I just posted a similar experience with them and hagerty. I was shocked they wouldn't allow me to pay more to "over cover" the value. In that scenario, they win because they would pay current market, so if I wanted to pay for 130k I'n coverage and totaled, they could pay out current rate. So if that happened to be 100, the premium is in their pocket... also, what good is insurance if they don't cover you fully? So if the car cost 120.to replace and I'm covered for 100, im.exposex by 20%, plus the exclusions like no racetrack coverage. Sounds as bad as 99 left shoes to me..

I ended up with 100k with hagerty with an exclusion of drag strip and 25 and under drivers...

 

Grundy also did 90K value for me ...but they were also over 50% LESS than my New York Liberty Mutual wanted to bang me with....and way less than Hagerty also.

I think they are afraid that since its a Drag Car with Drag Radials there will be more Demons totaled than the usual lot they insure, so hence their MSRP value assesment.

They make up for it with a killer price.

I went with Grundy.

 

Can you PM me what a killer price is, I may have to look into Grundy

 

I tried for 120K with Grundy but they would only go to 105K, Right at $1300 per year. I did go through an agent so that may have helped on the agreed value. I switched my 2009 CTS-V over to them and they did 60K no problem. That's probably double the book value so I'm not sure what criteria they use.

 

I tried for 120K with Grundy but they would only go to 105K, Right at $1300 per year. I did go through an agent so that may have helped on the agreed value. I switched my 2009 CTS-V over to them and they did 60K no problem. That's probably double the book value so I'm not sure what criteria they use.

My understanding is insurance companies use actuarial tables to determine premiums. Actuarial tables are basically a history of claims for each particular model, in each area of the country, for driver's of a certain age, etc. Demons are new, so they don't have any history of claims on them yet. Your Cadillac (nice car by the way) has an established history and so MAYBE it is cheaper because it has a low rate of claims made.

 

I wasn't really questioning the cost of the premiums. I didn't understand why they let me have an agreed value that was twice the book value on the Caddy but not the Demon.

 

Is it a dumb questu9n to ask of there any coverage anywhere that protects us at a track???

 

I believe not, they will have you sign a paper that the car will not be used in any rally gymkhana, speed contest, race or any timed event of any kind. WTF is gymkhana????

 

No PM needed.

Just outside of NYC: $1158 per year @90K replacement value.

In PA, a little bit more with $100K replacement coverage.

 

FYI,

Grundy has good prices, but when I talked to the Grundy rep, he said they would not be able offer me insurance since I mentioned that I might want to take it to the track.

 

Agreed value insurers continually adjust the value. What’s $90 or $100k today can very well be adjusted to $70k next year on renewal.

They insure the car for the agreed value, not necessarily what you bought the car for or can buy the car for, which goes both ways, if you buy low or high.


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Grundy, Haggerty insurance on the Hellcat sounds very interesting. I had Haggerty on a '67 Mustang for a small amount agreed value and it worked fine for car show and Sunday driver.

 

I insured my Demon with Hagerty for $110K. At first the agent bulked because the price on my car was $98K (includes $10K ADM). An hour later she called me back and said they were fine with the $110K agreed value because the underwriter said these cars would only appreciate in value - so they were not concerned. I also added coverage for the crate at $12 per year. Premium is $1,392 per year - includes my wife driving (both her and I are accident free for 3 years). I am fine with that for piece of mind - not having to worry about depreciation, etc. You really don't know what insurance you have until the time comes for the insurance company to pay out.

 

You did good...Hagerty wanted over $2K for me and I have no idea why...same situation as you.

 

I have been a Hagerty customer for over 10 years with 3 collector cars which I just recently liquidated 2 for funding the Demon/Hellcat. When I called yesterday, Hagerty would only give me coverage for 100k on the Demon. Grundy would only insure for 90k but they where $800.00 cheaper. Hagerty was $2380.00 for my Demon and Land Cruiser for 135k coverage and Grundy was $1580 for 125k coverage. Even if I reduced Hagerty to the same 90K coverage, they were still over $600 more than Grundy. 53, clean driving record and never reported a claim. I do live in the wonderful state of New Jersey......

 

I was told the same ($100k max), by Hagerty, 2 days ago.

 

I have my whole fleet of cars insured through Grundy. I have a 2005 base C6 Corvette that only books for 25K insured for 90K. My under-righter just asked me how much I want listed for stated value. They have never declined an amount I have listed on any of my cars. Maybe because my annual bill a year is almost 10K.

 

Stated value isn’t agreed value. Two very different coverages


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Stated value isn’t agreed value. Two very different coverages

Well I tell them how much I want it insured for. I guess that might be agreed value then. I don't know. What I do know is I pay way to much, I need to sell some of the fleet.

 

Can you PM me what a killer price is, I may have to look into Grundy

I will PM you when I get my quote, I just left them a message today.

 

Well I tell them how much I want it insured for. I guess that might be agreed value then. I don't know. What I do know is I pay way to much, I need to sell some of the fleet.

With stated value you tell them what the value is, may even have to provide documentation to support that value, but in the event of a payout, you will not get paid that number.

It’s a very common misconception with stated value policies. They pay you actual cash value of the car in question, which is basically that stated value number depreciated at rate you would see with any car of that cost.

Best to know now and not find out as you are going thru a payout.



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With stated value you tell them what the value is, may even have to provide documentation to support that value, but in the event of a payout, you will not get paid that number.

It’s a very common misconception with stated value policies. They pay you actual cash value of the car in question, which is basically that stated value number depreciated at rate you would see with any car of that cost.

Best to know now and not find out as you are going thru a payout.



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So if a Demon appreciates in 3 years to $140K, they pay that?

 

I'm gonna try and not wreck mine...

For month #1 of ownership mine has been a garage queen

 

It was over $3k/yr when I called. Clean record, won't be using them.

 

Was this quote from Grundy? Rates can/will differ due to location be that is really high.

I've been with them since 2007 & currently have my Hellcat insured @ 82k & my Demon @ 125k. Yearly premium for both is $2,954.00.

 

For just the demon at $100,000 I was quoted $1420, and the more cars I added the lower the price went.

Yeah, I had an DB9 and a 58 vette quoted as well. $3k was still for the demon.

 

Hagerty....the insurance Dodge recommends for the Demon......has an exclusion for the dragstrip?
its the very reason the car was designed and built.

Just reading the thread and was curious about that
if you know...... please explain

 

Check out Cincinnati Insurance Group. I pay $700 a year for full year, full coverage on a 2016 Hellcat with an agreed upon value of $70,000. Not sure what the Demon would be but might be worth checking out. We had a claim on my wife's car this Spring and they handled it promptly and professionally.

 

Hagerty....the insurance Dodge recommends for the Demon......has an exclusion for the dragstrip?
its the very reason the car was designed and built.

Just reading the thread and was curious about that
if you know...... please explain

You can purchase track day insurance from Hagerty. No insurance company is going to cover racing unless you pay for it. Not sure what they charge for the track day insurance but if it isn't outrageous I would probably do it. The thing is you never know what could happen at the track. There you are heading down the strip when the 9 second Honda running 60 pounds of boost next to you explodes and takes you out in the process. Try to explain that to the insurance agent.

 

I just looked looked up Hagerty and their track insurance only covers you during track educational events and does not cover racing, so doesn’t look like it will work for drag racing, unless it is training with an instructor like at Bondurant Racing. So I’m going to see if anyone else offers this.

 

Test and Tune is not racing......

I wouldn't count on them being cool with that unless you have it in writing in your policy.




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This is from Hagerty’s track day insurance:

Does this policy cover me while I’m racing?
Our policy is designed to cover you during high performance driver’s education events, not competitive events. If your event is not an education event, or it involves competing against other vehicles, this policy is not the right one for you.

 

This is from Hagerty’s track day insurance:

Does this policy cover me while I’m racing?
Our policy is designed to cover you during high performance driver’s education events, not competitive events. If your event is not an education event, or it involves competing against other vehicles, this policy is not the right one for you.

That’s not a full disclosure. I bet $ it’s going to have some sort of language about timed event in the policy. They all basically say the same thing. A timed 1/4 mile event, which is what a test and tune is, is just about universally excluded from all policies .


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Here is a link to some older racer insurance info.
http://www.yellowbullet.com/forum/showthread.php?t=476624#/topics/476624?page=1