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I have a client who will be paying $114k cash for a Porsche to use as a daily driver.
Which companies offer an agreed value policy for these situations?
Which companies offer an agreed value policy for these situations?
Agreed Value for High Value Car
- Thread starter secondcreek
- Start date
- 11,995
Most carriers can do a stated/agreed value policy, but you have to ask. The rules about how that value comes to agreement are going to potentially vary by carrier. Do your main carriers not offer it or have you not checked? Just as a point of reference, it's so common Allstate will do it, even if most of their agents wouldn't know how to quote it 
- 1,016
exactly right! you have to read the fine print on those "stated value" policies. many are nothing more than ACV under the disguise of stated value....
"in the event of a total loss ..... will pay the lessor of the stated value amount and the actual cash value amount, less the deductible".
some carriers like to bury that in the fine print.
- 977
That will be a tough one. The daily driver part kills it. Blocko is dead on about stated value policies. Before I qualified for hagertys new guidelines, i had a stated value on my collector vehicle, but the company had,the final say on the value of the vehicle, and had the option of finding a comparable replacement instead of cash settlement - and let's be honest, no typical insurance company is REALLY going to find a like replacement.
Stated / Agreed value policies are used in cases where the normal market value for the car is not correct for the particular vehicle. This is usually the case in older 'restored' cars, where the book value would be $500, but the real value is $25000 or so.
These cars tend not to be daily drivers.
In your case, is the Porsche new? If so, then you probably don't need an agreed value policy, since the book value of the car will be around what he is paying for the car.
Still, not all carriers will take cars over $100K in value, make sure the carrier will before you place it.
Dan
These cars tend not to be daily drivers.
In your case, is the Porsche new? If so, then you probably don't need an agreed value policy, since the book value of the car will be around what he is paying for the car.
Still, not all carriers will take cars over $100K in value, make sure the carrier will before you place it.
Dan
- Thread starter
- #6
- 151
I have spoken to a couple of my carriers and haven't found what I am looking for.
Will Chubb or AIG offer a true agreed value policy?
My gut instinct is that someone offers this type of policy. But I suspected there aren't many choices.
This is my first $100k car. Are other agents using ACV policies instead of tracking down an agreed value policy in these situations?
Will Chubb or AIG offer a true agreed value policy?
My gut instinct is that someone offers this type of policy. But I suspected there aren't many choices.
This is my first $100k car. Are other agents using ACV policies instead of tracking down an agreed value policy in these situations?
- 977
Good points djs brings up. Sounds like what the guy's client wants is contrary to the tenets of insurance. Even though the idea is understandably scary given a six figure vehicle, if he is driving it daily it is declining in value. Price you pay.
- Thread starter
- #9
- 151
I would think these higher value cars don't depreciate as fast as other vehicles. I have nothing to base that on.
The idea of totaling his new found love is a concern to the guy, so I told him to give me a couple of days to see what solution I can find.
Anyone have experience with Chubb and or AIG auto insurance for this type of scenario? I was unable to reach their underwriters at the end of the day yesterday.
The idea of totaling his new found love is a concern to the guy, so I told him to give me a couple of days to see what solution I can find.
Anyone have experience with Chubb and or AIG auto insurance for this type of scenario? I was unable to reach their underwriters at the end of the day yesterday.
