Agreed insurance value?? Questions.

[QSL]

I am in the process of getting our kit insured. We have approx. 50k in reciepts so far and this does not include paint. I recieved a quote from a insurance company stating the max they would cover it was 30k and thats with a 5k deductable. So we are only looking at 25k in coverage. Does this seem like the norm? Seems wicked low to me.

[Rich A]

Originally Posted by QSL

I am in the process of getting our kit insured. We have approx. 50k in reciepts so far and this does not include paint. I recieved a quote from a insurance company stating the max they would cover it was 30k and thats with a 5k deductable. So we are only looking at 25k in coverage. Does this seem like the norm? Seems wicked low to me.

That is not normal. That is not an Agreed value insurance.

When you ask for a 50k coverage, you get 50K coverage, and you pay for 50k coverage. That is agreed value insurance.

Look for another insurance company.

[QSL]

thats basically what i thought. They would only agree to the 30k - 5k. Nothing beyond that. I did find another insurance company that was glad to do the 50k, but i need a vin number and my car is not registered yet. Wont be for a few more months. We just wanted to get insurance now because we are worried because the car could be driven out of the garage at this point.

[Hunter 2]

Glad you found another carrier. When I insured 2329 they just asked me what I estimated the value was and I told them what I thought, and they said ok. And that's how much it was insured for. This is one of the few occasions when you get to have it your way. Kinda like Burger King.

[Rich A]

Originally Posted by QSL

thats basically what i thought. They would only agree to the 30k - 5k. Nothing beyond that. I did find another insurance company that was glad to do the 50k, but i need a vin number and my car is not registered yet. Wont be for a few more months. We just wanted to get insurance now because we are worried because the car could be driven out of the garage at this point.

If that is the case, you are going to have to take what you can get till you get it registered with a vin, then change insurance companies.

[evvander11]

Robbin Terry @ Midwest Classics will insure your car with an agreed upon value during the build process (from roller, to go-kart, to finished)

Midwest Classic Insurance

I emailed him about it and he was quick to respond.

[QSL]

Originally Posted by evvander11

Robbin Terry @ Midwest Classics will insure your car with an agreed upon value during the build process (from roller, to go-kart, to finished)

Midwest Classic Insurance

I emailed him about it and he was quick to respond.

They are the ones that will only do the 30k max. I am using them right now because they will insure it without vin. But afterwords I need to find someone that will protect our full investment.

[evvander11]

Originally Posted by QSL

They are the ones that will only do the 30k max. I am using them right now because they will insure it without vin. But afterwords I need to find someone that will protect our full investment.

hmm good to know haha! i didnt know they capped it

[QSL]

yea, they were real easy to deal with. No problems there. I just need full coverage. I cant imagine getting this thing stolen and only recieving 50% of my investment back. That would be a bummer.

[Rich A]

I think part of the reason for the low coverage is because of claims on cobras.
I was told by one company if the cobra has an engine over 302 cid, they are more likely to have an accident within the first year of ownership.
I can believe it. Most people have never driven a 350hp+ 2300# vehicle before.

[HIRISC]

I went round and round with both my auto/home insurer and my shop insurance company. The auto/home insurer wouldn't even touch it as a non-licensed 'box of parts' - even under my umbrella policies. They basically said they 'do not insure car parts of any type'.

My garage (commercial) insurance carrier took on the $50K or so in parts value under their contents coverage (for a corresponding increase in premium).

I have an email into Midwest for 'car' coverage now that I have a plate.

FWIW, in our state (MN), the state uses the MSO Serial Number as the VIN during the title process.

[ratdog]

I have mine with Insurance for Collector Cars and Collectibles | American Collectors Insurance
and have a agreed value ,do your research and you will see there are allot of companies that will sell you insurance but will not send you a check for the agreed amount.. I took my time and talked to allot of companies. A estimated amount policy isn't a agreed value policy. Just ask them one question If my car is a total lose what will I get a check for and then you will see why I'm with American collectors...beware of insurance agents they are like attorneys. lol

I don't want some adjustor depreciating my car if I have a total lose, do you?

[QSL]

ratdog, i did call them and the coverage is really good from what i can tell. but i need to have a vin first. What i like is that you can also go run errands and go out to dinner with their plan.

[ratdog]

I would like there check if I have a total lose also..I had state farm and it wasn't agreed value and I pay $8.00 more now than what I had for allot better coverage lol..I worked on this for days and learned allot about insurance..

[Riptide Motorsport]

call mike smith Northeast classic auto ins.,,,they're a vendor here also/............great guy all my cars are with him...........800 866 6440...........203 459 9789

[Jetsbaby]

Originally Posted by QSL

They are the ones that will only do the 30k max. I am using them right now because they will insure it without vin. But afterwords I need to find someone that will protect our full investment.

I had the same problem with them and my car is insured for 50+K with MidWest..Robin said that he would only go 35K..I said I had much more into it..We solved the problem by proving that I had 50K plus by hiring a independent appraiser that Robin agreed was qualified..I paid two hundred dollars for an appraiser that is well known at Barret Jackson and he did confirm and took pictures and wrote a full report that I did in fact have 50K plus into the car all ready..I would call Robin and tell him by about doing exactly what I did..I plan to get it appraised when I get it painted and totally finished.. Dave

[zgt]

I just finnished my cobra but dont have a vin yet, I called AMIG who insures my Ford gt and my corvette z06 and they said they stopped insuring cobras because they had to many claims that involved deaths. So I too am in the hunt for insurance.

[zgt]

here is a picture

[jadecraft]

State laws usually dictate the minimum amounts of auto liability insurance required, but higher amounts are available.

[Venom_Injected]

Originally Posted by jadecraft

State laws usually dictate the minimum amounts of auto liability insurance required, but higher amounts are available.

Um... okay..

Did I miss the post on liability?

50K is the appraised value of the car... not the value of medical/property/personal damages coverages... (which most of us are probably running in the neighborhood of 300k/500k/300k or 1/2mill/million/1/2mill....

[jadecraft]

I’d look for another insurance company if I were you. We’re insured through the AARP Hartford and have always found their rates reasonable and service impeccable. I’m 53 and if you’re 50 or over you get some pretty great discounts. Maybe you could take a look at the AARP antique car insurance quotes on their website? Good luck!

[FFR5452]

Guys, quit worrying about "agreed value". Your car is only "worth" what you could sell it for the minute before the accident.

Just because it cost you $50K to build your car doesn't mean it is "worth" $50K. You could never get $50K for it if you tried to sell it the day after you finished building it.

If you pay $100K for a new Mercedes and total it in a year, you will not get a check for $100K. You will be paid whatever the car is worth at the time of the accident. Your premiums will also be partially based on the dollar figure you give the agent. So, the more you say you "paid", the higher your premiums.

So, if you spend $50K in parts to build your car, and then total it, your insurance company will run comps on "comparable" cars like yours that have sold or are for sale and will use that figure to assess the "value" of your car at the time of the accident.

Same as any other car, except "real classics".

[ratdog]

I have a fixed agreed policy and if I have a total lose I know what the insurance company will send me a check for. I pay around 8.00 more than state farm and it is fixed , you may need to do some more home work that sounds like a standard policy which I wouldn't have.

[QSL]

Originally Posted by FFR5452

Guys, quit worrying about "agreed value". Your car is only "worth" what you could sell it for the minute before the accident.

Just because it cost you $50K to build your car doesn't mean it is "worth" $50K. You could never get $50K for it if you tried to sell it the day after you finished building it.

If you pay $100K for a new Mercedes and total it in a year, you will not get a check for $100K. You will be paid whatever the car is worth at the time of the accident. Your premiums will also be partially based on the dollar figure you give the agent. So, the more you say you "paid", the higher your premiums.

So, if you spend $50K in parts to build your car, and then total it, your insurance company will run comps on "comparable" cars like yours that have sold or are for sale and will use that figure to assess the "value" of your car at the time of the accident.

Same as any other car, except "real classics".

Thats the point. Agreed value... I want the Agreed value to be what I negotiate the payout to be. I dont mind spending a couple hundred extra per year to get that coverage. To spend over 50k in parts and to be insured for 25k just does not pass the common sence test to me.

These cars are not anything like new cars. You are forgotting there is a markup from the mfg. So we could simply say we spent 50k in parts, 10k in labor and with a 20%gp that would make the car a 75k value NEW. In that scenario, i dont think its unreasonable to get insurance that covers 50k of it.

[ratdog]

And it is called a FIXED agreed value Policy

[Jetsbaby]

This why you have to spend the extra money and get the car appraised so the insurance company can't jerk you around and compare your car to lesser value car..Read my post..It pays to get your car appraised..

[QSL]

one company wanted appraisal WITH current sales to prove the value... uhhh, yea, right.