insurance

[Sail Boat]

Sailboat, nice to know Progressive offers this for people who more want to daily their cars. I hunted forever looking for someone who would do agreed value, but all the collector policies required a dedicated garage with lots of restrictions.

I finally found a small company via a local Farmers agent who help me out. I posted a thread about this here the other day:

http://www.r3vlimited.com/board/showthread.php?t=405336

I pay $240 a year with an agreed value of $20K. My policy is cheaper than Sailboats because I have mine for just 3K miles a year and it can't be a daily driver.

But it is nice to know that if something happens, I am not going to get shafted by regular insurance coverage.

Zeems, that's amazing value. I contemplated getting a limited-mile policy and skirting the rules, but in the event of a $18k claim I figured it would be best to play by the book.

Excellent stuff!

[jeffnhiscars]

fortunately, I've only had one total loss claim on an e30 but I've had others on other cars. In each and every case it was resolved based on market value, not book, although book can be a factor.

Newer cars depreciate, (some) older cars go up. Bottom line....what does it take to replace the car in the open market

Make your case wisely and professionally and your odds of a decent settlement go up.

Note...I'm curious as to who has truly been offered "book" for a total loss and who has actually received "declared value" on a collector policy. I suspect very few of either

[MrBurgundy]

When my car (not an e30) got totaled last summer, I was paid current market value, not book value. I was paid out almost 6k over book value. Geico FTW

[Zeemz]

Zeems, that's amazing value. I contemplated getting a limited-mile policy and skirting the rules, but in the event of a $18k claim I figured it would be best to play by the book.

Excellent stuff!

Last E30 I put about 10K miles on it in 6 years. It only comes out when it is nice out so a limited mile policy worked well. If I drove it more regularly, I would either up the mileage or look at a policy like yours. Based on all the calls that I had $900/year for daily driving with a $18K agreed value is pretty awesome as well.

[Poorhouse]

Don't worry about some of the comments, everyone likes the chance to fire off the "go find the search bar" jab. I understand how you feel.

Let me tell you what I did. I bought my e30 earlier this year with the intent of driving it daily. My commute is short, so rolling up the odometer on my 35k mile 325i wasn't much of a concern. I did, however, want to make sure that if I or someone else were to total my car, I would recoup most of the money I've invested.

This is why I use Flo.

Through Progressive I have an agreed value policy of $18,000 with a deductible of $2,000, providing $16,000 ($15,100 including the yearly cost of the policy) of coverage for the car plus $200k liability. As a 25 year old with a foul weather accident on my record, I pay $900 a year for this coverage. I think this is pretty damn good deal considering NADA says my car is worth $5,500. Even though I document every receipt, I'd rather not deal with Geico's adjusters and explain to them why NADA is wrong. I'm not even sure offers of $14,000 that I've had in writing would convince them...

Additionally, I have a permanent dash cam always recording in my car, even when the ignition is off.

I say give Progressive a call. Don't even try with Hagerty, they quoted me at $2,500 a year for a $12k policy.

Good luck!

Take a look at your comp and collision policy language. I'm betting it says actual cash value up to your selected stated amount. Don't believe what your agent or the sales rep told you. Look at you actual policy.

The specialty insurers are typically the only ones who write actual agreed value policies. I have both BMWs with Hagerty for less than $500 a year.

Edit - OP just looked at your other thread. Same advice above applies to you.

[Sail Boat]

insurance

Take a look at your comp and collision policy language. I'm betting it says actual cash value up to your selected stated amount. Don't believe what your agent or the sales rep told you. Look at you actual policy.

The specialty insurers are typically the only ones who write actual agreed value policies. I have both BMWs with Hagerty for less than $500 a year.

Edit - OP just looked at your other thread. Same advice above applies to you.

I've had quite a few inquiries regarding my policy. I will scan and post it here later for confirmation.

[Poorhouse]

:up:

[Sail Boat]

I've had quite a few inquiries regarding my policy. I will scan and post it here later for confirmation.

Poorhouse, you are correct. Crow eaten!

The exact language is as follows:

"In the event of a total loss of this vehicle, the maximum amount payable is the lesser of the actual cash value or the stated amount of $18,000".

If we disagree on the value...

"Paragraph A. of the Appraisal provision is deleted and replaced by the following:

If we and you do not agree on the amount of loss, either may demand an appraisal of the loss. In this event, each party will select a competent and impartial appraiser. The two appraisers will select an umpire. The appraisers will state separately the actual cash value and the amount of loss. If they fail to agree, they will submit their differences to the umpire. A decision agreed to by any two will be binding. Each party will:
1. Pay its chosen appraiser; and
2. Bear the expenses of the appraisal and umpire equally."

Will check back in shortly!

[cory58]

Warning: I asked Liberty Mutual about agreed-upon or stated value coverage. They said they offered it. When I read the language, it was a lot like Sailboat's: LESSER OF stated value or book value. I remarked to the Liberty Mutual phone agent that it is not really stated value coverage. His response was, "Yeah, I guess you're right".

This won't help the OP, but Grundy seems more flexible than Hagerty: No mileage limits and you can drive your collectible to work from time to time. You just must have another car as a daily driver.

[Sail Boat]

Warning: I asked Liberty Mutual about agreed-upon or stated value coverage. They said they offered it. When I read the language, it was a lot like Sailboat's: LESSER OF stated value or book value. I remarked to the Liberty Mutual phone agent that it is not really stated value coverage. His response was, "Yeah, I guess you're right".

This won't help the OP, but Grundy seems more flexible than Hagerty: No mileage limits and you can drive your collectible to work from time to time. You just must have another car as a daily driver.

Yeah, it's sort of shady. Despite assurances by Progressive's agents that the appraisers research values based on market prices and also factor in maintenance/upgrades, I switched to Hagerty.

[Poorhouse]

Warning: I asked Liberty Mutual about agreed-upon or stated value coverage. They said they offered it. When I read the language, it was a lot like Sailboat's: LESSER OF stated value or book value. I remarked to the Liberty Mutual phone agent that it is not really stated value coverage. His response was, "Yeah, I guess you're right".

Yeah, it's sort of shady. Despite assurances by Progressive's agents that the appraisers research values based on market prices and also factor in maintenance/upgrades, I switched to Hagerty.

I have yet to see an agent that understands that coverage.

The intent of the coverage is to allow fleet owners to insure vehicles for less than their market value. Either because they want a reduced premium or because they are buying below market.

[jeffnhiscars]

The more I read this the more I think that the ONLY difference with collector coverage is you get reduced premiums in exchange for some restrictions on use and keeping it in a locked garage.

On the claim end I'm getting the sense that you will not get a penny more with a col.ector policy than with abc insurance. I will agree the collector companies should have a better handle on market value, but in the end that's all anyone is going to receive.

[Bimmerguy91]

I use ANPAC. I have to keep the car in the garage and keep the mileage under 5k a year (I do both of these anyway). $15k agreed value policy and I pay $6 a month (I do have 7 other cars with them so I get a decent sized discount).

[Poorhouse]

The more I read this the more I think that the ONLY difference with collector coverage is you get reduced premiums in exchange for some restrictions on use and keeping it in a locked garage.

On the claim end I'm getting the sense that you will not get a penny more with a col.ector policy than with abc insurance. I will agree the collector companies should have a better handle on market value, but in the end that's all anyone is going to receive.

The classic insurers like Hagerty sell a true agreed value policy.
In the case of a total loss the agreed value is paid without exception.

There are tighter underwriting guidelines and use restrictions however.

I don't find them to be overly restrictive.

[Bimmerguy91]

^ agreed. Yes, my policy has restrictions but I don't feel like its anything overly restrictive.