Agreed value insurance without driving restrictions?

Thanks for posting the summary of what you’ve learned. I was planning on calling some of these companies this week to explore agreed value coverage. The restrictions are a deal breaker for me.

 

That’s interesting, I recently switched to Grundy, and there was no talk of a 3 car min. There is a pleasure-use only stipulation, but no restriction on milage. I wonder if that is driven by state insurance regulations. Policies can vary significantly state to state.


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Also to your list is one of those companies (may hve been Grundy) said there can be no drivers under 21 in the household.

In the end I stuck with regular insurance policy , a lot of money, but no worries about fine print and claims denial .

 

Interesting. AIG used to have a $1MM home minimum. I guess times are ruff all over.


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I have AIG private client. Never asked value of my home. They wanted a 3 car min with one as a daily. I think I have 10 cars with them. My CS, Aston, 77 Bronco and new Tahoe run about 2k each. All agreed values, insured as daily’s and wildly different values. The others are collector policies with agreed values.

 

I’m using Cincinnati for my home, vehicles and umbrella. Nowhere in my declarations does is say I cannot park the car at a grocery store or restaurant. There’s nothing about mileage either. The only stipulation is that I am not covered if the car is tracked or raced in any way. 2K on the head for my 17 488GTB with an agreed value policy.

 

I just signed up with Grundy for my 458 a month ago. They were by far the cheapest. They had a 2 car stipulation, not a 3 car stipulation. Essentially, they want you to have a daily driver insured as well, so I moved one of my other cars to Grundy. I've got a 170K agreed value on the 458. There is no mileage restriction.

Your best bet is to call them and talk with an agent. They have special programs for these types of cars.

 

That must be new with Grundy. All I had to do was prove that my cars were not daily drivers, kept in a garage, and show my other cars to qualify for collector's coverage. I think they did change a few things since I signed with them 4 years ago.

 

I use Haggerty and have been a member for over 30 years - started with muscle cars and and to my surprise as a long time member they would not take on my 360 until I owned it for 1 year. Collector car policies have a lot of restrictions about usage - to shows / events or weekend rides and can't be a primary vehicle.
I started with another company and was told about Haggerty years ago they had no milage restrictions. I used to take my cars to a shows in upstate NY and 2500 miles a year was a deal breaker for me.

I am also a member of there drivers club - the reason is flat bed service up to 250 miles so if my car broke in upstate NY they would flat bed it home. They have two levels of drivers club I have the top of the line and it covers all my cars - had the Ferrari flatbed once.

Another quick note Haggerty will only cover liability up to your current auto policy.

I shopped lots of collector car companies years ago and someone tried to get be to switch a few years ago but their policy had way more restrictions.

Since I could not get Haggerty to put the car on my current policy I was forced to use State Farm my current insurance - they use replacement cost so far this has worked out well for me since I can drive the car as much as I want - take it on vacation (not very partial).
The rate is very reasonable. its insured as a pleasure car. I also have 4 cars on my regular insurance.
It interesting I was going to switch my policy from State Farm to another company and they would not even consider insuring the 360!

 

Not sure what to tell you about this. The Policy is new - May 29th, 2020. The '12 458 and my '17 daily driver. That's it. I could not insure just the 458, I had to add the daily driver. I presume so they new I wasn't driving the 458 like a daily. There is nothing in the policy about vehicle usage AND they didn't need the miles reported on either car.

The link below talks about the coverage. It is clear that it can't be used as a daily.

https://www.grundy.com/collector-cars/

 

There website still states they insure exotic cars of ANY age.

"What Types Of Cars Do You Cover? Grundy insures most types of vehicles 25 years old and older. We also insure modern muscle cars and exotics of all years. "

This guy is my agent. Give him a call. I've given you all the info I have.
------------------
Andrew Summers
Motor Vehicle Program Specialist

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Address: 400 Horsham Road | P.O. Box 1957 |Horsham, PA 19044
Phone: (215) 674-1856 ext. 168| Toll Free: (866) 338-4006 ext. 168
Fax: (267) 966-2273
Email:[email protected]

 

I have Freemont insurance. I’m in Michigan I don’t know if they do other states. They have 5 cars of mine. I have 2 teenage drivers and neither is excluded and no mileage limit. I believe I pay $175/month when driving it and around $60-70/ during the winter. Best I could find.


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I have State Farm for 3 cars in Florida and just got an agreed value policy for my 308gt4 at $150 less than Hagerty quoted.


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I don't think Hagerty has a mile limit at all.

 

state farm is exactly what you are paying for. So just watch out when it comes to it. Good luck. I have not used them, but simply too many horror stories on fchat, with the most recent one about the valet accident.

 

Grundy's coverage needs a car to be 25 years old for "collector" rates. They will insure newer cars but not at the very best rates (still way better than the big carriers - Nationwide, Allstate, Statef Farm, etc.)

I have my TR and 360 insured with them for agreed value. The TR is insured for twice what the 360 is but at 1/3 the yearly price. I am told once the 360 hits 25 years old it will qualify for the "collector" rates.

When I started with them 14 years ago they had a 2 car minimum for a new account. I had just purchased the TR and Nationwide would not insure it. When Grundy said two car minimum I simply switched my '73 Mach I over to them from Mationwide. So a minimum car requirement is not new for Grundy. Glad I had the Mustang to allow me to qualify.

One of the main reasons I stay with them is their limited restrictions. As long as it is not your daily driver they seem to be OK with any use.