What insurance value are you putting on your vehicle today?

Just got several quotes as my renewal is coming due. Leland West was far away the best option. $100,000 agreed value at $611 per year, 3000 miles allowed

 

Im thinking!

 

I can smell the smoke from here.


Given the rates. Insurance is small money. No reason to be underinsured.
Now if I just knew what that number is and will be.

 

Good reminder that I need to call and get mine increased. I'm at $30k right now.

'77 GTB, 30,000 miles. Probably going to make it $60k.

 

If they give you the full $55,000! They always find a way to reduce the payment. I always keep that in mind when I send them the updated appraisals. Don't forget to add a bit of a buffer.

 

You'd assume that agreed value means agreed value. What sort of "adjustments" might be made?

 

Good reminder, haven't looked into it in 5 years. Just updated agreed values for my platinum 1989 GTB and driver 79 GTS to Hagerty valuation.

 

1986 328 insured for 75K

 

You obviously have never dealt with a write-off with an Insurance Company. My best friend works for one. You should hear the stories he tells me. They fight valuations for years. Agreed upon or not. In most cases their first offer is usually the best one. The others get worse as lawyers get involved and expenses increase. I hate insurance.

 

I have my insurance with American Collectors Insurance. I just increased my value by $13,000 and they asked me to send in some new pictures when I have a moment. No appraisal needed.

ACI allows 5,000 miles per year usage. I initially looked into a State Farm policy (since that's where I have everything else insured). They wouldn't even allow me to run to the store or take my usual Sunday drive.

 

I use Heacock Classic/American Modern Home Ins, and prior to accepting an agreed upon value (unless the car was just purchased, in which case they just use the bill of sale) they check recent auction and sales results. I also gave them a few links to dealers that had cars for sale with posted prices with similar condition and mileage to my car.

The premium and agreed upon value only tell part of the story. Premiums also depend on where its garaged, but more importantly what your coverage limits are for bodily injury to others, optional coverage limits if you are injured by an uninsured motorist or an underinsured motorist, whether you are in a state with personal injury protection to pay some med bills (some states may not have it, some people waive it), whether you choose optional med pay coverage, and additional glass coverage if you are in a state where its a zero deductible for glass damage replacement.

 

I just raised mine to $75,000

 

Do others have experience with Leland West? I hadn't heard of them before. $611/year for $100K agreed-value coverage is a lot less than I'm paying now with Hagerty for $70K coverage.

I'm planning on raising that $70K to at least $100K for my '89 328 GTS.

 

I'm thankful that I haven't and hope never to.

All companies engage in this sory of trickery?

 

When I contacted LW and Hagarty them some time ago they were more expensive than Heacock Classic/American Modern (and that was comparison shopping for the same limits for injuries, which is a bit part of the policy).

You can't simply go by the other poster saying he is paying $611 a year for an agreed policy until you know what his optional limits are. If he only has a 50/100 policy or a 100/300 policy for injury to others and for underinsured/uninsured motorist claims but you have a policy with 250/500 (which is greater protection for yourself) that will explain why he is paying less, he has less coverage. Until he discloses what the other parts of his policy are you don't know if you are comparing apples to apples or apples to oranges.

 

Ok I'll ask the collective brain trust. 1985 euro GTB QV, best we can figure one of five or less in the US (three confirmed). 39k miles, belts are 4 years old but just about everything else in a typical "major" has been done in the last year. I consider it a condition 2 car, drives absolutely perfectly. I have it insured with Hagerty for $60k right now but I am about to call and bump to $80k. What do you think?

 

Yes. At least as far as last time I checked '86 328 prices. They wanted to offer less, I wanted to be promised more - so we hit a compromise. I'm happy with it. Mainly because I likely would NOT buy another - I'd just put the check into an investment fund and be done with it.

But it's a good point you bring up

Jedi

 

I also am a big fan and customer of leland west I just raised my replacement value of my a 97 F 355 from 60,000 up to 75,000 this year and still pay only about $950 per year with unlimited mileage. Considering the enormous amount of maintenance I have done to the car in the last year if anything ever happened to it I want to be able to by another F 355 of the same value at least. And as prices are slowly climbing I think paying 950 a year is more than worth it. There are MANY opinions on the future value of 355 but I think in 2025 the car will be worth $125,000.

 

Definitely valid points. From what I can tell, "identical" coverage from LW vs. what I've got now with Hagerty would cost considerably less. There may be some intangibles that make Hagerty worth the extra cost (or LW not worth the savings), so I need to do some additional checking.