Do any "normal" insurance companies offer "Agreed value"?
#1
Drifting
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Do any "normal" insurance companies offer "Agreed value"?
I was told by my agent that I was getting Agreed Value, but I later found out that it was really Stated Value which is pratically useless.
My car has a LOT of money in it now, but it is only insured for a "stated" value of $18,000. In the case of a total loss that is the maximum they will pay. I don't think that, even if they give me the maximum, that I can find a suitible replacement for that.
$30,000 Agreed value would be ideal because even though I have closer to $50,000 into it, I could find a really nice replacement.
I have called at least half a dozen collector insurance companies and they all have the same restrictions. I can't drive my car to work, the bank, the mall, or or anywhere other than club events, shows, and parades.
I have called a few normal insurance companies and they don't offer "agreed value".
Is to possible to have both? normal and collector? Collector insurance is so cheap I wouldn't mind having it in addition to my normal policy.
~Jay
My car has a LOT of money in it now, but it is only insured for a "stated" value of $18,000. In the case of a total loss that is the maximum they will pay. I don't think that, even if they give me the maximum, that I can find a suitible replacement for that.
$30,000 Agreed value would be ideal because even though I have closer to $50,000 into it, I could find a really nice replacement.
I have called at least half a dozen collector insurance companies and they all have the same restrictions. I can't drive my car to work, the bank, the mall, or or anywhere other than club events, shows, and parades.
I have called a few normal insurance companies and they don't offer "agreed value".
Is to possible to have both? normal and collector? Collector insurance is so cheap I wouldn't mind having it in addition to my normal policy.
~Jay
#2
Melting Slicks
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Re: Do any "normal" insurance companies offer "Agreed value"? (Jay M)
State Farm will, but they need a professional appraisal. I don't believe they will accept pictures and a description. You'll also pay a heck of a lot more.
#3
Team Owner
Re: Do any "normal" insurance companies offer "Agreed value"? (Jay M)
The stated value is only a guide for setting the premiums. You can expect much less (the actuarial value) if you experience a total loss.
#5
Le Mans Master
Re: Do any "normal" insurance companies offer "Agreed value"? (Jay M)
***State Farm will, but they need a professional appraisal. I don't believe they will accept pictures and a description. You'll also pay a heck of a lot more.****
Not true! I have State Farm and they have never asked for an appraisal.
I have agreed value coverage on all 3 of my cars. The rates are better than any of the "specialty insurance" companies I had quote them for me. Plus, State Farm does a great job if I ever have a claim! I feel better having a company I have heard of, plus having an agent right around the corner means a lot to me should I ever have a problem.
State Farm =
:thumbs:
Just my opinion, :cheers:
Not true! I have State Farm and they have never asked for an appraisal.
I have agreed value coverage on all 3 of my cars. The rates are better than any of the "specialty insurance" companies I had quote them for me. Plus, State Farm does a great job if I ever have a claim! I feel better having a company I have heard of, plus having an agent right around the corner means a lot to me should I ever have a problem.
State Farm =
:thumbs:
Just my opinion, :cheers:
#6
Re: Do any "normal" insurance companies offer "Agreed value"? (Biggus Blockus)
***State Farm will, but they need a professional appraisal. I don't believe they will accept pictures and a description. You'll also pay a heck of a lot more.****
Not true! I have State Farm and they have never asked for an appraisal.
I have agreed value coverage on all 3 of my cars. The rates are better than any of the "specialty insurance" companies I had quote them for me. Plus, State Farm does a great job if I ever have a claim! I feel better having a company I have heard of, plus having an agent right around the corner means a lot to me should I ever have a problem.
State Farm =
:thumbs:
Just my opinion, :cheers:
Not true! I have State Farm and they have never asked for an appraisal.
I have agreed value coverage on all 3 of my cars. The rates are better than any of the "specialty insurance" companies I had quote them for me. Plus, State Farm does a great job if I ever have a claim! I feel better having a company I have heard of, plus having an agent right around the corner means a lot to me should I ever have a problem.
State Farm =
:thumbs:
Just my opinion, :cheers:
#7
Re: Do any "normal" insurance companies offer "Agreed value"? (Jay M)
I'm in with State Farm on agreed value, and the premium is around $80 every six months. Of course, they also have my house, my other 'vette, my other two Chevrolet's, and my umbrella. And I've got a clean driving record, despite all that tire crap on my rear fenders in the pic below.
I hope we never have to agree on a total claim. My expectation is that it would not be a pleasurable event. And there are some reasonable restrictions on the use of the car, but I do drive it to work occasionally.
GM
I hope we never have to agree on a total claim. My expectation is that it would not be a pleasurable event. And there are some reasonable restrictions on the use of the car, but I do drive it to work occasionally.
GM
#8
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Re: Do any "normal" insurance companies offer "Agreed value"? (Jay M)
I am paying $1000 extra a year because I cannot get a second car discount with Progressive who wont give me collision on my vette- so it is insured with Hagerty for $250yr/$30,000 agreed value.
IF you all are not pulling my chain with Statefarm, you may have just saved me a bundle (as long as they will give me 2nd car discount + insure the vette for 30K) and i'll love you!! :crazy:
Calling them in the AM first thing.... :steering:
IF you all are not pulling my chain with Statefarm, you may have just saved me a bundle (as long as they will give me 2nd car discount + insure the vette for 30K) and i'll love you!! :crazy:
Calling them in the AM first thing.... :steering:
#9
Re: Do any "normal" insurance companies offer "Agreed value"? (Ken Lally)
IF you all are not pulling my chain with Statefarm.....
#10
Drifting
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Re: Do any "normal" insurance companies offer "Agreed value"? (Biggus Blockus)
Not true! I have State Farm and they have never asked for an appraisal.
I have agreed value coverage on all 3 of my cars.
I have agreed value coverage on all 3 of my cars.
Who is your agent? I would like to talk to them and find out which is true. Either my guy doesn't want to sell an agreed policy, or your guy is wrong.
I have my house with State Farm, and my cars with AAA.
thanks,
~Jay
#11
Race Director
Re: Do any "normal" insurance companies offer "Agreed value"? (Jay M)
"Will you pay me the amount on this policy if I total the car ?" I asked the nice insurance man.
"Yes we will " he replied.
A little more checking and I found that what he was saying was true, he would pay me the amount on the policy...... if he felt like it, but monkeys would have to flly out of you know where first. He would pay me that amount if he felt the car was worth it at the time of the accident if not he would pay 1/2, 1/3 whatever their appraiser came up with.
Never trust these insurance companies and you guys that think you have a policy that pays out the full amount better check again, usually the big general insurance companies do not. I know the specialty insurance company I went with pays me exactly what my policy says it's worth :D
"Yes we will " he replied.
A little more checking and I found that what he was saying was true, he would pay me the amount on the policy...... if he felt like it, but monkeys would have to flly out of you know where first. He would pay me that amount if he felt the car was worth it at the time of the accident if not he would pay 1/2, 1/3 whatever their appraiser came up with.
Never trust these insurance companies and you guys that think you have a policy that pays out the full amount better check again, usually the big general insurance companies do not. I know the specialty insurance company I went with pays me exactly what my policy says it's worth :D
#12
Drifting
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Re: Do any "normal" insurance companies offer "Agreed value"? (MotorHead)
"Will you pay me the amount on this policy if I total the car ?" I asked the nice insurance man.
"Yes we will " he replied.
"Yes we will " he replied.
I know the specialty insurance company I went with pays me exactly what my policy says it's worth
Thanks,
~Jay
#13
Race Director
Re: Do any "normal" insurance companies offer "Agreed value"? (Jay M)
No, you can't drive to work and you must own a daily driver, usual stuff
#14
Re: Do any "normal" insurance companies offer "Agreed value"? (MotorHead)
Grundy (spelling?) says that they write "Agreed value policies" rather than stated value, and they have no mileage restriction. They just require that you have a daily driver, and the collector car is not to be used for commuting.
Beyond that, if you want to drive the car on vacations, weekends, etc. no problem.
Beyond that, if you want to drive the car on vacations, weekends, etc. no problem.
#15
Racer
Re: Do any "normal" insurance companies offer "Agreed value"? (Russ Bellinis)
http://www.grundy.com
Give them a shot, they wrote my policy with nothing more that a few affidavits(no drivers under 25 and no to and from work, school or racing) just needed two photos. Ask them for an application. Underwriter is Chubb, who stouter than a garlic milkshake.
Give them a shot, they wrote my policy with nothing more that a few affidavits(no drivers under 25 and no to and from work, school or racing) just needed two photos. Ask them for an application. Underwriter is Chubb, who stouter than a garlic milkshake.
#16
Le Mans Master
Re: Do any "normal" insurance companies offer "Agreed value"? (Milest)
I have Condon and Skelley-a division of Met Life-agreed value of $25k for about $350 per year. 3500 miles a year but NO can't drive to work restriction and NO unattended we won't pay provision. All my other insurance is with Farm Bureau but my agent recommended Condon and Skelley for the Vette. He said he could insure it since I had my other stuff with them, but it would be over $100 per month.