Agreed value insurance
Thread Starter
Drifting
Joined: Jun 2012
Posts: 1,391
Likes: 73
Agreed value insurance
Any of you C3 guys have an "AGREED" value policy on your car where 1. you are able to drive it to work once a week 2.have decent coverage ie 100k/300k 3. rates are under $800yr.
I have looked long and hard and I dont believe such a policy exists. 99% of these companies like NCM (which they use American Modern) dont even ask you for pics of your car. Its just a liability number. $xxx,xxx value cost $xxxx a year. They make it up with high premiums.
I have looked long and hard and I dont believe such a policy exists. 99% of these companies like NCM (which they use American Modern) dont even ask you for pics of your car. Its just a liability number. $xxx,xxx value cost $xxxx a year. They make it up with high premiums.
Drifting
Joined: Nov 2016
Posts: 1,964
Likes: 579
From: Pittsburgh PA
i have American Collectors and for each one of my cars it clearly states "agreed value: XXX" on the coverage page for that vehicle. they do have coverage that allows you to drive to work, of course that costs more annual. I assume your "decent coverage 100/300k" is in reference to liability coverage on the policy? yes thats what i have,it must match your normal auto insurance policy.
i think mine is very reasonable. I insure all of my cars for less than $800/year
i think mine is very reasonable. I insure all of my cars for less than $800/year
Burning Brakes
Joined: Feb 2020
Posts: 904
Likes: 569
From: Central NJ
I also have American Collectors, just switched, I think I have 5K miles per year and a specified agreed value, very generous, and I also upped my liability....It came in 40 percent cheaper than hagerty and the miles, value and liability were higher... Hope I dont need it...
60
60
1967 Pedal Car Champion
Joined: Mar 2020
Posts: 9,137
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From: US-PNW
NCM absolutely asked for pics of my cars when I insured with them a couple years back. Though i don't drive them to work, both cars together at $125k (also 100/300) agreed value are less than American Collectors was (had them for 20+ years). I pay mid-$500/year for both. That you believe NCM has high premiums flies in the face of the vast majority of comments here on the forums.
Team Owner
Joined: Jan 2000
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From: PA
2022 C4 of the Year Finalist - Unmodified
2021 C4 of the Year - Unmodified Finalist
C4 of Year Finalist (stock) 2019
St. Jude Donor '08
I don't have a C3 but also use American Collectors for my Square Body Chevy. Agreed value policy as stated above. Limits match my standard auto policy that is through a different company. It may very from policy to policy. But, the only stipulation on mine worth noting is that drivers of that vehicle need to have 10 or more years driving experience. So, my teenager can't use it. Probably part of what keeps the rates so low.
Safety Car
Joined: May 2008
Posts: 3,753
Likes: 721
From: Lafayette Louisiana
Grundy here or Philadelphia Insurance. Yes, Yes and Yes. Have agreed to value on a few Corvettes. No mileage limit per year, can not be daily drivers and a few more restrictions, but not much. Your quote sounds high, I would shop around.
Instructor
Joined: Aug 2021
Posts: 108
Likes: 90
From: Central PA
I have American Collectors for 1972 C3 with agreed value of 40K. 5,000 annual miles, $250/$500 with $500 deductible. $350/year with my 17 year old son on the policy.
He doesn't drive it but since he lives in the house he has to be on the policy. I had to supply about 6 pictures as I recall.
He doesn't drive it but since he lives in the house he has to be on the policy. I had to supply about 6 pictures as I recall.
Last edited by PSU1985; Jul 19, 2022 at 02:41 PM.
Drifting
Joined: Nov 2016
Posts: 1,964
Likes: 579
From: Pittsburgh PA
NCM absolutely asked for pics of my cars when I insured with them a couple years back. Though i don't drive them to work, both cars together at $125k (also 100/300) agreed value are less than American Collectors was (had them for 20+ years). I pay mid-$500/year for both. That you believe NCM has high premiums flies in the face of the vast majority of comments here on the forums.
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Thread Starter
Drifting
Joined: Jun 2012
Posts: 1,391
Likes: 73
Guess is might depend on where you live. I am in florida and insurance is coming in over $800 pr/ car. $30k agreed values on each. American classic stripped down all of my coverages, some missing and they were still high.
The true test is when you get in a wreck like I did and you see just how well the insurance company takes care of you. Hence a great reason we have forums like this.
The true test is when you get in a wreck like I did and you see just how well the insurance company takes care of you. Hence a great reason we have forums like this.
Banned Scam/Spammer
Joined: Jul 2022
Posts: 83
Likes: 22
Agreed Value Policy applicants should keep in mind:
The higher the agreed value is, the greater the "total loss" threshold is to meet when the loss results from accident or fire damage.
Some brokers employ adjusters who will find cheap, creative solutions for repairs.
And those creative repair estimates can make it quite difficult to identify exactly which part number/brand/source the repair part is
Also, finding your own pro adjuster to hire is much easier said than done; they all know who actually butters their bread (it ain't you).
T Shirt.
The higher the agreed value is, the greater the "total loss" threshold is to meet when the loss results from accident or fire damage.
Some brokers employ adjusters who will find cheap, creative solutions for repairs.
And those creative repair estimates can make it quite difficult to identify exactly which part number/brand/source the repair part is
Also, finding your own pro adjuster to hire is much easier said than done; they all know who actually butters their bread (it ain't you).
T Shirt.
Burning Brakes
Joined: Sep 2012
Posts: 823
Likes: 102
From: St Louis
St. Jude Donor '13
NCM absolutely asked for pics of my cars when I insured with them a couple years back. Though i don't drive them to work, both cars together at $125k (also 100/300) agreed value are less than American Collectors was (had them for 20+ years). I pay mid-$500/year for both. That you believe NCM has high premiums flies in the face of the vast majority of comments here on the forums.
) and I'm going to raise it from $30K to ??? $40K?? since my resto is near complete. I paid $164 per year.BTW they did require pics as well.
1967 Pedal Car Champion
Joined: Mar 2020
Posts: 9,137
Likes: 4,248
From: US-PNW
Of course, you're right. Garaging and a person's age and driving record are what it's all about. I was just reacting to the OP's no photos and "high premiums" comment. My judgement of a high premium isn't likely the same as theirs and it was just knee-jerk on my part.
Drifting
Joined: Aug 2010
Posts: 1,797
Likes: 304
From: Charlotte Area North Carolina
Same. Been with Grundy for 12 years. Have not shopped around in awhile but the last time I did they were competitive. I have agreed value. I did provide photos. Did have one claim with Grundy 2 years ago and it was perfect, no hassles, great communication from Grundy to me all along the repair process. Mine are not daily drivers.
Team Owner
Joined: Mar 2002
Posts: 44,681
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From: Huntsville AL
Drifting
Joined: Oct 2020
Posts: 1,567
Likes: 576
From: Wisconsin
While we are on the subject, do any ins companies define daily driver?
Burning Brakes
Joined: Mar 2014
Posts: 1,226
Likes: 807
From: Dallas
2022 Corvette of the Year Finalist -- Unmodified
2020 C3 of the Year Finalist - Unmodified
I have an agreed value of $80k with Hagerty and have full coverages on my '70 LS5 Vert... Price seems very fair, under $800/yr here in Dallas. No mileage restrictions etc....
Thread Starter
Drifting
Joined: Jun 2012
Posts: 1,391
Likes: 73
JDILEVETTES,
Have you read your complete policy, all the fine print, NOT the declaration page where it states the agreed amount. I have one of those too BUT there are tons of clauses. Iam 100% sure you cant just drive a 1970 car around when every you wish and expect to get a $80K check when its totaled. I have never talked to anyone, included people on this site, who have had a classic car totaled and received an agreed value check. I have been there, done that and its a fantasy. Insurance companies are like vegas: in the business to make money.
Have you read your complete policy, all the fine print, NOT the declaration page where it states the agreed amount. I have one of those too BUT there are tons of clauses. Iam 100% sure you cant just drive a 1970 car around when every you wish and expect to get a $80K check when its totaled. I have never talked to anyone, included people on this site, who have had a classic car totaled and received an agreed value check. I have been there, done that and its a fantasy. Insurance companies are like vegas: in the business to make money.
1967 Pedal Car Champion
Joined: Mar 2020
Posts: 9,137
Likes: 4,248
From: US-PNW
Did you follow up with Adam and NCM to get a quote?