Jimbo64

For all of us that "thought" that we had an agree upon number from State
Farm as to the car value, guess what "it ain't true". Have a friend who is a
State Farm [ who I've been with for 49 years] agent and who spent the day trying to get an agreed value if the car was stolen, lost, burned, etc . State Farm will not put this in writing even if you have it appraised, blessed, kissed or whatever. They will go with a stated number, subject to
everyone's "opinion", that's how court cases start, but that's the best they will do. Certainly not a warm
feeling so I guess I'll be insurance looking. What's the best coverage out there , definately agreed amount coverage. So if you have in writing from State Farm an agreed number we would like to know where it originated from since we struck out today dealing with the front office. Also if anyone every had a car stolen or totaled did they get full agreed value from there
carrier?

56 Texas

for what it's worth.. I have had State Farm over 20 years..

20 years ago I had a '55 Chevy, burned in a shop fire, they paid on the agreed value..

last year had a '67 Camaro, stolen, car was just ok, they paid me OVER what I asked and there was no agreed value, just comp coverage.. I was very lucky..

my 56 Vette is not insured with State Farm, American Collectors with agreed value .. I am hoping for no thieves or fires..

djclause

My 65 is insured with Hargerty.com... $354 a year full coverage, $50K aggreed value coverage...

Corvette ED

My 1975 Corvette convertible is insured with State Farm for $20,000 on an agreed policy. It has the amount right on the policy.

The car had to have either a Pennsylvania Antique/Classic tag and insured as such.

SBR

I have been with State Farm for twenty years and they did put the agreed value of my cars on my policies. They did give me a hard time at first but after I provided an appraisal they put the value of my cars on the policies.

Jimbo64

ED, My car has Pennsylvania antigue tags on it. jimbo64

60vett

Talked with my agent. I and he would like some more info. Ex: how was car destroyed? any tickets issued?, etc... I told him I would like an answer before I move my 60' coverage.

Allcoupedup

My state farm agent couldn't even tell me the difference between stated and agreed. Turns out they generally offer stated value. I need to find a new agent.....
Brian

rgs

I've been with State Farm for 30 years. I've had my "65 with them since I've owned it, 15 years. Not only does it have a stated value, my agent reviews it with me and we adjust it periodically during the restoration.

ZRGator

Thanks for all the kind State Farm words. I've been an Agent for over 26 years and I have my 67 and my 93 with us. Stories like the payment on 56 Texa's cars are not uncommon. I'd just like to remind you guys to document, document, document. I've seen the claims we pay and I've spoken with the claims people and it's VERY unusual for us not to pay the stated amount on right cars.
Also, find an Agent that knows and loves cars. We're out here.

Jimbo64

Alec, Car was not destroyed or damaged in any way. I've never had a moving violation of any kind. The car is kept in a locked garage and only driven limited milage each year. The agent said State Farm would "not" put a dollar amount on the Policy. This diologue with my agent started after reading an insurance article
and hearing of some horror stories people have had with classic cars that do not have a written "agreed value" on the policy. I thought that I had the correct coverage on it. I don't as my policy does not say anything about an agreed value. Hoping I never have to make a claim, but it would be painful enough if I did without and insurance company hassle.

ctjackster

hello old friend -

As a State Farm agent, can you clear up an issue that has been raised in this thread (56 Texas among others) - does State Farm offer "Agreed Value" insurance, or just "Stated Value" insurance? I have been operating under the assumption that SF did not offer AV; if they do it would be valuable information to me and others.

Thanks!

Matt Gruber

imo we are much better off without any maximum payout listed. c1&c2 are going up so fast why limit yourself?

softail 65

Gents- As an insurance professional myself, I do have some sound direction regarding this topic. The big hitters in the industry, ie State Farm, Allstate et al. operate largely on an "actual cash value basis" of the insured property. In the event a covered loss occurs, ie. your prized gem is stolen, the insurer's responsibility is to compensate you based on what it would cost the company to replace your property. It is imperative that you provide documentation to support what you own, so as one forum member writes, document, document, document! The burden of proof is on you when making a claim. That said, you will be paid to replace what was you had. Cheers.

Tom/99

I have both my 69 Road Runner and 65 Corvette insured with J.C.Taylor. The two together, are about $300 a year, with a stated value on each.

JohnZ

That's the key difference between "Stated" (actually ACV with the insurer protected by a "cap") and "Agreed" value. With AV, there's no hassle, negotiation, arbitration, argument, scramble for documentation, burden of proof, or legal proceedings after a loss - the insurer simply sends you a check for the amount you and the insurer have "agreed" on up-front when the policy was issued, period. Of course, you can't get AV coverage on a car you use regularly or drive to work or school or park outdoors, as it increases the insurer's risk exposure; if you use your car in any of those ways, you're stuck with a regular auto policy and the insurer determines the payout in the event of a total loss.

magicv8

I agree

To be able to drive my car everywhere at any time, I insure with State Farm, pay extra for the stated value, document all work on the car with receipts and photos, and update the stated value regularly.

IMO if you want to drive them, you have to do the paperwork.

JohnZ

You shouldn't have to pay anything "extra" for "stated value" coverage; it provides no additional protection for you - it only "caps" the maximum the insurer has to pay in the event of a total loss. It's no different than a standard everyday auto policy in terms of how a total loss payout is determined.

ctjackster

I will not post to this thread
I will not post to this thread
I will not post to this thread

lars

Stated Value buys you nothing. A Stated Value Policy will state that the policy will pay "The lesser of the Actual Cash Value or the Stated Value in the event of a total loss." In other words, you are effectively paying more to limit the insurance company's exposure. Without a Stated Value, there is no upper limit on the claim - limited only by what you can document as Actual Cash Value. A Standard Indemnity Policy buys you this for less.

Agreed Value polices are different - the company must pay the agreed amount regardless of Actual Cash Value.

Most insurance agents I have talked to do not understand the difference between the Stated Value policy and the Agreed Value policy, and they believe that a Stated Value Policy will pay the Stated amount in the event of a loss. That's not always the case, so have your agent show you in the policy where it says that the Stated Amount will be paid in the event of a total loss (it won't say that). It appears we have a few agents here in this Thread who do know the difference - good to see!