Agreed Value Insurance. Should I & How Much?
 

I looked around a bit and did not see a special place for insurance questions so sorry if this is the wrong place to put this question. Admin please move if that is the case.

Terrible weather up north and we still have the S2K parked in the garage for a few weeks yet so taking time to consider whether or not I should change my insurance policy to someone like Hagerty with an agreed value. I am pretty sure I mentioned already that when purchasing and getting a loan the bank went off NADA prices at the time back in 2018 and the purchase price was considerably higher than NADA. I checked this morning and both NADA & KBB were now a much better reflection of what these cars are going for. But, I tried to get an answer from my local insurance agent about how much is the car worth if someone or myself totaled the car. He basically would not even come up with any kind of estimate of what the payout would be. So I am wondering if something happens and come to find out I will get only a few thousand because it's a 20+ year old car. I feel a bit vulnerable insurance wise. So now I am considering getting some quotes for agreed upon value and don't know about how much I should ask for.
My car and current mileage is:
2001, Silverstone/Black
22K miles
all 10 VIN#s, nearly flawless condition, stock/no mods, has seen maybe a few drops of rain ever, always garaged

I am thinking if I went out and tried to sell it I could easily get $20-$30K, so was going to shop quotes for $25-$27K agreed value. I am hoping for thoughts of should I do agreed value and am I in the ballpark low or high knowing this is the lowest sought after year/color combo of S2K's?

In your situation I think you absolutely need an AV policy, from a place that understands specialty cars.

The only downside to selecting a higher Agreed Value is you pay more each year for the policy.

They also won't let you go so high you're in ludicrous territory.

I think you should go higher. I went $28k, and my car doesn't have all its vin stickers, and has almost 160k miles. A 2006.

High, but then I don't have to reevaluate as value goes up. Set and forget.

Yours is obviously worth way more than mine.

Not always true, my agreed value policy is cheaper per year than a standard full coverage policy here in Michigan. I use Grundy on my S2000, agreed value at $35k (05 with 55k miles) with some mods installed.

Based on your year/mileage/condition I'd go safe at $30k, better to be a bit high than too low.

I agree with Sam, you would be hard pressed to replace your car at anything less than 30K. You have the best colour, if it had red interior think what it would be worth! :cool:

You misunderstood. When deciding between a lower AV and a higher AV, which is the second half of op question, only downside is policy premium.

I wasn't comparing an AV policy from one provider with a regular policy from another provider. I already said he needs an AV policy.

Great insight and suggestions, I love to utilize knowledge and expertise of others. And insurance that does older classic cars, Haggerty, Grundy. Any others I should consider quotes from?

Gotcha. Price difference between 25k & 30k policy is not much money. Difference on mine was less than $100 per year for the higher coverage.

Get the agreed value insurance. I use Hagerty. I had the car insured for $26,000. They just told me it should be bumped to $30,500.

I have three cars on my Hagerty policy for $766 per year, so I'll guess the S2000 at about $500 inclusive of $500,000 liability coverage.

I would stick with the collector insurance companies, Grundy, Hagerty, Leland etc. There are some "normal" insurance companies that offer agreed value as well, but the coverage and guarantee of value is a bit muddy with those.

Based on your description, I would think your car would be worth in the $35kish range. I don't work in insurance nor am I an expert in the area, but my one experience with making a claim with a collector type vehicle was insurance looked at comps to get a value. I found the assessment to be fairly accurate. That said, different insurance companies may differ.

I was happy with my old insurance company but switched my S2k to a collector car insurance company because it was cheaper. I was paying around $850/year for a non-agreed value policy but only $430/yr for an agreed value policy at a collector car company. Of course collector car insurance restricts mileage, how the vehicle is used, and requires you to have a daily driver, but those were not concerns for me.