Borntorun04/17

Curious about Agreed Value . When I had my 04 I just insured it on my normal car policy as third vehicle. I'm about to switch to Agreed Value Policy. I'm curious on if most of the member here do Agreed Value or not.Thanks in advance . Dave

JoesC5

I have agreed value policies on my two vintage Vettes, but not on my C6 Z06.

The agreed value policies are collector car policies and come with very strict uses on "when and where" the car can be operated.

I didn't want to restrict my "when and where" I can drive when I want to drive my C6 Z06.

All four of my polices(incl my DD) are with State Farm.

vin67

I have agreed and at a mileage usage I'm comfortable with. Determining value with insurance companies can be all over the place when claims are filed.

mschuyler

I like the idea of an agreed value, but the mileage restrictions are a killer. My car is 5 months old and already has 8500 miles on her. Unfortunately, that is a disqualifier. Agreed Value is for garage queens.

guido7834

I have agreed value on my 2017 Stingray coupe. It's from the NCM and the best price I got with enough mile usage for my needs. It's not a daily driver, so the 6000 mile limit I chose is plenty.

mtaxman

Same for me...not exactly a garage queen...but 6,000 miles is all I will do in a year.
I prefer to not haggle over the value if its wrecked...You generally always lose that argument.

JoesC5

Other than the 6,000 mile annual mileage limit, are there any other restrictions as to when or where or why, that you can drive your new Corvette?

VetteDrmr

So, educate me. Agreed value is what your company pays out if you] are liable and need to get your car repaired/replaced, right? It's not what the other company agrees to pay you if the wreck is someone else's fault.

Is that correct, and has anyone actually used an agreed value policy?

I have an LS1/T56 Miata I drive, and was involved in an accident where the other vehicle was at fault. When they realized they had a specialty car on their hands it took one phone call and some documentation on my part to get the car repaired as opposed to salvaged.

TIA, and have a good one,
Mike

mtaxman

Call NCM.

mtaxman

If someone hits you that is a "third party" claim you make against the at fault driver and their insured...Agreed Value is a Physical Damage coverage which is a "First Party" coverage between you and your insurance company. So I you are the one who broke your car you recover the loss rom your insurer. With agreed value that would be whatever you told the insurer you wanted, less a deductible.
If some yokel hits you, you recover from that guy's insurance company, If he has one.
If the insurer tries to screw you, call your own company and have them get involved...it should not be an issue for them to step in. You should contact them anyway If the hit is serious enough that you are making a claim against the yokel who hit that C7.

JoesC5

I checked their website and they say "There are some restrictions in the policy."

I'm not going to "buy" a policy, just to find out what it contains after payment is made.

That's why I asked you, since you have their agreed value insurance and you seem to be knowledgeable about what it contains. but, if you are not willing to share your knowledge, that's okay.

Steve_R

It's a depreciating Chevrolet, not an appreciating collector car. Why pay extra for an agreed-value policy?

mtaxman

for me its so I can buy a new one for about what I paid for the destroyed one.

mschuyler

I'm afraid i don't understand. The advice given was to call the NCM. That doesn't obligate you to buy a policy to find out what it contains. You call the NCM and ask the relevant questions, then they tell you. After that, you make a decision. You're suggesting the guy who suggested you call the NCM is somehow holding out on you and "not sharing." Say what? His policy would be different than yours anyway. There are options. The only way you are going to get the information relevant to your needs is talk to them. So "Call the NCM." It's good advice.

Steve_R

So you're already planning to have an at-fault accident to total it?

JoesC5

Then you also agree it's good advice that when someone asks a question on this forum about the Corvette, we just all give them the "pat" answer..."call GM".

mtaxman

goodbye to this thread...not worth it.

Borntorun04/17

Some of the restriction on policy I'm looking at is that you must have DD (not car in policy), must be stored in locked garage. Mileage base on what mileage you choose for policy. not used to run errands. These restriction I don't have any problems with in regards to my GS.

My thought on why is if my GS is totaled the Agreed value would cover what I have in GS where with my normal car policy it won't cover all there will be a little gap. The agreed value was only about 200.00 a year difference form normal policy but I would get much more if totaled.

JoesC5

As I have already posted, I have two collector car policies, and that's why I posted about the restrictions. As I said, I have State Farm(and I get the multi-car discounts) but I have inquired with other companies offering collector car polices including talking with Adam face to face at the museum. "no running errands" is very vague, so make sure you understand what an errand is. Is it going to a restaurant for dinner two-three times a week ? Is it going to the mall to do some shopping a couple times a week? Is it going to the gym everyday? Is it going to a bar for drinks every weekend? Is it a long 3,500 mile road trip without the trip having anything to do with a club activity?

Don't go by what you are told by an agent/salesman, but what the policy actually says. If they say you can take your car to a restaurant 'occasionally', then what constitutes 'occasionally', and how do you prove you only take the car to a restaurant 'occasionally' if they decide to not to pay up when your car was stolen while you were having dinner.

As I said, I have normal insurance on my Z06(but with a 7,500 mile annual limit), as I don't want to be restricted in any way as to where I can drive, etc. The last thing I want is to get into is an argument with the insurance company as to whether I as running an errand or not when my Z06 was wrecked, totaled or stolen. I guarantee you that they will win that argument.

The reason my Collector Car agreed value policies are so cheap is that the insurance company's liability is much lower if I'm very seldom driving my old Corvettes and they are locked up in my garage instead of sitting in the parking lot at the mall, by their forcing certain restrictions on my car's use.

My State Farm agent is a personal friend(she owns a Corvette as does her boy friend), so I'm sure I get the straight answers. For example, I get a letter every two-three years from State Farm for new photo's of my two old Corvettes. I call Kathy and she stops by and takes the photo's, downloads them to her office computer and sends copies to the home office. I asked her why she always takes new photos of the engine compartments and the trunks as I thought that the reason for the photos so often was to ensure I wasn't stripping the car's valuable parts and then try and pull a fast one on them.

She said, it was because they are looking for nitrous and it they see any evidence of nitrous on my old cars, they will immediately cancel the policies. Just another reason my premiums are so low as they don't insure Hot Rods, just Collector Cars, and a lot of Hot Rods have nitrous. They don't require photos of my Supercharged Mercedes DD or my C6 Z06.

mschuyler

Did I suggest that? No. Excuse me, but the advice was to call the NCM--not GM. The NCM insurance office is staffed by three people, the only ones really knowledgeable about NCM insurance and its options. You're not going to get "better" answers by asking on this forum because no one here knows your exact needs, nor your exact insurance issues that would affect the price. And you SURELY are not obligated to buy a policy to see what the restrictions are. That is completely insane. I don't understand your attitude here to fellow forum members. it is simply not necessary.