Collector insurance agreed value

[SCTBIRD1173]

Hey guys!

I called Grundy today to see if I can add my Mark to my policy and to my surprise they said yes! So I'm trying to fill out the form to add the car but I really have no idea what to put for an agreed value of the car.

Some basic stats on my car...
98 Black/black LSC
102K (garaged most of it's life)
Overall car is a 7 out of 10 right now I'd say. Should be more like an 8 or 8.5 by Carlisle this year.
Major work being done on the car this year... All new Ford air suspension and suspension hard parts, Saleen speedstars, SCT tune.

Any ideas? I was thinking no more than $8K since my SC is insured for $8500.

Thanks!

 

[driller]

Isn't 'agreed value' what it takes to replace it?

$6K plus cost of any mods, upgrades, etc... would be my guess.

Are there limitations to the policy? The ones I've found were too restrictive on mileage. Also, watch for low (minimum) liability limits.

 

[SCTBIRD1173]

I believe so... When I set up my policy in 2009 Grundy was recommended to me by a friend who had them for his classics and his SC. He told me what to insure the SC for so I really don't know with the Mark. I guess there isn't many that have them on collector policies yet? $6K to $6500 was what I was thinking too as it sits. Not sure if the $1K+ in factory suspension components raises the price of the car or not. Grundy has no mileage limitation and I have been very happy with their coverage so far on the SC.

Thanks JP!

 

[Meister]

Be careful, sometimes 'agreed value' is the maximum they will pay if something happens. It doesn't necessarily mean that they will pay that much if the car is totaled.

 

[LeoC2]

I have Grundy for my other vehicle. Agreed value means that is what you will be paid if it is totaled or stolen, you're premium is calculated accordingly. I know one guy who's car was totaled in a flood and they paid him exactly the agreed value. They require the vehicle be garaged and I think they also require you have another vehicle carrying standard insurance.

My policy has no restrictions as to usage or mileage. I have towing and rental reimbursement also.

 

[Mike P]

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Interesting, whats the monthly premium look like?

 

[steve]

You can say what ever value you want but if it don't add up to them they will ask questions. Also look at the restrictions. You may not be able to take it to work etc. Only car shows and pleasure drives, no trips to buy grocery. They will want it garaged and your daily driver information.

 

[driller]

Also look at the restrictions. You may not be able to take it to work etc. Only car shows and pleasure drives, no trips to buy grocery.

That is what I found at other insurers. I want to be able to go where I want when I want.

I may check into Grundy's now after checking their site. Last I checked I wasn't eligible but they even do daily drivers now so maybe they have changed their restrictions.

 

[LeoC2]

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Interesting, whats the monthly premium look like?

You'll have to ask the agent that question.

 

[SCTBIRD1173]

I'll let you guys know how it works out. Thanks for everyone's feedback!

 

[J]

I'm paying the "appraised value" premium for the Tan car. $15,900 is what it appraised at. I'm paying $900(?) a year for both Lincoln's and Erin's 2011 accord.

At $300, it'd be worth getting the car appraised and see if the insurance will pay the appraised value of totaled or stolen.

 

[Mike P]

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Wirelessly posted (Droid x, cldnt afford iPhone : Mozilla/5.0 (Linux; U; Android 2.3.4; en-us; DROIDX Build/4.5.1_57_DX8-51) AppleWebKit/533.1 (KHTML, like Gecko) Version/4.0 Mobile Safari/533.1)

Interesting, whats the monthly premium look like?

You'll have to ask the agent that question.

I meant yours but ok.

 

[SCTBIRD1173]

Mike, if it helps I pay $150/yr for $8500 coverage on my 90 SC.

 

[Mike P]

Mike, if it helps I pay $150/yr for $8500 coverage on my 90 SC.

cool thanks, thats a good rate

 

[95blklsc]

I'm paying the "appraised value" premium for the Tan car. $15,900 is what it appraised at. I'm paying $900(?) a year for both Lincoln's and Erin's 2011 accord.

At $300, it'd be worth getting the car appraised and see if the insurance will pay the appraised value of totaled or stolen.

We get ripped off here in MA. I'm paying more than double that for 3 cars, one of which is only on the road for half the year or less. Both my wife and I have perfect driving records as well. It cost me the same to insure my old lincoln as my 08 corvette!

 

[mlschultz]

Good timing for this thread! My policy renews next month. I just called Grundy, and asked for a quote on The Mark, and my SL320 Mercedes. He asked what value I wanted to put on the cars, and quickly mentioned no mileage limit, zero deductible, 100k liability, etc., the cars cannot be daily drivers, and parked in a garage.

I told him to value The Mark at $40k, and $10k for the 96 SL320. He came back with a annual price of $480 for The Mark, and $150 for the SL320.

I have some paperwork that he emailed me to fill out, and I need to take photo's of the cars for the underwriters to look at and then they will either accept or decline the policy. We will see what happens. This price comes in way under what my current policy rates are.

 

[SCTBIRD1173]

Awesome Mike! Good luck... fingers crossed!

 

[racecougar]

Be careful, sometimes 'agreed value' is the maximum they will pay if something happens. It doesn't necessarily mean that they will pay that much if the car is totaled.

That's typically the difference between a "stated value" and "agreed value" policy. No matter what, you need to read your fine print.

I struggle to put more than 1K road miles on my XR7 each year, so the 5K mile annual limit on my policy through Travelers is fine by me. I pay $422 annually for a $42K policy on that car.

 

[mlschultz]

Awesome Mike! Good luck... fingers crossed!

Thanks, and Thanks for starting this thread!

That's typically the difference between a "stated value" and "agreed value" policy. No matter what, you need to read your fine print.

I struggle to put more than 1K road miles on my XR7 each year, so the 5K mile annual limit on my policy through Travelers is fine by me. I pay $422 annually for a $42K policy on that car.

I like the no limit mileage with Grundy, even though I have put less than 800 miles on the car in the last 6 months.

I am taking The Mark in for it's 6 month oil change and coolant flush and replace with distilled water and two bottles of Purple Ice this Saturday for the summer season.

I hope to take the car on a couple of road trips this year. It all depends when John Temple can install the new front terminator bumper. I hope to have it done by May.

 

[mlschultz]

I tried to get both the Mercedes and Lincoln on Hagerty insurance. They have a great online application process. Far superior to Grundy's online presence, where I had to speak to a rep on the phone, and he emailed me a pdf to print and fill out.

The problem with Hagerty - they called me today and said they are not interested in insuring any 90's era Lincoln, including my highly modified Mark.

They did take the 96 SL320 Mercedes though... Saved me around $400 per year for more insurance coverage - $10k value with a higher deductible, and less than 4000 miles per year.

Now I have to see if Grundy can do anything with The Mark. If not, will have to renew the current policy.