Alfa Romeo Forums banner

1 - 11 of 11 Posts

·
Administrator
Joined
·
13,622 Posts
Discussion Starter #1
Guys and girls,

Let me start by explaining that I hate insurance companies like 99% of the members of this board, but I've recently learnt the other side.

My wife works for an insurance broker (and has now for about 8 years) and we occasionally have an almost heated debate about how insurance companies never pay up what the true value of an OLD car is. I constantly get smacked down in this debate because if we really liked our OLD cars we should simply pay more for an agreed value policy, then problem over.

Her point is that market value for an OLD car is all over the place and no insurance company is going to pay the top most value, why should they? After all they can actually go out and buy one for the amount they are suggesting. The problem is the condition ... and as with everything there are 2 sides to every debate, and when you are looking at a crashed car the condition does not look so good any more.

So in my honest opinion, based on my wifes knowledge, it is NOT worth insuring any old car unless you sign up for an agreed value policy and yes this means we pay more, but at least we can set OUR value of what we want our car to be insured for.

So the point of this post is please go out ASAP and get an agreed value insurance policy for your beloved Alfa Romeo. Don't learn the hard way and watch an insurance company fnck you over and loose your pride and joy.
Pete
 

·
Registered
Joined
·
527 Posts
The situation in the USA is a bit different. The only agreed value policies I found were for classic car policies with mileage restrictions. Granted - 3000 miles per year works just for me on my Alfas - so I went this route - but those that want to drive their vintage Alfas more - do not really have this option in the USA.
 

·
Administrator
Joined
·
13,622 Posts
Discussion Starter #3
The situation in the USA is a bit different. The only agreed value policies I found were for classic car policies with mileage restrictions. Granted - 3000 miles per year works just for me on my Alfas - so I went this route - but those that want to drive their vintage Alfas more - do not really have this option in the USA.
Interesting and unfortunate.

I'm sure there would be a company out there that would allow agreed value even for non-classic cars. My wife is currently advising our son to lower the value on his "non-classic" car insurance because he will never get what he is paying for, ie. his payments are for a value of $6000, but it is really now only worth $5000. Note it is not an agreed value policy but insuring it for what he paid for it, but that was now ~2 years ago.

The other advice is: Actually READ the policy you have bought. I never have (my Alfa is presently not insured because it is being restored), but it is important when it comes crunch time.
Pete
 

·
Registered
Joined
·
527 Posts
To be honest, I have one policy on a car (a Miata) that is "agreed value" (probably because the car is not worth that much) - but does not have mileage limitation. It does require however a regular policy for every driver in the family - so in my case, it is 2 normal policies on "normal daily driven cars" - plus the agreed-value policies on the classics/Miata. FWIW - the "no mileage limitation" on the Miata is no longer available - I was grandfathered in by the company since I had it for a long time - but they no longer make these available - to the best of my knowledge.
 

·
Registered
Joined
·
27 Posts
My experience is that if you have a classic stolen or totaled, be prepared to fight for proper reimbursement. Paying a modest sum for an expert appraisal should be useful. Of course, it's necessary to document the quality of your car carefully (paperwork and photos). Insurance will likely come up with a low-ball offer, I suspect because they know most people will walk away from a fight. But a little leg-work goes a long way...
 

·
Administrator
Joined
·
13,622 Posts
Discussion Starter #6
My experience is that if you have a classic stolen or totaled, be prepared to fight for proper reimbursement. Paying a modest sum for an expert appraisal should be useful. Of course, it's necessary to document the quality of your car carefully (paperwork and photos). Insurance will likely come up with a low-ball offer, I suspect because they know most people will walk away from a fight. But a little leg-work goes a long way...
Again, agreed value makes this process a no stress situation.

Basically my wife keeps reminding me you get what you paid for, and if you have been paying the minimum over the years to get cheap insurance you have to expect the insurance company to try hard not to get screwed ... ie. it goes both ways. That minimum amount you have been paying each year to insure your car is based on what THEY think your old car is worth, which will be what they can buy another one for and has little to do with the condition of your car and our rose tinted glasses view, hence why you get a fright when an accident happens and you go to them with your hands out.
Pete
 

·
Supporting Vendor
Joined
·
4,423 Posts
The situation in the USA is a bit different. The only agreed value policies I found were for classic car policies with mileage restrictions.
Hmmm... That's exactly the opposite of what I've found. I have two Alfas on "Collector" policies from J.C. Taylor with no mileage restriction but these policies do have usage restrictions i.e. no driving to work or shopping.

I have a third Alfa that I drive semi-daily on a standard policy with an agreed value but without mileage or usage restrictions. Granted I pay a slightly higher rate than the two cars on the collector policy but not drastically so.
 

·
Registered
Joined
·
2,454 Posts
Joe - Is the "third Alfa" also with J.C Taylor?

I have an agreed value policy with Hagerty. Mileage limits but ok for my usage. I'm happy with Hagerty but (knock on wood) have always kept the shiny side up :).
 

·
Supporting Vendor
Joined
·
4,423 Posts
Joe - Is the "third Alfa" also with J.C Taylor?
No - it's with our "normal" insurance carrier that covers our non-collector cars, homeowner's policy, etc. I just asked the local agent and he changed the policy to an agreed value of my choosing. I think the better agents have some leeway in how they do things.
 

·
Premium Member
Joined
·
2,631 Posts
My Agent is awesome. I've had this collector policy for over 15 years. I insure them to the value I want and he as well inspects the car, pictures etc. He accepts my assessment of the car value every time with no hassle. Very good rates since I don't drive them very much.
 

·
Registered
Joined
·
414 Posts
Hagerty is agreed value and no mileage restrictions but for "pleasure use" only. (Hey, it's a pleasure everytime I drive it) But I'd hate to have to make a claim on damage received in the office parking lot! I've used the Spider to drive to work when the daily is in the shop, but that's a risk. I wonder is driving home from work is allowed?
Hagerty requires that you have another car, fully insured, which could be a killer if you wanted to own only "classics" for daily driving, etc. Or if you could commute by transit/bike and only have a classic car for fun (and no other). Actually, I think Hagerty requires each driver in the household to have a "regular" car, fully insured, which is even more restrictive.
Our dailies are under AAA, which has some kind of relationship with Hagerty for classics, so won't insure a classic as a daily driver. Or maybe they would, but not on agreed value.
 
1 - 11 of 11 Posts
Top