NY Insurance Question

[MStier]

We've just moved from rural NJ to rural NY, and I need to get new insurance. We’ve had agreed value insurance in NJ for years from American Modern, at about a $600 premium, but in recent years it’s been at a sorely undervalued replacement value for the vehicle, an '88 coupe. I just got a quote from Hagerty for $1,100. NY is a better state for liability and insurance regulatory issues, so I expected that increasing the agreed value to a better reflection of replacement value would yield a somewhat better agreed value/premium ratio, and it is somewhat better than double with a more than doubling of the agreed value--but with an increase in deductible from $1,000 to $5,000. But it’s still hard to swallow.

I'm reducing the allowed annual average mileage to see what effect that has on premium.

My question for you is whether there are any alternatives to Hagerty for classic car/agreed value coverage in NY?

[boomvang1]

I too live in Upstate NY, and have Hagerty for both my 911's, an '83 SC and an '02 Carrera Cab. Agreed values of $60k and $30k respectively. I'm paying $1100 for both. What value do you have on your '88?

[OldSpool87]

American Collectors writes agreed value policies in NY. I have them on my cars and happy with them.

[bfarmer]

It’s important to know the difference between Agreed value and Guaranteed value. Agreed value means that they will never pay more than that value. This does not prevent them from arguing that the value is less than the agreed value. Agreed value would be helpful if you needed to insure a priceless Ferrari but could only afford coverage up to a certain value.

Guaranteed value is exactly that, you are guaranteed to receive the value on your policy, no matter if market prices have gone up or down.

I am not an insurance expert, but this was what I learned when I tried to get Guaranteed value with Hagerty but did not have enough daily drivers. If you can’t get Guaranteed value, you’re better off getting a normal insurance policy than an Agreed value policy.

[MStier]

Thank you, guys.

Boomvang, I put down a value of $60,000. That seems to be going rate for cars like mine but maybe it's actually light. Probably hard to know with the current economy. But your coverage of two cars for the same premium as my one indicates something is way off.

BFarmer, I'm going to have to look to the specific policy definitions. What I'm seeing online indicates guaranteed value and agreed value often have the same meanings, sometimes not.

OldSpool, I'll have the agents check American Collectors.

[MStier]

Boomvang, a little more data. The limits I'm being quoted are $500k liability, $100k property damage, which are the minimums I need under my umbrella. Are your limits below that? I'd be surprised, but thought I'd ask.

[gumby]

I'm insured through State Farm..$700 per year with value at 70k