Any insurance wizards here?

[INEEDAGN]

I need some advice. I'm hunting insurance for an 87 gn and it seems that due to my young age (20) I cannot find agreed value insurance. I hear that an agreed value policy is the best way to go, but since I can't get it, how does this stated value/actual cash value policy work? And is it any better than regular full coverage? I've heard that they can argue with you just as much on a stated/actual cash value as they can on regular full coverage. Is this true? I don't know anything about car insurance other than what my friends tell me and I can't trust them completely. So, what I'm really trying to ask here is what's the best way for me to keep from getting screwed in the event of a total loss if agreed value is out of the question?
Thanks for your time.

bob

 

[Buicksx2]

Originally posted by INEEDAGN
I need some advice. I'm hunting insurance for an 87 gn and it seems that due to my young age (20) I cannot find agreed value insurance. I hear that an agreed value policy is the best way to go, but since I can't get it, how does this stated value/actual cash value policy work? And is it any better than regular full coverage? I've heard that they can argue with you just as much on a stated/actual cash value as they can on regular full coverage. Is this true? I don't know anything about car insurance other than what my friends tell me and I can't trust them completely. So, what I'm really trying to ask here is what's the best way for me to keep from getting screwed in the event of a total loss if agreed value is out of the question?
Thanks for your time.

bob

>>> Agreed policies/stated amount has nothing to do with age. Your age (20) hurts as far as premium goes for the purpose of liability because statistically you, because of your age are more likely to hit someone and will have more accidents. Throw in the fact you are probably single (guessing) which causes higher rates than being married and the fact you are driving a high performance vehicle all adds up to big money.

I got my GN when I was 23, single. performance car living in NJ and I paid about $1600 a year.

I have all three of my TR's on an antique policy for a stated amount of $15,000 meaning if they are stolen I am paid 15K, liabilty is a separate issue than comprehensive (theft) and collision and I pay $700 a year for all three, the only catch with this policy I am only allowed to drive the car 2500 or less miles per year thats it.

Hope this help.....best of luck.

 

[Rogue Leader]

Ok a few things... (Im an agent for GEICO), firstly VERY few companies write agreed value policies, and usually they are only on vehicles used as secondary forms of transportation. Usually also agreed value is used for classic policies. Being that youre 20, a classic policy is out of the question, also unless you plan on having a seperate daily driver this car will be listed as your primary vehicle. Required for many (not all) is an appraisal too.

Now Actual Cash value IS regular full coverage... many peoples problem is they dont realize that you CAN argue that price, you dont have to take the insurance companies first offer. Actual Cash Value is determined by basically current market value of the vehicle, so theoretically it should give you what your car should sell for. The problem is the system isnt perfect, but if you can prove the value of your car you WILL get it. I had State Farm when my Mint 40K mile GN was stolen, they offered me 9800. I then faxxed them kirbans used car sales history highlighting the ones that were similar to my GN... I had a check for $12,000 3 days later.

The value is easy to prove, just most people dont realize you CAN argue the price and you dont need to take the first offer they make. That would be the easiest way for you to go at this age.

 

[INEEDAGN]

Thanks for the info guys. The first thing I would like to point out is that I have called EVERY company that I have ever found for agreed value(at least 7 or 8) and I was told by all of them that I had to be older than this to even be considered and I did tell them the price didnt matter. They also knew I had two other cars so primary driver isn't a concern either. I really would pay whatever it took to get agreed value but no one considers me at all. I'm not going to let this stop me from getting a GN but man this is depressing. I guess I'll just get full coverage, get it appraised, and if anything bad happens I may just have to go crazy and kill people. Thanks again for your time.

bob

 

[Rogue Leader]

hopefully nothing will happen to your car... but if god forbid something does, just remember you paid them, now its time for them to give you what you paid for.