Agreed upon value insurance

[captflash]

I just spent almost an hour on the phone with my auto insurance company to finally get some straight answers. When I opened this policy 3 years ago on my '86 T Type I specifically asked for an agreed upon value for theft/collision. They have always replied "yes sir, agreed upon value of 15k yada yada" So today I went online to pay and they sent me a pdf file of coverages ect, over 50 pages long and after close scrutiny I called because the policy states an acv ( actual cash value) not to exceed $15,000. After going thru several different reps it was made clear that the value would be determined at the time of loss and devaluation and age ect. would all come into play which is not agreed upon value. What company does write agreed upon value policies? This is my daily driver and I have no other vehicle. I prefer to drive this one, I could buy a junk and insure it to get covered by a collector car company like Haggarty but it chaps my nuts that I would have to do that. So any suggestions are greatly appreciated. Thanks.

 

[charlief1]

NADA and Haggerty have values listed and if you get an evaluation of the car now then you should be able to take that to your insurance company and show that they're not valuing the car properly.

 

[OhioC5]

Get an appraisal.

 

[extranjeo]

Go to Heacock.com. It is an agreed upon value and you can select and unlimited mileage option as it is your daily driver. My 86 GN is agreeded upon @ $17k (mild out dated upgrades), 100/300, un/under insured, blah, blah, blah. My premium is $176 a year and it automatically renews every year. They just zap my credit card and I'm covered, no lapse. Stay away from Haggerty, been there done that. They do not keep very good records and thier customer servive is ancient. I speak from experience.

 

[Nelson Ramos]

State farm has antique insurance unlimited mileage. I have it covered for 25000 and I pay 280 yr. In staten island ny. I probably can get it a little bit cheaper but there well known.

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[chopped39]

American Modern.

 

[WIKEDV6]

American Modern.

X2
Prasad

 

[rmar]

Boat Captain, I've heard nothing but good about American. Give them a shot.

 

[Turbo6inKY]

You want "Stated Value" insurance, not Agreed Value.

Stated Value means the asset is stated to be worth the amount on the policy. No more, no less. If there's a loss, you get that amount from the policy, period.

 

[EVIL]

$176 per year? $280 per year?

That seems really cheap for the amount they are covering the car.

Is this with antique plates or something?

D

 

[rmar]

Isn't that bass backwards...???????? Agreed value is a contractual agreed upon $$$.

I could be Wong.... But I was under the assumption that with stated value. You had to prove everything and there job was to disprove most of it until you where screwed.

 

[Nelson Ramos]

I don't have any antique plates

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[Nelson Ramos]

With State Farm alls I had to do was verbally tell them how much I wanted to insure it for then I passed by for a photo inspection. I do have two other vehicles regularly insured with them.

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[626gn]

Isn't that bass backwards...???????? Agreed value is a contractual agreed upon $$$.

I could be Wong.... But I was under the assumption that with stated value. You had to prove everything and there job was to disprove most of it until you where screwed.

rmar is absolutely correct. Agreed value is superior to stated value. With Stated Value Policies, the insurance company accepts the owner's stated value at the time the policy is issued to use as a guide, among other things, to set a policy amount. When you file a claim, contract language may allow the insurer to set an actual cash value instead of paying the stated amount and you know they won't offer to pay you the higher of the two. It's important to read the fine print in your policy.

An Agreed Value Policy is the only way to guarantee you will be paid the agreed value amount that was established (and contractually binding) when you first took out your policy. Having said that, the last time I checked it was hard to get an Agreed Value Policy that allows you to drive the car daily like if it were your only vehicle as the OP is thinking of doing.

 

[chopped39]

Stated value is what the car is worth on the day it gets wrecked or totaled. Agreed value is when you and the insurance company agree on a certain price.So if you agree on 20k and car gets totaled you get 20k if car is worth more than 20k when it gets totaled you still only get 20k. If you have stated value and you have 20k in your car and the market shows the car is worth 8k you get 8k. So you know what one to get. Call Michael Baker. He deals with all insurance companies .Phone number is630-820-8696. or www.michaelbakeragency.com. This guy will explain everything you want to know about insurance companies. This guy knows his stuff.

 

[Boostian]

Thanks for this thread. I have State Farm on my other two cars and house and am purchasing an 87 Turbo T. State Farm originally quoted me $650 for the year, even only driving it under 7500 miles a year.

Saw this thread, called back about antique/collector insurance (which is more along the lines of what I need).....$145 a year full coverage (southeast PA).

Appreciate the thread. Thx.


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[faster]

Unfortunately Cotton States pulled out of Florida last year but I had them since 1983 and they have been super all those years with rates no one could match but replacement value policies. A girl hit my restored 72 Stage1 but the judge called it no fault and they asked me how much to fix it with NOS parts and sent me a check with no adjuster required and no increase in rates. I used them for homeowners and business vehicles too. Had 6-7 claims including one homeowners over 30 years and they never raised rates
If Cotton States is operating in your state check them out.

Mikey

 

[Spooln1]

I switched to Haggerty this year. 20k agreed value full coverage. Paying $400/yr.

 

[Red C5]

Mine is also with State Farm. Something like $35/month.

Peter

 

[TurboDave]

I tried Hagerty but they were $100 more per year than Grundy so naturally I went with Grundy on an agreed value policy for my two GN's.

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