Maverick value increase, how does insurance handle that?

[r8drskullz]

I’ve seen many Mavericks done at dealers with prices over $35K. Awhile back a Maverick owner s Maverick was totaled and luckily for him they honored the higher price for payoff,
Any food for thought on this?

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[zach57x]

It’s their job to replace it at fair market value. For many years cars just depreciated normally and you’d get a check for 1/3-1/4 for what you bought it for. Now the tides have turned and we’re getting more than what we bought it for. All apart of the Insurance game

 

[r8drskullz]

It’s their job to replace it at fair market value. For many years cars just depreciated normally and you’d get a check for 1/3-1/4 for what you bought it for. Now the tides have turned and we’re getting more than what we bought it for. All apart of the Insurance game

Thanks!!!

 

[Montana]

I have USAA and opt for the extra 20% option.

 

[Maverick#2]

If the value of the car goes up (we have a "replacement" policy), the cost of your policy may go up. We had this happen for our Tesla the first year after it was initially added. The collision part went up $500 from the previous year since the cost to repair or replace the car had increased significantly!

 

[DefiantDJ]

I’ve seen many Mavericks done at dealers with prices over $35K. Awhile back a Maverick owner s Maverick was totaled and luckily for him they honored the higher price for payoff,
Any food for thought on this?

We have Grundy insurance with an Agreed Value. Vehicle is totalled, you know exactly what they give you.

 

[dochawk]

We have Grundy insurance with an Agreed Value.

And you can get that on a daily driver?

If so, I need to look into it. I've been with Hagerty for my classics for years, but they won't do a daily driver. (there's actually a pulldown for it on the website, but they won't issue the policy! "It's a trap!" )

If I could insure, say, a 50s Caddie convertible and have it for daily use, I just might skip the F-150 . . .

Oh, and folks should be aware that "declared (or stated) value" and "agreed value" are very much not the same thing!

With declared value, you state the value, but in case of loss, they still don't pay more than makes value!

With agreed value, you and the insurer have agreed on the value, which is critical if you're going to restore or customize. Neither restoration nor customization increases the value even close to what you spend!

 

[DefiantDJ]

And you can get that on a daily driver?

If so, I need to look into it. I've been with Hagerty for my classics for years, but they won't do a daily driver. (there's actually a pulldown for it on the website, but they won't issue the policy! "It's a trap!" )

If I could insure, say, a 50s Caddie convertible and have it for daily use, I just might skip the F-150 . . .

Oh, and folks should be aware that "declared (or stated) value" and "agreed value" are very much not the same thing!

With declared value, you state the value, but in case of loss, they still don't pay more than makes value!

With agreed value, you and the insurer have agreed on the value, which is critical if you're going to restore or customize. Neither restoration nor customization increases the value even close to what you spend!

Good point on Start versus Agreed...

Yes, Grundy will bundle your classics, daily drivers, motorcycles, motorhome or RV. AND your home.

AND do it for less than Hagerty!!!

Tip... find an agent instead of dealing directly with Grundy Office.

 

[dochawk]

the big issue, though, is will they insure a classic as a daily driver?

As I browsed about last night, it appears unlikely, as they are now far tighter than Hagerty on allowed use of classics.

When I first got Hagerty in 2008, they wouldn't touch it until I provide pictures of it inside my garage (which was waiting for a new door when I bought it, a 1972 Eldorado convertible).

At the time, Hagerty was to/from car shows, car clubs, parades, and "pleasure driving". I asked about taking my wife to dinner, the reply was, and I quote, "We would prefer that you take her to a drive-in."

Now I can take them on road trips, with all that that involves.

If I know for certain that I can park a dozen spaces or so from the next closest car, and not risk anyone parking next to me, and the weather is nice, I'll take a classic for a battery run almost anywhere, and Hagerty will be happy.

Whereas there are reports of Grundy declining coverage in parking lots.

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