Insurance question

dkat · 09-11-2024, 10:43 AM

I had my 13K miles 1M insured with Geico. Out of curiosity, I contacted them to find out what the value would be if it was a total loss. They told me that it would likely be based on KBB value. Upon putting my VIN to KKB website to determine value, response came up "info currently unavailable". I called Geico back & told them this & they said the the value would be determined by the adjuster at the time of accident. I asked if I could speak with adjuster to discuss, they told me no, So, I found this to be completely disconcerting, I just moved my car to a CC policy but they would not insure it for an agreed value in excess of my bill of sale. I moved to them anyway so at least I know what I would get in event of a total loss. Also, usage is less than 2,500 miles/year.

Where are your 1M's insured? Agreed value? Insurance company? Can you share yearly premium amount?

dkat · 09-11-2024, 10:51 AM

FYI- I checked Edmunds, Private party value - $22,000.
BEWARE ALL!

ayao · 09-11-2024, 08:01 PM

It would be nice if @M3Adjuster were still around (unbanned) to chime in on this.
My sense is that a number of people on this forum are insured using agreed value and via either Hagerty or Grundy.
I almost went with Hagerty but the online reviews regarding claims was concerning, although I think this is the nature of online reviews for auto insurance companies across the board.

09-11-2024, 10:43 AM	#1
dkat Private 134 Rep 97 Posts Drives: 2000 BMW Z8, 2011 1M, 2020 Por Join Date: Dec 2012 Location: New York iTrader: (0)	Insurance question I had my 13K miles 1M insured with Geico. Out of curiosity, I contacted them to find out what the value would be if it was a total loss. They told me that it would likely be based on KBB value. Upon putting my VIN to KKB website to determine value, response came up "info currently unavailable". I called Geico back & told them this & they said the the value would be determined by the adjuster at the time of accident. I asked if I could speak with adjuster to discuss, they told me no, So, I found this to be completely disconcerting, I just moved my car to a CC policy but they would not insure it for an agreed value in excess of my bill of sale. I moved to them anyway so at least I know what I would get in event of a total loss. Also, usage is less than 2,500 miles/year. Where are your 1M's insured? Agreed value? Insurance company? Can you share yearly premium amount?
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09-11-2024, 10:51 AM	#2
dkat Private 134 Rep 97 Posts Drives: 2000 BMW Z8, 2011 1M, 2020 Por Join Date: Dec 2012 Location: New York iTrader: (0)	FYI- I checked Edmunds, Private party value - $22,000. BEWARE ALL!
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09-11-2024, 08:01 PM	#3
ayao Thread killer 652 Rep 1,900 Posts Drives: 1M Join Date: Aug 2011 Location: CA iTrader: (2)	It would be nice if @M3Adjuster were still around (unbanned) to chime in on this. My sense is that a number of people on this forum are insured using agreed value and via either Hagerty or Grundy. I almost went with Hagerty but the online reviews regarding claims was concerning, although I think this is the nature of online reviews for auto insurance companies across the board.
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