[Geoffrey Mina]

I believe State Farm has a cap for payouts too. I wanna say 200k. don't quote me though.

I feel like that would be something highlighted in my policy... I have had SF insure all my McLarens and they never mentioned anything about covering 200K of a 400K car.

Edit: I just reviewed my policy documents and there is nothing in there about a 200K limit on comprehensive coverage.

 

[FauxShowMc]

Hagerty couldnt get anywhere near almost all of my recent quotes. Partially due to Florida coastal location, but it was absurd...

Grundy was phenomenal for me but I was just non-renewed...ended up with American Modern. State Farm offered but only as a market value policy and I was strictly interested in an Agreed Value policy

 

[Mcsikos]

Hagerty couldnt get anywhere near almost all of my recent quotes. Partially due to Florida coastal location, but it was absurd...

Grundy was phenomenal for me but I was just non-renewed...ended up with American Modern. State Farm offered but only as a market value policy and I was strictly interested in an Agreed Value policy

I have a 21 Gt and when I called Hagerty, they quoted me and said total payout would only be $119k. My car is black booked at $145k.

 

[invisiblewave]

I have a 21 Gt and when I called Hagerty, they quoted me and said total payout would only be $119k. My car is black booked at $145k.

Yeah, unless it's a collectible, agreed value is pretty pointless.

 

[FauxShowMc]

Yeah, unless it's a collectible, agreed value is pretty pointless.

Huh? This is very inaccurate information. I would not even consider a non agreed value policy for my supercar, collector car, etc...i would even do it for my Daily Driver if it were reasonable. Why leave the payout of a total loss up to chance? Do you really have the pockets to fight the insurance company when they lowball your payout?

My agreed value policies are definitely not pointless. Why would you say this?

 

[invisiblewave]

Huh? This is very inaccurate information. I would not even consider a non agreed value policy for my supercar, collector car, etc...i would even do it for my Daily Driver if it were reasonable. Why leave the payout of a total loss up to chance? Do you really have the pockets to fight the insurance company when they lowball your payout?

My agreed value policies are definitely not pointless. Why would you say this?

Because you're paying extra for a car whose market value can easily be determined anyway. The last payout I had on a totaled car was higher than I'd estimated the value of the car.

 

[FauxShowMc]

Because you're paying extra for a car whose market value can easily be determined anyway. The last payout I had on a totaled car was higher than I'd estimated the value of the car.

Well thats because you estimated wrong.

Market value is not always easily determined. Especially with exotics. An AGV policy is a much stronger policy and why you pay a premium for it.

Its all fun and games until you have a claim.

You advice that its pointless is absurd

 

[invisiblewave]

Well thats because you estimated wrong.

Market value is not always easily determined. Especially with exotics. An AGV policy is a much stronger policy and why you pay a premium for it.

Its all fun and games until you have a claim.

You advice that its pointless is absurd

Got any examples?

 

[Trevor90]

Yeah, unless it's a collectible, agreed value is pretty pointless.

How is AGV pointless?

 

[FauxShowMc]

Got any examples?

Yes I do...lost 3 vehicles in the hurricane flooding just a few months ago...2 AGV policies and 1 market policy. AGV Policies paid out nearly immediately with exactly that...MV policy went through a million steps with comparative sales analysis, auction analysis etc...payout was OK but not what you can replace the vehicle with after you factor in so many more things such as time to shop, distance to deliver the car, sales tax, blah blah blah...Not to mention in flood type scenario where there is a Run on used cars (locally at least) the used value comps are even less favorable

AGV policy you can account for all of this. 1 of my AGV was a car that was appreciating (a classic). I had it "over insured" by ~$20k to account for this (I adjust it annually or as needed) and this additional $20k cost like $15 (??) in annual premium. Payout allowed me to get the same or similar car again if I wanted to

My other AGV car was insured at a favorable market value, but was a car past its "peak" from the used car boom of last year. I was paid out well over market value as a result...

So I "made" money on both of these, for a minuscule premium. If all of these were MV policies, no way would i have been able to replace my stable with 3 of the same car. Not to mention the most important thing. You can fight the insurance company on their MV assessment, but ultimately they can suffocate you away as they have unlimited time and money. When you're dealing w a total loss scenario your appetite to fight them, I assure you, will be compromised

Then for a more relevant example, last month for my 720s (225k value), State Farm wanted $3745 annually for a Market value policy (would not do AGV). American Modern wanted $3,042 for an AGV policy. Hagerty $8407

Insurance is highly personal but this is all for me, same location, same car, same conditions. Most people never deal with a total loss...but saying an AGV policy is pointless, when in fact, its the defacto standard for specialty cars...is just bad information.

So what are your examples of an AGV policy being pointless??

 

[invisiblewave]

Yes I do...lost 3 vehicles in the hurricane flooding just a few months ago...2 AGV policies and 1 market policy. AGV Policies paid out nearly immediately with exactly that...MV policy went through a million steps with comparative sales analysis, auction analysis etc...payout was OK but not what you can replace the vehicle with after you factor in so many more things such as time to shop, distance to deliver the car, sales tax, blah blah blah...Not to mention in flood type scenario where there is a Run on used cars (locally at least) the used value comps are even less favorable

AGV policy you can account for all of this. 1 of my AGV was a car that was appreciating (a classic). I had it "over insured" by ~$20k to account for this (I adjust it annually or as needed) and this additional $20k cost like $15 (??) in annual premium. Payout allowed me to get the same or similar car again if I wanted to

My other AGV car was insured at a favorable market value, but was a car past its "peak" from the used car boom of last year. I was paid out well over market value as a result...

So I "made" money on both of these, for a minuscule premium. If all of these were MV policies, no way would i have been able to replace my stable with 3 of the same car. Not to mention the most important thing. You can fight the insurance company on their MV assessment, but ultimately they can suffocate you away as they have unlimited time and money. When you're dealing w a total loss scenario your appetite to fight them, I assure you, will be compromised

Then for a more relevant example, last month for my 720s (225k value), State Farm wanted $3745 annually for a Market value policy (would not do AGV). American Modern wanted $3,042 for an AGV policy. Hagerty $8407

Insurance is highly personal but this is all for me, same location, same car, same conditions. Most people never deal with a total loss...but saying an AGV policy is pointless, when in fact, its the defacto standard for specialty cars...is just bad information.

So what are your examples of an AGV policy being pointless??

The example I mentioned earlier. I don't see anything in your examples that would lead me to think otherwise. My own payout from State Farm was surprisingly straightforward, and was above what I expected. The one useful example you give is for an appreciating classic car, which is where AGV might be worth the extra, although you're paying a premium then to cover a $20k difference, so some people might judge that not to be worthwhile.

 

[mkraft3003]

The example I mentioned earlier. I don't see anything in your examples that would lead me to think otherwise. My own payout from State Farm was surprisingly straightforward, and was above what I expected. The one useful example you give is for an appreciating classic car, which is where AGV might be worth the extra, although you're paying a premium then to cover a $20k difference, so some people might judge that not to be worthwhile.

It can vary greatly and be worth it, if you don't mind the extra premiums. One of my co-workers just had their 2019 AMG GTE coupe totaled. The payout for ACV was 26.5k. Had they had an agreed value policy they would have received a check for 95k. When they were shopping for the policy it was originally 2K more a year. Figuring they paid 7 years worth of premium it would have cost them 14k more for in a agreed value policy. However that is the benefit of 20/20 hindsight as who would ever think their car is going to be totaled.

One area where it's beneficial is when you have a loan on your car. You may owe more than the car is worth and you would be responsible for the extra, unless you have Gap insurance.

It's very individual to the specific person and their risk tolerance. No right or wrong option

 

[FauxShowMc]

The example I mentioned earlier. I don't see anything in your examples that would lead me to think otherwise. My own payout from State Farm was surprisingly straightforward, and was above what I expected. The one useful example you give is for an appreciating classic car, which is where AGV might be worth the extra, although you're paying a premium then to cover a $20k difference, so some people might judge that not to be worthwhile.

You dont see anything, because you havent experienced a claim in which the insurer says your 2018 20k mile 720s is worth $205k because thats what you can see at auction and autotrader...but when you get down to the nuts and bolts of it, you are at $225k+ and you just spent 2 months arguing back and forth while tariff hysteria has driven values even higher with tightened supply. When you could have insured it for $250k for $200 more a year and bought a 750s instead...your total loss would be well forgotten

Just because you had a straightforward payout, and state farm paid you more than you thought you would get doesnt make a AGV policy Absurd. Im taking the time to post here so others do not read your information as factual

An AGV Policy is NOT absurd...Even for depreciating cars...Shop the premium and ask the questions. AGV policy does not cost significantly more and can have MANY benefits...And I would argue that there are ZERO negatives when you figure out how little difference in premium there often is.

 

[FauxShowMc]

And by the way, an AGV policies effectiveness is not more applicable to a collector car that appreciates or than to an exotic that depreciates...the AGV policies strength is for a car that has a lot of movement in value, either up OR down. A car that has a stable value would have less benefit

 

[mkraft3003]

And by the way, an AGV policies effectiveness is not more applicable to a collector car that appreciates or than to an exotic that depreciates...the AGV policies strength is for a car that has a lot of movement in value, either up OR down. A car that has a stable value would have less benefit

Btw, did your new policies exclude flood for the agreed value policies. After the two hurricanes hagerty now excludes glood and made me sign in evacuation plan. My agent tried to shop around and all of the agreed value insurers were excluding flood.

 

[Mcsikos]

The example I mentioned earlier. I don't see anything in your examples that would lead me to think otherwise. My own payout from State Farm was surprisingly straightforward, and was above what I expected. The one useful example you give is for an appreciating classic car, which is where AGV might be worth the extra, although you're paying a premium then to cover a $20k difference, so some people might judge that not to be worthwhile.

I had I inquired about a 750s with Statefarm , to replace my GT and the quote I received was very reasonable.
Total Vehicle Premium $1,350.78 - 6 months

 

[Tumbleweed]

MY American Modern agent switched me over to Hagerty to save money. They have my '24 750 insured with Hagerty now. When my agent tried to have Hagerty insure me with my '21 720 they wouldn't do it until I had one year with no claims. I went 2 years with no claims, sold the 720 & now have Hagerty. There are a lot of variables that determine insurance fees. I am over 60, male, no accidents/violations & live in NorCal. I have agreed value of $575K with 3K mi annual. The premium is $7200/yr.

 

[Artura_SJG]

Hello y’all!
After over 3 decades with USAA, I’m contemplating cutting my ties with them and in need of recommendations for insurance companies for my 750S and maybe another car. I’m sure some of you have insurance through Hagerty and I would greatly appreciate your thoughts. And other insurance companies…. Thank you in advance!

Haggery will not insure with me till I’ve owned my car over 12 months.

 

[MCLIMAN]

Haggery will not insure with me till I’ve owned my car over 12 months.

same here. Ended up with AM and couldn’t be happier.

 

[dhbarlow76]

Hello y’all!
After over 3 decades with USAA, I’m contemplating cutting my ties with them and in need of recommendations for insurance companies for my 750S and maybe another car. I’m sure some of you have insurance through Hagerty and I would greatly appreciate your thoughts. And other insurance companies…. Thank you in advance!

I have my 720S Spider and two other cars insured via Hagerty. I did so on the recommendation of a couple friends who have had claims and praise Hagerty for taking good care of them. Thankfully I have had no claims with Hagerty, but in general I am very pleased.