Anyone have advice on this.....three of my cars deserve significantly more coverage than ACV (actual cash value).....yet they are driven and are not garage queens.

Most all agreed value insurance companies that I've run across only offer coverage for "collector vehicles that are used on a limited basis — e.g. club functions, exhibitions, organized meets, tours and limited pleasure driving".......i.e. no daily driving of these exceptional & modified vehicals.

Companies I am referring to are Haggerty, Leland, etc.

What companies do offer either agreed value or significant custom part additions to their down-the street policy for cars that are actually driven

Thanks in advance.

 

Its all a risk analysis.

The agreed-to-value insurances are written because the companies know you are not on the public roads much, thus the risk of a total is low.

If you drive daily, its out with the world of other drivers and roads constantly, and the full risk of the road applies, so they pay the market value at time of demise to replace with like. If you found someone that allowed a daily driver to be insured for a fixed agreed amount, the premium would likely be very high.

Loyd's of London is known for issuing such unique insurances not normally found through general insurance companies.

 

Really?......say you have $25k in tuning, wheels, paint, seats, etc.etc.etc......and on a Total all you get is replacement of a plain-Jane at used car-KBB price.
I know years ago I use to be able to get additional 10 or 20K 'custom part' coverage from some carriers. There was an up-charge that but I don't recall it was that bad.

Maybe it's no longer a product that's available.........but it would seem that's a market missed. A lot of people have serious money in aftermarket tuning........A guy that has been religously paying premiums for yrs....thinks he has 'coverage'.....has a total and it's a life changing experience......he goes from from a well-tuned and personalized Turbo one day.......to a used Cayman the next.

I know it's not the same but.....I buy track insurance every year for one of the cars and considering events are 3 or 4 days of slightly higher risk than my daily 10 mile trek to the office......I've always thought the rates were reasonable.

 

I hear you but the insurance companies are in the business of making money.

A highly tuned care is usually worth way less than the owner of the tuned car thinks, because the tuning is usually of no value (or diminishes the value) to almost every other potential owner. Hence insurance won't pay you more for the special wheels, paint, seats, because the insurance, as you said, pays out what that care is worth on the market today... and that is what the car could actually sell for on the market.

My guess is that if there no longer is a supply for those types of policies then too few people were buying them compared to the payouts they had to make.

 

Yep....nothing wrong w/ Insurance companies wanting to make money......also nothing wrong with the policy I buy actually doing what I pay for it to do.
If the car is totaled....it is not 'sold on the market'.......it's junk.....and the only purpose of the insurance is to make me whole......and if I define 'whole' as $15,000 above market value (and am willing to pay for that 15) it's hard to understand why someone wouldn't take my money.

I'll keep looking.......have an app into http://www.grundy.com right now....see what that turns up.

 

I thought you could do this with any insurance company???

 

I can itemize custom and aftermarket components on my car insurance policy above and beyond the "as delivered" vehicle options. If the car is totaled, I get the "as delivered" value plus all the itemize pieces. It's very similar to adding a jewelry rider on top of your home owners insurance. Call your insurance agent.

 

I totally agree.

The only thing I can figure is the small number of policies like this they wrote wasn't a business they wanted to be in anymore. If they made money at it, why would they give it up?