Agreed Value Insurance - My impossible Quest?

[e30m3power]

I have a sidebar to this post. I have always wondered how stated value insurance works when you are not the person that caused the accident? In Indiana the person deemed responsible for the accident has to pay for the damage. I have always thought about getting stated value insurance but always wondered what good it would do me in a situation where I didn't cause the accident?

My guess is that your insurance would make up for the difference. But That is just a guess.

[kmicinski]

I have a sidebar to this post. I have always wondered how stated value insurance works when you are not the person that caused the accident? In Indiana the person deemed responsible for the accident has to pay for the damage. I have always thought about getting stated value insurance but always wondered what good it would do me in a situation where I didn't cause the accident?

[paintpro21]

Your rates are very different from the rates I was quoted fomr places such as Hagerty. When I called them 2 years ago (I was 22 at the time) I was told 25k coverage with 1k deductable would be $510 a year. no traffic violations. I can only assume it would be lower for me now.

[///Mflossin]

Chris,
Sounds like your age might be the biggest hurdle. I was quoted $650 for $36K of agreed value coverage but I'll be 32 soon.

[e30m3power]

You're older so they'll cover you. Maybe in another couple years...

lol, Yes I know your age trouble :yup:. My response was for Noro's suggestion that 1k was not bad.

[wazzu70]

Dang, my eta is like 90 bucks a month and I have no infractions on my record and am over 25. I think they would give me like 500 bucks if my eta was totaled. I wish I could get an agreed upon value for that car as its worth far more than Ill ever get if its wrecked, same with my "i" Im sure Ill get cents on the actual dollar value of the car let alone not counting upgrades. Maybe all this means I need to sell my eta and "i" and just get an M3 so I can reasonably insure it for a real value! I've been riding the specialized to work anyway...who needs a commuter :lostme:

[thizzelle]

Grundy does insure e30 M3's i just got it for 280 a year with $0 deductable, unlimited milage

[UNHCLL]

Chris,
I use Parish Heacock for my Porsche and they've been great,....*SNIP*......All things considered, I have nothing but nice things to say about them.
Give them a shot, if this sounds decent...
Good luck!

Good information, and good possibility. I will contact them tomorrow to see what they can come up with. As long as the mileage restrictions aren't horrendous, it may be a viable option. Last year I put 12k miles on the car... so limiting myself to 5k is going to be hard no matter what. :(

American collectors
Agreed value 30k, 5k mile limit, $250 bucks a year.
$1000 is too much IF you have other options.
Good luck bro

You're older so they'll cover you. Maybe in another couple years...

[e30m3power]

American collectors

Agreed value 30k, 5k mile limit, $250 bucks a year.

$1000 is too much IF you have other options.

Good luck bro

[mtrsprt]

Chris,
I use Parish Heacock for my Porsche and they've been great, though I haven't "tried to get any money from them".
This is an agreed value insurance policy with a value I chose entirely, though they do have limits that can be exceeded with certain requirments having been met. This is a similar age/value car to the e30 M3, so I doubt they'd have a problem with the age of the vehicle.
I've had this policy since I was in my 20's, but never was asked about my age.
I also have limited mileage useage, which coincided with my collector car registration in NJ, so that's not a problem... Plus, I think I've put 300 miles on it in 4 years... (Jeez, I need to get that thing out)
I transferred the registration to CT and they had no problems with any of that either, even though it had to be "normal" registration in that state.
The premium is joke cheap, too... I like that... even with a $0 deductible.
I did have to have a daily driver with full registration and insurance with no mileage limitations, though...
All things considered, I have nothing but nice things to say about them.
Give them a shot, if this sounds decent...
Good luck!

[L James]

Chris,

I'm not sure who you talked with at Grundy, but I recently got a pretty nice quote from them on a "agreed value" policy for the E30 M3 Cabrio and the Sterling E30 M3. It maybe just whom you get on the phone. Their quote for the two cars is less than what I pay on the Cabrio by itself.

It's also the coverage isn't as good as what I currently have, but since the car is not driven as often - we can let some of that slide.

Maybe try Grundy again. They didn't give me any issues and I don't have any other cars insured with them. I've not switched yet, but they left me with a good first impression.

[UNHCLL]

To me Hagerty looks reasonable? Do you find 1K being too expensive?

$1k isn't out of the reasonable realm at all. You gotta pay to play... right?
However, looking back on previous threads in the "Insurance" forum, I noticed a good number of members stating they were paying $600 or LESS for near comparable coverage.

Also, while Hagerty was willing to issue the policy (and they are going to send me the paperwork), they also had a very nonchalant attitude about it. While I don't expect to be fawned over like I'm insuring a 1 of 4 Bugatti, I would like I little more attention than someone who's calling Geico to insure a Chevy Cavalier.

-Chris

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Wow Chris, I've got nothing for you. I'm running American Collectors w/ no problem, but I'm an old(er) fart :papa:so a 10yr driving record isn't an issue w/ me nor was it ever brought up by them.. All I can say is good luck in your search.

Yup, I guess thats the burden of being a Young Whippersnapper!
I'm continuing to search for other insurance groups who will do this, but at this time I'm finding them to be a bit more "obscure" than I'd like. If I'm going to put my faith in the company, I want to know they're legitimate...

I plan to also speak with the independent appraiser when he comes to look over my car to get his suggestions/feedback on his experiences with various insurance groups.

-Chris

[noro]

To me Hagerty looks reasonable? Do you find 1K being too expensive?

[roberte]

Wow Chris, I've got nothing for you. I'm running American Collectors w/ no problem, but I'm an old(er) fart :papa:so a 10yr driving record isn't an issue w/ me nor was it ever brought up by them.. All I can say is good luck in your search.

[UNHCLL]

I will be 25 in December, so I can start this all over again once that date has passed.
Lumping the car in with the other family collectable/exotics won't work... as you stated, if it's insured under my parents/fathers name, it won't be covered when I drive it.

For the time being, until I can resolve this and get the coverage I want on the vehicle, I will likely just back myself up with an independent appraisal and sample valuations of similar cars.

One thing of note, every agent that I spoke with, did not have a problem with my requested $25k coverage. They stated they'd only need independent appraisals if the value I was seeking seemed far out of line against where it should be... IE: $100,000 insurance.

-Chris