Need Stated Value Insurance for a Daily Driver

RicB

RicB

True Classic
Hi All - Seems the insurance threads are a few years old so thought I'd start a new thread.

Looking to get another collector car but want to daily drive it. American Collectors won't allow you to DD. Called Grundy. They have an MVP program that will allow a collector car to be a DD but you have to have 3 cars on the same policy with the collector cars exceeding $100,000 in value. I guess that won't work for me! I'm with Amica now (great company for claims processing, etc.) for my X and current DD. I know I'm overpaying for the X but...

Any recommendations? Thanks.
 
Grundy carries my X and Scorp

RicB said:
Hi All - Seems the insurance threads are a few years old so thought I'd start a new thread.

Looking to get another collector car but want to daily drive it. American Collectors won't allow you to DD. Called Grundy. They have an MVP program that will allow a collector car to be a DD but you have to have 3 cars on the same policy with the collector cars exceeding $100,000 in value. I guess that won't work for me! I'm with Amica now (great company for claims processing, etc.) for my X and current DD. I know I'm overpaying for the X but...

Any recommendations? Thanks.
Click to expand...

I've never heard of that $100k restriction. My "Grundy" policy is actually farmed out to another company, AIG. You might try contacting them directly. They allow me to use either car for commuting, etc., with no mileage or usage restrictions. Runs about $1k/yr for both cars for full coverage.

Also, I am no insurance expert but from what I have been able to glean, "Stated Value" policies are not the same as "Agreed Value" policies, and it's really an agreed value policy you want. Stated value just means that you have stated what you think the car to be worth, and that does not necessarily equate to what the insurance company values it at. An agreed value policy is one where both parties (insured and insurer) have agreed to the value of the item being insured.

Pete
 
Apparently some changes recently to Grundy

When I called they indicated that this $100K combined threshold was something recent. But thanks, I'll try AIG.
 
I have Hagerty. Agreed value is 7,000 I think. As I recall, you can drive it all you want but you have to have another car per licensed driver in the household so it's the insured isn't the primary car. I drive mine a lot. Check out Hagerty and report back. They have been good to me. Let me know if I have my facts wrong. I have the paperwork somewhere but who can read that?
http://www.hagerty.com
 
I've insured with Grundy for years.

One '74 X1/9, one '80 Spider 2000. Both agreed value. The coverage is very affordable and there are no limits. The key is I have another Daily Driver and a couple other vehicles that they expect me to drive on a daily basis. And...I insure them under State Farm.

My main car is a 2013 Hyundia Sonata (274 hp 2 ltr turbo), my truck is a 2000 Ford Excursion (V10 pulls my trailer anywhere!), and I have a '94 Camero (Z28, 6 spd - 275 hp - and a lot more torque than the Sonata). I convinced them that I drive other cars more often than my Fiats. (I do.) I've never has a claim with Grundy, but i do have affordable coverage for my Fiats. It would be a very different matter if I didn't have a couple of real daily drivers.
 
I have had a claim with Hagerty. A distracted driver took out my '70 Opel GT. They paid agreed value promptly. I should have bought back the wreck, they wanted $675 for it and if I had a place to strip it down it would have been worth it, I got offered $1200 for the engine. (it was a rare European 2.0). RIP little sweety. :cry:
 
Hey Ric... yur right and yur right...

Info is old and quotes and rules and restrictions are all over the map for EVERY individual.

My Grundy Policy for the FIAT is contracted out to CHUBB... and I have two other sporty cars on a separate AAA Collector policy, and our DD on another. We are both retired and I am essentially the only driver for all 4 cars. Oh, and Grundy says no one under 27 can drive my FIAT.

I could go on for hours but the bottom line is this... YOU haveta shop for yourself as anything anyone else will tell you would not necessarily be applicable unless you were an identical twin and shared a wife and kids.

Lastly... I don't think its possible to get a good collector car rate on anything that you drive to work, or if and when you don't have another car. Do-do-due-diligence and ask about combining cars and possibly restricting drivers, etc. If you do take out a collector car policy and you happen to be involved in an accident at 0800 on a Monday morning... they will probably pay the liability but you'll probably be SOL on everything else. Plus they'll cancel you.

Lastly... one other possibility. Sell 1/2 or all the interest in your ride to your folks or another relative... and use their car as the DD and add your car to the collector policy. It would need to be garaged at "their place" though and they would need to take out the policy. Just a thought... and you still need to be really careful.
 
Thanks everyone...

I can DD (but I don't) my X through Amica but it isn't agreed value. But they treated me well when I needed a whole new rear quarter panel. And since it's not "collector car" insurance, I pay for that privilege (I'm going to change to something else soon!). And I can do the same with any "old" car but as you all know, a nice or restored or customized "old" car has a value greater than NADA value and needs agreed value and that is what trips us up from being able to DD it. The search for a non-boring DD goes on! :)
 
Grundy Declined Me

Grundy declined to cover my X1/9. In the application it asked about usage, and my HONEST answers were the grounds for denial. I don't intend to use the Fiat as a 'daily driver', but I acknowledged the possibility that I might actually USE it to go somewhere & do something. To quote from their letter dated 10/11/2013:

1. Usage unacceptable.
2. We do not insure vehicles used for errands, back up, primary or secondary transportation
3. We do not insure vehicles used for driving to/from work or school.

Perhaps this reinforces Tony's point that each individual needs to do their owns shopping. My driving record is clean and I've not filed a claim on any auto insurance in years, but there was something they didn't like (which may or may not have anything to do with the reasons they cited).

Brian
 
They don't like risk. If it stays in the garage they are not exposed, they just collect your money. Check out Hagerty.
 
I chose Hagerty for 2 Porsches after looking at a few companies. The X1/9 is on my "house" policy so I don't have to worry about driving it around as much. I know I won't get "full value" if I have a lost but its probably not worth more than $6k.

Anyway, I find pretty much all of the "collector" car insurance policies to be seriously lacking. Most insurers don't want you to drive the cars. They would rather you trailer them to and from a car show to your garage. The problem is, I like to DRIVE. There is gap missing where insurers provide insurance for DRIVERS of collector cars , at agreed value. Sure, the rates will be higher but at least you have the peace of mind knowing you can run an errand on a warm evening and not sweat it.
 
State Farm is the only way to go.

No mile limit. Agreed value of 10 grand on a stock X and only 12 bucks a month.

You must have a primary car with them however.

My Etype Jag was 14 a month for 50 grand value.

Again no mile restrictions. Have had collector policies for over 10years now with Them. Amazing
 
I have a lot of cars... Agreed value on Porsche gt3rs and Alfa GTV.. I have insurance through National Corvette Museum. Pretty satisfied... Not to offend anyone here but X I only carry Liability... Use USAA on all the rest. I just don't see any value on carrying full coverage insurance on a car that can be replaced for 5-6K or less.. I would say my X is in great shape as well. But the liability allows me to drive it anytime I want with no problems. And I do drive it nearly every week. If I total it I will part it out and buy another.. IMO..
 
Valid point. Hagerty and I agreed mine is worth 7k which is certainly isn't. Probably not even 2, but they won't go that low. I also have an old motorcycle insured with them and I think I had to value that at 3k even though it would be hard pressed to be worth 1k. I will probably have to loose that policy since it's for unmodified stock bikes and I am customizing it heavily.
 
Hagerty no mileage limitation

I have my X insured through Hagerty. Although I don't daily drive it, my guaranteed value policy has no usage restrictions. In fact, the Policy Highlights page clearly states: "Our custom designed policy doesn't restrict usage to just parades and car shows; we encourage you to drive your classic just for the fun of it."
 
HA! Grundy keeps charging me a dollar or two more...

and keeps upping the Value about $500 every year... Now its "worth" $9500.

OK with me... HA! I still pay less than $100 bucks a year... maybe I'll tell'um to stop if it goes over that, being the Mr. Frugal (cheapskate) that I am.
 
You must log in or register to reply here.
Back
Top