[tamathumper]

Forum-mates,



I've seen a few posts about accidents and cars being totaled for low values and I was reminded of it this morning when the PCA Newsletter e-mail came through. There's a link for LelandWest Agreed Value insurance, and if I select 6,000 mi. per year, and "Modified from Stock", with "some commuting" the premium is less than $600 which seems reasonable.



I have never heard of, or considered "Agreed Value" insurance other than what I've seen here on the forum. I haven't dug into it too deeply to see if there are other limitations that would make it unpalatable, like only being able to drive during daylight hours, or between the months of June and September, or on days that end in "W".



What is your experience?

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[94SilverCab]

Stated value of $25,000 (mostly due to the "damage greater than 80% is a total").



Limited to 5,000 miles/year

Must be stored in structured parking

Can not be driven for business

Can not be driven on the track



(thanks Darryl)

Spare Parts $750

Towing

Glass ($-0- deductible)



I purchased my policy through Hagerty +/- $600/year.



Jay

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[Darryl]

I use American Collectors. They allow you to select from one of three annual mileage tiers, no restrictions on where you can drive (most of these policies do not allow you to go from home to work....commuting as it were), spare parts rider, towing, and they automatically increase the stated value by 500.00 per year. Car must be a certain age, but all 968 qualify. Cab, Coupe and 911SC are on one policy and it's a little over 700.00/yr.



- Darryl

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[tamathumper]

What is the "spare parts" component for?

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[flash]

harleys and british sports cars

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[Darryl]

Tama....funny you should ask. It was explained to me but not that well. I thought I could buy parts to keep on my shelf and have insurance pay, but I don't think it works quite like that. I was hoping it was for NLA stuff that was uber expensive and with proof of that, they'd buy it for you. Perhaps a quick call to an agent.....



- Darryl

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[94SilverCab]

Spare parts means that they will give you an allowance for modifications in the case of a total.



Jay

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[tamathumper]

Can I get $7,500 in spare parts coverage then? What about my irreplaceable D1R Stage 3?

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[ds968]

$ 35,000 currently. I can increase that limit up to $ 50,000 if I wish . No superchargers , no turbochargers allowed. No tracking of any kind ( not just racing..) allowed.. Expected not to exceed 5,000 mi per year. Policy placed via Barrett Jackson, with AIG. Premium is just $ 150 / year ( but it's for physical damage only, the liability is with another insurance company which covers all

of our cars )

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[tamathumper]

No superchargers? Bummer!

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[flash]

it would be interesting to see what the comprehensive portion of the policy excluded. i can get my car repainted with mine, and only pay the deductible.

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[tamathumper]

What specifically is the risk without this kind of insurance... gross underpayment or totaling the car at a very low value?

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[flash]

pretty much. but then, you can always buy the car back, grab the things you want from it, transfer them to a new car, and off the rest. in my case, and that of many others, it would be a lot less expensive than starting over.



i've wrestled with this issue for a very long time. i keep bumping into the need for gap insurance. i also bump into the issue of modifications. i used to bump into the track problem, but that's over. i may revisit this though, and see if i can make something work.

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[94SilverCab]

[quote name='tamathumper' timestamp='1360855391' post='138768']

What specifically is the risk without this kind of insurance... gross underpayment or totaling the car at a very low value?

[/quote]



The trouble is, with a book value of maybe $8,000 it would be incredibly easy to get to 80% in damage ($6,400) and totalling the car, and you could not replace for "fair value".



Jay

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[tamathumper]

Aha, gotcha. I never knew what "totaled" meant, and I hope I never do. Knock on wood.

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[Inkedupfatboy]

I just got a quote on Hagerty - $685 for a value of 22K - 1500 miles a year, 1000 deductible. You have to have another vehicle that is less than ten years old. Keep the Cab in the garage, and send in photos.

I asked my guy about the milage, and he said don't worry about it. He said he has several clients who drive what they want. I asked if I got hit, they can read the odometer and divide by the years on the poilcy and figure out I crushed the 1500K mark. He said not a problem yet, and they have never asked for a milage statement ever on anything he has written. I have it on my regular allstate policy until I do the Hagerty application.

For what it's worth.

Ed

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[94SilverCab]

The premium sounds really high and the mileage allowance seems really low...mine was $613 for $25k with 5,000 miles/year.



I have not been asked to report mileage yearly, but I agreee that they could take your mileage and divide by years.



It wouldn't hurt to tell your agent these are the kinds of numbers that other are receiving.



Jay

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[Inkedupfatboy]

Hi Jay,

Thanks. His quote was what he got over the phone from Hagerty or over the computer. I agree the milage is really low, but I have to fill out application and send in photos. I will ask if there is a tiered miliage option. I know I am going to dirve the car, Man how could you not!

I will keep an eye on it, meanwhile it is on my Allstate policy with full coverage. It is at the shop now and I already hate not having the car on my property! Hopefully in a week I can drive it for the first time!



Later.

Ed

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[94SilverCab]

Can't wait to see pics...good luck

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[Inkedupfatboy]

I have some, but they are of the car still tied to the trailer and not cleaned up. I can post some of them, but really wnated to wait until I had it in a nice location and detailed.

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