We have an agreed value policy with several collector and exotic cars on it. Asked them to add the zo6 coming in a couple weeks and they would only insure up to value of invoice. Clearly if the car is stolen or totaled. I will
not be able to quickly replace it at msrp ? I was hoping to insure for at least 30k more than sticker which seems like the minimum markup possible.

I may check with our standard car policy ( Geico ) see what they say but if the agreed value underwriters won’t agree to a value higher then msrp then I doubt Geico will. may not have any choice.

are we all insuring at msrp ?

 

With whom is your policy? I know NCM will only insure for what you're paid for at least the first six months. I have an agreed value policy with Grundy on my Callaway that is valued at $25k more than NCM would agree too (and no mileage restrictions, $0 deductible & much lower premium)

 

what year is your Callaway?

 

It's an '11 Callaway Carbon Z06 (only about 3 produced). When I purchased it NCM told me they would only insure it for the purchase price, even though I purchased it well below market value. On a subsequent renewal they low-balled the value & increased the premium.

 

GEICO doesn’t offer agreed value policies

 

Most standard policies owe you market replacement value, but you have to read your dec pages.

 

my Z06 is insured for 50 over
my R8 is insured for 20 over
my C7ZR1 is insured for 120k which is sticker
my other cars are regular style insurance coverage

 

were those cars insured from brand new we have other cars that are insured for almost whatever we value them at and it’s never been questioned but this Car being brand new picked up from factory first owner thing. They won’t insure for more than actual invoice we just paid. It’s kind of a gray area but a little scary should something happen to car. I believe our collector policy is with Grundy as well .

 

The R8 and Z06 yes but the ZR1 no. Also, my bad, it's a C6ZR1, typo. Wish I had bought a C7ZR1 two years ago for 105k, lol, I had 4 chances at those at that price.

Paid sticker for 23 Z06 and 5 over for 22 R8.

not using grundy though.

 

Great topic and one of those issues that becomes really significant after the car gets home.

Irrespective of the insurer, do you insure these types of cars year round? Living where I live in Northern Illinois, the car will be garaged 6 months of the year. Do you all keep your policies in effect even if the car is garaged for the winter?

 

My car gets less than 1k mi/year. It's insured year round.

 

Why so little?

 

Because I have other vehicles I drive more often & work away from my primary residence during the week. With there being ~3 in the world, I take a little more precautions with it than I do my other vehicles.

 

@JABCAT Understandable. What's your fun toy for when you're not driving Carbon Z06? Or are the rest work/family vehicles?

 

I just had NCM increase my agreed coverage by $10K for both my 70 Stingray ($50K) and my 13 427 ($65K) at my last renewal with no questions asked. This will be my third year with NCM, but previously I had Grundy, and they kept substantially increasing my premiums every year (no claims, accidents, tickets, etc). By the time I got fed up with the price hikes, NCM quoted me a little over half what I was paying for Grundy for essentially the same coverage. All this to say I hope the "agreed value" insurance companies aren't just about new client acquisition, and anyone in the market should do a deep dive into the policy coverages. Especially usage i.e.: Grundy is unrestricted mileage, but has some additional usage provisions, NCM has mileage limits (you pick), but the usage seems more lenient.