Good points about Hagerty and Grundy, but a couple quick thoughts:
- Had a buddy who went with an agreed-value policy, and it definitely saved him headaches when his '69 Mustang got clipped at a car show. No hassle over value at all.
- But I'm curious—do these specialized insurers have any strict mileage limits or garage requirements? I drive my classic fairly regularly (weather permitting), so that's something I'd want to double-check before switching...
Good to know about the agreed-value policy working out smoothly for your buddy—nothing worse than arguing with insurance folks over what your pride and joy is worth. I've been thinking about switching myself, but like you, I'm a bit wary of mileage restrictions. My classic isn't exactly a daily driver, but I do like taking it out for weekend cruises or spontaneous ice cream runs (priorities, right?).
One thing I've wondered about is how strict these insurers are on modifications. Like, if you've upgraded brakes or suspension for safety reasons, does that affect coverage or agreed value? I'd hate to find out the hard way after putting in all that wrench time...
I had a similar situation a few years back when I upgraded the brakes and suspension on my '68 Mustang. At first, I didn't think much of it—figured safer is better, right? But when I casually mentioned it during a policy renewal call, the rep paused and started asking all sorts of detailed questions. Turns out some insurers get pretty particular about mods, even if they're safety-related.
In my case, they asked for receipts and photos to document the upgrades. It wasn't a huge hassle, just a bit tedious. But here's the kicker: after all that paperwork, they actually bumped up my agreed value slightly because they recognized the improvements as adding value rather than detracting from originality. Go figure...
Still, I'd recommend being upfront about any mods you've done or plan to do. Better to spend an extra half-hour on paperwork now than deal with headaches later if something happens.
Good advice there—being upfront is definitely the way to go. I've seen cases where folks thought minor upgrades weren't worth mentioning, only to find out later their insurer wasn't thrilled about surprises. Even safety mods can be a gray area depending on the company. Usually, if you document everything clearly, insurers appreciate the transparency and might even reward you for it. Tedious, sure...but beats dealing with claim headaches down the road.
Definitely agree with documenting everything clearly—it's saved me a few headaches over the years. One thing I'd add is to regularly update your valuation, especially if you've done restoration work or upgrades. I learned this the hard way when my insurer's valuation was way off from what I'd actually put into my vintage ride. Had to jump through hoops to get it adjusted after the fact...not fun.
Also, does anyone know if there's a significant difference between agreed value and stated value policies for vintage cars? I've heard conflicting things about which is better for budget-conscious folks like me. Would appreciate hearing some real-world experiences on that front.
