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Discussion Starter #1
Hi All, my auto policy for my 68 is up for renewal in about 3 weeks. Last year I did an agreed value policy for $52K with American Collector's Insurance.

How are others establishing the value or replacement cost of their Camaros? Thoughts?

Thanks!
 

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As long as it’s “agreed value” it’s fine, “stated value” is the one that’s really misleading. Agreed value policies are typically through collector insurance companies. States differ.

Regarding value of the car, with my Camaro I just placed it at what I figured it was worth on the market plus about 10 grand.
I have an old Fox Mustang also on an agreed value policy, they balked a little at what I wanted as an agreed value and said I could just provide receipts or an appraisal.
The insurer sometimes wants an appraisal if it’s more than what they think it should be worth.

If you are not comfortable assessing the value yourself just get an appraisal. Probably the safest best.
 

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Hi All, my auto policy for my 68 is up for renewal in about 3 weeks. Last year I did an agreed value policy for $52K with American Collector's Insurance.

How are others establishing the value or replacement cost of their Camaros? Thoughts?

Thanks!
I repaired a truck last year and the owner had American Collectors. Nothing but a pain to deal with. They don't send out an adjuster. They evaluate by pictures and the owner did the first round before I got the job. Additional work (supplements) must be proven with additional pics, and approved. They're initial payout of $1,600 grew into a $7,000 job after two more supplements. The shop does not get paid for all the additional office work. The company saves money because they have nobody on the road.

I dealt with Hagerty when my car got damaged and it was a piece of cake. Adjuster came out and check was received promptly. I called him about a supplement and he said no problem. Just let him know what the additional parts and labor is and they'll cover it. The same adjuster took care of a friend's car and that was a cake walk too.
 

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Be careful with agreed value and check the wording. Some places word it so that the payout is the *lesser* of the stated value and the book value.
*Lesser* as explained to me was if the damage was "less than" the agreed value. (dented fender not getting you "agreed value")

I will also say... IF the accident was not your fault and the damage is at or above your "agreed value" FIGHT for "REPLACEMENT VALUE".

I had to go through this when I was in an accident due to another driver with the damage at my "agreed value", and also fought about my agreed value Vs. it not being my fault and their insurance is paying, not mine.
Wasn't easy.
But, they have to make you "whole".
Not saying you can insure your ride for pennies and claim tens of thousands, but could be the make or break in being totaled.
 

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I think it's a fair statement that in general everyone probably figures their car is worth more than what it is? I just looked at what similar cars or slightly better were going for? I then came up with a figure of what it would cost to replace mine with something I would be happy with or repair it at a quality shop. In addition, I review my policy value yearly in the event it needs adjusted. If I invest money in upgrades I take pictures/video, save all receipts and take that into account of the total worth to me. First and foremost go with a reputable collector car insurance company. I have Grundy Agreed upon value. I have raised the policy's value once and have had no issues doing so.

Captured from my Grundy policy.
Partial Loss: If the vehicle is partially damaged our limit of liability will be the lesser of the:
a. amount required to repair or replace it with labor and parts of like kind and quality; or
b. the amount of coverage shown on the Declarations.

Total loss: If the vehicle is stolen or totally destroyed, we will pay the amount stated in he Declarations. Payment will be reduced by any amount for a previous loss to that vehicle if the damage was not repaired. A deductible will not apply to a total loss. A vehicle is considered stolen when the entire vehicle is stolen and not recovered within 30 days. A vehicle is considered totally destroyed when the salvage value determined by the company plus the amount for labor and parts of like kind and quality necessary to repair the vehicle is equal to or greater than amount shown in the declarations.
 

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Hi All, my auto policy for my 68 is up for renewal in about 3 weeks. Last year I did an agreed value policy for $52K with American Collector's Insurance.

How are others establishing the value or replacement cost of their Camaros? Thoughts?

Thanks!
I repaired a truck last year and the owner had American Collectors. Nothing but a pain to deal with. They don't send out an adjuster. They evaluate by pictures and the owner did the first round before I got the job. Additional work (supplements) must be proven with additional pics, and approved. They're initial payout of $1,600 grew into a $7,000 job after two more supplements. The shop does not get paid for all the additional office work. The company saves money because they have nobody on the road.

I dealt with Hagerty when my car got damaged and it was a piece of cake. Adjuster came out and check was received promptly. I called him about a supplement and he said no problem. Just let him know what the additional parts and labor is and they'll cover it. The same adjuster took care of a friend's car and that was a cake walk too.
Had the same thing happen with Allstate a few months ago. They want to do everything over an App. Was a pain like you say.
 

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I have Grundy and the only claim I have made was a windshield which was easy. Did the whole application process online, never talked to anyone, got a quote "pending underwriting" and had to send in 1 pic, I sent 4. Policy and card cam in email about 2 weeks later

I picked value for my 67 coupe at $35k which is more than I paid for the car. Grundy did not ask for bill of sale or appraisal. IDK if I would have asked for a higher "agreed value" what, if any, other verification they would have required but I assume they have a point where they would

I hope I never need to make a total loss claim but have heard from others who use Grundy their claims, total loss, were simple and quick payouts. YMMV
 

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I have agreed value with JC taylor. Been using them for 20 or so years. My car is valued at $70K. No appraisal, and no claims. Hope I'm good. 🤞
 

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Discussion Starter #10
Hey everyone, thanks for the insights. Clearly I have a lot more research to do over the next couple of weeks. Will also be checking out the other carriers mentioned in this thread as well.

:beers:

Eric
 

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Hagerty offers cherished value. If your car is totaled, you get paid off in full and get to keep the car. Without it, they take the car. A friend has a 406 tri power survivor/driver T bird. The dash caught fire which was confined to the dash area. Body and drivetrain perfectly fine. Cut him a check for agreed value and he kept the car.

The adjuster we both dealt with said Hagerty is the best, and not because he gets paid by them. He can work for any classic company he wants.
 

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Tim - The Northwest 1969 Camaro
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For what it's worth, in the last two months I narrowed my search down to Grundy and Hagerty. I thought I would probably end up with Hagerty as my wooden boat is insured with them but when I received "like kind" quotes, Hagerty's was more than double the Grundy quote. All things being equal I couldn't figure out why there would be such a premium. I get they have a great reputation but value is price + perceived benefit and I couldn't imagine the delta being worth it.

Hopefully I don't find out otherwise but I went with Grundy.
 

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Grundy has been fantastic with me. Agreed value at $60k and my car isn't painted yet. ~$300/year. How can you beat that? I came up with the agreed value based on what it would probably take me to find another numbers 69 SS396 L34 that's similar to mine. Can they be had for less? Probably. Can they be had for less when I want to replace mine? Probably not of course... I like that Cherished Value Scott mentioned. If something happened to mine, I'd want to keep it. It would have to be pretty devastating for me to not want it back.
 

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I'm renewing my Grundy policy right now, agreed value $45k renewal $267.76 a year. I have a 4000 mile a year limit and it must be garaged. I drive maybe 1000 mile a year so no big deal for me.

I'm raising the value to $55k when I renew in the next week, so it will go up some,
This is what they requested to change my policy.

1. Effective date of change

2. New value requested

3. Current, color photos of the vehicle

4. A list of work completed, if applicable.


I couldn't sell my car for that much right now, but I'd have a real hard time duplicating it for 45k. unless I got a roller for free.
 

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I just got my new Camaro this week. It's a 1968 that was listed for $21k. I paid less after negotiating. It's probably worth a bit more than $22k or so, not really sure. I insured it with State Farm (where I have all my other policies). They don't require an appraisal for anything less than $35k. I'm paying in the low 20's per month for full coverage with $100 deductibles.
 

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I just got my new Camaro this week. It's a 1968 that was listed for $21k. I paid less after negotiating. It's probably worth a bit more than $22k or so, not really sure. I insured it with State Farm (where I have all my other policies). They don't require an appraisal for anything less than $35k. I'm paying in the low 20's per month for full coverage with $100 deductibles.
Full coverage and replacement value are not the same thing. Hopefully they can explain it to you so you get insurance to your liking or needs.
 

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I think Hagerty or Grundy are probably at the top of the collector car insurance list, they definitely do the most marketing but also seem to have a good reputation.

I believe I had come down to Hagerty because Grundy is more strict on "modified" cars or occasionally racing of the car.
Some policies are specific you can't use your car for racing, ever. Obviously the car is not covered on the track without special coverage, but some policies don't want any racing going on.
I asked representatives with both Hagerty and Grundy about a scenario where I drove to the track, raced, then drove home. Would I be covered to and from the track? I forget now but I believe it was Grundy that was very careful with the answer and ultimately I believe they said no. And Hagerty said yes but not on the track.

In the end, I decided to go through the agent/agency that insures my house, etc. because having the agent as an advocate for you with a carrier they work with can be worth a lot in a dispute. They had Grundy and American Modern, and Grundy said no thank you to my modified car, or it was going to be very expensive I believe. American Modern was actually pretty relaxed with how I use the car which I preferred.

I think American modern is a decent company from research, but probably since Hagerty or Grundy are more specifically for collector cars they might be better in the end. Ultimately I like going through my agency and that's what they had available.

Primary concern with a classic is getting agreed value though, and be sure to ask questions. And definitely do not hide anything from them, when it comes time for a claim if they find you were dishonest with your application you will be screwed, they won't cover anything.
 

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I just got my new Camaro this week. It's a 1968 that was listed for $21k. I paid less after negotiating. It's probably worth a bit more than $22k or so, not really sure. I insured it with State Farm (where I have all my other policies). They don't require an appraisal for anything less than $35k. I'm paying in the low 20's per month for full coverage with $100 deductibles.
State farm in my state doesn't (or didn't) do agreed value policies, just stated value. Other states differ. If it's stated value it's like any other car on the road, if it gets totaled they will send an adjuster out and tell you what they are willing to pay based on "market value" and depreciation. And that's what you'll get. It doesn't matter if you have $10k in wheels and tires, and another $20k in the motor, it's essentially just a "68 Camaro, base" to them.

"Agreed value" is more of a specialty policy that will pay you exactly that, the agreed value on your policy if a total loss. It's also likely going to take more to call a vehicle a total loss with a higher agreed value policy, as I would bet stated value will always be less.

I used to use my Camaro a lot more and just carried standard stated value insurance because collector insurance is pretty restrictive on storage and use. I just took the gamble and fortunately never had a loss. You have to consider how you plan to use it, and degree it's been modified.
 

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Discussion Starter #20
Hi All, my auto policy for my 68 is up for renewal in about 3 weeks. Last year I did an agreed value policy for $52K with American Collector's Insurance.

How are others establishing the value or replacement cost of their Camaros? Thoughts?

Thanks!
Based on the statements on carriers in this thread I requested $70K agreed value quotes from Grundy, Hagerty, JC Taylor and American Collectors. Grundy and American Collectors were within a dollar of each other, Hagerty and JC Taylor were both nearly double of the first two.

Decided to renew with American Collector, after removing one of my kids and the tow pkg from the policy the net increase in premium was under $40 annually to go from $52K to $70K AV.
 
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