Agreed Value Insurance
 

Greg's comment in the "Could you drive your car 100-200 miles right now?" thread, that "If you can't drive it 1000's of miles -- you suck as a car builder....." reminded me that I wanted to ask about agreed value insurance.

I built my '68 for exactly what Greg said, long trips, possibly back to the East Coast. The car's about to get out on the road, and I've been looking into insurance. In talking to Haggerty, Grundy and other agreed value insurers, I've been told by each that they wouldn't insure my car on an agreed value policy because of "excessive use." Apparently something like the Hot Rod Power tour is okay, but long solo trips are not.

Are people not using their cars as I plan to use mine? Are they using them that way and not disclosing the use to the agreed value insurer? In short, if you've built a pro-touring car and want to actually tour with adequate insurance for the car, where are you getting your insurance?

When I had Grundy there was no mileage limit, and they never asked for odometer info. The only limit they had for driving was not to use it as a daily driver to work; every other company had that same restriction. Maybe that's changed. Have you checked with Classic Collectors or La Rue Classics? I would be curious if they have mileage limits, they're both site sponsors.

I sent an email to my contact, hopefully he'll be able to answer your question.

Both Grundy and Haggerty have restrictions on type of use - to and from shows, around town hobby usage, car club activities and both prohibited use as a daily driver or for errands.

I expressly asked about long trips, because that didn't seem to fit within what they permitted, and both said "no way." I don't want to not disclose, and then have a claim in Pennsylvania - that might be hard to explain.

And thanks for checking with your guy. I'll also check out Classic Collectors.

Agreed Value Insurance
 

Hi Mike,

In regards to your question with Agreed Value & mileage it depends on the company. The companies you mentioned we write for them & that is true in what you said in regards to mileage. We do have one company Classic Collectors by Infinity which will cover for agreed value & up 12,000 miles of usage. My partner does the Power Tour & different shows & Infinity does not have a problem with that. Most Classic Car companies are more concerned if you use your classic for daily usuage. If you like to discuss further please give me a call at 877-654-1948 ext 101. I will get back to you as soon as possible. I am a sponsor/vendor for the Good Guys show in Orlando so I can back to you after the show is over which 5pm EST.

Thanks,
Mark
Classic Collectors

Thanks. I'll call tomorrow after 5pm your time.

By the way, the quote function on the Classic Collectors site is broken.

I have had Infinity for both my Camaros since 2007 and they have been great and last I saw they offer 1200, 6000 and Unlimited mileage programs.

I signed up on Hagerty but couldnt find much info on that, guess I will have to call them. Whats the point in having a car if it just sits there? Correct me if I am wrong but dont real enthusiast drive their cars?


Anyways, let me know when you find a company im looking as well. Thanks.

I have Infinity Insurance also .... agreed value and 1200 miles/yr and it's still in the project stage, but I plan to drive it more than to and from shows.

Additionally, the agreed value increases each year ....kool.

That's my .02 cents.

I have also heard that Mecum has an insurance product but I am not able to find it on their website.

So to take it one step further; what are you guys and others doing that are running timed track events?

I looked at the Infinity website and under "do I qualify" it has a disclaimer that you can not run any type of a timed event. So this would mean any auto-x, quarter mile, road course event, etc. I know the other big names have the same type of restrictions.

I have always wondered what others are doing, besides rolling the dice, who run their cars at these kind of events.

I don't want to hijack your thread Mike so Jody or Skip, if you want to move it feel free but it is all along the same lines.

Funny --- I don't have titles or insurance on either one of my track cars --- yet since I usually run the NorCal Shelby events -- and they ARE NOT TIMED -- they'd probably be covered in a wreck.... NOT SO at USCA events which are timed!!

Ahhh, the loop hole. Thanks Greg.

I've been thinking a lot about this. If you Youtube auto-x crash there are dozens of videos of guys over correcting or locking up the brakes and sticking it into the wall. Or, God forbid, you want to see if you can get your car into the 11's, 10's, 9's... something happens and you smack the wall. For many, me included, the car would be hard to rebuild on their own dime so I'm curious if there is track insurance specific for events at these tracks or a carrier that will allow a certain level of coverage if you ran an event.

Most all our cars, except yours Greg and Doug's :poke: will be registered street cars that run events.

I know that when I've done Bondurant schools --- you can buy their track insurance --- which ONLY has a $7,000 deductible PER CAR -- so if it's your fault and you smack into someone else - it's $7,000 each!

My guess is -- no normal insurance carrier is going to issue insurance for a "race" event.... the odds just aren't in their favor!

Try Heacock Classic, http://www.heacockclassic.com/. Their website explains about the coverage etc. I tried Hagerty, but since my 67 has supercharged LS engine and it made more than 500 Hp. Hagerty limit seemed to be 500 hp. Hagerty wouldn't even cover it.

Jeff

Correct, but it is available. My policy is with LaRue in KY, underwritten by Infinity. LaRue offers track insurance as needed.

Haven't priced it yet :confused59:

I got in touch with Mark through the site for two of my Dads cars and I would highly recommend him. My parents have blanket insurance on their property, house and cars so they had a whole lot of questions for him and if it would work with his offerings from Infinity insurance. He was very professional and helped them out a lot. It took them about 3 months to decide I think. They went with him on the two cars and couldn't be happier with him, thank god they haven't had to make a claim though. I will definitely go with him when I get my Chevelle done in a few years. If he is still around I won't even call anywhere else.

A claim is a good test of an insurance company to see if they actually cover your loss. I had a claim with my home insurance company on an act of God! Lightning strike, so it took me 3 months and 40 phone calls to get them to pay the claim off! I have friends that had house fires, hale damage on vehicles with different insurance companies and they never seem want to pay for the damage.

Jeff

Woah, back when I did the school 13 years ago, it was only a $2500 deductible... Damn inflation!

To the topic at hand, I don't think any normal insurance is going to cover a track event. I don't expect it to if I have a problem at a track, timed or not. That doesn't mean I wouldn't try, but... Buyer beware.

Hagerty denied me because I daily drive one of the cars.

I dont have enough "driving experience" for Classic Collectors.

I have a clean record yet cant get car insurance :bang:

Any other companies out there?

The classic guys all have milage limitations -- that's how they do "agreed value" and get a low cost per year.


If you DD you'll probably have to go with "normal" insurance -- which then won't give you an agreed value policy. But who knows.... maybe you can work something out with the carrier about the value.

I think you're issue is with having a good agent -- that's their job to figure it all out. Mine does for me. But then again -- I also have LOTS of insurance on many different things -- all with the same agent - and they know where their bread is buttered so to speak.

Try Heacock Classic, http://www.heacockclassic.com/. You can change the mileage per year. Although, you might get denied because you are stating that it is your daily driver. I just estimated the number of miles per year. I can increase the mileage. Anyway, I drove my car for several years (1983 to 1999) on regular car insurance with no mileage. One of the national insurance companies allowed me to state the value of the car.

Jeff

Thanks guys, I will see if I can get a hold of a good agent. I got fed up with Liberty Mutual and looking to change companies, I would also like for my cars to be insured for more than $2k or whatever kbb says they are worth

I used to have my Camaro insured with Hagerty, but I recently switched over to American Modern Home. I work insurance, and American Modern is a well known specialty carrier.

I'm insured with an agreed value policy with unlimited mileage. The policy language is similar to Hagerty and also has similar features such as the guaranteed flatbed towing.

Couple of requirements:
-Licensed drivers in household must have a daily driver (I believe within 10 years of age)
-Owner must be at least 25 years old
-Vehicle must be stored in some type of enclosed space (garage, barn, etc)

Give them a shot.

I've gotten a quote from another company, that has a requirement that "Vehicle(s) must be stored in a locked garage when not being driven." Obviously, if you're on a multi-state trip, it's unlikely you'll find a locked garage at your local Hampton Inn. I've asked if the vehicle is considered to be "driven" for the entire duration of the trip, or if it's not insured when parked. I'll post up what I hear back.

Thanks I will try them too. Decided to just get regular coverage on my daily driver and hopefully Hagerty will come through this time, if not I will check them out. Thanks

American Modern Insurance is the Main insurance for Heacock Classics. http://www.heacockclassic.com/about/

Depending on your coverage, Heacock Classics offers other insurance carriers.
Which Include American Modern Insurance, Hanover Insurance, and Infinity Insurance company. http://www.heacockclassic.com/customer-service/

Your comment about KBB? Well, Kelly Blue Book only goes back to 20 years on cars, so a first generation is not even listed. I owned my 67 Camaro since 1983 and the first insurance company required me to get an appraisal done on my 67 Camaro. This was done at local collector car appraisal service that also restored cars.
When I moved to Florida in 1995, I got Nationwide and they required an Appraisal to be done on the car, but the local agent was able to do the appraisal.

When you contact collector car insurance, such as Hagerty or Heacock. Then you go through the same process, but you have to provide photos of the car and the agent will have you fill a form. The Agent will call you back and ask your more questions about the car. The problem with Hagerty is the horsepower limit seems to be around 500 Hp, so they refused to cover mine. Hagerty has great online system, but I put in all the data and they called me back denied the coverage. You will find that Heacock is cheaper than Hagerty for the premium. I used the same values and Heacock was $500 cheaper on the premium than Hagerty. I have insurance on mine, but the car is still under construction.

Jeff

I wonder if this qualifies as being locked in storage?

Agreed.

Had a fire claim with Infinity several years ago on a previous car and they were quick and easy to work with.

Well, they didn't seem to do good here. http://www.ripoffreport.com/reports/...ty%20insurance Interesting website, but it seems all of the insurance companies that I had in the past are on this website.

Try Condon Skelly.
http://condonskelly.com/