drive the car however/whenever I want as long as I keep it under 3000 miles/yr. Now that I have a private garage again, I went ahead and got quotes for a couple of classic car insurers.

Grundy: $303/yr
Heacock: $442/yr
Hagerty: $832/yr

Obviously, I won't be switching to Hagerty because this is the same issue I ran into a couple years ago. For my car, they're just much more expensive compared with everyone else. At first I thought this was a fluke or the location I lived (Nashville, TN) but now that I'm in Cali, I'm still receiving a high quote from them so it must be me or my car. I've had my license for 19 years, I'm 35, my criminal/driving backgrounds are spotless so there's nothing with that angle though. I'd love to switch to Hagerty, as the premier classic car insurance provider, but the double to almost triple price difference makes it hard to justify. I'll probably switch from Statefarm to Grundy or Heacock since they specialize in classics, provide more coverage for spare parts, and will work with you in choosing your replacement parts if you're in an accident.
 
Brent,

Just for clarity sake you should contact Haggerty and share with them the quotes from their competitors and ask them to explain themselves. When I got quoted by them they were much more in line with the others (still a bit higher). They may have something incorrect in their data about you or your situation, etc. If that is the case you'll want that cleared up even if you never use them. Stuff like that could find its way into other databases and could bite you down the road. All the big insurers share data and I have to figure Haggerty might as well.

Just a thought
 
Terry, point taken. I just received these quotes and haven't had time to contact any of them. I'll definitely call Hagerty when I get serious about switching back to a classic car insurance provider.
 
I just recently found out about American Collectors from a car guy buddy. They covered me with the same high coverages I have on my daily drivers and the premium was the same as another collector insurer ($400/yr). I will re-evaluate the 3000 mi/yr after the first year. Probably gonna want to drive my coupe more than that.
 
So this was from a while ago but I did end up taking Terry's suggestion and calling Hagerty to verify if their premium quote was correct, and it was. They essentially said that their computer system analyzed my location/car/personal factors and arrived at that premium. I explained that all the other insurance providers were lower and they tried to spin it as how they offer very specialized protections for classic cars, which may be true, but so do Heacock and Grundy.

Ultimately, I've remained with State Farm. My premium is under $400/yr for $50k and this year alone I've had to have my '66 towed twice and they quickly sent a flatbed and I wasn't charged anything.

Plus, not being restricted in how I drive the car is great. Hagerty/Heacock both don't want you using it for going to work or running errands. State Farm doesn't care where/when I drive. Now, I'm not sure how the experience would be with State Farm if I get in a wreck in my classic, but so far I'm happy.
 
Some insurance providers weigh all the factors they use differently. One may treat driving records as a much larger component while another may think your credit score is more important. Ya never know. That's why you always get multiple quotes.
 
I was with Hagerty for almost 10 years until their premiums became ridiculous. Plus, every year I had to fill out a multipage form for my modified fastback. I switched to Grundy 12 years ago and was very happy, but also never made a claim. I received my renewal this year and they had lowered my coupe to $30K and raised my fastback to $50K plus added collision. The current limits were $35K for each car and no collision since Trouble wasn't on the road yet. When I called in to ask what happened, the agent said "Oh, you made those changes last year." No, I didn't. I had to send them an e-mail with the requested limits and more pictures for the coupe since I was raising it to $40K. I also contacted Heacock since I get a discount as an MCA member. Bottom line, Heacock came in $50 less and I was treated much nicer so I am switching today. My premium is $504 for the two cars and my enclosed trailer.
 
I’ve been looking into some of the companies mentioned above. I’m not sure if Hagerty has changed their policies over the years, but when requesting a quote. They ask HOW you’re going to drive it and how many miles; examples being:
- Only in parades and car shows
- Every once in a while to work and out to eat
- For up to 5 months a year it will be my daily driver
and the premiums are based off that. It was definitely more expensive than Grundy, but seems like it gives you more (honest) freedom.
My big concern, working on base is that if I need a tow or repairs, there really isn’t anything else I’m going to be doing on base other than working.
My big concern is total loss, ergo, I need something with agreed upon value.
Right now I have USAA which is good. Has anybody used 2 policies - one for the “daily drive” knicks and dings, etc. but then a supplemental Agreed Upon Value...just in case?


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Is your car serving as a daily driver? If so, insure it as such with a typical insurance provider. Haggerty and Grundy are not actually daily driver coverage providers (Yes, I know they say they are). Your typical purveyors like State Farm, etc. do classic car insurance.
I have Grundy cover my toys. Not my daily driver vehicles. Grundy doesn't limit how I use my mustang and I have an agreed upon value policy with them. It sounds like you want the best of both worlds. Set your own value but also have them cover you if you get a rock chip driving to work. That's not reality. Classic car insurance works at the low costs we all enjoy because the vehicles we insure we take great care in protecting. You can't say that about a daily driven car.
If you're worried about a "total loss", just buy the remains back from the insurance company after the claim. Then you can rebuild it again yourself.
 
Horseplay said:
Is your car serving as a daily driver? If so, insure it as such with a typical insurance provider. Haggerty and Grundy are not actually daily driver coverage providers (Yes, I know they say they are). Your typical purveyors like State Farm, etc. do classic car insurance.
I have Grundy cover my toys. Not my daily driver vehicles. Grundy doesn't limit how I use my mustang and I have an agreed upon value policy with them. It sounds like you want the best of both worlds. Set your own value but also have them cover you if you get a rock chip driving to work. That's not reality. Classic car insurance works at the low costs we all enjoy because the vehicles we insure we take great care in protecting. You can't say that about a daily driven car.
If you're worried about a "total loss", just buy the remains back from the insurance company after the claim. Then you can rebuild it again yourself.
Click to expand...

It’s not a daily driver, but I will be 2-3 months where I drive it to work everyday. Then not drive it for months (all based on weather and what I have to do after work). Then drive it once a week. I take really good care of it, I’m the only one that drives it. But there’s no way I could rebuild anything nor afford to replace in a total loss.
Yes, I would like the best of both worlds and willing to pay a little extra.


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I don't think its that easy but I am not an insurance guy. I think you need to pose the scenario to your current auto insurance agent and get their take and suggestion.
With my Grundy policy, I can drive all I want without conditions or mileage limits and it is a agreed upon value policy for a pretty nice valuation. Far above the average sale price of a well restored fastback. I don't see why that wouldn't work for your situation. The only real stipulation being it is stored in a locked garage at my home.
 
Horseplay said:
I don't think its that easy but I am not an insurance guy. I think you need to pose the scenario to your current auto insurance agent and get their take and suggestion.
With my Grundy policy, I can drive all I want without conditions or mileage limits and it is a agreed upon value policy for a pretty nice valuation. Far above the average sale price of a well restored fastback. I don't see why that wouldn't work for your situation. The only real stipulation being it is stored in a locked garage at my home.
Click to expand...

This is the quote from Grundy’s quote that is throwing me off

“Please note that this program allows for driving activities consistent with and related to participation in vehicle exhibitions, vehicle club activities, parades, leisure/pleasure drives, maintenance, pleasure use and infrequent general use; up to the mileage tier indicated above.”

Maybe they have a different plan that what I can view online.


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CUAviator said:
This is the quote from Grundy’s quote that is throwing me off

“Please note that this program allows for driving activities consistent with and related to participation in vehicle exhibitions, vehicle club activities, parades, leisure drives, maintenance, pleasure use and infrequent general use; up to the mileage tier indicated above.”
Click to expand...
Aside from using the car to commute to work, they pretty much allow you to drive it whenever you want. What are the mileage limits or tiers?

Hagerty and Grundy are primarily car enthusiast insurers. They insure "toys" and collectibles that they expect the insured to treat with as much care and concern as, well, most car enthusiasts do! That's why I asked if this was going to be a daily driver. If it is then you should go to an insurer who will treat it as such. As you've found though, they will value it as an old car and not to the level you may like.

I think my last annual premium was just over $300 with an agreed upon value of $60k. Mind you, to get that value I had to supply pictures and other details of my investment, etc. in the car. Allstate or State Farm are not going to provide such a policy. In exchange for such coverage, it is on me to use and drive the car as expected.

It doesn't get driven to work or the weekly grocery run. That doesn't mean it hasn't been through a fast food drive through lane or made as stop at an auto parts store. Most weekends it gets driven for a few hundred miles and visits a car gathering or two of some type. Then it hides in the garage all winter except for a few clear days when it gets to roll out and blow off some dust. That's the life of a classic car insured by Grundy or such.
 
Horseplay said:
Aside from using the car to commute to work, they pretty much allow you to drive it whenever you want. What are the mileage limits or tiers?

Hagerty and Grundy are primarily car enthusiast insurers. They insure "toys" and collectibles that they expect the insured to treat with as much care and concern as, well, most car enthusiasts do! That's why I asked if this was going to be a daily driver. If it is then you should go to an insurer who will treat it as such. As you've found though, they will value it as an old car and not to the level you may like.

I think my last annual premium was just over $300 with an agreed upon value of $60k. Mind you, to get that value I had to supply pictures and other details of my investment, etc. in the car. Allstate or State Farm are not going to provide such a policy. In exchange for such coverage, it is on me to use and drive the car as expected.

It doesn't get driven to work or the weekly grocery run. That doesn't mean it hasn't been through a fast food drive through lane or made as stop at an auto parts store. Most weekends it gets driven for a few hundred miles and visits a car gathering or two of some type. Then it hides in the garage all winter except for a few clear days when it gets to roll out and blow off some dust. That's the life of a classic car insured by Grundy or such.
Click to expand...

Yep, that’s why I was asking about dual policies. I really only want the Agreed Value policy in case it is totaled on the freeway or stolen from a restaurant (etc) which are allowed under their policy. Because I work in a military base, I’m not concerned about theft there and as the Commander I have my own designated parking spot (and probably wouldn’t drive it to work if I didn’t).
For everything else, I would make claims with USAA (which have been really good so far).


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