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Agreed Value Insurance - My impossible Quest?

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  • 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...
    -Chris
    Chris L.

    Spray paint and tire shine doesn't equate to a "restoration!"

  • #2
    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.

    Comment


    • #3
      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
      Chris L.

      Spray paint and tire shine doesn't equate to a "restoration!"

      Comment


      • #4
        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.

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        • #5
          To me Hagerty looks reasonable? Do you find 1K being too expensive?



          - Tire is the other control arm bushing.

          zhpregistry.net

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          • #6
            Originally posted by noro View Post
            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


            - - - - - - - - - - - - - - - - - - - - - - - - - AUTOMERGED! There's no thread "bumping" or "double posting" within a 24hr period. - - - - - - - - - - - - - - - - - - - - - - -


            Originally posted by roberte View Post
            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
            Last edited by UNHCLL; 07-24-2008, 06:56 AM. Reason: Automerged Doublepost
            Chris L.

            Spray paint and tire shine doesn't equate to a "restoration!"

            Comment


            • #7
              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.
              1989 E30 M3 Cabrio - Nogaro Sliver / Black - 1 of 786
              1990 E30 M3 - Sterling Silver / Black
              1991 E30 318is - Sterling / Black (Mtech II project)

              Comment


              • #8
                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!

                Yeah, I know.... It has too many cylinders.

                Comment


                • #9
                  American collectors

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

                  $1000 is too much IF you have other options.

                  Good luck bro
                  http://JoeysM3.com

                  Comment


                  • #10
                    Originally posted by mtrsprt View Post
                    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. :(


                    Originally posted by e30m3power View Post
                    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...
                    Chris L.

                    Spray paint and tire shine doesn't equate to a "restoration!"

                    Comment


                    • #11
                      Grundy does insure e30 M3's i just got it for 280 a year with $0 deductable, unlimited milage
                      Last edited by thizzelle; 07-24-2008, 09:43 AM.

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                      • #12
                        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:
                        -Nick

                        1991 E30 with the "other" 16v 4cyl

                        Comment


                        • #13
                          Originally posted by UNHCLL View Post

                          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.
                          http://JoeysM3.com

                          Comment


                          • #14
                            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.

                            Comment


                            • #15
                              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.
                              ApexRaceParts.com - Facebook Fan Page - Twitter

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