I thought I was getting "agreed value" from State Farm in the past but it turned out to be only "actual cash value" instead. Good thing for me no incidents occurred.
Currently paying $780/yr for $60k agreed with Grundy. Going to up it to $70-80k when I renew. Carbon SS seats and the sudden rise in values, don't want to be left out in the cold should the unthinkable happen.
You may find that if you call a regular insurance company and ask to insure your car they may say that they won't insure it under a regular policy because it's too much risk. But they may offer you a stated value policy which limits their maximum exposure. Stated value protects the insurance company, not you. They give you less protection than an ACV policy. With an ACV policy you get the ACV of the car. With stated value you get ACV up to the stated value limit. If ACV is less, that's what you get. As for determining ACV, most states have regulations which insurance companies must follow in determining ACV, to prevent insurance companies from fighting over claims and tying up the courts with law suites.
Is that for your 348 or 355? Do you know how much they would pay out if the car was stolen or totaled?
348 - Around $540/year 1K deductible, agreed upon value. No limitations. I had to fill out a high performance driving resume for the underwriter.
Wade, Stop talking and get it. I have two friends who, very innocently, injured people. One friend was driving a car, and the other was riding a bicycle. Their multimillion dollar policies saved them. It's VERY cheap insurance. 95% of the people reading this should have it. It can happen to you.
I have all my insurance with USAA and have been with them for 30 years. Great company. Of course I have only had a 4-5 claims in 30 years. Years ago they sent me to American Collectors Ins. for my collector cars and Progressive for my boats. I guess they didn't want to do agreed value. When you say no value restrictions.....I am not sure what that means. If it gets wrecked you may find your value and their value are way different. Better to have the discussion prior to the claim, although I have always found them to be fair.
99 355 They would pay market, now that's pretty easy for regular cars, but not sure how they determine the value of a ferrari. I suppose if they use this site, it would be like 120k lol
you can not compare insurance rates with other people here. To many other variables especially individual state laws. My insurance would be cheap but I pay almost $200 per car for Michigan's catastrophic claims fund and I'm sick of it. I really would like to be a at fault state. Someone is always the majority of fault but not here. Makes insurance a bit more expensive than other states. Regardless of what I insure it for I pay this stupid fee, Even if the car is in storage.
This only works for a higher value car portfolio not for a 355 or 348 ;-). 200 bps for a single F355 or 348 and sounds about right...
From USAA: "We insure each vehicle for the actual cash value minus any applicable deductible. Actual cash value means the amount that it would cost, at the time of loss, to buy a comparable vehicle. As applied to your covered auto, a comparable vehicle is one of the same make, model, model year, body type, and options with similar mileage and physical condition."
I have my 348 with stated value of 50k, $1k deductible, 200k/500k coverage and my DD an 11 Explorer with Erie Insurance for about $820 a year. I looked at Hagerty and they wanted almost double that just for the 348.
I went online to Chubb's Collector Car website and, as of a couple of years ago (info from follow-up call), they have new rules. So, the 348/355 don't qualify for new policies (yet). https://www.chubbcollectorcar.com/ . Image Unavailable, Please Login
Yup, I heard similar from Hagerty on my 94. Not sure how some might have it now on this year model but the basis on my DD Miata with a lower deductible may explain it. No sweat. I am 2 years closer to the 25 year Classic threshold, and then we're good to go.
I just got off the phone with Grundy, $619 with zero deductible. They quoted based on my policy with Hagerty. That's an annual savings of $452! What's interesting, the quote was based on the car and my location. No age related info, citations, etc. (connected to Big Data ) EDIT: Quote with Grundy is at a higher value (was $40k with Hagerty, now $45K) and zero deductible (had $500 collision with Hagerty).
Randy, if you don't mind my asking, what carrier? I'm in TX as well and am paying $1k per year for the 348 alone with State Farm. I'd left SF a year ago because they would no longer write my street legal ///M3 track car because it "looked dangerous" (my words, but their evaluation). Went to The Hartford with all of the cars and the house, but Hartford won't write "exotics" (their words) so went back to SF for the 348. Therefore I'm not getting the usual discounts one receives when insuring everything with the same company... Also very curious about this HPD thing you had to fill out. Heck, I do everything I can to avoid such discussions with my insurance companies because they don't want to hear about it, even when I tell them that I've never damaged a single car on the track in twenty years of instructing, and after driving literally hundreds (probably thousands) of cars. I'd think that would be a plus, but I guess I don't fit neatly into their tables. 😔
Interesting. I have never read that. But now that you mention it, I do recall seeing "ACV" on my policy declarations page for my other cars with USAA. Learned something new today. I guess after 30 years of paying them, I should have realized that.
Lots of hoop jumping if you ever need to claim with that. In other words, how will they source their data and what is its accuracy in today's appreciating market. For me it's so much easier to agree on a specific valve beforehand.
