Collector insurance agreed value

SCTBIRD1173

SCTBIRD1173

Mark my Bird!
I have no experience with Hargerty but my neighbor uses them for his '86 SVO and '80.5 Fairmont Turbo and he has always been happy.

I initially went with Grundy since I knew it would be hard to find a collector car insurance company to insure the SC. (they aren't exactly worth anything yet) Since the Mark is pretty much in the same boat as the SC I figured Grundy would insure that too.

Let me know how it works out for ya Mike.
 
mlschultz

mlschultz

Boost King
lol ok Everthing has changed again :) When cancelling my policy with BB&T - Cincinnati Insurance for the Mercedes, my rep was out of the office, and I spoke with her backup.

She asked why I was cancelling, and I told her I switched to Hagerty. She said she would like the opportunity to quote a stated value policy for both the Mercedes and Lincoln. I said ok, and she came back with the best pricing yet. :thumbsup: In the past, my rep never suggested that a stated value policy was an option for my cars even though I told her many times these two vehicles are not daily drivers and for pleasure use only.

I need to get the Lincoln professionally appraised now, but basically the same rules apply as a Hagerty or Grundy policy. Both cars add up to $351 annually.
 
racecougar

racecougar

New member
mlschultz said:
She said she would like the opportunity to quote a stated value policy for both the Mercedes and Lincoln. I said ok, and she came back with the best pricing yet. :thumbsup: In the past, my rep never suggested that a stated value policy was an option for my cars even though I told her many times these two vehicles are not daily drivers and for pleasure use only.
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Be sure to read the fine print on the policy. I cringed a little when you said "stated value".

Stated Amount policies are priced based upon what you say the item you’re insuring is worth. If you have a loss, the stated amount is the ceiling (maximum) the insurer will pay for that item. At the time of the loss, if market data determines that your item was worth less than you say it was, you will be paid less unless you can convice your insurance company otherwise. Agreed Value, on the other hand, is an amount that you and your agent/insurer agree your item is worth ahead of time. The rate you pay is based on this amount, and if you have a total loss of said item, that is the amount you’ll get for it.
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http://www.grandsportregistry.com/CIL-0904_09-GrandSportRegistry-Stated_vs_Agreed_Value.pdf

http://www.lelandwest.com/stated-value-vs-agreed-value-classic-car-insurance.cfm
 
mlschultz

mlschultz

Boost King
lol Now that you said that, I look :) Here's the language they had me sign. I think I am good so far. Nowhere does it say "stated value" on the endorsement. I have not seen the declarations page yet, as they are waiting for the appraisal to finalize everything.

It is agreed such insurance as is afforded by this policy, with respect to a specific motor vehicle described in
the policy and rated as an 'Exhibition Automobile' applies provided:
1. The use of the vehicle is:
a. Primarily for exhibition, club activities, parades, or other functions of public interest; and
b. Not used on any regular basis (such as to and from one's place of employment), or, for business or
commercial purposes;
2. The vehicle is permanently garaged when not in use; and
3. The annual mileage of any one such vehicle is no more than 4,000 miles.
It is also agreed the value of this vehicle shall be as shown in the Declarations.
 
racecougar

racecougar

New member
That wording is all normal. I'm curious as to what wording they'll use in regards to the value of the vehicle on the Declarations paperwork.
 
mlschultz

mlschultz

Boost King
Received the revised declarations page in the mail.

It has the dollar amount I wanted for each vehicle under the column "Symbol (Other Than Collision / Collision), Rating Basis Value, Current Market Value. I decided to change the value of The Mark to $30k, as that is a more realistic price I would probably sell it for. Forget about replacement cost. :eek:

Under the "Class" column, both vehicles are now: 922000, and under the "Type Veh" column, it now says: Exh Auto.

The Coverages and Limits of Insurance portion is no different than before having full coverage.

Annual premium amount is $351 - for the Lincoln is $239 ($30k), and the Mercedes is $112 ($10k). I am good with that. :) Hope this info helps everyone that is on the fence.
 
mlschultz

mlschultz

Boost King
Alrighty then. Last week I took The Mark on a 130 mile ride to a certified auto appraiser to satisfy the insurance company.

I received the appraisal in the mail today. I think I might have to re-think my insurance strategy, and bump up the coverage significantly.

The appraiser is familiar with my insurance company, and he has high regard for them. Without getting into all the details, he suggested that most people consider insuring for replacement value.

That said, he appraised the replacement value of The Mark at $125,000.00 :eek:

I have a call into my agent to discuss further. Here we go...
 
M

M Darrah

New member
mlschultz said:
It is agreed such insurance as is afforded by this policy, with respect to a specific motor vehicle described in
the policy and rated as an 'Exhibition Automobile' applies provided:
1. The use of the vehicle is:
a. Primarily for exhibition, club activities, parades, or other functions of public interest; and
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I would double check that racing doesn't disqualify it as an 'Exhibition Automobile'.
 
mlschultz

mlschultz

Boost King
Received the insurance quote yesterday from my agent. This is a interesting read, so I thought I will share with everyone the entire letter. Now remember, Hagerty declined insuring any 90's era Lincoln - including The Mark, when I asked for a quote just a month or so ago. I wonder how my agent was able to quote The Mark now? I directly spoke with Hagerty when they declined coverage, and I did not go through my agent:


Thank you for the appraisal on the 1998 Lincoln. I quoted increasing the stated value at $125K, the annual premium on the Lincoln would go from $239 a year to $801. The total for both the Lincoln and the Mercedes annually would be $913. Do you want me to increase the value on the 1998 Lincoln Mark VIII to $125,000?

Also, for a comparison, I quoted both with Hagerty Insurance the annual premium would be $2386…the lowest deductible offered for the Lincoln was $1000, big difference over the annual Cincinnati premium for both exhibition vehicles.

Please confirm or decline increasing the stated value on the 1998 Lincoln to $125,000. The current stated value is at $30,000. I will have to obtain underwriting approval to increase.
 
mlschultz

mlschultz

Boost King
Done deal. Spoke with my agent yesterday, and the underwriter approved the increase to $125k. I should see the paperwork within the next week or two.
 
DLF

DLF

New member
FWIW, I just saved $1,490/yr. by removing my three cars from my standard insurance policy and going with an agreed value/classic vehicle policy. :D
 
mlschultz

mlschultz

Boost King
DLF said:
FWIW, I just saved $1,490/yr. by removing my three cars from my standard insurance policy and going with an agreed value/classic vehicle policy. :D
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Congratulations, Doug! That is great to hear it worked out for you! :thumbsup:
 
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