Agreed value ins. & driving to work?
 

I've seen a ton of threads over the years on classic insurance or agreed upon value based insurance and I know a ton of folks have these types of polices.

However, all of the ones I have looked at always have 100% restriction on driving the vehicle to work but I see plenty of threads where people mention driving their car to work occasionally.

I used to have a "regular" insurance policy on the Camaro and wanted to upgrade to Agreed upon value with all of the $$ I've poured into the car over the past year. However, I also like to drive the car to work occasionally. In the past I probably averaged 20 trips to work a year so a bit over once a month.

Are you guys just gambling on not getting into a wreck if you drive it or is their a policy out there that recognizes pleasure based use might be a trip to work on a beautiful Friday or something?

Since this is an insurance questions I've included the obligatory :beathorse

Bryan (Patch) should chime in to help you out with that question. He drives his car to work, in the rain, etc. :lol:

I wouldn't worry about it too much. Insurance companies are probably most worried about your car turning into a daily commuter.

Matt

forbid your in a accident but who's to say you were not taking it to the local oil change shop? :D

All the insurance companies I have dealt with it is not where you are driving it but how many miles per year is the factor that sets the rate. The premium for full replacement, based on a recognized appraisal, goes up quickly from 2000, to 3000 and then to 5000 miles per year.

Call Heacock and see what they can do for you. Steve Rupp uses them also.

Heacock knows my car is parked in an underground gated security garage when I drive it to work.

Agreed Value & Driving to work
 

Hi Chad,

I share your concerns as you stated in regards to Classic Car Insurance. But not all companies are so restrictive. I write with Infinity through their Classic Collectibles program. We have our banner on the site. They have an unlimited milage plan. Please give me a call at 877-654-1948 to discuss further, or if you like or you can click on the banner enter the vehicle information & I will send out a quote immediately.

Thanks,
Mark

Since I'm a firefighter, when I drive mine 2 work (which is every blue moon), I park it inside the apparatus bay with the firetruck and the ambulance. Sorry, but I wouldn't dare drive mine to an office building and leave it outside unattended. :faint: :faint: That's just me though, others are far braver than me.

Look into Heacock Classic they don't have the limitations like some of the others.

Heacock
 

I've had Heacock on my car for 4 years now... and all 3 miles so far! LOL

They are great to work with! Agreed coverage is the way to go!

I have pondered this too and have a similar situation. My car is woefully undervalued as appraised in '96 so I need to make some mods. My insurance is replacement value based on comparisons. Um, by their opinion...:_paranoid I can see that going horribly wrong fast.

Since my car has not seen the road but once since 97 it slipped under the radar until I looked into it recently in anticipation. Now I am not happy.:(

I have seen ads on Speed for Grundy or Haggerty but Heacock is a new one to me.

I have mine with agreed value, after a replacement cost value was assessed.

Unlimited mileage, garage kept, all through my DD and home insurance people, they were cheaper than Grundy or hagerty by far. I got the multi car and home owners policy as deductions because I went that route.

Who is your policy with Eric?

Mine is Westbend and I have all the same stuff, except the agreed value. If I could do an appraisal/assessment and stay with them I would be happy. They explained it differently to my local agent though.

Just make sure it's agreed value, not stated. If it says "actual cash value" on the declarations page it is not agreed value, and they can look at comps and give you a smaller value than the policy is based on.

Mine is American Family.

I'll look at the policy again to double check, but I do remember in my conversation with my insurance lady (I've been with her almost 20 years) she made me get an appraisal and he put "Replacement Cost - $XXk" on it. I also told her the value I wanted on it and she didn't seem to have a problem with it.

This will explain the difference between the two. Most all of the standard daily driver carriers who offer a classic policy are still stated value or ACV, even though you set the premiums on an agreed value. Kind of confusing. Just make sure your policy does not say "actual cash value" as an option for reimbursement.

Agreed Value
 

Hi Jody,

I thought I post this because this what we offer through Classic Collectors via Infinity. All of our policies are Agreed Value:

Total Protection

HomeFeatures and BenefitsTotal Protection


Your Classic Collectors policy includes the following at no additional charge (coverages vary by state and vehicle type - contact us for additional information):
Agreed Value Coverage
Agreed Value guarantees that in the event of a total loss, we will pay you the full amount of coverage listed on your policy for your vehicle. Depreciation and subjective valuation on your vehicles is eliminated.

The concept is simple - if your vehicle is insured for $15,000, and it is totaled by a covered peril, you receive $15,000 minus any deductible, if applicable.

Many insurers sell what is called "Stated Value" policies, which is inferior protection. This coverage states you will receive "up to" the value listed for the vehicle in a total loss, but it does not guarantee the full amount will be paid.

Note: Agreed Value Coverage is offered in most cases at no extra cost, but there are some states and vehicle types where Stated Value Coverage is offered instead. While offering less coverage than Agreed Value, Stated Value Coverage is better than the alternative ACV Coverage (Actual Cash Value) offered by regular automobile insurance policies. Exotic vehicles are the most common exception.

In addition to what I stated above here are additional coverages that Infinity offers via their Classic Car Program:

Newly Acquired Vehicle Coverage - up to $75,000 for 30 days
Still adding cars to your collection? Don't worry. You're covered. A newly acquired vehicle will be covered for the verifiable value or purchase price up to $75,000 for 30 days.
FREE Spare Parts Coverage
Spare Parts Coverage on our policy covers, at no additional charge, extra parts of the insured's vehicle, such as a second set of wheels or a hard top roof to a convertible, up to $1,000 when stolen or damaged in an accident. Spare parts covered do not include those parts needed in the event of a vehicle breakdown.
FREE Trip Continuation Coverage
If your collectible vehicle is disabled due to an accident over 50 miles from the garaging location, we will pay up to $75 per day for lodging and transportation expenses incurred returning to your home address. The maximum payout is $500. See your policy for more details.
FREE Towing and Labor Coverage
If for some reason, you are not able to use our Driver Club Program, we will pay up to $100 for towing and labor expenses incurred due a covered disabled vehicle.



Thanks,
Mark

Jody, just called and double checked and my lady said I'm all set for agreed value. :)

Unfortunatly, verbal is not what it used to be.
I would verify the text on the declaration page of the policy to be in line with the verbage mentioned above. It should be very easy for your agent to highlight a copy for you.

She may be right, Unfortunately, I have seen several on the boards where the agent thought it was an agreed value policy, but underwriting disagreed. ;) If there's a claim your agent can only do so much.

If you have a copy of the policy, just look at the declarations page, and see if it says "actual cash value" anywhere. Costs nothing to make sure. Out of curiosity, what company is this with?

I asked him that earlier. You stated what I was trying to say more tactfully than I did.
When the $hit hits the fan the Agent finds out they were in Sales and their hands are tied.

thanks, missed that info.

Well, bummer. Now I'm confused.

On my Policy Declarations page it clearly states the following.
Coverage:
Other Than Collision Agreed Value
Collision Agreed Value

Limit/Description
$1XXXXX
$1XXXXX

Then, in Part D "Coverage for Damage to Your Auto" of the policy pages, it states Limit Of Liability A. Our limit of liability will be the lesser of the: 1. Actual cash value of the stolen or damaged property; or 2. Amount necessary to repair or replace the property with other property of like kind and quality.

the ACV part is what allows them to look at comps. If they find a "comparable" car out there for a lower value than their policy, then that is their option to make that their payout in a complete loss. You know how many Camaros, Chevelles, etc. there are out there, and the values vary wildly. I don't want to have to depend on their adjuster to know the difference between my $75K pro touring first gen and and somebody else's similar looking car.

I am not saying what they'll do in that case, but I want a true "agreed value" so it's not even an option for them to lower their payout. This is the reason that guys like Mark above and companies like Infinity exist.

I have a Grundy agreed value policy. I specifically asked about this the last time I called. They said "no problem" with driving to and from work occasionally.

As someone else already said, if it ain't in writing or at least in an email, I would never take it to the bank.

Sales reps/agents are there to sell policies.... the adjusters/underwriters/attorneys are there to pay out as little as possible at claim time. :)

OK. I understand my policy fully now. There is a "Collector Vehicle Specified Coverage Endorsement" section that I neglected to scrutinize. In this section the "Actual Cash Value" specification is replaced by the "Agreed Value" specification described on the Declarations page.

:thumbsup: