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A discussion about Agreed Value Insurance

Discussion in 'The Hokey Ass Message Board' started by boldventure, Oct 21, 2012.

  1. boldventure
    Joined: Mar 7, 2008
    Posts: 1,766

    boldventure
    Member

    It's a You Tube video I got from another site. It's also pretty much an advert for one company. It does however explain what Agreed Value coverage is all about and why you should consider it for your hot-rod.
    http://www.youtube.com/watch?v=hSvuv6YcJpk
     
  2. Don's Hot Rods
    Joined: Oct 7, 2005
    Posts: 8,319

    Don's Hot Rods
    Member
    from florida

    I've never heard of this particular company but they sound pretty good. I have Grundy with agreed value of $ 25K on my 27, and pay about $ 170 a year. I just got a quote from Grundy for my Son's rpu the other day, agreed value of $50K is only $ 306.00 a year. That is less than half of what he has been paying Geico and I bet if a claim was ever put in Grundy would be more hot rod saavy and not question things Geico would never understand.

    Don
     
  3. All American 6
    Joined: Sep 25, 2012
    Posts: 234

    All American 6
    Member
    from Sumter, SC

    I'm at $309/yr for $50k agreed value with Grundy. Heacock was significantly more. Get a quote from them all. Maybe don't go with the cheapest.
     
  4. boldventure
    Joined: Mar 7, 2008
    Posts: 1,766

    boldventure
    Member

    Just so it's clear I'm not promoting ANY carrirer, I merely thought this was a good explanation of AGREED VALUE COVERAGE.
    Agreed Value is the key phrase. Geico and most other insurance companies that you would use for your modern cars are [I]stated value[/I] policies. As in they will tell you what they are going to pay in all cases.
    AGREED VALUE means the insurance company AGREES that your car is worth $XXX, they pay $XXX and there is usually $0 deductible.
     

  5. Don's Hot Rods
    Joined: Oct 7, 2005
    Posts: 8,319

    Don's Hot Rods
    Member
    from florida

    It was clear you were not promoting that particular company, just trying to offer an explanation of a term that is somewhat confusing and vague. Thanks for posting that video, it had some good information in it.:)

    Don
     
  6. KROWN Kustoms
    Joined: Oct 12, 2007
    Posts: 193

    KROWN Kustoms
    Member

    I use Hagerty, agreed value on my wagon and buick. Hope I never have to use it but for the premium we pay and the coverage its well worth it. Gives you a warm fuzzy feeling inside.
     
  7. outlaw256
    Joined: Jun 26, 2008
    Posts: 2,023

    outlaw256
    Member

    ive yet to get agreed value ins. on any of my cars. but i am ! im terrified every time we ride that some idiot is going to hit me.think ill start lookin today!!!
     
  8. boldventure
    Joined: Mar 7, 2008
    Posts: 1,766

    boldventure
    Member

    Good!
    It should be quite EZ too. Put collector car insurance or simply AGREED VALUE INSURANCE into your search engine and you'll have lots to choose from.
    Almost all carriers will do an on-line no obligation quote really quickly. Just remember you are buying auto insurance that has several components. Try to keep the components the same from quote to quote so that you make a fair rate comparison.
    Good luck, you have made the right move! :cool:
     
  9. Shoeboxdriver
    Joined: Dec 10, 2006
    Posts: 320

    Shoeboxdriver
    Member
    from Holmen, WI

    Two months ago I was ready to put insurance on my roadster. I contacted Grundy first. The person I spoke with was nice, made sure we were talking about Agreed Value right off the bat. At some point we verified I have other daily vehicles other than the 32, which I do, at which time he asked about putting insurance on them. I responded by saying they were currently insured and I was just interested in insuring the roadster at this time. His reply was they do not presently insure collector cars with out also covering your "other" vehicle. I recently read that Grundy was purchased by the underwriter that Grundy has always used, is this a change in their policy?

    Anyway, I signed on with Hagerty, may not be the cheapest but the policy has some nice features, including of course Agreed Value.

    Shoebox
     
  10. GassersGarage
    Joined: Jul 1, 2007
    Posts: 4,727

    GassersGarage
    Member

    A friend of mine tried to insure with Grundy too. He has two cars, they said they only insure three cars and above. I have two cars but was "grandfathered in".
     
  11. boldventure
    Joined: Mar 7, 2008
    Posts: 1,766

    boldventure
    Member

    Last I heard about Grundy was that Jim Grundy was back in the picture and they were getting things back to the way they were; maybe not huh?
     
  12. Don's Hot Rods
    Joined: Oct 7, 2005
    Posts: 8,319

    Don's Hot Rods
    Member
    from florida

    That is bizarre about them wanting to insure all your cars, I never got one question about that when I joined them two years ago nor on the phone the other day getting a quote for Dan. They did ask what our other cars were just so they knew we had daily transportation and the one we were insuring was truly a sometime use car. I will have to call them Monday when they open to ask about that requirement. I don't think it is legal for any insurance company to force you to have all your coverage with them. They would LIKE you to, I'm sure, but I don't see how they can not insure you if you don't do it.

    And yes, Jim Grundy took back control of the company from Philadelphia. This was in the Spring and they had a mess on their hands. Evidently, Philadelphia had not sent out renewal forms to tons of customers so Grundy was getting 6 times the normal amount of phone calls a day. You couldn't hardly get through to them. But that is over now, according to the guy I spoke with the other day. He said they hired more people and also cleaned up the backlog.

    Don
     
  13. daddio211
    Joined: Aug 26, 2008
    Posts: 6,002

    daddio211
    Member

    That's what I've heard too.

    Regarding multiple cars, there is NOTHING wrong with over or double insuring your cars. Often people will insure a car they no longer own to get the multi-car discount. It's perfectly legal... unless you try to claim one accident on both carriers! :eek:

    Sent from my DROID device using the TJJ mobile app
     
  14. daddio211
    Joined: Aug 26, 2008
    Posts: 6,002

    daddio211
    Member

    What I'm trying to say is let Grundy (or whoever) put liability only on your other cars. Who knows, they may be cheaper than your regular carrier!

    Sent from my DROID device using the TJJ mobile app
     
  15. Don's Hot Rods
    Joined: Oct 7, 2005
    Posts: 8,319

    Don's Hot Rods
    Member
    from florida


    Ok, I called Grundy today and spoke to a guy named Bill there. I told him about what Shoebox was told about them making you insure all your cars or nothing. He said that is absolutely not true.

    He said they have two programs. First program is for collector cars only, and on that one they don't care about how many cars you have, they are only going to issue a policy on the collector car or collector cars you want to insure.

    Program number two is where they will cover ALL your cars, even your daily drivers and your collector cars (and even motorcycles, etc) and on that one they DO require you to do all the cars you own. They are pushing that one for obvious reasons, they want to cover as many cars as they possibly can, as that is how they make money.

    SO, Shoebox either got an underwriter who didn't know what he was talking about, OR, the underwriter is doing some creative upselling, and is trying to push customers into insuring everything with them. Third possiblility is that there was just some miscommunication on the phone.

    I have Geico for my daily and Grundy for my hot rod, and my Son Dan will also have Geico for his daily and Grundy for his hot rod when he completes the application this week. As I mentioned earlier, for $50 K agreed to value his policy will only cost $ 306 a year, and my Son Don pays $300 for only $25K with Haggerty.

    Hope this clears up any confusion.

    Don
     
    Last edited: Oct 24, 2012
  16. boldventure
    Joined: Mar 7, 2008
    Posts: 1,766

    boldventure
    Member

    Don,
    Thanks for your post. It is well presented and should help to clear up the ongoing confusion about what is going on at Grundy.
    When I've checked by using on-line quoted Grundy always had the best rates. When I got my Studebaker in January they were still in transition and I kept hearing the multi-car pitch as the only alternative they offered. I'll check their rates at renewal time.
    Thanks for you input.
     

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