GN Agreed Upon Insurance Value

[mikesvwservice]

Thought I'd share this from the other board. Might prevent some tears if your (or my) GN is stolen or wrecked...

Quote:
Originally Posted by mikes87GN
I also have USAA. Turns out they only insure my GN for Kelly Blue book - about $7k something. I called American Collector's (USAA recommended, but a separate co.). Anyway, AC said for 15K value, no mods (I lied), no more than 2500 miles a year, 100k, 1k, 100k, no deductible in TN, it would cost me $298/yr - for 18k value, it would cost $349/yr. I'm going to call Grundy now. HTH.



Just called Grundy. For 15k value, no mileage restriction (but guy said not to be used for everyday driver) same coverage as above, it would be $240/yr - for 18k, it would be $282/yr. No drivers under 25 though. Guess I'm going with Grundy after they send me the paperwork to read. FWIW, I'm paying USAA $400/yr full coverage for the GN now without an agreed upon value.

 

[turbopete]

Usaa

I also have USAA. I looked into their collector car policy and did not like the mileage limitations or price.
Please let me know more about how you like Grundy, or if there is an alternative. The older the car gets, the more I want to hang onto it, and insure it for the correct value, just in case...
And I took detailed pictures, too.

 

[rhunt]

Insurance

Grundy or similar collector car people are the way to go No ambiguity in stated value policies.

Roger

 

[turbopete]

Called Grundy

Stated value (15-18K) is $289.50 per year. No deductible.
They are sending me the paperwork.
Beats USAA by a country mile.

 

[Rodney87GN]

I've been meaning to do the whole ACV insurance with my GN but haven't got around to it. I'm also currently with USAA, but will most likely go with Grundy's.

I'm wondering though, I bought mine with a rebuilt (salvage) title. Will that affect the agreed cash value of the car, or will Grundy's even know or care?

 

[The Blob]

Stated value (15-18K) is $289.50 per year. No deductible.
They are sending me the paperwork.
Beats USAA by a country mile.

Stated value or agreed upon value?

Make sure it is agreed upon value.

 

[1ARUNEM]

Blob is right. Don't confuse the two. You want agreed value..

My cousin just lost one of his cars in Hurricane Katrina in Louisiana and he had American Collectors. He had nothing but great things to say about them. They cut him and check no questions asked..

 

[mikesvwservice]

On another board, a member said to contact Hagerty Insurance. I called them and for 18k agreed value, it would cost me $441/yr with a $250 ded. That includes 3 free tows a year. Car must be kept in a locked building, no under 25 drivers, and not used as a primary car. I said send me detailed coverage paperwork (as well as the other two companies). Also asked me if the car was stock - I said yes (lied), so after reading all three, I'll be leaving USAA to one of these guys.

 

[1987BuickGN]

I too have Hagerty, and my conditions and price is about the same. This year I added 2grand more agreed value (20k now) and I believe the price went up $25 dollars for the year. Also, I may have missed this somewhere, but for me to get this insurance, I had to have another vehicle for daily driving that is currently insured (mine being with state farm) I tried State Farm to insure the GN similarly to what Hagerty does, but for some reason my agent just couldnt hit a number I was satisfied with. And I have my homeowners insurance and all other cars with them.

 

[corsair231]

I understand the need for the theft and the comprehensive type coverage on these cars but my question has to do with other drivers insurance. I have a 87 WE4T which is rarer than a Grand National, but unfortunantly does not have the "book" that a GN has. I was involved in an accident where a driver in a pick-up pulled out of a drive and directly into my drivers side quarter. It hit behind my wheel, took out a taillight and filler panel, bent my trunk and bumper. Not a hard fix (except finding a straight quarter to replace it with) but repair estimate was about $3200 and the guy's insurance company tried to total it. Prior to this it was undamaged and a decent original paint car. I ended up taking less than the cost of repair and making up the difference out of my pocket to keep the car with a clean original title. Will having an agreed on value policy affect the value with another company or will they take up the slack and cover the difference while they "litigate" with the other company to recover their loss?

 

[The Blob]

Will having an agreed on value policy affect the value with another company or will they take up the slack and cover the difference while they "litigate" with the other company to recover their loss?

First, you should have never accepted the other company's low offer. Show them some price guides and they would have ponied up the total cost of the fix.

If they insisted on being a-holes start hinting about how your neck is still really sore...

With a normal policy you have the choice whether to be reimbursed by your company (less the deductible) and let them go after the other guy or going directly to the other guy's company. I would imagine you would have the same option with an agreed value policy, but am not 100% sure about that.

 

[Blue87T]

If you have agreed value coverage with your own carrier and try and go through another person's ( the at fault party ) insurance...they won't have to follow your policy contract. You would be best to use you collision coverage up front and have your insurance company go after the at fault party's insurance . This process is called subrogation. Recovery rules vary from state to state so its tough ( and wrong) to make a blanket statement about how insurance works. But ifyou are paying premium for a "specialty coverage " than its in your best interest to use it regardless of fault.

 

[The Blob]

Recovery rules vary from state to state...

Good point.

 

[Steve V]

Grundy

About 1 year ago,Grundy said that I could not drive the car as back up transportation,no trips to parts store,trips to dinner and only to and from shows/criuses. I don't show my GN,I drive it to work on nice days and never take it to a mall,but I drive it,it's friggin car not a shrine. So I still have regular insurance.

 

[gordyzx9r]

About 1 year ago,Grundy said that I could not drive the car as back up transportation,no trips to parts store,trips to dinner and only to and from shows/criuses. I don't show my GN,I drive it to work on nice days and never take it to a mall,but I drive it,it's friggin car not a shrine. So I still have regular insurance.

While I agree it's not a shrine...I still don't take it somewhere that I won't always have eyes on it.

BTW...Grundy's here too.

 

[turbopete]

Grundy

I got the application package from them. I will tell them that I plan on taking it out on errands on the weekends, and to work occassionally. If they don't want to play, fine. At least there won't be any misunderstandings.
It would suck to have the insurance company refuse to pay up...

 

[Steve V]

Pete,that's a great idea. I told them that last year over the phone and they said couldn't offer me a policy. I have a good record and am 29 years old.

You guys may think I am crazy,but last mont I drove the GN to Florida left it at a cruise terminal for 7 days,with major anti thefts and covered. Then drove it to Talladega AL for the race on Sunday and back home to VA. I let it out of my site,it's protected,I wouldn't be able to enjoy it as much if I was scared all the time

 

[tlturbo]

OK, I'm thinking of changing from State Farm ($100/month for GN) to something cheaper.

I do drive it occasionally to the store, Wendy's, etc and maybe to work on rare occasions, probably about once a month. So what are the restrictions Grundy and others impose on use? Also, what is the difference with it being stock or modified if you agree on a coverage amount?

Thanks - Terry

 

[dgreen1069]

I was also concerned about some of the driving restrictions set by the collector car insurance co's. I don't drive my GN much at all (about 1200 miles last year) but when I do drive it, I am not going to car shows. I tend to take spins on nice days....I'll run errands on my days off when I can open the astroroof. I ended up adding the car to my Erie policy. It cost me about $150 more a year, but I have the freedom to drive when and where ever I want.......and we have an agreed upon value of $23,000 (they keep upping it every year....not sure why).

 

[chrisgarrett]

I have Rally Insurance here in Illinois. It is an agreed upon value of $22,000.00; I'm limited to 6000 miles annually and I pay about $350.00. I am also concerned about driving restrictions on a collector car policy, but I guess the bottom line is you can always say you were taking it to be fixed or looked at by a mechanic. Seems a little dishonest, but it was my broker who suggested it to me.