With the upsurge in 308 prices, what is everyone doing to increase their insurance value of their vehicles? I have American Collectors Insurance for my '77 GTB. About 4-months ago I raised the value from 30k to 50K. Now, seeing cars going on e-bay for $99k, one sold here in 4-hours for 80K, and asking prices getting up there, I want to revalue my car. The response from ACI was they could only justify a value of $47k based on NADA guides, which we all know are 6-12 months behind schedule. What insurance is everyone using and what value do you have on the car? FYI: I have an agreed value policy where if the car is stolen or totaled in an accident, they write me a check for the agreed value. In my case, $50k. No way I can buy another car like mine for that little right now.
I have had the exact same experience in the UK. I upped my Agreed Value last year, I tried to increase it again this year but they would only go so far. My car is definitely under-insured now, there is no way I could replace my car with the Agreed Value in place.
I switched to Grundy back in Feb with an Agreed-Value policy set @ $75K. Grundy accepted that number without flinching. I too am watching values and sell prices. If sell prices consistently begin to creep into the $80's and possibly $90's over the next 3-6 months, I'll probably increase my value.
American Collectors didn't bat an eye when I went from $30k to $50k about a month ago. You should call them back. I have an '84 QV GTS--your car should obviously insure higher. You might want to quote the Hagarty valuation tool to them, as well.
I called Haggarty a few months ago and asked. Mine is a driver in great shape. They suggested 79. Tom
Sean, The answer may well be to switch to specialized carrier. I have yet to cross this bridge with State Farm. My last car is not on the road, and is also valued at the three year old ""$30K"
90k on my 84qv through Haggerty. At first there was a little hesitance from the them, but I kept the agent on the line as I e-mailed several picture to him. He put me on hold for 15 seconds or so as he called over an adjuster to look at the pictures. When he came back from hold he said "no problem, would you like to bump it up some more?" I declined as this time and kept it at 90k.
I suppose I should be getting on the phone, too. Especially with Michigan collector car month coming up for Dream Cruise month! Are they bumping your premium when you raise the insured value? How much? Do they start a new annual policy?
This. I have my Speedster and the 308 with Chubb on agreed value. They didn't question the values I proposed.
How's Grundy for being there when you need them @ agreed value or other issues? Currently with Hagerty but seems high by comparison.
I will be switching from State Farm to a classic car provider soon. As I posted in a previous thread, when I was 29 they wanted an arm, leg, and spare kidney, so I kept it on my standard policy. Now that I am officially a responsible adult with an age beginning in 3, I feel I should go that way given the recent price trends. Still, I'm kind of sad that my affordable exotic project car is turning into its own miniature bubble economy. It's only going to raise insurance premiums and part prices.
I have Chubb. I am upping my agreed value of my 78' 308 from $35 to $50k. They never questioned me when I originally valued it years ago. I am hoping for the same now. Other than that Chubb has been the way to go. No restrictions. Exceptional service. Had to get towed a few weeks ago. Great to deal with. Followed up. Called me back multiple times. Made it a pleasure to work with. Sent from my iPhone using Tapatalk
Switching from Hagerty to Grundy now because they could add my late model Benz to a group policy with value $80k for my 360, $80k for my 328- and the two Ferraris cost only $1400 together per year. Plus if they go up in value the insured value can go up 150%.
After reading this thread I moved my '85 from 40K to 80K with State Farm. I'll have to remember to review annually so I don't get way off again.
I just reupped with Hagerty (Like within the last hour and went from 50K to 70K for a condition 2 '85 GTS- I suppose I could have insured for more but it starts to get expensive as the premium had already jumped to around $740 from $532.
Hi Andy Mine is up for renewal now too.Im with Heritage they have asked me to propose a value.They pointed me in the direction of Car and Classic to research values.. There are very few steel 77 GTB UK Rhd on there,including one at £135k + . What do you consider to be a sensible value to insure at ? is £100k too high in todays market? (excellent condition c 29000 miles) . Brgds
