insurance

[jeffnhiscars]

I had a collector policy on my first e30 so I'm not debating the restrictions. They are what they are and insurance companies will always over insure you if you ask and pay but you can't just pick a number and expect a check some day.

I'm still yet to hear anyone say that an insurance company handed them a check for agreed value when the number was significantly different from a justified market value plus maybe something for your custom goodies.

Placebo ?

[Poorhouse]

I had a collector policy on my first e30 so I'm not debating the restrictions. They are what they are and insurance companies will always over insure you if you ask and pay but you can't just pick a number and expect a check some day.

I'm still yet to hear anyone say that an insurance company handed them a check for agreed value when the number was significantly different from a justified market value plus maybe something for your custom goodies.

Placebo ?

That is correct for the acv up to agreed value policies. The insurer is happy to take your money knowing they will not pay over acv.

True agreed value policies from specialty insurers do not work that way. They will not insure a vehicle for over market value. Photos are required to prove condition. In the event of a total loss they pay the agreed value.

If you have documented cases where the agreed value was not paid on a true agreed value policy I would be interested in seeing them.

[Bimmerguy91]

Agreed value means agreed value. If you total the car they pay the value you have agreed upon. I have never had an issue with ANPAC agreed value policies and yes I have unfortunately had to make a claim with them before.

[Aleman]

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.

I just tried last week to get a policy w/ Grundy, but they had some pretty strict (and impractical) rules.

They said I can NEVER drive the car to work, which I like to do every other Friday if the weather is good.

They also said there HAS to be ONE additional car for EACH licensed driver in the household. My wife and I take the train to work, so the one non-collector car we have sits most of the week anyway. What the hell do I want ANOTHER daily car for? What if I worked from home? Would that rule make sense?

When I called them, I quickly surmised that they don't really want you to actually drive the damn car at all. They wanted $620/yr for a declared value of $12,000, driving 2,500-5,000 miles a year. I don't see how you could even rack up that many miles with the other restrictions in place. That price is slightly more than I pay for Geico now.

I will just stick with Geico, and if I need to prove value, I do have ALL my receipts from the past 6 years to help support a value over Kelly Blue Book. Fingers crossed, I suppose.

[DRVN2WN]

I had a collector policy on my first e30 so I'm not debating the restrictions. They are what they are and insurance companies will always over insure you if you ask and pay but you can't just pick a number and expect a check some day.

I'm still yet to hear anyone say that an insurance company handed them a check for agreed value when the number was significantly different from a justified market value plus maybe something for your custom goodies.

Placebo ?

Not a placebo, it's because many people think that they have an "Agreed Value" policy, but they actually have a "Stated Value" policy. Most insurance agents probably don't even know the difference unless they routinely deal with people insuring restored/appreciating vehicles. Here it is from Hagerty: https://www.hagerty.com/articles-vid...value-coverage

[Poorhouse]

I just tried last week to get a policy w/ Grundy, but they had some pretty strict (and impractical) rules.

They said I can NEVER drive the car to work, which I like to do every other Friday if the weather is good.

They also said there HAS to be ONE additional car for EACH licensed driver in the household. My wife and I take the train to work, so the one non-collector car we have sits most of the week anyway. What the hell do I want ANOTHER daily car for? What if I worked from home? Would that rule make sense?

When I called them, I quickly surmised that they don't really want you to actually drive the damn car at all. They wanted $620/yr for a declared value of $12,000, driving 2,500-5,000 miles a year. I don't see how you could even rack up that many miles with the other restrictions in place. That price is slightly more than I pay for Geico now.

I will just stick with Geico, and if I need to prove value, I do have ALL my receipts from the past 6 years to help support a value over Kelly Blue Book. Fingers crossed, I suppose.

Pretty typical. Their underwriting is based on the car not being used as a commuter. Nothing to get bent out of shape over if your use doesn't correlate with what the offer. Plenty of us enjoy the greatly reduced premiums and security of an agreed value policy.

Easy to rack up mileage going to events and on tours.

I pay about $600 a year with Hagerty for $15k on the E36 and $8k on the E30.

(I work from home, each licensed driver has a separate daily driver and have inside storage for daily drivers and "collector veh.)

[Poorhouse]

Not a placebo, it's because many people think that they have an "Agreed Value" policy, but they actually have a "Stated Value" policy. Most insurance agents probably don't even know the difference unless they routinely deal with people insuring restored/appreciating vehicles. Here it is from Hagerty: https://www.hagerty.com/articles-vid...value-coverage

It's like there is an echo in here.

[cory58]

I just tried last week to get a policy w/ Grundy, but they had some pretty strict (and impractical) rules.

They said I can NEVER drive the car to work, which I like to do every other Friday if the weather is good.

They also said there HAS to be ONE additional car for EACH licensed driver in the household. My wife and I take the train to work, so the one non-collector car we have sits most of the week anyway. What the hell do I want ANOTHER daily car for? What if I worked from home? Would that rule make sense?

When I called them, I quickly surmised that they don't really want you to actually drive the damn car at all. They wanted $620/yr for a declared value of $12,000, driving 2,500-5,000 miles a year. I don't see how you could even rack up that many miles with the other restrictions in place. That price is slightly more than I pay for Geico now.

That's a huge disappointment. Here is the marketing language from their web site:

Grundy wants you to enjoy your car, not keep track of mileage like some programs with limitations. Therefore, we give you unlimited miles for pleasure driving and in collector car-oriented activities. It is even OK if occasionally you drive your collector car to work to show it off to friends. However, your collector car must not be used as a daily driver. We require you and all licensed drivers in your household to have a modern car for everyday use.

Based on your experience, the only true part of that paragraph is the last two sentences. My wife and I both have daily drivers and I store my older Bimmers in a locked garage, but NEVER driving them to work is a deal killer. Looks like I will stick with Hagerty. They agreed to let me drive each car to work 20x per year.

Cory

[Aleman]

I got quotes from Hagerty & ANPAC with a $14k agreed value. ANPAC was cheaper and provided higher coverage limits (Hag provides liability $100k/$300k vs ANPAC at $250k/$500k). I'm going with ANPAC once my car gets out of the body shop. Seems to be the smart choice (for me).

http://www.anpac.com/classic-car-insurance/

[cblais19]

I quoted with ANPAC at a ~6k valuation on my 'vert. Nice and low price for 5k miles /yr. Better coverage then my standard USAA plan for my DD as well - pretty impressed with that.

[cory58]

What are ANPAC's restrictions on daily driving the insured collector car? Can't find them on the web site.

[cblais19]

You can't. If you want to daily driver a car you're going to be looking at a standard insurance policy. ANPAC has very generous mileage provisions compared to some of the other classic car/agreed value policies but they still expect you to have a separate daily driver.

[cory58]

You can't. If you want to daily driver a car you're going to be looking at a standard insurance policy. ANPAC has very generous mileage provisions compared to some of the other classic car/agreed value policies but they still expect you to have a separate daily driver.

Thanks. That helps. Realize now that my question was not clear. I do have a separate daily driver, but was able to include driving each of my insured vehicles (two now, but will be three) to work 20 times per year with Hagerty agreed value policies. Not really "daily drivers", but definitely gives me flexibility as long as I stay within the mileage limit. This thread is teaching me to appreciate Hagerty more.

Cory

[cblais19]

Oh, they don't care about driving to work once in a while to show off or the like. Stipulations on my quote from ANPAC were:
a) have a separate daily driver
b) stay within the mileage limits you've agreed to (which is usually some quantity 10k or less although they do have an unlimited option, probably far more expensive)
c) have a locked garage where it stays when not driven

[Bimmerguy91]

Oh, they don't care about driving to work once in a while to show off or the like. Stipulations on my quote from ANPAC were:
a) have a separate daily driver
b) stay within the mileage limits you've agreed to (which is usually some quantity 10k or less although they do have an unlimited option, probably far more expensive)
c) have a locked garage where it stays when not driven

Bingo. I've had them for 10 years and never had an issue. LOVE ANPAC!