Insurance - Any Agents Here? Agreed Value Policy for ATV's

[havinnoj]

Any insurance agents here?  I'm looking to revise a couple of policies.  Seems like Agreed Value would be the best (if you can find someone to write that).  In my search, I found that Progressive offers an Actual Cash Value with a "dollar for dollar non-depreciated replacement cost" clause.  Note that an ACV policy by itself is junk for our machines.  So does the replacement cost clause make this on-par/equal with an Agreed Value type of policy?

[atvmxr]

I'm interested in this too.  Buddy had a twin turbo viper with agreed value policy, and it was a fair deal they settled when he wrecked it.

[havinnoj]

Alright Pinned.. Where ya at!?

Agreed Value is nice since you know the exact amount you'll get but seems to be hard to find coverage for ATV's.

[Piney0]

I am going to be looking for this type of insurance for my motorcycle soon, so I'm interested in this also.

[pinned250r]

Haha alrighty boys I'll try. I am an insurance agent but currently in commercial insurance, i did personal lines for State Farm only, and I researched and pushed very hard for an agree value type policy, but was having no luck. Havinnjo, you are right, acv(actual cash value) or replacement costs are worthless on our machines.

I attempted writing them as a personal articles policy, very inexpensive, but State Farm would not bite on it "because it has a motor." Yet lawn mowers and many tractors are suitable for this coverage.

Then I tried seeing if they could fall under "personal property" on a homeowners or renters policy, and got the same answer, however, i did find a loop hole!!! PARTS! If the atv is in parts and parts are hurt in a loss, while not attached to the bike, there is coverage.

Keep me updated if you find a policy that does agreed value! I will ask my personal lines girls to investigate with our 5 companies too!

[havinnoj]

Haha alrighty boys I'll try. I am an insurance agent but currently in commercial insurance, i did personal lines for State Farm only, and I researched and pushed very hard for an agree value type policy, but was having no luck. Havinnjo, you are right, acv(actual cash value) or replacement costs are worthless on our machines.

I attempted writing them as a personal articles policy, very inexpensive, but State Farm would not bite on it "because it has a motor." Yet lawn mowers and many tractors are suitable for this coverage.

Then I tried seeing if they could fall under "personal property" on a homeowners or renters policy, and got the same answer, however, i did find a loop hole!!! PARTS! If the atv is in parts and parts are hurt in a loss, while not attached to the bike, there is coverage.

Keep me updated if you find a policy that does agreed value! I will ask my personal lines girls to investigate with our 5 companies too!

Thanks Pinned.  Can you give me your $0.02 on a Progressive Specialized Coverage policy a local broker sent me (recommended by my local SF agent)?

Progressive's Specialized Coverage offers an Actual Cash Value (ACV) policy for which I can augment by purchasing up to $30,000 in custom accessory coverage which provides "dollar for dollar non-depreciated replacement cost, with no deductibles, up to the limits of liability, for accessories that cannot be repaired... We'll cover equipment, devices, accessories, enhancements, and changes, other than those which are original manufacturer installed, which alter the appearance or performance of the motorcycle or off-road vehicle..."

Would that be similar to a AV policy or should I go to another shop?  Additionally, I'm already skeptical of Progressive so not sure if I want to rely on them.  Otherwise I'll move to companies that offer AV for motorcycles (Grundy, Safeco, etc.) and see if they'll do the same for an ATV.

[pinned250r]

Hmmm it sounds like it is very similar to AV but I have the same feeling towards progressive, they are a company that tends to target sub par groups, and are a major pain in the butt to deal with quite often. I am curious to see Grundy and safecos policies.

[havinnoj]

Hmmm it sounds like it is very similar to AV but I have the same feeling towards progressive, they are a company that tends to target sub par groups, and are a major pain in the butt to deal with quite often. I am curious to see Grundy and safecos policies.

Thanks Pinned. I'll report back with my findings.. hopefully the cost isn't too prohibitive.

[Pro-Fab]

Havinnoj I work for GEICO and I am a licensed insurance agent for Family auto policies. I would certainly give GEICO's MOAT department a call. We offer many different insurance types. When setting up your ATV policy notify them of the customization and their value and the policy should be rated according to the customization. Give them reference # 167149 before you start the quote. If we don't have exactly what your looking for I would suggest finding a broker near you to do the leg work for you. I will check for you today at work and see what else I can find out.

[havinnoj]

Havinnoj I work for GEICO and I am a licensed insurance agent for Family auto policies. I would certainly give GEICO's MOAT department a call. We offer many different insurance types. When setting up your ATV policy notify them of the customization and their value and the policy should be rated according to the customization. Give them reference # 167149 before you start the quote. If we don't have exactly what your looking for I would suggest finding a broker near you to do the leg work for you. I will check for you today at work and see what else I can find out.

Thanks Pro-Fab.  I haven't yet looked into GEICO.  

At this point, these companies don't offer any type of Agreed Value policy:
State Farm
Foremost
Safeco

I'm waiting to hear back from Grundy, Haggerty, American Modern Insurance.

Esurance uses Progressive for ATV's.  Progressive seems to be the closest thing to an Agreed Value; however, when reading the fine print it appears that though they deem it an "Agreed Value" there can be some adjustment to value/payout in a claim.  But that doesn't surprise me coming from Progressive.  For 2 quads, AV listed as $12k and $15k it's about $900-$1200/year to cover both bikes.  Do you or [MENTION=85]pinned250r[/MENTION] have an opinion on how high collision and liability should be?

[tretimit16]

I use progressive. Max agreed value is $15,000. I have 2 quads that I got the agreed upon value of 15k. It is $25 a month for each.  The only way to actually get your agreed upon value is to have your local shop write a value quote and hang onto it or send it to progressive to have in their file. You are also required to send pictures of all angles. If you don't do this and your quad is stolen they can value it at whatever they want.

Also when I set it up with my agent I had him state in the file that if it where to be stolen my quad would not be replaced by progressive but I shall receive equivalent money to rebuild it identical to what I have. I also made a parts list of ever part and price to purchase new.

Progressive actually sent me a piece of mail that indicates everything required to submit to receive agreed value. I will try to find this and post a picture of it on here for you.

[havinnoj]

I use progressive. Max agreed value is $15,000. I have 2 quads that I got the agreed upon value of 15k. It is $25 a month for each.  The only way to actually get your agreed upon value is to have your local shop write a value quote and hang onto it or send it to progressive to have in their file. You are also required to send pictures of all angles. If you don't do this and your quad is stolen they can value it at whatever they want.

Also when I set it up with my agent I had him state in the file that if it where to be stolen my quad would not be replaced by progressive but I shall receive equivalent money to rebuild it identical to what I have. I also made a parts list of ever part and price to purchase new.

Progressive actually sent me a piece of mail that indicates everything required to submit to receive agreed value. I will try to find this and post a picture of it on here for you.

Thanks man - it'd be great to see what you have on file.  You can actually take the bikes over $15k each, it just requires a bit different process.  Are you paying $50/month for a total of $15k on both bikes?  Or is that $15k per bike ($30k total)?

Progressive calls this "Agreed Value" but it isn't quite what I remember from top shops like Grundy for their AV auto policies.  With the latter, everything is done up front for the "agreed value" in the policy; whereas Progressive allows for adjustments to be made during a claim even on an AV policy.

[atvmxr]

FYI, that policy I mentioned earlier that my buddy had on his viper was also with Progressive.

[pinned250r]

This is good stuff!!!! I have a good friend who is an agent with progressive, I will call him. He may have geico too but I don't believe so.
Havinnoj, why are you wanting liability coverage?

[atvmxr]

I want coverage to replace my quads and trailer if got stolen, again...