Experience with "agreed upon value' insurance?

Hunter, I don't think agreed policies are available for that vehicle. Hagerty and Grundy are the carriers I am familiar with and I recall my Porsche 911 was not insurable by either of these carriers. Let us know what you find, or you might contact both of these and see. In all, they are both great companies to work with.

 

I've always had Agreed Value Policies (AVP's) for my "collector type" vehicles and never had any issues. Most AVP's are written without fuss because fair market value for say, a 1990 Testarossa, is easy to establish. But, with modified or rare cars, it can be tougher to establish value ----- and, contrary to popular belief, you can't just set an arbitrary high value and pay premiums based upon it. Insurance underwriters aren't stupid (well, they are -- just not in that way ) ---- if you wreck your "over-insured" car a month into the coverage period, they would be screwed.

So, how does it work with such vehicles? Well, I once had a similar car to yours once, an Audi Ur-Quattro with some performance mods, which was worth much more than "book" value. In order to write the AVP, the insurance carrier required that I have a professional appraisal done to set the value ----- kinda like getting your house appraised before you take out a mortgage.

Trouble there was that these vehicle appraisals are not cheap, and often they are a bit of a joke. The guy that appraised my car had never heard of the UrQ before --- let alone ever appraised one. However, it worked out well for me because he basically ended up just setting the value at the number I said I thought it was worth ---- thus, I really ended up paying him for his "official rubber stamp" rather than any kind of serious appraisal.

So, I payed a lot to get nothing.......or, did I? I did get the AVP set at the amount I was comfortable with, so that was something.

 

Oh yeah, try LeLand West for your policy. I don't know about your particular car, but they write a lot of AVP's ---- and have written all mine, past and present. If you get a professional / certified appraisal, I expect they would write a policy for any car.

 

My Agreed Value Policy states that in the event of a total loss, I will received either the Fair Market Value or the Agreed Value, whichever is lower. They also call me every 6 months (renewal period) to make sure my insured value is still accurate.

 

That's a screw job, my friend, you should always be guaranteed of getting the "agreed value" --- that's what the amount of your premium is based upon. What are the odds that your car (and, I can say this confidently without even knowing what your car is) will appreciate enough in market value to always meet or exceed the agreed value?

 

I had a good experience with Hagerty's AVP when I had my 1970 Jaguar E-type stolen. It took about 30 days to process the police report and claim, and then the mailed a check for the full amount of the agreed-to value of the car.

I'd rather have the car but I was impressed with their claim pay-off process. I'd recommend Hagerty to anyone.

Hagerty has three distinct types of insurance they offer: vintage, exotic, and modified/hot rod insurance. I still have two cars insured by them: a 65 Corvette convertible in their vintage AVP and my 98 Ferrari 550 in their exotic AVP.

Note that "agreed value" is completely different than "declared value". DV is how most traditional insurance companies value older cars. DV really just sets the payment for the policy - the amount they pay for a total claim can be less than the DV and is determined by an adjuster.

 

ON the one hand my agent tells me I can "buy as much coverage as I want'.

OTOH, I think most of them exclude any of the pricey mods, to discourage theft of the vehicle.

My Ferraris I insure for XX dollars because a Market Guide or appraisal reinforces what that value is, for a stock example of that year.

 

There's stated or declared value which is the insurance company's way of paying you as little as possible. Then there's agreed value which you list a market value, revisit every so often and they pay that figure no questions asked. Finally Hagerty does a guaranteed value where you insure the car for a figure that makes sense to you and pay premiums accordingly, and will pay that amount without any questions. I have the latter with Hagerty and definitely recommend it. You could insure a 308 for 100k if you wanted.

 

Hagerty paid the entire agreed value when my 330 2+2 was totaled in '07.

 

"Anyone out there with any positive or negative experiences to share?"


Very positive: when my 330GTC burned, AIG Private Client Group (now Chartis - wonder why they changed the name?) paid the agreed value 18 days after the fire. No discussion, no hassle, deductible waived. Very impressive.

I wish it had been a different car.

 

I have an agreed value insurance policy for my Ferrari.

Its good, because my agreed value is what I paid for it. Its worth less now, so if something does happen..............I walk away with what I paid for it 5 yrs ago.

 

That's a stated value policy, not an agreed value policy.

 

I have an agreed value policy that does state in plain English it is the agreed value paid in event of any claim, if a total right off. Secondly the policy allows me to buy the car back for a minimum value ($1) in such circumstances.

 

Hagerty wants more to insure my 328 ($1808/yr) than I pay to insure all 5 of my cars, including the 328 ($1609/yr total for all 5). And then they don't want me to drive it except in parades.

I'll take my chances with my stated value policy. The $7000 I've saved over the last 5 years on premiums should make up for any loss on the value if the worst should happen. And I keep on saving $1400 for every year nothing happens. Not to mention, my insurance company sends their own appraiser to establish value. So how can they argue it if it comes time for them to pay?

 

This policy does pay agreed value, which locks the value of the vehicle for the entire year, and will only depreciate about 1-2% the following the year from the agreed value amount.
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In other cases if you have a sizable collection of exotic vehicles insured with them they will pay diminishment of value, which means whatever value is lost after the vehicle was repaired after an accident they will cut you a check for the difference. Hagerty and Chubb do not offer that provision.
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I work for the company so any questions feel free to email me.