Agreed Upon Value Insurance

[SoarinZHP]

OK - I was just thinking about 'what happens if' someone hits my car, the airbag deploys, I get a dent and the insurance adjusters decide to declare the vehicle a total loss. Not good. I like MY car and if there's nothing structurally wrong with it, I would have it repaired. And I'm not particularly interested in dealing with the insurance CO to deal with 'buying' it back and getting screwed in the process...

I came across 'Agreed Upon Value' insurance for collectible, rare and not special vehicles. For $453.00 they will insure the car for an agreed upon value of 15k.

Anyone carry or have any experience with this type of insurance product?

[Crickett]

Hrm, a very interesting consideration. I haven't ever heard of this type of insurance, but it sounds just about right for our type of cars / enthusiasts. In for more info . . .

[BavarianZHP]

+1 for more info! I assume $453 is a one time payment? Or is it annual? How is the $15k adjusted for additional mileage, depreciation, etc?

[toddness]

I have stated value antique auto insurance on my 2002 through a company called JC Taylor. I know there are others as well that offer similar enthusiast packages. Some offer modified vehicle packages as well.

My policy limits my use of the vehicle and has other restrictions, but the price fully supports is totally worth it for what is all but a garage queen.

147.00 annually for 16k stated value and typical comprehensive coverage.

While it doesnt apply to the ZHP, it is a similar variation That I thought someone may benefit knowledge thereof.

[SoarinZHP]

www.lelandwest.com

Sounds like Toddness might be on to something... Although - the lelandwest thing was unlimited mileage.

[Torxuvin]

It's pretty common for hot rods and classic cars. Usually for low annual mileage. I may plan on changing my corvette to that down the road. Helps with mods/rare color combos/etc

[johnrando]

I use Hagerty Insurance for my TR8. They specialize in classics, etc.

[ranger]

I use this type of insurance for my 1970 Boss 302 - it has strict limitations on where car is stored, driven, etc. My policy requires a secure garage and car cannot be used for commute, etc.

Not sure of correct phrase, but most insurers have a bridge policy to pay off a car if totaled and car is valued less than payoff.

[johnrando]

Mine doesn't have those restrictions. Standard insurance companies will not recognize the real value of the car, only "blue book". So, this group (or others like it) will ensure the car for what it's worth but they don't charge you like that. The reason is because they know these types of cars are well taken care of and usually not driven often, so it makes sense for them to take that minimal risk. I'm guessing you could ask what Ranger said, which is a "bridge" policy.

[Strider]

I could have used this 2 weeks ago. Insurance company totaled my 325i out, but it is all M3 where it counts so the payout was way lower than the actual value in the car. I certainly can't replace what I have with what they paid out, but it was my fault for being underinsured.

Wonder if they would do that type of coverage on a salvage title?