Agreed value coverage for non classics

mini1

New Member
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Having trouble finding a carrier for a unique situation in FL

I don’t have a million + dollar home to give a carrier like Chubb or Pure or Cincinnati

I will be taking delivery of a new 23 model year super limited production high value ($200k+) vehicle next month and I have been unable to find a carrier to write the vehicle on an agreed upon policy with one exception

The vehicle is worth significantly more than the MSRP both new and on the resale market. The vehicle will not depreciate and will not be a daily driver.

None of the collector insurance companies (American Modern, Hagerty, Grundy, American Collectors) want to write it because its too new and its a truck based super high performance SUV.

The one carrier I was able to get access to was AIG using Grundy’s MVP program…..problem is they won’t write less than 3 vehicles with this program. I have 3. Pricing was literally 121 to 136 times higher than standard carriers on the other 2 cars and they won’t write ACV policies on regular cars on the policy.

I work in the new high line car business and I’m very familiar with the carriers but even I am having trouble with this one!
 
I will be taking delivery of a new 23 model year super limited production high value ($200k+) vehicle next month and I have been unable to find a carrier to write the vehicle on an agreed upon policy with one exception
You are the owner?

vehicle is worth significantly more than the MSRP
Will you have an Appraisal / Survey of the vehicle demonstrating this?

None of the collector insurance companies (American Modern, Hagerty, Grundy, American Collectors) want to write it because its too new
Yes

I work in the new high line car business and I’m very familiar with the carriers
Are you the agent as well?

Have you Approached the Non Admitted Insurers for it? That is typically my first stop in these odd situations? Is this something that Lloyds or another NA entity would consider?

I dont specialize in this, but typically in these odd Stated Value coverage requests [and I choose that term as opposed to Agreed Value in the beginging] I dont spend any time on them - unless they have an independent vehicle appraisal.

Best of Luck
 
You are the owner?

Will you have an Appraisal / Survey of the vehicle demonstrating this?

Yes

Are you the agent as well?

Have you Approached the Non Admitted Insurers for it? That is typically my first stop in these odd situations? Is this something that Lloyds or another NA entity would consider?

I dont specialize in this, but typically in these odd Stated Value coverage requests [and I choose that term as opposed to Agreed Value in the beginging] I dont spend any time on them - unless they have an independent vehicle appraisal.

Best of Luck

Yes, I will be the registered owner.

I can have an appraisal done if needed, none of the carriers have asked for one. I have access to all of the same software they use to determine valuation. It’s tricky when its a current model year vehicle with only a 100 or so ever sold new and only 3 sold used.

I don’t work in the insurance business…. I’m in a closely related line….I sell high line vehicles generally to high net worth individuals who have the million dollar + home to get on one of the big carriers like Chubb.
 
I saw your post and thought "deja vu all over again."

I'm having the same issue but on a much smaller scale. I paid a premium price for a 20 year old car with 50,000 miles on it, in pristine condition. I wanted to use it for regular driving but wanted agreed value without the collector car limitations.

I checked all the collector car policies, even Grundy MVP but the premium was outrageous on my other two vehicles so I passed.

My regular insurer won't do it. Other regular carriers won't do it either. At least, in my case, I have it on my collector car policy with JC Taylor at the purchase price but that relegates it to being a garage queen.

I won't insure it for ACV because ACV is about half of what I paid for it.

I'm still looking.
 
In the thinely traded world of "unique items" - I would look to the independent and dated appraisal of said "unique item" as the central staring point of coverage amount and valuation. To Not have this on such an expensive item - seems silly and sometimes cheap.

Let me explain further. If you were to NOT insure said "unique item" and lose it in a natural disaster and then claim it in on some sort of Tax Deduction as a Total loss - how would you defend the claimed valuation from an IRS audit?
 
The regular markets will not write this in this terrible marketplace. Rich kids with no driving experience bought Lambo Aventador's and totalled them a week later. Kills the entire marketplace (like Grundy). I would approach a larger sized Independent Agency that has a high net worth division and let them write the liability with a standard Travelers, PRG, etc and ask them to go to Lloyds/London for the physical damage coverage. You are going to get "specified perils" coverage with a $10K (or more) deductible. Figure around a 15% rate (of the current value of the vehicle). If you have a lender, they will not accept this method however.
 
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