Which Insurance Company to use for an “Agreed Upon Value Policy”???

[reesestewww]

I have all my cars insured through USAA, which I believe is a great insurance company. But, I’m considering changing insurance companies for the Porsches, to one what will write a policy with an agreed upon value. I drive them about 2-3K miles a year.

Any recommendations on companies to use, or NOT to use?

[Joe Bob]

I use SAFECO

[thrown_hammer]

www.hagerty.com

[Formerly Steve Wilkinson]

I second Hagerty. I have a declared value of $35,000 on my '83 SC, because of its many mods. (I actually have about $65,000 in it.)

Stephan

[banjomike]

yeh Hagerty had great prices when I was shopping, but I didn't go with them since I couldn't hang with the milage or garage requirements. With enough hassle most insurance companies will insure for an agreed upon value. Mercury has my '76 for $12,800.

[mwbaum]

I use Hagerty for my 356 Cab...agreed value of 35K

[Joe Bob]

Hagerty requires a garage, squeeky clean driving record, limits mileage and useage....

[kiwior]

I use Leland West,

[reed930]

I use Grundy. They are underwritten by Chubb, a first-rate company. I've had no claims so I can't say how they are in that respect but they didn't quibble with my declared value.

[jthwan22]

I also have USAA for my 3 other cars. Hagerty at $24k agree value for the Porsche

[Teutonics]

USAA for daily drivers, and American Collectors for the toys. Am Coll is affiliated with USAA in some way, as USAA directed me to them and I share the same policy number.

[Formerly Steve Wilkinson]

Wrong, Hagerty has no mileage limitation. All they require is that you have one more car than there are drivers in the household and that you don't use the insured car for work or commuting. Yes, they require a "locked garage," but my "garage" is a tarpaulin ErectaShelter, or whatever they call it, with two zippers. If the car gets stolen out of it--fat chance where we live, since I can park a Lamborghini in the driveway with keys in it and not give it a second thought--I'm in trouble, but if I get rear-ended on the Thruway, I hardly think they're going to send somebody to inspect my garage.

"Squeaky-clean driving record"? I test cars for a living and have tickets from half the states in the country and half the countries in the world. Just none of 'em on my New Yok license in the past three years.

Stephan

[Joe Bob]

I based my post on my experience. They insisted on a garaged vehicle, 5k max on annual mileage, limitted ANY driving to work on a daily basis and b!tched about the one ticket each that my wife and I had....she was not even going to drive any of the vehicles......

[nostatic]

None of these guys want me. No ticket problem, but I drive my car every single day and that includes to work (12K/year). GEICO doesn't have a problem with that, but I'm sure I would get hammered for replacement value (no agreed value, although I can take it to an authorized body shop to have it evaluated).

I just called Hagerty and they said "we like to see 2500 miles per year". This even though "over 5K/year" is an option for their quote. They won't insure me unless I lie...

[CrossT]

Grundy for me was by far the best deal. No deductible. No mileage limit. No garage reqm't. No commuting though. WAY lowest price.

Haven't used then for claim

todd
86 cpe

[RickC]

Had a number of good talks with my local Nationwide agent. He got me a fixed policy with none of the usual limitations. Suggest you make friends with a local rep and see what they can do. I have my home and other cars with him, so he was willing to work hard to make it all happen.

[1yearonLy]

The Hagerty tip was HUUUUUge. I was paying about $140 per old car (2) every 6 months to USAA for liability. Now I'm covered for their value...both...at $150 annually. Yeah, I'm saving $400+ annually and will have full coverage. As you can see I fit their garage requirements...

[img]http://forums.pelicanparts.com/uploads/bothgaraged2.jpg[/img]

Awesome awesome tip. Thanks all.

[targa911S]

I have had a stated value policy on my car for $20K for 8 years with Progressive.

[cegerer]

I was at a car show this weekend and talked to the Hagerty guys at their booth. They went into some detail about the difference between an "agreed value" policy and a "stated value" policy that many insurance companies offer. A stated value policy means very little and is subject to depreciation, market values, etc. when it comes time to cut the check. Agreed value is just that - you set whatever amount you want (there's no appraisal needed) and that's the exact amount they write the check for if something happens. They did also mention that 5000 miles per year is about the maximum they want to see (but they don't take odometer readings anyway!) and it had to be a secondary vehicle.

[RangerGress]

I found this thread Googling for insurance companies that do "agreed upon value". Although I don't own a Porsche currently, I've owned 3x 911's over the years so it was just a matter of remembering my Pelican login.

Now that we have 3 kids, a 911 just won't do anymore. So the DD these days is a classic BMW 5series, 1988. It's NADA value is $4.5 to $8k. In the 8 months I've owned it I've put ~$18k into it, so I'd take quite a loss if it got totalled or stolen.

ShowPics Slideshow by RangerGress | Photobucket

The car is an "occasional DD" to the tune of 4-5k miles per year. I drive it to work on nice days. The classic car insurance companies couldn't accept it's occasional DD use. The normal insurance companies balked when I tried to get into the details of precisely how they establish the value of a car. I tried particularly hard to work something out with USAA, my insurance company for the last 30yrs.

I had already tried every insurance company mentioned in this thread, except for Nationwide. So I called a couple local offices yesterday and today went to one of them and signed all the paperwork. I know have full coverage with an agreed upon value for $15k that was no more expensive than a person would normally spend for a newer car of that NADA value.