GNX Insurance

[GNX181]

Just curious as to what some of you are paying for insuring a GNX. When I bought mine in 1996 it was appraised and insured for $30,000 which was probably sufficient at the time. When I noticed that the value was going up I brought eBay and Hemmings listings to my insurance company and they would only go to $48,500 without another appraisal and this cost me approximately $166 every 6 months. Disappointed that they couldn't write higher coverage, I found a brochure that was passed out at a car show from Hagerty Insurance that I felt would know what the value of the GNX is. I called the local agent representing Hagerty and he had to call the company and got back to me today and informed me that they said the GNX would be insured under the special interest/exotic category and that for $90,000 of coverage the annual premium would be close to $2,100. To me, this seems way too high for a policy on a car for limited use. Fortunately, my other agent called a senior underwriter when I presented him the figures from the NADA website and they agreed to increase the policy to $82,000 without requiring another appraisal. Going by the $166 six month premium for $48,500, I'm hoping that it will still be reasonalble after I receive the endorsement for the additional coverage, at least somewhat less than the $2,100.

 

[GNX 233 485]

Hagerty

Just curious as to what some of you are paying for insuring a GNX. When I bought mine in 1996 it was appraised and insured for $30,000 which was probably sufficient at the time. When I noticed that the value was going up I brought eBay and Hemmings listings to my insurance company and they would only go to $48,500 without another appraisal and this cost me approximately $166 every 6 months. Disappointed that they couldn't write higher coverage, I found a brochure that was passed out at a car show from Hagerty Insurance that I felt would know what the value of the GNX is. I called the local agent representing Hagerty and he had to call the company and got back to me today and informed me that they said the GNX would be insured under the special interest/exotic category and that for $90,000 of coverage the annual premium would be close to $2,100. To me, this seems way too high for a policy on a car for limited use. Fortunately, my other agent called a senior underwriter when I presented him the figures from the NADA website and they agreed to increase the policy to $82,000 without requiring another appraisal. Going by the $166 six month premium for $48,500, I'm hoping that it will still be reasonalble after I receive the endorsement for the additional coverage, at least somewhat less than the $2,100.

In the state of NY, for GNX 485 I pay $1,750.00 for $100,000.00 agreed value coverage(under exotic car w/ 1,000 deductible). They did not need it appraised. I asked the agent to have someone come out and appraise it because the car is perfect and all original, but they said it was not needed on an agreed value policy. I also have a 1987 GN on the policy for $40,000.00 coverage and that is 700.00 for the year. hagerty is expensive but I have had some claims on a 87 GN and a original 2K 1987 regal and they were very good to deal with. They wrote all NOS parts and price was not an object.

 

[L78-Kidd]

MK is without a doubt one of the best when insuring Collectable cars. I have an Agreed Value of $90,000 on my GNX
and I pay $1000 a year. I know collectors who have millions invested in their car collections and they would not use anyone else.
MK Insurance Agency Inc Auto Insurance Homeowners Business
ask for Tamra or Jackie
866-695-2774

 

[bernie01851]

do you have pics of your car?