Agreed Value from Appraisals is typically higher than market value. I have appraisals and agreed value coverage for both my NSX and S2000 and they've included any modifications I've done to the cars too which in the market will instead decrease pricing. The intent is cover myself for the cost of a similar base car and the work that goes into it if I had to replace either car. If you have a stock example I would agree that agreed value probably isn't worth it.
I have Agreed Value with Hagerty on my cars and what I like is this does not fluctuate as market prices go down. However, it is also my responsibility to increase the coverage amount as market prices go up.
Also, regarding the original question about "car collections", I now have three cars covered with Hagerty, the third one was only added recently. Hagerty quotes you a single price for coverage on all vehicles, not per vehicle, at least in my experience. The first two (including my NSX) were about $2200 total including HDC and Cherished Salvage. Adding the 3rd car at $12,500 agreed value was only an $110 increase in the annual premium. So I think they definitely take the "collection" aspect into account as you add vehicles to the policy.
I have Agreed Value with Hagerty on my cars and what I like is this does not fluctuate as market prices go down. However, it is also my responsibility to increase the coverage amount as market prices go up.
Also, regarding the original question about "car collections", I now have three cars covered with Hagerty, the third one was only added recently. Hagerty quotes you a single price for coverage on all vehicles, not per vehicle, at least in my experience. The first two (including my NSX) were about $2200 total including HDC and Cherished Salvage. Adding the 3rd car at $12,500 agreed value was only an $110 increase in the annual premium. So I think they definitely take the "collection" aspect into account as you add vehicles to the policy.
the reason is Hagerty quotes the "total" agreed value of your collection. You could have 5 cars worth $1M or 1 car at $1M, the premium is the same, in theory.
Here is an excerpt from Hagertys site, not as a rebuttal, just possibly of interest for us:
<snip>
Thank you for those bringing this to my attention. I am seeing some “weasel words” here under the agreed value plan – “the proven value of your car as determined by you and the insurance company, according to appraisals, photos, or other relevant documentation”. Appraisals – other relevant info? So this seems to not be as simple as you tell them you want to insure it for and they write it up as we have come to expect from home policy adders. I guess once you go though this “agreement” process and you closely read the policy beforehand, that’s what we seemingly wanted. That said, my “standard” cinncinati policy (and I assume others) will pay the “current value” without paying the higher Hagerty policy, so I’m not sure these agreed policys are worth it (?) Just my current thoughts on the learning curve. Sounds like at a minimum I should pop for an appraisal, but then I have to stop tinkering and have it up and running and shined up for that – I better get with it He-he . Thanks!
Yes - depending on the car, they will ask you to send photos etc. to help establish that agreed value before issuing a policy. but once the policy is issued, the value is the value. The person I spoke to on the phone to set up my policy at first wanted me to send in photos etc. of my 20+ year old Acura, but once I gave them the VIN & they looked it up in hagerty's own appraisal tool, they had no issue at all with my requested agreed value.
This is interesting. When I had the NSX on GEICO, the premium for the NSX was less than the CRV. About 500 / year. I switched out because I don't think they would pay the market value if I totaled it.
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