Best "Agreed Value" Truck Insurance

[fastpace]

Just curious but how many of you daily drive your truck and park it outside with the agreed value plans?

I was looking at American Modern last night and it looks pretty interesting. Doing the basic quote setup online the price was similar to what I'm paying for Allstate right now, but due to the mileage and storage for my cars it said I needed to call to see if I'm eligible. It's tough finding a place that will let you just state how much the car is worth but let you drive it like a normal car/truck.

[Lattimer]

Originally Posted by fastpace

Just curious but how many of you daily drive your truck and park it outside with the agreed value plans?

I was looking at American Modern last night and it looks pretty interesting. Doing the basic quote setup online the price was similar to what I'm paying for Allstate right now, but due to the mileage and storage for my cars it said I needed to call to see if I'm eligible. It's tough finding a place that will let you just state how much the car is worth but let you drive it like a normal car/truck.

You need to read the fine print on these policies. My Haggerty policy didn't cover much unless I was on my to/from a car show or sitting in the driveway. When I talked to the guy at Grundy the price kept going up if I wanted to actually use the truck at all. The Geico policy I have covers use up to 7000 miles per year. They made it clear they expect me not to tow or haul with the truck, and of course no racing. They said in the case of a vehicle to be used for racing, the coverage would not apply during the racing, but would apply on the way to/from the track, or other normal driving.

Every policy I have looked at requires the truck to be stored in a locked garage.

Some of them are more particular than others on restoration status/completeness of the vehicle. Geico won't cover a vehicle that is less than 85% restored, or so they told me. They want it running and driving. Mine is good except for dent repair and paint, and they seemed hesitant. Once I sent photos they were ok.

My truck is just a weekend driver, occasionally I'll drive it to work. I drive it from my house to my buddy's gym quite often. But otherwise its in the garage.

[fastpace]

Originally Posted by Lattimer

You need to read the fine print on these policies. My Haggerty policy didn't cover much unless I was on my to/from a car show or sitting in the driveway. When I talked to the guy at Grundy the price kept going up if I wanted to actually use the truck at all. The Geico policy I have covers use up to 7000 miles per year. They made it clear they expect me not to tow or haul with the truck, and of course no racing. They said in the case of a vehicle to be used for racing, the coverage would not apply during the racing, but would apply on the way to/from the track, or other normal driving.

Every policy I have looked at requires the truck to be stored in a locked garage.

Some of them are more particular than others on restoration status/completeness of the vehicle. Geico won't cover a vehicle that is less than 85% restored, or so they told me. They want it running and driving. Mine is good except for dent repair and paint, and they seemed hesitant. Once I sent photos they were ok.

My truck is just a weekend driver, occasionally I'll drive it to work. I drive it from my house to my buddy's gym quite often. But otherwise its in the garage.

See that's my issue, once my truck is done it'll replace/share the DD role with my CTS-V. I plan on using it to tow some and I'll probably put ~7-10k miles/year on it. I'm going to have ~$30k total in it with receipts to show everything, so if I could just ensure it as if it was like a 2013 Silverado I would have the exact coverage I want. I want to park it outside, load it up with a bed full of scrap to take it to the scrap yard, tow a car to the race track, or just take it to a cruisein down the road.

[Tropical Snowstorm]

I had to take photos of the truck and the locked garage it is stored in. No specific mileage limits in my terms but I have to have an alternate "primary vehicle."

[Lattimer]

Originally Posted by fastpace

See that's my issue, once my truck is done it'll replace/share the DD role with my CTS-V. I plan on using it to tow some and I'll probably put ~7-10k miles/year on it. I'm going to have ~$30k total in it with receipts to show everything, so if I could just ensure it as if it was like a 2013 Silverado I would have the exact coverage I want. I want to park it outside, load it up with a bed full of scrap to take it to the scrap yard, tow a car to the race track, or just take it to a cruisein down the road.

I can still do those things, but I have to be concerned if I'm actually covered in case of an accident while towing/hauling/etc.

Geico got antsy when I asked about hauling.

[Tropical Snowstorm]

Originally Posted by fastpace

See that's my issue, once my truck is done it'll replace/share the DD role with my CTS-V. I plan on using it to tow some and I'll probably put ~7-10k miles/year on it. I'm going to have ~$30k total in it with receipts to show everything, so if I could just ensure it as if it was like a 2013 Silverado I would have the exact coverage I want. I want to park it outside, load it up with a bed full of scrap to take it to the scrap yard, tow a car to the race track, or just take it to a cruisein down the road.

Here's another perspective for you: I drove my Green 72 Cheyenne daily from 99-06 with a few Camaros/S10s as back ups and hot rods. I kept liability only on it since I was a teen-early 20s driver. To insure it for an agreed value that I had wrapped up in it and felt it was worth AND to not have driving limitations placed on me would have cost me $2k+ a year, I paid ANPAC (my insurance co at the time, just normal car insurance) about $400 a year. So basically I saved $1600 a year by minimizing the insurance expense and always kept in mind that I needed to either have a back up (I still to this day have multiple running/driving vehicles) ready if something happens.

The truck did end up getting stolen and never recovered in April of 2007. I got literally nothing but a report and a case number for 9 years of blood, sweat, and paychecks. Some ______ just had to have it worse than I did and it wasn't covered. I did save almost $15,000 in insurance costs though, and for $15k I can buy a pretty nice replacement.

As far as insuring it as a 2013 Silverado- it does not have ABS/Stability control, 10 air bags, theft deterrent equipment, and all the things that make a new car harder to crash or steal. Bottom line is insurance companies are businesses, the more risk of cost to them the more it will cost you to insure. Plus even if you do get coverage who knows what kind of nightmare would follow a claim and arbitration...

I hate that my truck was stolen and miss it constantly but I still think I made the right choice with insurance and just had to write it off as a lesson learned and $ left for projects and hot rods along the way.

[68RAT540]

Originally Posted by AZBIG1

Goo to know. How "modified" is your truck?

It has a 710 horse 540 and a 5 speed Tremec.Its also tubbed and has a fiberglass tilt frontend.But they charged me the modified rate for having racing bucket seats in it. I also had to provide a pic of it sitting in the garage where its stored. It also had to be kept in a block garage. During the rebuild its getting Porterbuilt suspension and a Procharger for a little extra umph.

[luvbowties]

Originally Posted by JWall

Have you looked into Chrome Insurance?

I have had Grundy's on all my trucks with good luck but luckily never had to file claims.
(They've never questioned my values and they were or are 20K plus)

The exception to that is my 98, they didn't want to cover it since it was "too new", I filed it with Chrome thru a local car guy I know. Now its not as cheap as Grundys but they let me do an agreed value on it.

JWall, seems like several Senior members like you use Grundy's for ins. carriers. My short research shows Grundy to be significantly cheaper than even closest competitors here in SC. [I don't mind the $300-deductibles they impose vs. the 0-ded'ls on most others.] But a ? or 2...Do they include guaranteed flatbed towing, fuel delivery, jump-starting, lock-out service, and so many of these "extras" that their competitors offer?...and some competitors even include in their quote these services with no increase in premium--maybe 1 offered 3 different tiers of these svcs. at a choice of $35-$50-or $125, depending on degree of luxury desired with these extras [like overnite accommodations if repairs took an excess of 24 hours to complete].
An act of Grundy's I particularly liked was their practice of applying unlimited mileage; I don't plan to drive my 2 over 1000 and 1200 annual miles, respectively, anyhow; but I literally despise approaching a limit I have to monitor!

If u have time, pls. lemme know about their policy, as to whether it is simply 'meat and taters' or whether they include some of these 'desserts' also. I've gotta get "agreed value" from someone, as I'm running quite a risk now using standard ins. coverages.
Thanks for any help u may find time to offer.
Sam

[chevy72blu]

I looked into this last year when I got my 72 back on the road. Because my wife and I share a car, we do not have our own DD's - the truck sits in the garage and we car pool to work. Being that I'm still making it right its maybe been driven 100 miles in the past year. I added it to my regular State Farm policy as stated value.... I know I would get nothing if the worst happens.

Even though I'm not using the truck as a daily driver, most of the insurance co's seem to think I am as I dont have another car for each driver in the household.

Grundy's website mentioned daily driver insurance (MVP) but the link is dead. Anyone have any experience? Truck is in a locked garage, not used for hauling/towing, and I'd like a milage limit of 3-5k. Agreed value of 20-25k. My State Farm policy runs until October, so I have some time....

[davepl]

I've been with Hagerty 20 years. I've had a couple of minor claims (parking lot door dings from dorks, that sort of thing) that they didn't even charge me the deductible.

But when I really needed it - when the front wheel came off my Camaro and took the fenders, hood, door, and suspension with it - they were great. They even agreed to pay the extra money for an NOS fender because the shop argued for it over the restamps. Do you know what an NOS fender for a 69 Camaro costs? Me either, but they're not cheap.

I wound up with a ton of NOS parts (replacing my factory parts, not like I made out here) which they just paid for without a blink.

I'm Hagerty for life now, as long as they keep it up.

[Lee H]

Seems having a DD for each driver is a standard when getting agreed to insurance. When my kids were in high school and collage it was difficult, as my insurance and those I looked into required a DD for each person 16 and over, whether they had license or not.

[ryanroo]

This is a topic i am interested in. when i insured my modified 67 kaiser m715, i talked to my Farmers agent that does all my regular cars and homeowners. I asked if i could insure it for a value i wanted and still consider it a regular vehicle, not a parades and shows restriction. they said that it could happen. i didn't pursue it, just had it insured for liability. When i insured the 72 i DD i asked about full coverage simply because for the price it wouldnt be that big of a deal to me. they wanted to look at it before they did that. again, not a concern so i just did liability.

i want to chase down a real appraiser that is savvy to modified vehicles when my current project is done so i can discuss the parts that have been installed and the work that has been done. then i will take that to my agent and see what they can do for me as far as agreed coverage. if they cant meet my needs i will have to go elsewhere, but to date, farmers has been great with all of my auto and homeowners stuff. they don't question me on claims and are quick to serve my needs/write a check. i do not want to write off the truck if it is in an accident as it has some sentimental value and i am willing to pay a little more to insure it as a DD and working truck with that in mind.