Insurance help

[satbeachbill]

I've had some offers on my 01 Z3 Coupe (73k miles) that FAR exceed what my Insurance Co (Geico) would pay out if wrecked. I'm thinking it's not properly insured. I looked into Hagerty and Grundy, but neither will consider it because it's a daily driver. Any suggestions?

[daven]

You need a policy with a declared or agreed valuation. Most insurance co.'s base payouts on 'cash value' as determined by the big valuation co.'s; i.e. Kelly's, Edmunds, NADA, etc. I went with Allstate. They only required a valuation letter from an auto professional on their letterhead. I used a buddy who flips cars. It can be your only car, daily driver. Cost increase was minimal. Call around insurance, varies state to state.

[satbeachbill]

You need a policy with a declared or agreed valuation. Most insurance co.'s base payouts on 'cash value' as determined by the big valuation co.'s; i.e. Kelly's, Edmunds, NADA, etc. I went with Allstate. They only required a valuation letter from an auto professional on their letterhead. I used a buddy who flips cars. It can be your only car, daily driver. Cost increase was minimal. Call around insurance, varies state to state.

Thanks, I'll look into it.

[cleanerPA]

That's the problem- you can't get a specialty agreed value policy and use the car as a daily driver, in most cases. That's nearly everyone in that niche- Hagerty, Grundy, American Modern, etc.

Regular insurance companies pay ACV- actual cash value. That's different from agreed value, which is a set number. ACV can change with mileage, condition, market prices, etc. That's where you get into the pitfall of stated value, which is different from agreed value. You DO NOT want stated value.

https://www.lelandwest.com/stated-va...-insurance.cfm

[delvec]

That's the problem- you can't get a specialty agreed value policy and use the car as a daily driver, in most cases. That's nearly everyone in that niche- Hagerty, Grundy, American Modern, etc.

Regular insurance companies pay ACV- actual cash value. That's different from agreed value, which is a set number. ACV can change with mileage, condition, market prices, etc. That's where you get into the pitfall of stated value, which is different from agreed value. You DO NOT want stated value.

https://www.lelandwest.com/stated-va...-insurance.cfm

Very informative....thanks

[satbeachbill]

So as I understand it, the Insurance Co needs an appraisal? How do I go about finding someone that knows -about these cars- to properly appraise it? Certainly not just anyone off a car lot? These cars seem to have almost a cult like following.

[IndianaRoadster]

So as I understand it, the Insurance Co needs an appraisal? How do I go about finding someone that knows -about these cars- to properly appraise it? Certainly not just anyone off a car lot? These cars seem to have almost a cult like following.

A two hour drive across your state to the Tampa Bay / Sarasota area and Dr. Randy Forbes could give you a spot on appraisal!

[daven]

So as I understand it, the Insurance Co needs an appraisal? How do I go about finding someone that knows -about these cars- to properly appraise it? Certainly not just anyone off a car lot? These cars seem to have almost a cult like following.

I did my own research on what cars are being offered or sold for currently. www.z3coupebuyersguide.com is a reliable and respected source. Also Hagerty's and probably the others offer valuation tools.
I printed off the comps that supported my own appraisal, brought them over to my friend and he wrote the letter. I'd guess that any reputable used car dealer would work with you - maybe not for free.
But it'd be worth the extra leg work and $'s to get away from 'actual cash value' insurance. A quick look says a 2001 coupe is running between $11-33k.

[mpire]

Sounds like you need an insurance guy. I always thought I could do better on my own, but that's now the case.

Call Gus at All Insurance Depot.

https://www.all-insurancedepot.com/auto/

He insures everything I got, including the coupes. Just bumped up the unicorn to 100k this afternoon.

I have mercury for my truck, and the coupes are all with Hagerty.

Hagerty pays out after an accident, and fast. They wrote me a check within 10 days when I lost my beloved.

That being said, call Gus, tell him what you need, and he will tell you all the options.

[satbeachbill]

Thanks, I'll dig into it.