Stated value policy/insruance?
- Thread starter IH8RUST
- Start date
Capriblue45
Rising Sun Member
- Joined
- May 28, 2023
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- 602
I use Grundy for agreed value on my collector vehicles. There are some limitations on use of the vehicle with these type of policies.
Thanks, I'll give them a call.
SteveH
Hard Core 4+
I use Grundy because they are half the price of Hagerty. They are pretty good about letting you pick the value, so they shouldn't quibble about how much you want to insure it for.
KC Masterpiece
Hard Core 4+
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- May 4, 2019
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- 2,222
Let me know how it goes. I am curious.
KC Masterpiece
Hard Core 4+
- Joined
- May 4, 2019
- Messages
- 2,222
Is that with no use limitations? Thats a pretty good deal!
If that’s without any limitations then that is a good deal. As soon as you notify them of your off road usage the numbers will change or they will not insure you at all. Hope I’m wrong.
See below:
- Limited use only: For pleasure drives, car shows, and hobby events.
- Prohibited use: No driving to work/school, running errands, or as backup/primary transportation.
- Racing and rallying: Not covered under any circumstance.
- You’d also have to have a primary, this can’t be a daily driver, must be a garage queen when not in use.
Does it literally need to be in a garage? Mine won’t clear the header. I’ve got plenty of other drivers. But I could definitely see a future claims argument over what is a hobby event.
I just tried to quote mine for $70K and got the please call message.
I just tried to quote mine for $70K and got the please call message.
Last edited:
mcgaskins
Rising Sun Member
Bumping up the most recent insurance thread that mentions Hagerty and Grundy. I would like to get a stated value policy on my 200 since it has items that a "normal" insurance carrier won't value the same as an enthusiast focused insurer.
What's odd about Hagerty is when you click the drop down for a 2013 Toyota, a Matrix and Yaris are options but no Land Cruiser! I really don't want to burn half a day calling insurance companies, especially since I just spent 31 minutes talking to Progressive to cancel the 80 series policy which they couldn't figure out how to backdate 3 days.
Does anyone have Hagerty or Grundy on a vehicle that's ~15 years old or newer?
What's odd about Hagerty is when you click the drop down for a 2013 Toyota, a Matrix and Yaris are options but no Land Cruiser! I really don't want to burn half a day calling insurance companies, especially since I just spent 31 minutes talking to Progressive to cancel the 80 series policy which they couldn't figure out how to backdate 3 days.
Does anyone have Hagerty or Grundy on a vehicle that's ~15 years old or newer?
I'm yet to find a source for a Land Cruiser. Hagerty told me no 4x4 trucks. My primary carrier USAA will not offer me a stated policy unless my vehicle is stored indoors plus some other criteria like annual mileage that I don't recall as my 80 will not clear the header of my garage so I stopped caring at that point.
mcgaskins
Rising Sun Member
The person who bought my 80 got a policy with Hagerty that allowed a stated value, so I wonder if they just don't want to insure modern 4x4s.
Oddly enough, I just realized by changing the year in the Hagerty quote process the 200 actually does appear in the list for all years except 2012-2015. That seems like a glitch, and I wonder if the 200 not having a 2012 model year due to the tsunami created an issue in their database? I may give them a call and tell them my VIN to see if it's eligible.
zgfiredude
Lifted
This is a constant struggle...here is my approach.
I keep an extensive file of all maintenance records and costs, I have an appraisal that I update periodically, and I stand ready to invoke the "appraisal clause" of my policy if and when I need to file a big claim. You have the right to a third party appraisal of the settlement when the Ins. Co. adjuster tries to total or low ball your settlement. You just have to tell them at the time of the attempted settlement that you want to do that. There are third party insurance claim appraisers (small fee) that will help get to a realistic settlement based on the real market value of the rig. If you have A LOT of money in the rig, you will want the Hagerty style coverage subject to their use terms. I have NOT found an auto insurer that will provide what most of us would like which is Stated Value coverage without silly use restrictions.
If there is one, please let me know!!
I keep an extensive file of all maintenance records and costs, I have an appraisal that I update periodically, and I stand ready to invoke the "appraisal clause" of my policy if and when I need to file a big claim. You have the right to a third party appraisal of the settlement when the Ins. Co. adjuster tries to total or low ball your settlement. You just have to tell them at the time of the attempted settlement that you want to do that. There are third party insurance claim appraisers (small fee) that will help get to a realistic settlement based on the real market value of the rig. If you have A LOT of money in the rig, you will want the Hagerty style coverage subject to their use terms. I have NOT found an auto insurer that will provide what most of us would like which is Stated Value coverage without silly use restrictions.
If there is one, please let me know!!
Hagerty refused to insure me; Grundy offered, but I have yet to sign, and they also stipulate no off-road use and only occasional use. That's where I landed, so if you have a classic LC, you're limited on the insurance return; you're either restoring it to make it a garage queen or accepting the loss of value.