Guard5.0
Well-Known Member
American Modern and a few others offer decent rates. Just be prepared to show proof of value, potential drivers, mileage limits, etc.
Sponsored
So my friend has an 03 Cobra that she insures with Hagerty's. She has an agreed value policy of $25k (she's started to put money in it and fixing it up). Hagerty does have mileage restrictions so if this car is still your DD they won't insure it. Most agreed policies seem to have restrictions on how/when/where you can drive the car.I see that most of you are talking about modifications in the sense of aftermarket stuff. However, has anyone dealt with modifications that are not aftermarket?
For example, I have a '04 Cobra with 170k miles that I've used as my DD since I got it back in 2003. It is fully insured as a normal car, and if it were to get totaled I would get a payout in the value of a 12 year old car with 170k miles.
However, last fall I went in a did a full refresh of the drivetrain. Brand new engine, brand new transmission, brand new IRS (among other stuff). So while these aren't "aftermarket" modifications, my car's value isn't exactly the same as any other 170k mile 2004 Cobra. So I imagine I would need some sort of different coverage so that in case of a total writeoff I am covered for the true value of the car as is and not one with 170k miles.
I have yet to talk to my agent about this, but what experience do you guys have with something like this where it's not aftermarket but the car's value is more than what they think it is?
Unfortunately my state laws (MA) have it that in order for a car to be considered a collector vehicle it has to be at least 25 years old, so most collector car insurance companies can't insure it here. There are a few that would, as it's considered like you mentioned a low production car, but even then they have mileage restrictions and you cannot ever use it as anything but a toy. I put at least 10k miles on the car daily to work and stuff so that won't fly with them.So my friend has an 03 Cobra that she insures with Hagerty's.
If you can't use your car as a primary or secondary vehicle that is mileage restrictions. So basically you can drive you car once every 3 months.Spoke with Grundy http://www.grundy.com/
$50k agreed value $250k/$500k, $0 deductible $760/yr. No mileage restrictions. Can't be primary/secondary vehicle. Can't be used to drive to work, errands, etc. Only allowed for pleasure driving, car shows, parades. Explicitly said no motorsports/racing.
Since I'm not looking for track insurance, I'm OK with this. She did say that this was all contingent on photographs, and underwriters valuing the car. In the event they couldn't find $50k, they'd ask for receipts/appraisal.
You are correct, them limiting where/when you drive your car is absolutely mile restrictions. But if I went to a car show in KS or TX, I can put the 1000 miles on my car and not care, unlike a policy that restricts me to 3k or 6k per year.If you can't use your car as a primary or secondary vehicle that is mileage restrictions. So basically you can drive you car once every 3 months.
You don't have a lot of recourse for aftermarket stuff. The insurance company is going to payout blue book just like when you trade your car the dealership isn't going to give you an extra $10k for your mods so everyone strips it down before selling it.
Some company offers custom parts and equipment coverage but that's it.
Source: licensed insurance agent.
So Hagerty's "Collector" is not 25 years and older, rather it's "is this rarer than a Taurus that isn't an SHO" sort of thing.Unfortunately my state laws (MA) have it that in order for a car to be considered a collector vehicle it has to be at least 25 years old, so most collector car insurance companies can't insure it here. There are a few that would, as it's considered like you mentioned a low production car, but even then they have mileage restrictions and you cannot ever use it as anything but a toy. I put at least 10k miles on the car daily to work and stuff so that won't fly with them.
I will eventually move on to something else for a DD and let the Cobra sit as a toy, at which point I will use one of those companies. However right now I don't have, nor want, that option so alas it has to be insured as a regular street car.
The first person I talked to this morning from my insurance had no idea, they were like "oh we'll just increase your bodily limit and shit"...I'm like what is that going to do about the payout for the actual vehicle and she just gave me a blank stare like I had asked her to explain me the meaning of life.
Do other major carriers(geico, state farm, progressive etc.) offer agreed value coverage on regular use cars?
Right. There are a few companies that will insure more than just "collector cars" and that's the only way I can get this type of insurance in my state. Most however only insure collector cars, and according to the state those have to be 25 years or older...so they don't qualify for their coverage and since they don't insure other types of cars I can't use them.So Hagerty's "Collector" is not 25 years and older, rather it's "is this rarer than a Taurus that isn't an SHO" sort of thing.