Anyone have "Agreed value" car insurance

[z31maniac]

Haggerties sells AVI type insurance and there are a few others. I have it on my white M due to dollar value I have into the car.

Like Barry mentioned there are stipulations.

Hagerty is very strict about their stuff, tried there before.

I am actually an insurance agent and have worked with a few of the companies mentioned (American Collectors, Haggerty and State Farm). There are others that really only care that you have another vehicle for primary use and others still that will do somewhat of a hybrid policy (I have my 91 318iC with Unigard) which will do a stated value as a starting point for what they will pay vs. American collectors that will cut you a check for the full amount you insure the car for.

Let me know if you guys have any other questions about these types of things. Feel free to shoot me a PM.

Take it elsewhere troll.

ONLY State Farm agents can sell State Farm products, Independent Agents who shop multiple companies do not have contracts with State Farm.

Move along........

[reelizmpro]

What do you drive? Some of us have a few more dollars invested and others have cars that can't really be replaced so it does make sense to have good insurance on them.

my current project when completed will most likely get AVI on it as well.

Most E30's probably don't need this type of insurance but it's money well spent if you have an M3 or other rare/desirable model like M Tech cabrio, Alpina, etc. There was a guy on the forums who had his red M tech totaled out and they tried to give him blue book plus a little extra for the factory bodykit. Imagine if you had wrecked your M3 and they tried to give you blue book value $4K?

[z31maniac]

^What if you have a super clean swap car? Same applies.

It makes sense for certain cars, but not most of what inhabits this forum.

[reelizmpro]

Any car that you have a lot of money into and want to get back in case something happens. I probably would not get it for a swap car because if you wreck it, you could always buy it back and "swap" all of the goodies into another chassis. Not too big of a deal because it's just the engine that makes it "special." But if has a bunch of rare parts on it that are NLA, etc then sure it makes sense.

[bimma360]

I know progressive has a declared value as well. Thats who I have currently but havent taken advantage of it yet. When I checked last, they could do it right over the phone. Of course, they wanted me to document everything I could about the car (pictures, receipts, etc) just encase the car got stolen. It was more of a suggestion really and not a requirement, as it really is for my own protection.

However, with the set of wheels I just built. And the interior coming back with everything but the dash wrapped in leather (not to mention everything else), I'll be giving them a call really soon. I think $10K will do it (even though I have more then twice that in the car). This will allow me to buy the car back, get another shell, paint it, and swap everything over. Plus, any damage over $10K isnt worth fixing.

Oh, PS no driving caps either.

[ja burna]

Does USAA have this kind of insurance.. I have well over 20k in my E30

[AJordanWise]

Jean - Most "Major" insurance companies offer the hybrid type that I was speaking of where you give them a "starting value" and they will assess things from there. This is what I have on my car. Lots of times, large companies like AAA have you speak with a customer service person to make changes and they don't know what's going on. Talk to your agent. They should know.

iwantspeed -Safeco or Progressive would likely be a good option for you as well as the OP. They have programs that don't have the restrictions but do have stated value policies as someone else mentioned.

z31maniac - What did I do to make you think I currently work for both companies? I started my career working for a State Farm agent so I know their product line. Now I am an independent agent working with well over 20 companies. Way to make assumptions. You told me... Ouch.

[iwantspeed]

Jean - Most "Major" insurance companies offer the hybrid type that I was speaking of where you give them a "starting value" and they will assess things from there. This is what I have on my car. Lots of times, large companies like AAA have you speak with a customer service person to make changes and they don't know what's going on. Talk to your agent. They should know.

iwantspeed -Safeco or Progressive would likely be a good option for you as well as the OP. They have programs that don't have the restrictions but do have stated value policies as someone else mentioned.

z31maniac - What did I do to make you think I currently work for both companies? I started my career working for a State Farm agent so I know their product line. Now I am an independent agent working with well over 20 companies. Way to make assumptions. You told me... Ouch.

Thanks Ajordan,
I'm going to safeco tomorrow and calling progressive.

[herbivor]

I read somewhere that stated value is not the same as agreed value.

ja burna: I have USAA and asked. They said they wouldn't do it and sent me to American Collectors, which has the same restrictions as Hagertys.

[ja burna]

USAA directs you to American Collectors Insurance when I searched.

When comparing American Collectors versus Hagertys, American Collectors is cheaper by 50+dollars.

[bimma360]

I read somewhere that stated value is not the same as agreed value.

I'd imagine you are right. The way I would guess it is that on one you agree on the value up front. And n the other you prove the value after a claim. I could be wrong but that's just how it sounds to me.

[AJordanWise]

You are correct. Agreed value, they will cut you a check for the agreed upon amount. Stated value is the starting point for the claims evaluation process. However... It gets weird sometimes because not all companies use the same terminology with these specialty policies. If you are shopping for one, just make sure whomever you speak with is VERY clear as to what you want out of the policy rather than using a specific term.

[stormspike]

I use Voyager Insurance services up here in Dallas. Been very good and got my E30 covered for 35k very easily for agreed value.

http://www.classicautoquote.com/

You do have to have a primary car besides the car being insured (they have other policies, but this makes it cheaper, and limit to 6k miles per year. I have other vehicles so this is not an issue. Just wanted to put in my 2 cents on this. Have way too much in her with the engine swap, etc to be screwed in an accident. Had insurance in place withing 3 hours of calling and filling out form and emailing a few pictures.

[stormspike]

Make sure you have agreed value. They cut check with no questions asked. A lot better in my opinion. If car wrecks, then they cut the agreed amount to you ahead of time.

[recall]

Stated value really just seems to be an excuse to make the insured feel better about their insurance, and this seems to back that up:

This form of policy (stated value) is frequently and easily misunderstood.

It is often used on collector car policies. Most insurance agents typically represent it as being the same as "Agreed Amount." It is not! The "Stated Amount" form states the insurance company will pay the lesser of:

The Stated Amount or
The cost to repair the covered auto not to exceed the "Stated Amount" or
The "Actual Cash Value"

The "Stated Amount" helps determine the premium cost.

herbivor, you may be in a better position than I was, as I was trying to get a value just under half of what you want. I signed up for American Modern Insurance (after a lot of looking, like you) and got an agreed value policy, and everything seemingly went great for a couple months. Then they sent me a letter demanding that I lower my agreed value $2k or get dropped. I was on the phone with them for hours, showing them for sale ads and trying to substantiate what I thought we had already agreed upon. This was for a 6k mile/year plan where the vehicle was garaged.

Their underwriters were stubborn as hell and they acted like the internet didn't exist by freaking out every time I sent them a zip file (of photos) or links to eBay (and would generally ignore my emails). I eventually got through to talk to a supervisor and she seemed to be suspicious as to why I even had a 6,000 mile plan. I was told by agents that driving to work "2-3 times per week" would be fine, and pleasure driving otherwise was always acceptable. Then the supervisor dropped the bomb that my car wouldn't be covered if it were damaged in anything that could be conceived of as errand (like being hit in a parking lot of a Walmart...). Fuck them, stay far away from AMIG (or as they like to call themselves, Elite Collector Car Insurance) unless you have a garage queen that you're only driving to car shows with no intent of ever doing anything fun with.

tldr; Be extremely cautious of the restrictions on your plan and know when you will and won't be covered. AMIG blows. If there's a good enthusiast oriented insurance, I'd like to know...