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Agreed Value Insurance - My impossible Quest?

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  • chutrain
    Kind of in the same boat with you Chris. Since I'm under 25, I can't find a company that will insure for a agreed amount. If I were to insure it under my father's name, they won't cover it if I was driving. Would love to hear what you do, Chris.

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    started a topic Agreed Value Insurance - My impossible Quest?

    Agreed Value Insurance - My impossible Quest?

    Having recently witnessed the trials/frustrations/aggrevation while battling with a "regular" insurance company over the value of a totaled M3, I decided it was time to look into Agreed Upon Value Insurance for my M3. I will share with you what I've discovered thus far. Your experiences may differ, so I encourage you to add your experiences as well...

    Background - At the time of this post, I am a 24yr old adult male, un-married, with 2 traffic violations on my record.

    Company 1: Travelers Auto Insurance
    Outcome: Will issue a "Stated Value" policy on the vehicle. However, should the car be damaged/totaled, they will only pay out the lowest value based on the following - Stated Value, appraised value, depreciated value. They will not issue "Agreed Upon" value insurance.

    Company 2: Leland West
    Outcome: They value the e30 M3 at a maximum of $18k without further proof of value. In order to insure the car for more, you need proof of modifications/receipts of purchases totaling the value you wish to insure. (I was seeking $25k insurance, so they'd require a minimum of $7k in receipts) Leland West will run a 5 year background check on your driving record. You are limited to a maximum of 2 violations in that time period. Leland West will not insure you/your vehicle if you are under 25 years of age.
    Leland West requires a 2nd vehicle with insurance for primary driving duties.

    Company 3: Hagerty
    Outcome: $25k agreed upon value. 5,000 miles per year limitation. - ~$1,100/yr premium with $0 deductible.
    $500 deductible drops the rate to $1,000 a year
    They had no limitations at the time of the quote based on age of the driver/owner. They did require you to have a 2nd vehicle for primary use that is insured with another company.

    Company 4: American Collectors
    Outcome: Will not insure owners/drivers who have less than 10 years driving experience. Non-negotiable at this time, although they are attempting to institute programs in various states that may allow between 5-9 years minimum driving experience.

    Company 5: American Modern
    Outcome: I thought I'd dialed the wrong number and got the RingLing Brothers Circus.
    After being on hold for no less than 25 minutes, bounced between 4 departments (including the "financial" department?!?), and on hold for an additional 20 minutes.. I hung up. Nobody could provide me with a quote. I am a paitent person, but if it takes that much hooplah to even try to GIVE them my money... I don't ever want to be on the end of GETTING money from them.

    Company 6: Grundy
    Outcome: Without an additional Exotic/Classic car on the policy, they will not insure an E30 M3. They deem this car to be "too new" for a policy by itself. It was a non-negotiable aspect to their policies.

    Note - State Farm is NOT included on this list, as they are the current insurance company that has been impossible to deal with. I previously had them as my carrier, and while I never had a claim, their rates were foolishly high. When push came to shove on this current totaled car battle, they have consistently changed/backtracked on agreed upon payouts/coverages/etc. (More on that saga later...)

    Given my personal & indirect experiences with State Farm, I will not suggest them to anyone as an insurance provider.

    More as the "Grail Quest" for Agreed Value insurance continues...