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Hello again Everyone,
I just finished the restoration of my 1994 940 Turbo wagon to a “Factory - Just off the truck condition”.
I’ve owned it since it was new, and always had it fully insured with a well-known premier insurance company.
After my 2 year restoration was completed, I paid for a professional appraisal to learn the “real value” of this otherwise common 940 wagon. To my surprise, the appraisal came in with an actual cash value north of $12,000.
In the event of a Total Loss, my present insurance company would view my beloved 945T as a rather pedestrian vehicle with a value of $2,000 or less.
Wishing to bridge that gap and protect my investment, I submitted a lengthy application to a popular insurance company for collector cars. They advertise in most car magazines, as well as some Volvo club publications.
I asked for an agreed value policy in the amount of $12,000 and after talking to the representative over the phone, I was lead to believe coverage was no problem. I submitted a hard copy application, pictures, appraisal and the other requested documents.
I received the entire package and my check back in the mail with a big rubber stamping of “Denial” on their cover letter.
Stated reason: “None Collectible Vehicle - Low Value”. Imagine my dismay.
Question:
1) Has anyone else suffered the same treatment from a collector car insurance company?
2) Do any Brickboarders have a suggestion from their personal experience with a collector car insurance company, who has obtained an agreed value policy on a similarly restored 240/740/940?
Thanks everyone as always. Stay healthy.
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try herehttps://www.hagerty.com/?ef_id=CjwKCAiA9vOABhBfEiwATCi7GLVgj5RYjKoubxAhdVUKmUY34IX09wdw8B68J0krh0rH7eOzP_wR1hoCLlMQAvD_BwE:G:s&s_kwcid=AL!5126!3!283757210286!e!!g!!hagertys&aff%3Dg_us_br_e&utm%5Fsource%3Dgoogle&utm%5Fmedium%3Dpaid%5Fsearch&utm%5Fcampaign%3Dins%5Faut&utm%5Fcontent%3Dtext%5F283757210286&utm%5Fterm%3Dus%5Fbr&gclid=CjwKCAiA9vOABhBfEiwATCi7GLVgj5RYjKoubxAhdVUKmUY34IX09wdw8B68J0krh0rH7eOzP_wR1hoCLlMQAvD_BwE
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When you realize that the first "insurance" policies were offered by bookies (yes -- setting the odds/betting on a horse race is EXACTLY like figuring out how much to charge for insurance) everything about insurance starts to make sense.
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I got a recommendation from a VCOA member to look into USAA (which through my son's US military service, I'm eligible) as they offer agreed value.
I'll check it out and report back to the BrickBoard
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No truer words have ever been spoken.
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a universal rule of insurance companies, exceptions of course, is...
they provide an umbrella when the suns out and remove it once it rains
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Suggest you talk to the folks at Heacock Classic Collector Car Insurance. They're a broker/agent and can shop the coverage around to multiple insurers. They'll have a sense for is likely to cover or not cover something like what you've got. And you won't pay any more than if you'd contacted the insurer directly -- the insurance companies are happy to pay Heacock's fee for bringing them business.
All "collector" coverage I'm aware of has other requirements -- car has to be garaged/secured. Limitations on annual mileage and how the car is used - in other words, it CANNOT be your daily driver. Some even expressly state that you can't drive it to work - can be used for 'pleasure' drives and/or only to 'car related events' -- or language to that effect.
Mine is restored and highly modified. I left Hagerty a few years ago (prices just too high) and Heacock secured coverage through Grundy on mine. After discussions and seeing pictures/modification description, Heacock suggested a $35,000 agreed value coverage -- and Grundy said 'yes'.
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Hi MH Yount.
My thanks to you and everybody for the kind input.
I called Heacock and was told my 945T was not collectible, despite its age and 2+ condition.
I guess my question should be if there is any insurer out there who will write an Agreed Value policy. I don't necessarily want/need Collector Car insurance.
Thanks again BrickBoarders!
John
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Hi,
You could try Lords of London!
Nothing is unreasonable with those guys!
I think they will insure a certain tooth in a dogs head! (:-)
They will insure anything you want insured but at what kind of premium prices, is something that I have never heard revealed?
What it comes down too is the idea of worth, Too Whom?
If you ever watched the recent car auctions the words reasoning and reasonable slide around like an ice cube on a hot skillet!
Collectible ... can be anything like cabbage patch dolls and Star Trek stuff!
Where or how they draw a line is up to us or certain other egocentric humans!
Take the Mustang that Steve McQueen drove in the movie “Bullitt.”
It went for about 3.4 million dollars plus fees! 3.74 million total.
They threw in the glass case that was around it after the drive down the runway!
It looked like it went through some rehearsals too!
The family had it for years and they drove it some as a daily driver early on!
They left it original as much as possible. Kept it up so it would run decently!
It sounded good and louder than a vacuum cleaner, that it truly was!
They were hoping to clear 700k for family expenses.
Insurance on a car is like buying death insurance for the life here after! Really?
You, yourself cannot expect a even return on the investment when it comes to automotive items in demand.
Depreciation is set mostly by the insurance companies that scrap out cars and products from a overturned 18 wheeler. That’s how Grocery outlets got started out in California!
A fire in one end a showroom instantly discounts a new car for smoke damage from the wholesale price! Not from the retail markup!
Manufacturers and insurance companies work together like a hand in a glove!
For us consumers, it’s a latex one!
(:-(
Phil
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Dear machine man,
Hope you're well. You're right about Lloyds of London, where groups of investors (grouped in "syndicates") come together to provide specialized coverages. The problem is finding an insurance agent in the U.S., who knows how to access Lloyds.
In most states, insurance is heavily-regulated, so most agents can provide only standard policies for homes, cars, boats. Few go beyond that.
Most states allow issuance of insurance policies for non-standard risks. This coverage is called "excess lines". Rates and coverages are not regulated or are lightly regulated.
So, seek an insurance broker, who writes "excess lines" policies. Such a broker likely can access Lloyds of London. To find such a broker, you might start here: https://www.lloyds.com/lloyds-around-the-world/us-en/us-offices/ .
Hope this helps.
Yours faithfully,
Spook
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Based on my experience over the last 10-15 years -- "collector car" and "agreed value policies" go hand in hand. I'm not aware of anyone that will do an 'agreed value' policy on what is basically an older car in great shape. At some point it crosses a line and becomes a collectible. Sadly, the point at which that occurs is subjective. We may, and usually do, see it differently than the insurers.
Until then, your best bet is to keep track in detail of all you've done to preserve it AND have it professionally appraised regularly. Then should something untoward occur, you at least have some 'ammo' with which to argue it's value with the insurance company responsible.
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I have a 1993 245 insured by Hagerty. When I first acquired the car I checked with them and was denied coverage due to it not being considered collectible. Recently it was accepted for agreed value coverage due to a company policy change. The coverage for a "not collectible" car depends on your already having a qualifying vehicle covered by them (in my case that would be my 1969 144S) and also required is having a daily driver.
I had looked into registering the 245 in Vermont. They base their tax on the NADA "high" assigned value. In the case of my 245 that is just under $4k. Your 945 was listed as having a "high" value of just over 5k. I do not know what parameters Hagerty uses but they accepted my requested 5k coverage. - Dave
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wow in Jersey I told them I paid $300 for my 945 & they taxed me on that,,,
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I have an agreed value classic car policy for my 1991 945 estate here in the UK. I did not ask for a high valuation - £2000.00.
The main benefit for me is that I will get some money back if the 945 is lost, and I also get a very good deal on the annual premium.
Not sure what response I would get if I asked for a higher valuation?
Ian F
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look here,,https://www.nolo.com/ I have heard in the past that you can demand actual replacement value, for the ins company to compensate you or give you a car in the exact same condition.
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yes Lloyds will insure just about anything 'for a price' even a space shuttle.
hey someone just bought a 240 for 15k but doubt the ins. co would give anywhere near that if it was totalled !
https://bringatrailer.com/listing/1992-volvo-240-10/
--
'91 244 205k auto
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