Agreed value insurance on non-classic-car policy. Any recent experience?

Hello all, I recently purchased a 1999 C2 with Flat Six Innovations 3.6 Stage 1 engine from a fellow Rennlister. Great car, great seller, I couldn't be happier. Time to insure the car. I have had classic car insurance in the past (Hagerty) on car that truly was only driven for pleasure so the use restrictions fit my use of the car in that case. However, I intend to drive this car more regularly than most classic car agreed value policies will allow. Not an everyday commuter, but possibly commuting a couple days a week. I want to be able to run errands in it and not make driving use decisions based on my insurance policy for this car. There are 2 drivers in my household and currently 2 cars other than the 99 C2 (both insured with State Farm), but I intend to sell one of those two "other" cars within the next 6 months, so at that time the 99 C2 will be my "only" car (besides my wife's Tacoma which would be her "only" car). I've called several of the larger classic car insurers and while they differ on the finer details of their use restrictions, so far ALL of them I've spoken to require that there be two "other" cars insured under a normal insurance policy if there are two drivers in the household. They say they do not want the "classic" car to be a daily driver, or even a back-up daily driver if the "other" car is unavailable. So classic car insurance may not be the right fit for this car (at least with the companies I've spoken with so far). I called my State Farm agent to see if they will write an agreed value policy on a regular use vehicle. He called the State Farm mothership and they said no - they only write a classic car policy or a regular passenger vehicle policy (actual cash value (ie depreciated value)) policy. My concern is that I purchased this car with a FSI 3.6 engine which cost the seller over $20k for the engine alone. That adds value to the car. So if the 99 C2 I purchased was worth ~$20k with it's stock engine, with the FSI Stage 1 its value is something like ~$30k (very rough numbers here for the sake of example). If I go with a normal actual cash value policy and suffer a total loss, I could be looking at a $20k payout - maybe less - for a car that has true value in the marketplace much higher than $20k. But to get an agreed value policy, so far all I've found are classic car policies with driving restrictions I'd rather not have to follow. I know if I went with a normal State Farm policy and suffered a total loss I could (and would) make the value argument and provide receipts, recent comps (if any are available at the time), etc, but I put little trust in that process coming out in my favor. I understand this may be my only option. I've searched Rennlist for threads on this topic and found several that are multiple years old declaring 'company X offers such a policy', but I've called each of those company Xs and they no longer offer such a policy. Does anyone have current/recent experience finding an insurer who will write a normal unrestricted use policy with an agreed value rider or something similar?

Have you take a look at porsche NA insurance? They are doing agreed value with no driving restrictions beyond the miles you tell them you want to drive. The yearly cost seems to be partly based on desired mileage. I priced my car at 28k and about 3k miles a year. I have no experience with them as an insurer. I have 3 cars with hagerty right now and i sold my daily. I am waiting for them to say something... With covid i work from home and rarely drive these days. My girlfriend has a honda and we take that on trips. anyway, i wouldnt worry about having the car on hagerty, even if you drive it to work occasionally...

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Just so people know, Porsche Auto Insurance is only available currently in Oregon, Illinois and Georgia. When it comes to Ohio, I will be switching. How do you like Hagerty? If Porsche Auto Insurance doesn't come to other states soon, I would probably look at Hagerty or Grundy for agreed value. From what I understand, Grundy is great.

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ah, i did not relizie they had not gone national yet. I live in atlanta, only about 15 minutes from the headquarters. maybe i get a location discount too lol. I have had hagerty for years and never had a claim. Friends have had claims and spoke very highly of the ease of getting settlements\repairs. Every time i have called hagerty their people are super helpful and polite. I have their drivers club membership and get my e9 project flat bedded around for free...

Been w/State Farm for about 40 years and they still cover 1 car & 1 truck, my house, a personal articles (art) rider and a $1M umbrella policy I switched from State Farm to Hagerty a year ago for 3 cars: my 2000 C4 Cab, 2002 MR2 Spyder and 2008 BMW 335i. I just declared a value for the cars and Hagerty did not dispute them. They didn't have a 335i E90 Sedan in their system yet. So, I had to send them pics of it and prove that I had another car that I used as a daily driver which is my MB ML350 and then they insured it too. Saved about $1k in annual premiums vs State Farm to insure the 3 cars. Was set up to insure a 4th car -- my 2014 Vette -- w/them too but got bad info from one of their reps who said I couldn't insure it (when I picked up the car) despite getting a quote for it previously because of the fires in CA. Turns out this rep was WRONG but I had to get it insured that day so called my State Farm rep who covered it immediately After I was told that the rep was wrong only a few days later, I didn't want to jack my State Farm agent around by immediately canceling the policy. So, will wait until my Hagerty policy is due for renewal in Dec before I do that. Only problem was that State Farm coverage cost twice what Hagerty was going to charge me for the Vette ($900 vs $450 annually). So, my annual premium savings will go up to about $1.5k/yr after I switch the Vette to Hagerty too. Also recently got a bunch of annoying messages from Hagerty about providing proof of my Mature Driving Certificate Course to justify the "Safe Driver" discount I'm getting Sent it in to them but turns out the certificate is only "good" for 3 years and the one I already had expired in April 2020. So, I had to take the course again and resubmit proof of the certificate again. Am still getting the "Safe Driver" discount from State Farm and they haven't yet asked for proof of a current certificate but no problem providing proof of that now, if they ask for it. Mainly happy w/Hagerty because I'm able to save $ on insurance premiums. Customer service experience has been "mixed" as discussed above. I get much better "service" from my State Farm agent but pay a premium to get that service. Claims service w/State Farm has always been excellent. Have yet to know how that experience w/Hagerty will be. Hopefully, I never need to find out.

I switched my 996 to Hagerty a few years ago. Had to send them a pic of the car in the garage, and prove that I had another car as a daily driver. It's a declared value policy, but there's no paperwork about mileage, etc. It's MUCH cheaper than the traditional policy I was on. Customer service to set it up was simple enough, but I can't speak to claims service (and hope I don't have to!)

A few weeks ago I purchased a Hagerty policy for agreed-upon value of $32k on the 2000 996 with a DIY engine rebuild with all the upgrades (3.8 Nickies, Carillos Rods, JE Pistons, IMS Solution, $6k GBox tranny rebuild with new LSD, etc.). I adjusted the coverage parameters to match my State Farm policy and the result was $680 annually, unlimited mileage and $1000k deductibles on comp & collision, non daily driver. I'm a 49 year old male, clean driving record (knock on wood). I was expecting the rep to require photos and receipts of engine work, but much to my surprise, none of that was required. After providing a credit card for payment, boom, coverage activated and I printed the temporary insurance card a few minutes later. As far as customer service, I was extremely pleased that Hagerty answered the phone on the 4th ring! Almost unheard of these days! All my other policies are with State Farm, including homeowners, two other vehicles, personal articles policy, and umbrella. I was told that in order for State Farm to issue an agreed-upon value policy, I would need the 996 appraised at my cost, and submit multiple photos, receipts, etc. Although this is not totally unreasonable, trying to find an appraiser who will sign-off on $32k was a no-starter. Not to mention, State Farm underwriting dept. would take approximately one month to write the policy... if approved.

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I find it interesting that they care so much about the actual value of the car...it's not that important with agreed to value. You basically pay coverage for the value you state. As long as the value is not stupid high to the point where insurance fraud is tempting, why should the care? Higher value, higher premium; done.

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I agree. The rep said $32k on a NA 996 is "one of the highest" in their system.

I use State Farm to insure all my stuff. A few years ago I used them to insure my 1970 911 T and they gave me the agreed value I was looking for and were cheaper than the other classic car insurance places. I now have a 40AE 911 that I insure with them along with a newer Porsche and some other vehicles, umbrella, life ins, etc. I have an agreed value of $50K on my 40AE. Premium is $50/mo. All I had to do was provide photos of the car. $50K was as high as they would go without appraisal. I looked into Hagerty and they would go to $60K but the premium was just about double, so it was not worth it to me. I have always had good luck with State Farm.

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I had great experience with Hagerty claims dept. when my replica Speedster was damaged during shipping. I plan on using them again for my 996 once my FSI build is done. I've been with State Farm for decades but recently got screwed when the local ownership changed hands and found out a previous employee had canceled my policy without me knowing about it till 4 months later...I'm not happy anymore.

I've been with Hagerty for 15 years with the cool cars and Geico for the regular cars. The three cars with Hagerty have a combined agreed value of $75,000 and the annual premium is $830. The 996 value is $35,000 and accounts for $462 of the $830 premium. Hagerty has softened their policies over the years, you still can't use it as a daily driver but you are allowed to drive it to work occasionally etc...

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I had not considered Porsche Insurance - I'm in AZ, but just signed up for notifications when they expand to my state. I'll be checking that out when it becomes available. Joe, are your State Farm agreed value cars also written under their 'classic car' type policy? With use restrictions?

Zombie bump. Porsche's own auto insurance is definitely worth looking into. It's all agreed value coverage, OEM parts coverage, and you choose your own shop or Porsche Certified shop. And they blew Hagerty and all of the others out of the water on pricing for me.

Same here. The only drawback is that you have to take a picture of your mileage every month. But small price to pay for agreed value insurance. Next step is to raise the amount since 996 prices are going up considerably. No idea how the monthly payments will change, but nice to know that you can protect the "all-in-value" of your car.

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Did you know that you can pay 6 months at a time? Then you only have to do odometer verification twice a year.

No I didn't, but now I do. Thanks!

I had my e30 m3 my 72 240z and my 09 Audi s4 cabriolet with Hagerty for about 4 years no accident or tickets have 2 daily rides with geico and Hagerty bumped me too almost double so I went with American collectors Ins half the price and a higher agreed value when I sold the 240z to buy my 99Aero 2 Months ago couldn�t be happier and more money to buy bling

State Farm wrote me an agreed value ($37,000) on my new-to-me 996.1 with a non-original engine. Maybe $450/year. we also have three other cars(including a �classic� �09 M3), our house and an umbrella policy w them. I was surprised they were willing to do agreed value but it kept me from shopping all my insurance around so smart move on their part.

Auto Owners Insurance also does Agreed Value but they really struggle in dealing with valuation of modern exotics/collectibles. Basically, they won�t do an Agree Value unless you can somehow substantiate it via Hagerty, an appraisal, or similar. It�s really dumb.

Nice thread bump. I have my 2000 996 C2 with Plymouth Rock but it is not an agreed value policy. Wrote to them recently asking for such coverage and they never replied. BV on my car is probably <$10K and I paid $24K. I'll try Grundy and Hagerty. I have no problem with mileage limits. This thread is very helpful. Thanks.

I heard that Liberty offers agreed values. Haven't checked into it yet because I am happy with the Porsche Insurance being in IL. But I have not yet experienced a claim nor do I hope too.

There is another discussion to be had on DE insurance. But that may be for another thread.

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You should consider including quotes Leland West and Porsche as well.

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What is "DE Insurance"?

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Track insurance. Firms like Hagerty and Leland will offer track insurance for designated "drivers education" events with agreed upon values and deductibles. Very important if you plan to participate in a track day or autocross day because your regular auto insurance will not cover an accident. However, some auto insurance companies at one time supposedly did cover these events under the normal policy if it was a designated " drivers education" event. But I don't know as of today if any are doing it. My understanding if it was covered , it was not for an agreed value. So anyone that is considering autocrossing or tracking their car at an event should heavily consider DE insurance. All it takes is a little gravel or one wheel in the grass and you could have a problem. As a side note, over the past 17 years, never saw two cars hit each other at a DE event. Everyone is typically very respectful of not hitting the next guys and providing sufficient room. If they aren't, they are usually black flagged. DE is not club racing where you can pass at any time and anywhere . In DE you can't pass the guy in front of you until he motions for you to pass and passing zones are designated. At this point both guys are very aware of each other. But I have seen plenty of cars go off track due to brake failure or just carrying too much speed. This is where track insurance comes in.

So here is where I ended up. I bought the car (2000 911 C2) in March and insured it with my daily driver company (Plymouth Rock). This is not an agreed value policy and the premium was $932/yr. I tried State Farm but they don't write in my state (MA). I then tried American Collectors but they declined because in my state your vehicle has to be 25 years old. So I went with Hagerty who had a $640 annual premium and no other restrictions/requirements.