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Thread: Agreed Upon Value Auto Insurance

  1. #1
    LLZ8
    Join Date
    Jun 2010
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    57

    Agreed Upon Value Auto Insurance

    My auto insurance company, GEICO partners with Assurant for agreed upon value insurance for classic and exotic cars. Does anyone have any experience with Assurant and do you have a recommendation for an insurance company besides Hagerty?
    Larry

    Larry
    2001/Silver/Red-Black

  2. #2
    Sport Button On - DSC Off
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    Sep 2021
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    101
    I insure all 4 of my classics, including the Z8, with Chubb for agreed value, zero deductible. Way cheaper than Hagerty. Although I've had no claims to deal with, I've had no issues with my interactions with Chubb. Plus I get free food and drink and admittance in their customer area at the Gooding Monterey auction!
    1957 BMW 507 Papyrus/Blue
    2001 BMW Z8 Red/Crema

  3. #3
    LLZ8
    Join Date
    Jun 2010
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    57
    Chubb will not insure my Z8 because it is not 30 years old or part of a collection.

    Larry
    2001/Silver/Red-Black

  4. #4
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    Paying $700 for $225,00 Stated Value

    This is with State Farm.

    Jay in Southeast Florida
    Z8 #436
    License Plate: MYBMW Z8
    Eisenmann Mufflers
    Dinan Performance Software

  5. #5
    LLZ8
    Join Date
    Jun 2010
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    Agreed Value

    Is stated value same as agreed value? American Modern says that stated value is market value not exceeding the stated value. The American Modern language says that stated value is "actual cash value with a maximum limit- the stated value-and the carrier pays the vehicle market value..."
    Last edited by llioz; June 22nd 2022 at 19:40. Reason: Misstated info

    Larry
    2001/Silver/Red-Black

  6. #6
    Sport Button On - DSC Off
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    Quote Originally Posted by llioz View Post
    Is stated value same as agreed value? American Modern says that stated value is market value not exceeding the stated value. The American Modern language says that stated value is "actual cash value with a maximum limit- the stated value-and the carrier pays the vehicle market value..."
    According to my agent, this is the stated value of the vehicle which would be paid out, not the replacement value which could be lower. I try to keep the current value at what I see sales looking like each year.

    Jay in Southeast Florida
    Z8 #436
    License Plate: MYBMW Z8
    Eisenmann Mufflers
    Dinan Performance Software

  7. #7
    LLZ8
    Join Date
    Jun 2010
    Posts
    57
    Thanks Jay. Glad you clarified it with your agent.

    Larry
    2001/Silver/Red-Black

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