Do You Use "Agreed Value" Insurance? - Printable Version
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Do You Use "Agreed Value" Insurance? - Inkedupfatboy - 08-14-2013
Yup. All I can do is throw the milk out the window and eat the receipt when I get hit.
Do You Use "Agreed Value" Insurance? - flash - 08-14-2013
lol - i knew somebody who had a problem with one of these companies. he ended up driving his car to work one day to show it off. on the way home, he got in an accident that was clearly the other guy's fault, who by the way had no insurance. even the police report showed it as the other guy's fault, and they even took him to jail. however, the insurance company refused to pay, solely because he took the car to work, and that was a restriction of the policy.
if you get one of these policies, adhere to the rules and restrictions. you may roll the dice successfully for a long time, but if you have an accident, you may not get the claim paid, and you will be out a lot more than the proper insurance would have cost.
definitely a bad idea as a primary policy if you plan to exceed their restrictions. thinking otherwise would be penny wise but pound foolish.
Do You Use "Agreed Value" Insurance? - Inkedupfatboy - 08-14-2013
I don't have a job, so that part is easy.....
I don't have any friends either, so no one to show off to -
Do You Use "Agreed Value" Insurance? - flash - 08-14-2013
roflmao
Do You Use "Agreed Value" Insurance? - 94SilverCab - 08-14-2013
[quote name='flash' timestamp='1376513524' post='147260']
lol - i knew somebody who had a problem with one of these companies. he ended up driving his car to work one day to show it off. on the way home, he got in an accident that was clearly the other guy's fault, who by the way had no insurance. even the police report showed it as the other guy's fault, and they even took him to jail. however, the insurance company refused to pay, solely because he took the car to work, and that was a restriction of the policy.
if you get one of these policies, adhere to the rules and restrictions. you may roll the dice successfully for a long time, but if you have an accident, you may not get the claim paid, and you will be out a lot more than the proper insurance would have cost.
definitely a bad idea as a primary policy if you plan to exceed their restrictions. thinking otherwise would be penny wise but pound foolish.
[/quote]
I understand why the insurance is cheap and I NEVER break the rules that would invalidate my insurance....
It's really not that hard.
Drive less than 5,000 miles/year
Do not drive it on a track for any reason whatsoever
You must park it in structured parking
Do not drive it to work.
Do not look for ways to get around these simple rules or you will not be covered.
Jay
Do You Use "Agreed Value" Insurance? - tamathumper - 08-14-2013
So, following the no destination rule, if you get in an accident, do you say "I wasn't going anywhere. Honest..."
Do You Use "Agreed Value" Insurance? - Inkedupfatboy - 08-14-2013
[quote name='tamathumper' timestamp='1376516278' post='147274']
So, following the no destination rule, if you get in an accident, do you say "I wasn't going anywhere. Honest..."
[/quote]
Funny!
Do You Use "Agreed Value" Insurance? - Rap - 08-14-2013
Agreed value restricts track use or doesn't cover it?
Do You Use "Agreed Value" Insurance? - flash - 08-14-2013
i don't know of a policy that allows it.
in fact, i know of know normal auto policy that allows track use, if there is any timing mechanism involved. a few will allow driver ed events, but no time recording device can be used
Do You Use "Agreed Value" Insurance? - Rap - 08-14-2013
Now I need to check mine. I was quite clear to my agent. Of course I buy track insurance.
Do You Use "Agreed Value" Insurance? - 94SilverCab - 08-15-2013
[quote name='Rap' timestamp='1376526415' post='147284']
Now I need to check mine. I was quite clear to my agent. Of course I buy track insurance.
[/quote]
You answered your own question, you buy track insurance, otherwise I know of no insurance that will cover you on a track.
Jay
Do You Use "Agreed Value" Insurance? - Inkedupfatboy - 08-15-2013
Does a Jesus on the dashboard count as coverage?
Oh I'ma goin' straight to hell for that one, huh?
There are no atheists in a Mexican Taxi Cab - I found that out the hard way in Cozumel
Do You Use "Agreed Value" Insurance? - ds968 - 08-15-2013
[quote name='Inkedupfatboy' timestamp='1376578834' post='147318']
Does a Jesus on the dashboard count as coverage?
Oh I'ma goin' straight to hell for that one, huh?
There are no atheists in a Mexican Taxi Cab - I found that out the hard way in Cozumel
[/quote]
This is probably from an Italian Taxi Cab.. but could also be Mexican, or for that matter any Catholic who drives the way a car is meant to be driven
Do You Use "Agreed Value" Insurance? - Cloud9...68 - 08-15-2013
Funny stuff. I ran into (not literally, thankfully - kind of would be in keeping with the topic of this thread, though <img src="/forum/images/smilies/968/smile.png" class="smilie" alt="" />) a guy at work who has an E36 M3 that's set up strikingly similarly to my 968 - primarily as a track car, but still driveable on the street. He told me he has a policy with Haggerty, which has the following restrictions:
Less than 5000 miles a year
Car must always be parked in an enclosed garage (making it OK to drive to work at our company)
Must not be the owner's primary car
Car can be tracked, but the coverage does not apply while the car is driven on the track
He told me he has it insured for a stated value of $12,000, for a cost of $300 per year. This wouldn't work for me, as I fail several of the criteria, but it sounds like an interesting policy that would work well for specific individuals, and he said he was very happy with the company, but I don't remember if he said whether he had ever filed a claim with them.
Do You Use "Agreed Value" Insurance? - Inkedupfatboy - 08-15-2013
I was given similar restrictions - most will say...
You have to have a car for each driver that is not the classic car to be insured..and they have to be less than 8 to 10 years old...
It has to be garaged...
No commuting...
Pleasure only...
then a mileage restriction...
and your limits of coverage can't exceed your other vehicles...
Do You Use "Agreed Value" Insurance? - Cloud9...68 - 08-15-2013
The Haggerty policy didn't have any restrictions on commuting - just an annual mileage cap, and a requirement that it always be kept in a covered garage. So as long as you commute to an employer that provides a covered garage, you're OK. But again, no idea how good Haggerty is about paying claims.