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Agreed value insurance

We have the same deal here with antique plates, typically black. No inspection required, but limited driving. If you are caught by LEO driving outside the restrictions, they can take your plates on the spot revoking your registration. My club discussed this recently, as well as the token example of the guy with a 70 something dilapidated pickup used as a work truck with antique plates. LEO pulled the plates, and then the guy drove off. Then the LEO pulled him over again, and he was arrested for driving a vehicle with no registration. DOH!


I tried USAA, they said they'll insure my car, but in the case of a loss they'll look up a generic 68 Mustang for book value with no consideration for condition, and they do not offer any kind of agreed value insurance.
 
Holy shinola, I just checked with American Collectors and they want $840/yr :ep I just received my renewal from Grundy and it's only $400/yr. I think I'll stick with Grundy!
 
I just checked with American Collectors and thought their prices were significantly higher than what I saw earlier today for both Chrome and Haggerty. Didn't price Grundy yet.

I had a discussion with the Chrome agent regarding modified or stock, and he said the modified premium would cost more, so it would be $132 instead of $114 every six months. Wow, that's compared to twice the premium if you call it modified with the other two I priced today.
 
I used Hagerty, then Heacock, but just recently switched to the Barrett-Jackson ins program they were considerably cheaper, 0 deductable, higher limits on my insurance and they were willing to insure my 07 Shelby as a collector car as well saving me a boat load more, all at agreed value with no questions asked. I would call them before you commit to another company to compare pricing and what you get for the money.
 
I'm long overdue for getting some real insurance for my car. Right now I have State Farm's "antique" insurance which costs me only $50 a year. But, it's liability only and I'm not supposed to actually drive the car (hyperbole).

The cost is part of why I haven't made a move, yet. But, now that it's "done", I'm driving it alot more and exposing myself to financial loss. I need to get on the ball.

My dilemma is deciding what to declare as the value. How does one go about doing that? $ I have invested? Estimate of market value? What it's worth to me? The higher I go, the more it costs, so...

One approach is obviously to estimate how much money I have in the car. Write off my labor and value-added totally.

Another would be to estimate how much it would cost to repair (correctly) if it were seriously damaged.

Suggestions?
 
Most ins. companies I have dealt with like having an appraised value. Ask around the local car clubs and locate a good appraiser and go with that.

That being said, some feel an appraiser will pad the amount to your benefit but so far, for me, it has been good both as a selling point and coverage.

You can also talk with the company you choose and provide copies of your costs. A lot of times, that will be more than it is really worth unfortunately.

Contact the company you choose and ask what they need. Pictures are also a nice touch, sometimes required.
 
Never had to test it, but I have agreed value for an amount I felt I would have to spend to get the car replaced and put into the condition it is in now.

That is actually more than the value of what I could sell the 67 for. I would have to buy a car in rust free shape, paint it do the custom interior, trunk and under hood with gauges and stereo and such, would cost more than I could sell for and hard to fine actually.

I am not sure how the company would deal with a total loss though.

I know on my explorers that were totaled they paid the market value. I know if the agreed value is high enough they are not likely to total the car.

Mel
 
I essentially pulled a number out of my @$$. I figured what it would cost to replace my car and have someone else do most of the work. Essentially it boils down to the premium you want to pay. Like all insurance, its a gamble. Your betting your car will get totaled or stolen and the insurance company is betting it wont. They usually win.... You can insure it for a million if you want to pay the premium. Mine is insured at declared value. I set the figure, sent that and some pictures to Grundy and they sent me a number I was willing to gamble on.... They never questioned a thing.

I know about what I have in my car, having done the vast majority of the assembly and letting someone else do the body and paint work, I'm comfortable with the figure I have in my head.
 
I have an agreed value policy with american family ins. I pay $93 per year. $0 comp deductible $250 collision and free roadside assistance and towing.

No restrictions of time of year I can drive it. I just get an appraisal every time I think I need more coverage and they adjust my value.
 
I got quotes from Grundy and Haggerty and Grundy was quite a bit cheaper.

Grundy sent me some documents to fill out (application forms), one of which was an "acknowledgment" that I would not use the car as backup transportation or to run errands.

When I filled out the on-line quote request, I indicated that I would be using the car for those purposes, and they quoted me.

But, when I called about the acknowledgment form, I was told that they could not cover me if I did not sign that form. Under their policy, I am not allowed to use the car as backup transportation or to run errands.

That's a deal-breaker. I don't plan to drive the car to work unless my driver is broken down. And, if it's a pretty day outside,and I want to take it to Lowe's to get some hardware, I want to be able to.

Is this unusual? Should I look elsewhere or just lie on the form?

If I get this policy, and something happens during "disallowed use", do they just not honor a claim? How do they know if I was using the car as backup transportation? Do they investigate?

Are there companies that don't have this restriction?
 
"PJ Moran" said:
I got quotes from Grundy and Haggerty and Grundy was quite a bit cheaper.

Grundy sent me some documents to fill out (application forms), one of which was an "acknowledgment" that I would not use the car as backup transportation or to run errands.

When I filled out the on-line quote request, I indicated that I would be using the car for those purposes, and they quoted me.

But, when I called about the acknowledgment form, I was told that they could not cover me if I did not sign that form. Under their policy, I am not allowed to use the car as backup transportation or to run errands.

That's a deal-breaker. I don't plan to drive the car to work unless my driver is broken down. And, if it's a pretty day outside,and I want to take it to Lowe's to get some hardware, I want to be able to.

Is this unusual? Should I look elsewhere or just lie on the form?

If I get this policy, and something happens during "disallowed use", do they just not honor a claim? How do they know if I was using the car as backup transportation? Do they investigate?

Are there companies that don't have this restriction?
Click to expand...

That's why I went with Chrome. 9999 miles per year and no restrictions on how I put those miles on the car.
 
I like The American Classic because they will let me drive it to work and put 7200 miles on it. Hagerty said no work or stores as well. I figures what I bought it for and what I have spent plus 5000 they went for that just fine. 25,000 I feel ok about it.
 
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