S2000 insurance coverage
#11
Site Moderator
CAUTION!
That sounds like a Stated Value policy, vs Agreed Value used by Hagerty and all reputable specialty ins.
Most non specialty ins only offer Stated Value, not Agreed Value.
Basically, a Stated Value policy is worst of both worlds. You pay more, but get no extra coverage. Sound like an impossible ripoff? Yup.
Stated Value sets the MAX they'll pay. They'll pay you whichever is LOWER. The default evaluation they'd do with any car, or your Stated $ amount. So you could actually get LESS with a Stated Value.
These things are definitely NOT in any way similar.
Beware.
That sounds like a Stated Value policy, vs Agreed Value used by Hagerty and all reputable specialty ins.
Most non specialty ins only offer Stated Value, not Agreed Value.
Basically, a Stated Value policy is worst of both worlds. You pay more, but get no extra coverage. Sound like an impossible ripoff? Yup.
Stated Value sets the MAX they'll pay. They'll pay you whichever is LOWER. The default evaluation they'd do with any car, or your Stated $ amount. So you could actually get LESS with a Stated Value.
These things are definitely NOT in any way similar.
Beware.
#12
CAUTION!
That sounds like a Stated Value policy, vs Agreed Value used by Hagerty and all reputable specialty ins.
Most non specialty ins only offer Stated Value, not Agreed Value.
Basically, a Stated Value policy is worst of both worlds. You pay more, but get no extra coverage. Sound like an impossible ripoff? Yup.
Stated Value sets the MAX they'll pay. They'll pay you whichever is LOWER. The default evaluation they'd do with any car, or your Stated $ amount. So you could actually get LESS with a Stated Value.
These things are definitely NOT in any way similar.
Beware.
That sounds like a Stated Value policy, vs Agreed Value used by Hagerty and all reputable specialty ins.
Most non specialty ins only offer Stated Value, not Agreed Value.
Basically, a Stated Value policy is worst of both worlds. You pay more, but get no extra coverage. Sound like an impossible ripoff? Yup.
Stated Value sets the MAX they'll pay. They'll pay you whichever is LOWER. The default evaluation they'd do with any car, or your Stated $ amount. So you could actually get LESS with a Stated Value.
These things are definitely NOT in any way similar.
Beware.
#13
Registered User
Join Date: Aug 2012
Location: Foothills East of Sacramento
Posts: 5,855
Received 1,716 Likes
on
1,023 Posts
I got a quote, several times over the years, at Hagerty but never pulled the trigger. I heard nasty rumors the management changed and people were getting screwed. I really don't know for sure but it made me hesitant. I use USAA. I have a good record of every S2000 sold on BAT in the event I have to prove the market value with USAA. Never thought of the milage but in California, that is logged with the biannual smog check. My 2009 has 86K which really is not low considering everything.
#14
Thread Starter
I appreciate all the feedback I have learned a lot. I have a 2003 with 90,000 miles. Nine out of 10 vin numbers and number 10 I have in my possession because it was just puncture damage to the front bumper from road debris. My wife and I just like to go on occasional cruises and I go to one or two car shows a year, otherwise she is a garage queen. And for the mileage she looks almost showroom. The only mod is a cat back, which is easily swapped back.
#15
I have used NCM Insurance for my last couple collectors cars with an agreed value. It goes through American Modern Insurance I believe. Super easy to deal with and they get quite a few S2000's. I know they offer different mileage tiers and a drive to work option.
#16
I got a quote, several times over the years, at Hagerty but never pulled the trigger. I heard nasty rumors the management changed and people were getting screwed. I really don't know for sure but it made me hesitant. I use USAA. I have a good record of every S2000 sold on BAT in the event I have to prove the market value with USAA. Never thought of the milage but in California, that is logged with the biannual smog check. My 2009 has 86K which really is not low considering everything.
#17
You could choose to talk with a few shops that deal with classic / collectible cars and seek out their recommendations. When I spoke with a couple of shops in town, both places recommended Hagerty as they were always the easiest to deal with whenever a claim was involved. I’ve been with Hagerty ever since (6+ years). But before it is time to renew my policy once again I do plan to take a closer look at Grundy. As others have noted, unless your car is a rat trap then the most important thing is to have an agreed value policy with a reputable company.
#18
I've been with Hagerty for seven plus years. Never had a claim (knock on wood!). I added their Cherished Value Coverage at renewal time this year. For not much extra you get your car back, as well as your agreed value in the event of a write off. With some parts getting harder to get as time goes on, cars with not that severe damage get written off because it's less hassle for the insurance company. With Cherished Value, you could over time source parts yourself and possibly save your car.
Thread
Thread Starter
Forum
Replies
Last Post
switch2ap
S2000 Racing and Competition
4
10-24-2003 01:53 AM