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      01-12-2016, 10:21 AM   #1
COChris
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Hi,

I'm shopping for insurance for my 1M. Who here thinks they are getting a good deal? I'm 31 with good credit, no accidents or tickets, and was quoted by Hagerty for $1750/yr paid in full.

Please share your experience. It looks like most threads were started on this topic before the 1M appreciated in value. I also got a quote from Amica in an attempt to bundle with homeowners insurance, but they won't value the car above MSRP and have it valued at $40k.

I saw earlier threads with much lower quotes (like $50/mo), but am wondering if those are agreed values or are underinsured below market $.

UPDATE: Quoted $1277/yr by American Collectors for agreed value of $58k. Is anyone here not insuring for agreed value?

UPDATE 2: I found that Amica (insures my other cars) will not value a car over MSRP. With Amica the best value I could get for my car, if written off, is about $47,500. Ended up going with American Collectors for the policy quoted in update 1.

Last edited by COChris; 01-12-2016 at 12:08 PM..
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      01-12-2016, 01:08 PM   #2
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Hagerty was actually less for me, $600 every 6mos, @ 60k value...currently w/ Allstate which has gone up to over $150 a month...switching soon.
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      01-12-2016, 06:47 PM   #3
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I have Met Life for my house and 3 cars, so there are some multi-policy discounts. Annual premium for 1M is $556. I have it listed as a secondary car driven about 8000 miles per year.

I have no idea what the car is valued at per the insurance, never asked, but would fight with them on value if I ever had a claim. It is easy to show the car's true value, and it is their problem if they are not aware of it.

The 1M is the lowest premium car on my policy, 2011 MB GL450 is 572/yr and 2015 Prius is $596.
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      01-12-2016, 06:55 PM   #4
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Quote:
Originally Posted by CarJunkie
I have Met Life for my house and 3 cars, so there are some multi-policy discounts. Annual premium for 1M is $556. I have it listed as a secondary car driven about 8000 miles per year.

I have no idea what the car is valued at per the insurance, never asked, but would fight with them on value if I ever had a claim. It is easy to show the car's true value, and it is their problem if they are not aware of it.

The 1M is the lowest premium car on my policy, 2011 MB GL450 is 572/yr and 2015 Prius is $596.
Wow your rates are awesome!
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      01-12-2016, 06:56 PM   #5
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Settled on a $1255/yr policy with agreed value at $60k.
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      01-13-2016, 06:24 AM   #6
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Safeco, with whom I have everything insured, will not write agreed value insurance on vehicles less than 10 years old, which rules out my 1M.

They did tell me however that they would pay the market rate for the car which the adjuster I spoke with said it would be in the 50's. I am much older than the OP and have multiple vehicles, all but one rated for driving 2500 miles/year on a reduced mileage rider. My premium on the 1M is less than $700, if my memory serves.
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      01-13-2016, 07:54 AM   #7
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To add a little perspective here, If I had bundled the 1M with my other Amica auto and homeowner policies, the cost for all three cars would have been 1,500/yr.

Considerably cheaper, but they said they would value it at NADA if there was a total write off, which is currently in the $45k range.

It boils down to paying $50/mo extra for the certainty of knowing what I'll get. For now I'm going to keep it this way.
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      01-13-2016, 11:04 AM   #8
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Quote:
Originally Posted by COChris View Post
To add a little perspective here, If I had bundled the 1M with my other Amica auto and homeowner policies, the cost for all three cars would have been 1,500/yr.

Considerably cheaper, but they said they would value it at NADA if there was a total write off, which is currently in the $45k range.

It boils down to paying $50/mo extra for the certainty of knowing what I'll get. For now I'm going to keep it this way.

I just ran the Nada Guides report on my 1M with 27,000 miles, HK stereo, and Nav and got the following:

It shows the car worth $45,600 as a rough trade in, but $54,225 as clean retail. I guess it depends on what value they use.
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      01-13-2016, 11:17 AM   #9
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Quote:
Originally Posted by Klepper1
Quote:
Originally Posted by COChris View Post
To add a little perspective here, If I had bundled the 1M with my other Amica auto and homeowner policies, the cost for all three cars would have been 1,500/yr.

Considerably cheaper, but they said they would value it at NADA if there was a total write off, which is currently in the $45k range.

It boils down to paying $50/mo extra for the certainty of knowing what I'll get. For now I'm going to keep it this way.

I just ran the Nada Guides report on my 1M with 27,000 miles, HK stereo, and Nav and got the following:

It shows the car worth $45,600 as a rough trade in, but $54,225 as clean retail. I guess it depends on what value they use.
No kidding!?

Hmm that's not what my agent said over the phone... Now I'm just fully confused but thanks for posting. This is a very helpful thread.
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      01-13-2016, 01:02 PM   #10
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Here is the link to run your own reports:

http://www.nadaguides.com/Cars
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