Insurance Options?

[atl_1M]

I've recently come to realize that my insurance coverage through Progressive most likely isn't adequate as there isn't any info on KBB or Edmunds, and the NADA value is listed as only $39k for my car. And I'd imagine I'd have a lot of trouble with an adjuster getting them to agree with what I think the true value of my vehicle is if somethign were to happen. They also don't provide agreed value coverage and their stated value coverage is meant for people who want to pay lower premiums by covering lower than their car is worth.

So I decided to reach out to Hagerty who quoted me almost $2000/yr, which is more than double what I was paying before. It seems ridiculous since I'm only driving between 1000-2000 miles a year. I also reached out to Grundy, but they told me I needed 2 extra daily drivers between me and my wife to qualify. Currently we only have my car and her X5 since we both WFH and it's not often we both need her X5 at the same time for separate reasons. And on the rare occasion, I'd just take the 1M.

So I'm wondering if there are any other options out there that would let me insure based upon an Agreed Value that doesn't cost an arm and a leg.

Any suggestions? Curious to hear what you all are doing and what you're paying.

[dkat]

At this point I would opt for an agreed value policy. I have that now on my 2000 Z8.
I just revised the insured amount to $230K. Insured with American Modern. Premium now $2,311/yr. Classified as collector vehicle. I think there is a mileage limit/yr. It is a weekend driver anyway & have not exceeded 500 miles/yr. I am listed as the only driver.
Also I reached out to others ( Grundy, American Collectors, Hagerty) to name a few. Their quotes were absurd.

[markslc1]

I'm with hagarty. It's about 1600/yr for $70k stated value coverage. Which is roughly what I was paying Allstate for nada value coverage. But I'm open to other options.

[nachob]

Yes get new insurance. I had a nightmare with both insurance companies when my ZHP got rear ended. Both my insurance and the person that hit me gave the same BS that my primo beautiful mystic blue 2003 ZHP manual with alcantara interior was only worth $5000. But it gets better when I choked at how stupid this came in they both told me the same thing. I would've gotten $500 more if I had automatic and leather options instead the manual and bespoke ZHP alcantara interior. The zhp was manual only in 2003!!! Then I requested an independent appraisal that they hired. When their appraiser came back and said my ZHP was worth more than double that they said the nullified his appraisal because it must be wrong. Finally I turned in comps from all over the US including BAT and they told me they can't accept them. They have to be within 150 miles of my address. It was surreal how little any of these people know about cars and the people that give them the appraisals are just as bad. None of the comps in the official appraisals were even zhp. They were regular 330i automatics then they deducted my ZHP for being manual. Anyway. Hagerty is a great company but they limit you to 3000 miles. A guy at cars and coffee said they had an agreed value policy with State Farm I think which is good because you can also have your regular cars and multi car discount. When I priced Hagerty it was expensive and I could only have the 1M so I skipped it. Definitely upgrade your insurance it's shocking the level of stupidity from these insurance folks.

[Toronto1M]

I went with Haggerty for my 1M. Initially I added it as a 2nd vehicle on my regular policy (Belairdirect) for ~1500/y but wanted agreed value which they don't do.

I'm paying about C$2300/y now with Hagerty and have the agreeed value set at C$91k. Insurance in Ontario is generally crazy but I really don't want to be fighting over its value if anything were to happen so that's worth the extra $ each year.

[arvinz]

Originally Posted by Toronto1M

I went with Haggerty for my 1M. Initially I added it as a 2nd vehicle on my regular policy (Belairdirect) for ~1500/y but wanted agreed value which they don't do.

I'm paying about C$2300/y now with Hagerty and have the agreeed value set at C$91k. Insurance in Ontario is generally crazy but I really don't want to be fighting over its value if anything were to happen so that's worth the extra $ each year.

Hey bud, tried sending you a PM but says you aren't accepting any. Wanted to ask you about Hagerty in Toronto

[Toronto1M]

I don't think I've posted here enough to PM, now one post closer!

Dealing with them was pretty straightforward. I just ended up calling them and finalizing it over the phone after getting a quote online. It's still nice to have someone explain all the various details of the coverage, especially as some of it is not standard on other auto policies.

They mailed out some forms to sign and send back and that's about it. Now I hopefully never need to talk to them again

[Allen Aquino]

I would opt out if I was you or I would opt for an agreed value policy like he said

[markslc1]

Any other options I should be looking at other than hagarty? My renewal is coming up so I'd like to shop around.

[atl_1M]

Originally Posted by markslc1

Any other options I should be looking at other than hagarty? My renewal is coming up so I'd like to shop around.

Try Grundy. They're much cheaper than Hagerty but require that each adult in the house already has their own daily driver

[markslc1]

Originally Posted by atl_1M

Try Grundy. They're much cheaper than Hagerty but require that each adult in the house already has their own daily driver

Originally Posted by atl_1M

Try Grundy. They're much cheaper than Hagerty but require that each adult in the house already has their own daily driver

I called Grundy. Not only do you need one car for each adult in the house but they have a bunch of other requirements. The kicker was that you are not covered if you just drive to the gym or grocery store. You have to be driving to/from some kind of car event. Ridiculous.