I prefer Hagerty. You want an agreed value policy. There will be some stipulations on the car (storage, miles per year, driver restrictions, etc) depending on the vehicle and your household.

I would also say that you should look at a broker to check other companies for you (Grundy has positive feedback too)…there are regional and national players that offer great products. Some offer way better prices when you have more than a vehicle (as in 50% in discounts overall).

 

Yeah, get away from State Farm. Call a local Independent Insurance Agency and inquire about Erie Insurance. They have better coverage for a lot less money. I moved everything to Erie 2 years ago.

 

I have my DD and home on Erie. Fortunately I’ve never had to use them for a claim. My HC is on a Hagerty policy though.

 

Like JeepGeek said, NOT a Stated policy you want an Agree Value policy.

 

Sorry I can’t add to this thread.

I’m interested thou as who people are using for as pink68 mentioned “Agree Value policy”.

 

I use Safeco (moved from Hagerty). They are the broker product of liberty mutual. I pay 400$ annually for agreed value of ~100k. But they insure a number of things for me.

 

Just a quick note on policy types. Not everyone understands the difference. At a high level there are 3 types: actual cash value, stated value, agreed value.

Actual Cash Value: what most all vehicle policies are. No real restrictions, in the event of a total loss you get the projected “book” value of the car based on a deprecation schedule.

Stated Value: it really exists to give the buyer more flexibility in what they pay for premium, not what you get paid in a total loss. Example: I inherited a classic Ferrari that is worth 1M. I can really only afford 300k worth of coverage. So we make the stated value 300k to keep my premium affordable. In the event of a total loss I get the lessor of the actual cash value or the stated value. So my premiums were low, but I also get the worst payout.

Agreed Value: often associated with classic, collector or limited run cars. Restrictions will vary, but usually reasonable (age of car, annual miles driven, storage requirements, driver restrictions, car modification caps, etc). In the event of a total loss you get the amount you and the company agreed to at the start of the policy. Usually market value + some amount of modifications. I have 100k agreed value on my super stock. I will get that amount in full if someone steals the car, for example. No haggles. That’s my check today or in 4 years.

Hope that helps. Ask lots of questions, shop premiums and limitations, build relationships with your agent / provider.

 

Agreed Value: often associated with classic, collector or limited run cars. Restrictions will vary, but usually reasonable (age of car, annual miles driven, storage requirements, driver restrictions, car modification caps, etc). In the event of a total loss you get the amount you and the company agreed to at the start of the policy. Usually market value + some amount of modifications. I have 100k agreed value on my super stock. I will get that amount in full if someone steals the car, for example. No haggles. That’s my check today or in 4 years.

Hope that helps. Ask lots of questions, shop premiums and limitations, build relationships with your agent / provider.

This 👆🤜🤛

 

With agreed value policies - what are some typical restrictions?

 

All have variations. Some examples:
Vehicle: must be considered a collector car (xx) years old, must be a limited edition, needs to be out of production, or some don’t carry any
Driver: must have 10 years of driving experience (if you have young drivers in household), must be accident free
Storage: must be in a garage (common)
Mileage / driving: must be under 1k, 3k, 5k annually, only used for shows or events

They are all a little different. Mine currently has 5k or less and garaged. That’s all…

 

BTW, Hagerty now calls the "Agreed Value" the "Guaranteed Value". Hagerty insured my '20 HC since it was brand new (I called State Farm and added it to my policy so the dealer would release the car to me then switched to Hagerty the next day). Hagerty had no problem with it being brand new and still in production. Nor did they have any problem setting the Guaranteed Value at the sticker price plus the cost of whole car Xpel ( I did submit copies of the window sticker and Xpel installation receipt). Maybe it's time to call them and up that number.

 

I would've gone with either, but Grundy was considerably cheaper than Hagerty for my '22 SS and 22' Redeye.

 

Hagerty for us as well. They cover our Petty's Garage-built 14 Shaker and our 21 Super Stock. There are restrictions on both for annual mileage, garage kept and so on. Agreed upon value for both. Our policy has risen over the past couple of years but still a good deal for us.

 

I moved from Hagerty to Grundy. Saved me about 450.00 or so annually for 2 cars insured at 50k each replacement value. I only had 1 claim with Hagerty years ago, and they paid without issue, they were great, but I did need to save $. This year I’m probably going to up each car to 75k. ‘15 HC and ‘71 Roadrunner.

 

I've had my 2015 insured with Hagerty ever since I bought it two years ago. I almost switched to Grundy after I moved to Washington state from California last year because Washington doesn't allow many of the policy discounts I had in California and my annual policy increased by 40%, but I found Grundy to either be a bit more restrictive or a little vague in it's usage policy, so I stayed with Hagerty.

 

Grundy has been great for all my cars. 71 duster, 70 Dart, 75 Dart, 16 Hellcat. 06 Viper (sold)

 

With all this insurance talk I got quotes from Grundy and Hagerty for 80k agreed value on my 18 WB. They were both pretty close so I contacted my state farm agent to see what he said. He said state farm and Hagerty are now in business together and is in the process of putting a quote together for 80k agreed. He said when they pay out on their "normal" insurance for a totalled or stolen they use black book value. He then told me that value on my 18 A8 HCWB was 75k which sort of shocked me.

 

If your window sticker was more than you paid, use that to set your agreed value if you can. Sometimes they want the actual transaction / paperwork…work to get the highest agreed value you can. The fact that they are not made any longer will help bolster the case on value.

 

i got a quote from Haggerty - reasonable rate and covered agreed value of purchase price (75k more than MSRP) - only problem is max 100k liability coverage - thus if i am at fault in an accident and i am sued, anything over 100k comes out of my pocket, whereas the State Farm quote was at market value for my car (might well be MSRP of 135k) but with max liability of 500k (and i also carry a 1 million dollar umbrella). i decided to accept the possible 75k loss on my car to avoid the risk of losing a million plus dollar lawsuit and having to pay out of pocket for everything over 100k.

 

I appreciate all that are responding and collectively and directly helping all of us forum members that are concerned about our special to us vehicles what if’s mishap happened.

I think most here consider our vehicles special and are our personal pride and joys in the stable.

Me personally, I considered all options of vehicle security for my SS and made the investments (multiple security measures) that in my mind would be my steps to ensure if theft ever was considered by a low life piece of shit of taking what I personally earned working my ass off would be a conscious effort of doing what I could to keep it from happening.

If I lost what I didn’t want to loose (theft or accident) an obtainable financial insurance coverage just makes sense for an agreed value policy, which 100% I will be investing in for my special to me discontinued and no longer being produced beloved HEMI Powered vehicle.

I thought about it in the past but PROP’s to the OP for starting this thread to re-assure me I must do something to protect my investment for what I feel it’s worth and means to me.

Thank you OP and to all members whom are contributing their responding post, for all of us members who feel we want to make sure our mind is at ease in the case of … WHAT IF!

 

Ok so what are the driving restrictions with doing one of these policies? Ive heard no daily obviously but ive also heard that you can only drive back-and-forth to car shows, etc. or only drive on Sundays with some of these policies.

 

My Hagerty policy doesn’t have a stated mileage limit, just that it can’t be a daily. I wish it did state a limit as I’m currently left guessing. I can use it for occasional drives to work, but what is occasional? Are they fine if I put 5k miles on it in a year? Probably. 7.5k? Maybe. 10k? Probably not but I can’t know for sure.

 

How much are you guys paying? Hagerty quoted me $1863/yr for $100k value

 

I'm at $1812/year for the Guaranteed Value of approx. $82,000 with Hagerty.

 

I have several cars insured with Hagerty but Demon D170 premium is $1285/yr everyone in home is covered (including 17yr daughter) 175k agreed upon value 1% deductible, drive anytime, NOT covered on track use 2000 miles /yr maximum. The state you insure in is a Big factor, must have proof of insurance for daily driver.

 

Just renewed with Hagerty. 22 Charger Redeye. $105,000 guaranteed value and 1966 corvette $100,000 Total right at $2,000 a year for both.
I am only supposed to drive 1,500 miles a year.
Gonna have see what it costs for 12,000 miles a year🤦🏻‍♂️I have 14,000 miles on the Hellcat. I will post what the increase will be. 0 deductible.
Hard to stay out of the seat of the Hellcat. The old Vette only gets 100-200 miles a year.
Glad the OP revisited this topic.

 

$1600 ish/year for Grundy $180k total agreed value for '22 SS ($100k) and '22 Redeye ($80k).
0 deductible, no mileage limit, but only driving them to car shows, every person in your house age 16 and over has a separate vehicle, always stored in garage, no one else can drive them, etc.

I have yet to see an example where Hagerty is cheaper than Grundy.

 

I paid 78K for my Superstock Hagerty Told me to bump it to 110K Replacement value and it cost me 7 Dollars more a month. They have been kind to me.

Had to ad the more as it sounded like I pay 7 bucks a month LOL

 

I talked to an insurance broker I know and he only checked with American modern even though I specifically mentioned these two companies. “For 70k value you’re looking at like $2,300 a year “. That’s with me being 36 and my girlfriend of almost 11 years who is 30 years old. I’d want more than $70k but wouldn’t want to pay $2,300 a year. I don’t even know what the car should be valued at. I paid almost $30k for the long block alone. I think he just threw some number into the computer and went to the bar. I can see that being the max effort he put into it 😂.

 

If it makes a difference to anyone, part of my decision to insure with Hagerty over Grundy (and a few other standard insurers) is their customer service which I'd rate as excellent. I always speak with a live person and I usually don't have to wait much more than a minute or two to get a live, stateside agent on the line. It's my feeling that Hagerty is a little more lenient about how often you use your car and where you take it. I've asked specific questions about how my coverage would be affected if I drive my Hellcat to attend Mass on Sundays (me, not the car) and just a few other favorite places I go to around town and was told that as long as I'm not daily driving it to work, I'm covered.

 

Hello All, I am going through the same thing, our 2018 wide body Hellcat was $599/ 6 months and just got a rate increase to $766! so looking at adjusting State Farm deductibles or move to Hagerty (I haven't got any quotes from Grundy). We have 11 vehicle's and/or trailers through SF and a house and umbrella policy as well, one thing about pulling the three cars from SF is I lose that umbrella on those cars. Here's a screenshot of a Excel spreadsheet, I am in NorCal and 59 years young, clean driving record, etc.. These cars are garaged and for pleasure only and see 3k or less miles a year. We have one other Hellcat but it is the wife's DD so leaving it with SF. Just thought I would post up for reference........ Also FWIW the wife's 2016 narrow body Hellcat is $417/6 months, do not know were it will land with this ins. spike we are all experiencing as of yet.

 

We use Hagerty for the McLaren 720s but only because State Farm wouldn't insure it due to the value. I would be with State Farm if I could, all of our other cars are insured with State Farm.