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DerFuror
06-16-2010, 01:42 PM
Why spend anymore coin on insurance than necessary? (use it on parts & upgrades instead). The following is today's collector car insurance quote from Grundy Worldwide http://www.grundy.com/default2.asp (based on a clean driving record & the 500E not being the primary form of transportation nor used for racing).

Besides their A+ rating, the Grundy business model differentiators that caught my attention are No model year limitation & unlimited mileage

Vehicle Information
1993 Mercedes Benz 500E
VIN:

Coverage Information Vehicle Quote
Agreed Value $10625
original
Liability Rate $35
Bodily Injury/Property Damage Liability $500000
with Comp and Collision Rate $148.75
Uninsured/Underinsured Motorist
Statutory Limit Deductible $0
Med Payments (State Limit) Included
Tax $10
Quotes are for annual (12 month) coverage.


Your Total Quote
Total Quote (Includes all cars) $193.75
Quote Created Wednesday, June 16, 2010 at 12:29 AM E.S.T
Please note that we make every effort to provide accurate rates on Internet-generated premiums; however, originality, performance of vehicles and driving records of applicants may affect the final premiums. All submissions are reviewed by an underwriter and are subject to change.

It's really a great rate regarding the amount of coverage provided. I only drive my car 6 months out of the year. It would be ridiculous to insure it as if it were the year-round primary transporter. Plus, at this rate there is no reason to conduct the yearly actions of surrendering my license plates at the end of driving season & reducing the car's insurance coverage to just Comp while it is stored away in the garage.

BTW, the Agreed Value used for the quote is the current high-end NADA value.

Try an online quote. You may be pleasantly surprised. :banana1:

J. M. van Swaay
01-05-2011, 07:51 PM
At the suggestion of our insurance agent, I mailed Grundy a completed application and check for insurance on our E500. (we only drive it about 2000 miles per year, most of the time it just sits in the garage... we have several other cars as daily drivers) They denied the coverage--reasons given were that the car was not a "collectable", and the $17.5K valuation I suggested was to far above book value.

My insurance agent has offered to make the pitch that the car is rare and probably should qualify. I provided some documentation but I'm sure some additional supporting information would be helpful. Can anyone point me in the right direction?

Also, is anyone aware of other collector car type insurers that I might try?

Thanks,

J. M. van Swaay

gsxr
01-05-2011, 08:48 PM
On the '94 model specifically, I'd think that the number of ~374 imported to the USA would help it qualify as rare/collectible. I'm not sure what kind of docs they'd want though. The bigger fight will be on value; you'll have to show them similar cars selling on eBay for $17k+. I've been saving every completed eBay listing that has been fairly high $$$, and any other interesting online ads (AutoTrader, etc) just in case I ever need the documentation. In the event that you'd ever need to have that unpleasant discussion, it will be a nasty battle that will most likely end with you receiving less than the car is truly worth. The bunch of beater 500's on the market for $5-$8k really hurt our case.

:hiding:

KarlC
01-05-2011, 09:54 PM
Looks like prices are going up ???

http://www.autotrader.com/fyc/searchres ... 4286232884 (http://www.autotrader.com/fyc/searchresults.jsp?lastBeginningStartYear=1981&num_records=25&search_lang=en&page_location=findacar%3A%3Aispsearchform&search_type=both&distance=0&address=92007&marketZipError=false&make=MB&model=500E&make2=MB&model2=E500&make3=&start_year=1981&end_year=1995&min_price=17000&max_price=&seller_type=b&transmission=&engine=&drive=&doors=&fuel=&max_mileage=&color=&keywordsrep=&keywordsfyc=&keywords_display=&sort_type=priceDESC&body_code=0&certified=&advanced=&highlightFirstMakeModel=&showZipError=n&default_sort=newsortbyprice_DESC&awsp=false&systime=&sownerid=71304&rdm=1294286232884)

gerryvz
01-05-2011, 10:25 PM
I had no problem insuring my 1969 300SEL 6.3 with collector insurance (Grundy, Chubb, et al), more of which were made than of the E500Es for the US market. I think it cost around $200 a year for agreed value insurance with a price of $18K on the car. I think I'd talk to some other companies who want your business and who are auto enthusiasts, and who would know what a nice E500E really is in terms of a collectible.

Cheers,
Gerry

MDA
01-06-2011, 01:21 AM
You may want to check with Hagerty. They've got my E500 (amongst others) under policy with a very high agreed value. Rarity doesn't appear to be the primary determinant for insurability under a collector's policy. One of my covered vehicles is a late model 911 Turbo and I believe there are tens of thousands of those things running around.

These insurers seem to be more interested about the owner's role as a collector. The more cars you want to insure or the higher aggregate value, the more willing they are to allow addition of almost any exotic or collectible car.

Mike

DerFuror
01-09-2011, 02:25 PM
There seems to be definite inconsistencies within & across the various collector car insurers regarding coverage of the 500E. I remember checking with J.C.Taylor (a prior-insurer of my classic cars), Hagerty, Heacock, & a few others before selecting Grundy. I donít think I checked with Chubb. Not old enough to be considered a Classic, several insurers didnít recognize a MY93 500E as a collectible.

Grundy did & Grundy also provided a very reasonable premium with a zero deductible. I selected Grundy, but it came after minor haggling over what Iíll call a mild ďbait & switchĒ tactic which may or may not be standard operating procedure within the Industry (other members may be able to confirm encountering similar situations with their potential providers).

Having satisfied their criteria regarding vehicle security, usage & value, Grundy accepted my initial inquiry and application & provided their coverage quote along with this follow-up inquiry:

ďWe want your business, but there is additional information that our underwriting department has requested in order to provide an accurate quote.
1. What are your other collector vehicles and their values?
2. Where are they insured?Ē

I remember consciously deciding whether or not to list my other cars on the initial application. At first I didnít, but then changed my mind & provided the info. Grundy followed-up with a very reasonable quote for all three cars.

I replied that I was only interested in insuring the 500E. One collector car was currently insured & not due for a renewal. Another car was undergoing a lengthy restoration & I wasnít interested in insuring it at the time.

Grundy then followed-up stating they would be unable to insure part of a collection and would require the two additional vehicles with the 1993 MB. The reply kind of fired me up a bit. I could see the business-point of wanting to insure an entire collection, but I didnít like the way the strategy was unveiled to me as the potential customer. The following is my reply to Grundy which led to a smooth acceptance of my initial quote. I must also say that following my acceptance, and to their credit, Grundy has provided me flawless customer service at all levels.

So donít give up trying if at first you donít succeed. For those of you facing a similar situation, please feel free to use my reply in any way as a template:

J. M. van Swaay
01-09-2011, 03:43 PM
Update:

Grundy would not write a policy for reasons already posted above.

Hagerty would not write a policy; they said the 94 E500 is not colletable. They did say they would gladely insure an SL. It didn't seem to matter to them when I pointed out that SL's are way more common than E500's.

Chubb would not write a policy because the car is less than 25 years old.

I'll just add the E500 to my regular insurance, I have a clean driving record so the cost is actually a bit less than the Hagerty quote. The only problem with regular insurance is it's not an agreed value policy. In the event of a claim, I anticipate a valuation in the $9K range.

J. M. van Swaay

gsxr
07-18-2013, 01:40 PM
Grundy won't insure you if any driver on the policy has more than two violations (tickets), or one DUI, in the past 5 years - this fine print appears during the application process, it isn't in their FAQ's.

So, the BS tickets that Idaho's "finest" like to pass out for not stopping long enough before turning.... means that I can't now, and probably will never be able to, qualify for Grundy.

:thumbsdown:

Jelmer
07-18-2013, 04:38 PM
You have a law that states how long you have to stop before taking a turn? How does one measure this? With a stopwatch?

gsxr
07-18-2013, 05:59 PM
You have a law that states how long you have to stop before taking a turn? How does one measure this? With a stopwatch?
The law says you have to "stop" at stop signs, and pretty much ANY time you are entering a road, from anywhere. Pull out of your driveway on to the road, you need to stop first. Pull out of a gas station or supermarket parking lot, the law says you must stop first. Even if there is no stop sign. Cops who are bored, or haven't met their ticket quota for the month, can get away for writing you a ticket if THEY think you didn't stop completely. Never mind if there was not another car in sight for a mile in any direction, if you only slowed to 0.001mph, you can get a ticket. Fighting it is difficult because it's the cops word against yours, and anyone who isn't a cop is automatically a liar, IYKWIM.

It's the whole "spirit of the law vs the letter of the law" debate. Unfortunately cops where I live are bored and overzealous. They often hide where you can't see them and monitor intersections to nab people for this, while actual crimes go unsolved. Complete waste of taxpayer $$$$. And then cops wonder why people hate them.



TITLE 49
MOTOR VEHICLES
CHAPTER 6
RULES OF THE ROAD

49-651. Emerging from alley, driveway or building. The driver of a vehicle emerging from an alley, building, private road or driveway within a business or residential district shall stop the vehicle immediately prior to driving onto a sidewalk or onto the sidewalk area extending across the alley, building entrance, or driveway, or in the event there is no sidewalk area, shall stop at the point nearest the highway to be entered where the driver has a view of approaching traffic.
http://www.legislature.idaho.gov/idstat/Title49/T49CH6SECT49-651.htm


Most states have similar stupidity. Anecdote from a friend in AZ:


My attorney friend here in Tucson once got popped for not coming to a complete stop while leaving his office building parking lot. He fought it in court and the judge made him pay the full amount because there was a law that required a stop when leaving a parking lot of a commercial building. The judge was actually irritated that it was even being contested and took up the court's time.

:miserable:

szvook
07-19-2013, 04:46 PM
You have to be a special douchebag to wanna be a cop. Or the person is just too dumb to go to school and get an education, or was bullied in school and now needs to vent - I know 3 guys who were picked on in school, became cops and became the biggest loosers that money can buy.

Jelmer
07-21-2013, 02:04 AM
Ahh, that explains. We also have the same signs, and same law, but we don't see the signs that often. Usually we have these "shark teeth" on the road:
http://wiki.coe.neu.edu/groups/nl2011transpo/wiki/43b8e/images/__thumbs__/4b790.PNG
Which basically say: "You have to wait for passing traffic", but it's up to the driver to determine if a full stop is needed, or simply looking left-right-left-go.

We *do* of course have silly ticket-machines, such as a 5-lane road where you can only go 100kmh:
https://www.500eboard.com/forums/images/imported/2013/07/54.jpg which is checked by an automated system ("traject controle") over a stretch of many kilometers: this raked in 600,000 fines in one year!

And, of course, we have the lovely "Intention to drive through a red light"-bit. If you go through a light that jumps to green at the latest second, you still can get fined (because you can never brakeif it would stay red) :D

christopherdaniel
09-23-2013, 11:30 PM
My public adjuster had suggested me the insurance company and they are quite reasonable. I have my home owners insurance too with them and they provide good and affordable coverages.

KarlC
12-27-2013, 11:17 AM
I just got Auto Insurance thru Grundy for both or my Mercedes ....

Vehicle Information
1972 Mercedes 250C and 1993 Mercedes 500E


Coverage Information Vehicle Quote
Agreed Value 1972 Mercedes 250C $10,000 and 1993 Mercedes 500E $20,000

Bodily Injury/Property Damage Liability $500000
with Comp and Collision Rate $500
Uninsured/Underinsured Motorist $35000

Quotes are for annual (12 month) coverage.


Your Total Quote
Total Quote (Includes all cars) $488



Broken down it was .....

1972 Mercedes 250C - $134

1993 Mercedes 500E - $266

Maui
12-27-2013, 11:47 AM
Those are very good rates.

I have both my cars through Hagerty, 2003 SL500 declared value $25,000 and my 1993 500E declared value $15,000. I think my premium is about $600 per year, but I have a 21 year old driver on my policy.

During my initial conversation with Hagerty they were reluctant to cover the 500E, but agreed to accept it because I had been with them for several years. They consider the SL to be an "exotic". I like Hagerty because they allow more casual driving. Some collector car insurance companies limit you to events, parades and maintenance.

I don't think hauling bark dust fits into any of those driving categories.

:hornets:

savmjv
12-27-2013, 03:21 PM
When comparing quotes, Hagerty lets you chose how many miles you drive each car. Grundy didn't ask. Grundy gave the better rate, but is a mileage limit buried in their terms somewhere?

gsxr
12-27-2013, 08:29 PM
Grundy claims no mileage limits, but they have other fine print regarding usage. Make sure their terms fit your intended use of the vehicle.

IIRC, Hagerty didn't care about mileage when I signed up with them a few months ago, and they didn't have a problem with competition/race cars. Grundy seems cheaper though, I may check with them at renewal time for grins.

:spend:

txbrit
12-27-2013, 10:11 PM
I need to look at Classic insurance when renewal comes around, I just put mine on the regular policy. Last time I looked at such things it was the same problems others had - either the car in question was not considered a classic and/or they wanted to insure all my cars.

mistermiata
12-28-2013, 08:27 AM
I'm currently paying $110 month to insure my three cars, so sounds like I need to look into Grundy/Haggerty when it's time to renew.....thanks for reviving this thread guys!

KarlC
12-28-2013, 08:59 AM
I'm not understanding the wait for renewal time statments, if want to change your insurance why not just do it ?

gerryvz
12-28-2013, 09:36 AM
I'm not understanding the wait for renewal time statments, if want to change your insurance why not just do it ?I know for me, if my renewal was happening in the next 2-3 months, I'd just wait and do it all at once. I go through an insurance broker here for my insurance and they carry both Grundy and Haggerty lines, so I'll have them check out costs for a policy on my E500. I typically put well under 5K miles per year on the car and generally speaking it would meet the requirements for an agreed-value policy.

Back in the day, I had my 300SEL 6.3 insured with an agreed value policy through Grundy, and I think I paid about $125 a year for it. It was a great deal. They never once checked my mileage or anything like that. I was very happy with it.

gsxr
12-28-2013, 10:31 AM
I'm not understanding the wait for renewal time statments, if want to change your insurance why not just do it ?
Hagerty has you pay up front for the full year. I'm not sure if they refund the unused portion if you cancel early (didn't check into the fine print).

Otherwise, you are correct, there isn't much point in waiting unless you want the policy to start on a certain date. I like to have the policies run from Jan-Dec just to make it easier to remember the dates, although I switched to Hagerty in August since I was adding a car at that time and didn't want to pay the $$$$ to my daily-driver carrier.

:spend:

Maui
12-28-2013, 12:05 PM
Hagerty does refund the balance if you cancel, but it may not be what you expect it to be.

mistermiata
01-28-2014, 11:26 AM
So here is the response I got from Grundy about insuring my 94 E500:

"Thank you for your interest in our collector vehicle program, due to how new the vehicle is we cannot insure the Mercedes at this time. The vehicles we insure are at least 25 years of age or older. We do provide coverage for newer collector vehicles, the Mercedes was a mass production four door sedan. The vehicle would have to be a coupe and limited production to qualify. Sorry for any inconvenience if you have further questions my contact information is listed below. Have a great day!"

I guess I need to call and educate this gentleman, and remind him that his company has insured other E500E's??

Maui
01-28-2014, 11:37 AM
So here is the response I got from Grundy about insuring my 94 E500:

"Thank you for your interest in our collector vehicle program, due to how new the vehicle is we cannot insure the Mercedes at this time. The vehicles we insure are at least 25 years of age or older. We do provide coverage for newer collector vehicles, the Mercedes was a mass production four door sedan. The vehicle would have to be a coupe and limited production to qualify. Sorry for any inconvenience if you have further questions my contact information is listed below. Have a great day!"

I guess I need to call and educate this gentleman, and remind him that his company has insured other E500E's??

Hagerty said the same thing when I initially contacted them, but when they looked into a bit more they changed their stance. I have both my 2003 SL500 and 1993 500E insured through Hagerty.

vatc5637
01-28-2014, 11:37 AM
So here is the response I got from Grundy about insuring my 94 E500:

"Thank you for your interest in our collector vehicle program, due to how new the vehicle is we cannot insure the Mercedes at this time. The vehicles we insure are at least 25 years of age or older. We do provide coverage for newer collector vehicles, the Mercedes was a mass production four door sedan. The vehicle would have to be a coupe and limited production to qualify. Sorry for any inconvenience if you have further questions my contact information is listed below. Have a great day!"

I guess I need to call and educate this gentleman, and remind him that his company has insured other E500E's??


That is definitely an option. On the other hand, depending on how much you value your own time (and potentially aggravation), if the $$ difference between Grundy and someone else (like Hegarty) isn't material, it may be easier and less aggravating from a broader perspective to insure with someone else. Just another pov.

Bogeyman
01-28-2014, 06:51 PM
If I may add my 2cents hereÖ
I got a call last night from Hagerty. I have been insured with them on my collector cars for +10 years. I currently have 7 cars with them.
They were calling to advise me of the valuation increases they have seen on E500E cars and the possibility that I am underinsured on mine.
Bear in mind that in my current collection I have 2 113 Pagodas that have seen significant increases in the last few years, they never called on them.
The agent was pretty well informed on the 036s and told me they were not only recognizing the current increases, but they looked for more in the future.
I don't think they were "jonesing" for more premium as this car represents less than 10% of my overall valuation with them. He said they were calling all 500E owners about this.
I have owned 113s for over 30 years and spent many years wondering when will the market start to recognize them, but when it does, things happen quickly.
Just a heads up - the market may be moving on 036s. No guarantee but it may be a wise time to buy if you are interested and not in yet.

gsxr
01-28-2014, 06:59 PM
Bogeyman, just curious, what value do you currently have assigned with Hagerty on your 500E? I have my three insured with them as well. No phone calls yet though.

:)

500e500toronto
01-28-2014, 07:00 PM
I also have my 500e insured with Haggerty thru a Specialty Insurance Broker up here in Canada. It will be interesting to see if they contact me also.

Bogeyman
01-28-2014, 07:18 PM
I'm at 18,000.
109,000 miles car from nor Cal. I'd call it a #2 condition.

gsxr
01-28-2014, 07:30 PM
If it really is #2 (Very Good) condition, you are probably a bit low. Note their ratings are pretty tough, even for #3 (Good) they expect new paint or interior! My 94 is close to a 2, the 93 is currently a 4 moving towards 3, and the 92 is about a 3. As I get more work done on the 93, I will need to up the value...

:spend:

Maui
01-28-2014, 07:49 PM
I have $15,000 value at Haggerty. I should probably up it a bit. Based on what I have seen lately I could not replace it for that.

Hollybrook
01-28-2014, 07:57 PM
I wonder if the rising MB parts prices may start to affect the valuation of a nice E500E. I know it does not always work that way, but the cost to bring a good car up to a higher standard is increasing substantially.

500e500toronto
01-28-2014, 08:41 PM
My appraisal is $23,500 done when I got the car in 2009. I would imagine they will want a new appraisal done this year but they did not mention anything and I paid my premium ($330) in November.

gsxr
01-28-2014, 09:00 PM
Dang! $330 premium for $23k coverage? That's significantly cheaper than what I'm paying down here. Maybe the Canuck dollar is stronger than I thought.

:jelmerian:

KarlC
01-29-2014, 08:28 AM
Dang! $330 premium for $23k coverage? That's significantly cheaper than what I'm paying down here. Maybe the Canuck dollar is stronger than I thought.

:jelmerian:

I have $20,000 for $266 with Grundy

Jimbo
01-29-2014, 10:27 AM
My 1992 500E with 157K miles is insured for $25,000 for 253$ with American Collectors Insurance; we have other cars with them also which prolly drives the premium down some I bet.

They agree that it is a solid 2 in condition and have pro-actively upped it's agreed value over the years to where it is today.

gsxr
01-29-2014, 10:44 AM
I have $20,000 for $266 with Grundy
I just looked up my Hagerty premiums:

$25k = $484 C+C ($543 total)
$20k = $387 C+C ($434 total)
$15k = $290 C+C ($326 total)

Total bill = $1303 for 12 months. :(

The first number is comp+collision only, per vehicle. There is another ~$150 in misc charges which are blanket fees on top of all three, spreading those proportionally across the cars is how I generated the second number in parenthesis. This was still significantly cheaper than insuring through my primary carrier (over $400/yr savings, IIRC), and helps guarantee no appraisal hassles in the event of a loss.

Maui, what are you paying for $15k via Hagerty?

:detective:

KarlC
01-29-2014, 11:44 AM
I just looked up my Hagerty premiums:

$25k = $484 C+C ($543 total)
$20k = $387 C+C ($434 total)
$15k = $290 C+C ($326 total)

Total bill = $1303 for 12 months. :(

The first number is comp+collision only, per vehicle. There is another ~$150 in misc charges which are blanket fees on top of all three, spreading those proportionally across the cars is how I generated the second number in parenthesis. This was still significantly cheaper than insuring through my primary carrier (over $400/yr savings, IIRC), and helps guarantee no appraisal hassles in the event of a loss.

Maui, what are you paying for $15k via Hagerty?

:detective:



Dave below is my full info post on an Insurance thread ....




I just got Auto Insurance thru Grundy for both or my Mercedes ....

Vehicle Information
1972 Mercedes 250C and 1993 Mercedes 500E


Coverage Information Vehicle Quote
Agreed Value 1972 Mercedes 250C $10,000 and 1993 Mercedes 500E $20,000

Bodily Injury/Property Damage Liability $500000
with Comp and Collision Rate $500
Uninsured/Underinsured Motorist $35000

Quotes are for annual (12 month) coverage.


Your Total Quote
Total Quote (Includes all cars) $488



Broken down it was .....

1972 Mercedes 250C - $134

1993 Mercedes 500E - $266

gsxr
01-29-2014, 11:58 AM
Grundy doesn't allow racing so they're not an option for me.

:runexe:

Maui
01-29-2014, 06:46 PM
I just looked up my Hagerty premiums:

$25k = $484 C+C ($543 total)
$20k = $387 C+C ($434 total)
$15k = $290 C+C ($326 total)

Total bill = $1303 for 12 months. :(

The first number is comp+collision only, per vehicle. There is another ~$150 in misc charges which are blanket fees on top of all three, spreading those proportionally across the cars is how I generated the second number in parenthesis. This was still significantly cheaper than insuring through my primary carrier (over $400/yr savings, IIRC), and helps guarantee no appraisal hassles in the event of a loss.

Maui, what are you paying for $15k via Hagerty?

:detective:

I can't remember exactly how they broke out each vehicle, but I think my annual premium for the SL and 500E is $679

Coverage:
Bodily Injury: $300,000
Property damage: $100,000
Personal Injury: $15,000
Uninsured Motorist: $300,000
Uninsured motorist property damage: $20,000

Not the greatest price but I have a 21 year old driver in the house. I have not had a ticket since 1988. I guess I'm not trying hard enough.

gsxr
01-29-2014, 06:57 PM
I've got basically the same limits (100/300, etc) and no teen drivers, no accidents, etc. Wonder if it's an Idaho thang, or if I'm short-bus speshul.

:blink:

Maui
01-29-2014, 07:21 PM
I've got basically the same limits (100/300, etc) and no teen drivers, no accidents, etc. Wonder if it's an Idaho thang, or if I'm short-bus speshul.

:blink:

Maybe they saw the website that names you and the Mrs. as track champions?

:tree:

gsxr
01-29-2014, 07:36 PM
Maybe they saw the website that names you and the Mrs. as track champions?
Now that would be funny. Unlikely, but funny!

:e500launch:

DerFuror
05-07-2015, 08:41 AM
:update:

Single car policy premium of $465/year for agreed value of $25,500 thru Grundy.

vatc5637
05-07-2015, 10:13 AM
FYI

http://insurancenewsnet.com/oarticle/2015/05/06/most-and-least-expensive-states-for-car-insurance-a-619003.html#.VUuAnmDnBzU

Glen
05-07-2015, 10:39 AM
FYI

http://insurancenewsnet.com/oarticle/2015/05/06/most-and-least-expensive-states-for-car-insurance-a-619003.html#.VUuAnmDnBzU

Now we know why GSXR lives in Idaho and has so many .036s! :nobmw:

DerFuror
05-07-2015, 12:35 PM
FYI

http://insurancenewsnet.com/oarticle/2015/05/06/most-and-least-expensive-states-for-car-insurance-a-619003.html#.VUuAnmDnBzU

Interesting. According to this info, my car resides in a top 5 most expensive state...Based on that, $25.5K coverage at $465/yr is still a rather inexpensive premium bang for the AV buck. :victorious:

Previous years were $12K coverage at $247/yr.

vatc5637
05-07-2015, 01:49 PM
Interesting. According to this info, my car resides in a top 5 most expensive state...Based on that, $25.5K coverage at $465/yr is still a rather inexpensive premium bang for the AV buck. :victorious:

Previous years were $12K coverage at $247/yr.

These stats were based on averages. Where you actually live & work is a far larger risk factor than your state of residence. Better to live in a lower risk area of a higher avg state, than a high risk area of a lower avg state. Of course, best to live in a low risk area of a low avg state! For comparison purposes, I think my premium for 2015 was just over $500 for 2 W124's ('93 500E and '94 E420)

tanger
09-09-2015, 06:28 PM
I'm looking to move both my 993tt and the E500 to an Agreed Value insurance policy. I read through some of the older threads and only really saw mention of Hagerty and Grundy. I got a quote form Heacock which came recommended from another forum and is dramatically cheaper than Hagerty. Unfortunately, Heacock doesn't consider the E500 a collector car so they won't do Agreed Value on it. Any other recommendations on a reputable insurance co I should get quotes from? I've checked Hagerty, Grundy, and Leland West- all 1.5x-2x Heacock's quote on the Porsche.

maw1124
09-10-2015, 01:59 AM
I've no other recommendations but a quick question: does Heacock have an age standard that excludes the 500E, or is it just arbitrary?

"Arbitrary" wouldn't surprise from and insurance company. But I thought it worth asking.

maw

tanger
09-10-2015, 06:51 AM
Heacock simply said it wasn't considered a collector car, wasn't a age thing. Seemed arbitrary.

sheward
09-10-2015, 09:13 AM
I recently inquired about this as well and got the same response from Heacock. I believe Haggerty and Grundy had severe mileage restrictions which wouldn't allow even a trip to Michigan and back (1500 miles). State Farm, my current insurer, does offer agreed value policies. They require pictures and documentation before they can price one. I intend to purchase a policy myself in the future. I have been with them a long time and like the company. They also have a history of my limited use and I enjoy a discount for that.

drew

tanger
09-10-2015, 09:46 AM
I've tried to use State Farm, they don't do Agreed Value in TX

gsxr
09-10-2015, 10:10 AM
I asked Hagerty about mileage restrictions, and they told me there was no restriction, and that many of their customers drive all over the country for club meets, car shows, etc. They were much more concerned about owning a newer car (max 10 years old) that wouldn't break down, so you wouldn't be daily driving your 'collector' car. Seemed odd to me. Big difference was Hagerty was OK insuring cars that would be raced, but Grundy had a very strict exclusion for competition vehicles. Never heard of Heacock.

I've been through 2 3 4 renewals with Hagerty and so far, they have not increased my rates. My daily driver insurers tend to increase ~10% every year because they can. After a few years the premium becomes stupid and I have to switch. Allstate pulled that on me and it was quite a few years before I realized my premiums were becoming ridiculous. Switched to Liberty Mutual for nearly 50% less and sure enough, they did the same annual increase, four years in a row. Switched to MetLife in Jan-2015, again for nearly 50% savings, will be very interesting to see if Snoopy does the same over the next couple of years. Now I track everything in a spreadsheet so I can keep an eye on what they're doing...

Update Feb-2016: Snoopy didn't hose me on renewal, at least not this time. Very minimal increase. Happy so far... will see what happens at next renewal in Jan-2017.

Update Feb-2017: Snoopy hosed me on renewal, +30% auto increase with no claims/tickets/accidents; +17% home increase with no claims. Further research revealed that the Boise area had rates jacked up by almost all insurance companies across the board, as it's becoming a "big city" over the past few years, with the accompanying increase in claims. After extensive shopping we decided to stay with them for now, but will shop rates again in 10 months and determine at that time if we will switch, depending on Snoopy's premiums for 2018.

Update Jan-2018: Snoopy rubbed salt in the wound for the 2018 renewal, another ~10% hike in both home & auto, again with no claims/tickets/accidents. I ended up switching back to Liberty Mootual for a 35-40% reduction in combined premiums. LM is still affiliated with my employer with better group rates than I could find elsewhere, after getting quotes from a half-dozen other companies. Progressive was a close second but I read an awful lot of bad reviews/ratings with them. Esurance had great auto rates but lousy home rates, and did not offer any ATV policies. I expect LM to jack the rates annually but I should get a few years out of 'em.


:oldman:

Maui
09-10-2015, 11:17 PM
I've had Hagerty for several cars including my current 500E. They state right in the documentation that you can enjoy recreational driving or what used to be called a "Sunday" drive. No mileage restrictions either. I have had one small claim with them which was a little disturbing at first when they sent some guy over to look at the car who knew nothing about bodywork. He was obviously a hired gun and put together an estimate that was woefully short of the mark, but Hagerty ended up agreeing with the repair shop and paid the full amount with no argument.

Jim Rosenthal
09-12-2015, 11:22 AM
I have had my collection insured with Hagerty for two decades. They are a very good outfit, but they tend to be on the high end of the price scale. Also, their road service is subcontracted out to an outfit called Coachlink, which isn't great. Hagerty have insured later model MBs for me, but they do it as part of a collection of MB cars.

I have had ONE claim with them over many years; I had a Mondial t cabriolet and was driving it home from an outing with it and a tree branch fell and tore the soft top. They replaced it, no questions asked. That car was also rear-ended at a traffic signal and twelve thousand dollars of damage done- but the other person's insurance paid it. Hagerty knew about it, but it did not become a claim with them.

I am in the process of shopping my insurance around. Hagerty are great folks and they do a lot for the collector car hobby, but it's possible that their renewal quote will be twice that of other, and if the others are apple-to-apple and the price is better, they may lose my business. I would offer them an opportunity to match, obviously.

600Eric
09-23-2015, 09:32 AM
All,

Does anyone here have any experience or ever dealt with Condon Skelly (http://www.condonskelly.com/)? I have been talking to Hagerty about a policy for my 500E and when I told my insurance broker to take my SL off my policy and that I was probably going to do the same with the 500E and go with a classic car policy for it she came back with a quote from them that was very competitive. They were about $650 a year compared to Hagerty at $1,100 for equal coverage at a valuation of $49,900 (which apparently is the maximum amount Hagerty will insure a 500E for right now)

gsxr
09-23-2015, 10:41 AM
I just pinged Condon Skelly via chat session. They will not insure cars that will be used for any type of racing. Same problem as Grundy. Hagerty is still the only one I can find that allows racing usage.

:tree:

remotemark
09-23-2015, 02:56 PM
But Hagerty excludes damage incurred while racing from their coverage, don't they?

gsxr
09-23-2015, 03:23 PM
But Hagerty excludes damage incurred while racing from their coverage, don't they?
Correct: "Everywhere but on the track or while racing: In the trailer, in the paddock, in storage, even for a parade lap or two — just not when it’s racing on the track. We can even cover you on the street if it’s a street legal race car."
https://www.hagerty.com/Insurance/Motorsports-Insurance


Grundy and Condon Skelly can't run away fast enough if you mention the word "racing".

:runexe:

Boxersix
10-04-2017, 07:42 PM
Funny I have been told by two Hagerty reps that the 500E is not a car they will insure. Go figure!

Boxersix

nocfn
10-04-2017, 08:29 PM
My e500
Just renewed by hagerty

gsxr
10-05-2017, 07:41 AM
Funny I have been told by two Hagerty reps that the 500E is not a car they will insure. Go figure!

Boxersix
Whaaa...? Hagerty is insuring mine. Maybe it's specific to where you live? Have you asked them for details and mentioned that you know multiple people who have their 500's insured by Hagerty?

Note: Merged 3 separate threads on same topic so it's all in one place; also moved the most recent 3 posts to the combined thread.

:blink:

600Eric
10-05-2017, 07:51 AM
Whaaa...? Hagerty is insuring mine. Maybe it's specific to where you live? Have you asked them for details and mentioned that you know multiple people who have their 500's insured by Hagerty?

:blink:Yep have mine insured with them too.

Sent from my XT1585 using Tapatalk

mikeym
10-05-2017, 09:47 AM
What kind of coverage and what is the yearly cost? I need to reduce my insurance costs...paying too much for plain vanilla coverage.


My e500
Just renewed by hagerty

nocfn
10-05-2017, 09:51 AM
Agreed value and its 800+ annually, and includes all my agreed value on shop parts and tools etc

gsxr
10-05-2017, 10:06 AM
What kind of coverage and what is the yearly cost? I need to reduce my insurance costs...paying too much for plain vanilla coverage.
If you read the whole thread, a few people posted their coverage limits and premium costs.

Keep in mind that most agreed-value policies for the E500E will not allow daily-driver usage.

:mushroom1:

nocfn
10-05-2017, 12:16 PM
Dave is right. I have 4 drivers and 5 cars and [Hagerty] would not consider the coverage without the declaration pages of other coverages naming the cars and the insured motorists.

Melville
02-06-2018, 12:56 PM
[mods -- I recall there has been a discussion about this topic but I couldn't find it in searches. If someone finds it, this post could be added to it.]

About a year ago I tried to get Hagerty coverage for my 500E. At the time I was denied because we have two licensed drivers in my household but just one car in addition to the 500E. Even though I explained that my wife and I commute to work together so we don't use the 500E for regular car duties, they said they didn't have flexibility with that policy.

I just got off the phone with Hagerty today and they told me they have since changed their policy to allow some flexibility. It will be a fact-specific analysis on their part and it's still possible they might say there must be, in addition to the classic, a separate car for each licensed driver. But at least now it's not a hard and fast rule.

nocfn
02-06-2018, 12:59 PM
Yes I think this is true, as they called me and asked if I wanted to add my C126 to my E500 policy for agreed value. My liability for the car is about equal to an agreed value of tools and car at 20k and the TX liability limits.

Spruce500e
02-06-2018, 05:59 PM
Quote from Hagerty for $36k agreed value came in over $1100 per year. More than what Im paying now through Travellers and with lower limits but of course is an agreed value. Not sure its worth the switch for me

gerryvz
02-06-2018, 06:16 PM
Did Hagerty put limitations on the mileage/usage, for that price? My experience with collector car insurance in the past was that it was VERY low cost, but entailed limitations. For $1,100 a year, that's just a plain rip-off, agreed value or no.

gsxr
02-06-2018, 06:24 PM
When I talked to the Hagerty rep a few years ago, there were no mileage limits, and the only usage restriction is that it couldn't be used as a primary vehicle / daily driver.

$1100 sounds high for $36k but the zipcode probably has a significant affect on premiums. I'd get quotes from the other 2-3 collector insurers.

:scratchchin:

vatc5637
02-06-2018, 09:42 PM
Quote from Hagerty for $36k agreed value came in over $1100 per year. More than what Im paying now through Travellers and with lower limits but of course is an agreed value. Not sure its worth the switch for me

I insured the 500E (I also live in VA) through Hagerty for years, but dropped them last year when they tried to increase my premium over 75%. It was a $20k stated value policy with no restrictions, I have 5 cars and only 2 drivers. When I questioned their proposed increase, my underwriter said that they had undercharged me for years due to a "mistake" and that I should be happy that I had been undercharged for as long as I was. I might have agreed with him if I had made claims with them during all those years. However, that attitude, combined with the almost doubled premium (no change in coverage), caused me to decline (politely) to renew my Hagerty policy.

I ended up insuring the car with my "regular" auto carrier for about 50% of what Hagerty wanted, but there is no stated value, so if anything happens to the car I know that I'll be in for a fight. I'm ok with that since my car has over 187,000 miles, is a driver and no where near as valuable as others on this site. Ironically, about 6 weeks after I declined the renewal, but before the existing policy terminated, I ended up making a claim when a tree fell on my '94 E420 that Hagerty also insured. Stated value was $7500, so I definitely made out. At the end of the day its a bit of a crapshoot.

Jlaa
02-07-2018, 12:06 AM
Hagerty is really quite pricey. I have considered them over the years but always found them to be too pricey. Have you guys tried Grundy yet?
I insure two pleasure cars with Grundy. My usage limit is that I cannot drive the car to work -- which is fine for me.

For an expensive zip code (inside the city of San Francisco) I pay $1036 per year to insure two cars - the 500E, with an AGV of USD45K, and another vehicle with an AGV of USD65K. I had to show Grundy that I have two more vehicles that my wife and I can use as daily drivers that are insured through a "normal" carrier - i.e. State Farm.

gerryvz
02-07-2018, 03:46 AM
Thatís (Grundy) who I used in the past for agreed-value collector-car insurance for the 300SEL 6.3 that I owned many moons ago. I think I paid something like $200-250 a year for $20K value (at the time) with restrictions on mileage and non use as a daily driver (they required proof that I owned at least two other cars).

I would not insure my E500 with agreed value as it is not a condition 2+ or better car that warrants it. Just my two cents.


Sent from my iPhone using Tapatalk

JC220
02-07-2018, 03:59 AM
How are you all determining your agreed value figure with the insurers such as Hegarty etc? Ie; do you send them detailed pictures or do they inspect the car / have you get a specialist to inspect it?

The only way to get such a policy here is to have an independent specialist inspect & value the car and provide a certificate to the insurer stating the value. In my case it was the MB club UK’s valuer who I paid to examine my 500E

Jlaa
02-07-2018, 08:01 AM
How are you all determining your agreed value figure with the insurers such as Hegarty etc? Ie; do you send them detailed pictures or do they inspect the car / have you get a specialist to inspect it?

The only way to get such a policy here is to have an independent specialist inspect & value the car and provide a certificate to the insurer stating the value. In my case it was the MB club UK’s valuer who I paid to examine my 500E

All I do is I speak to them on the phone. We come to an agreement on the dollar value I wish for them to underwrite. Then they speak to the underwriters and give me a price .... if the AGV is too high then they will decline to underwrite. If I agree to the price, then I have to send in a passel of photos documenting the condition at their request. No separate inspections.

gerryvz
02-07-2018, 08:58 AM
All I do is I speak to them on the phone. We come to an agreement on the dollar value I wish for them to underwrite. Then they speak to the underwriters and give me a price .... if the AGV is too high then they will decline to underwrite. If I agree to the price, then I have to send in a passel of photos documenting the condition at their request. No separate inspections.I had the same thing with my 300SEL 6.3.

Spruce500e
02-07-2018, 02:00 PM
Did Hagerty put limitations on the mileage/usage, for that price? My experience with collector car insurance in the past was that it was VERY low cost, but entailed limitations. For $1,100 a year, that's just a plain rip-off, agreed value or no.

No restrictions or limitations. No tickets. Im only driver and theres way beyond more than enough other cars in my home to remove concern I will use this as other than collectible. The actual quote for their default limits is $1154.