Insurance "Agree Value" vs. classic insurance appraised value

[ADY]

Appreciate everyone's feedback; insurance policies and the fine print are written to the point you need a law degree to understand, and you only figure out what you don't know when the s$%t really hits the fan. Had someone with minimal coverage hit us years ago and luckily our coverage included 'under insured', so ended up fighting with our own insurance to get paid policy limits.

Sticking with my "Guaranteed/Agreed" value policy and will look to quotes from Grundy to see if I can get a better rate.

thanks!

[Vegas69]

Insurance is just like a casino, the cards are stacked in their favor!

[im4u2nvss]

Originally Posted by camcojb

That is not true. You agreed to a number they use to set the cost of the insurance. It is NOT a guaranteed payout though, they can still look at comps and adjust accordingly. Look in your policy for the words "actual cash value".

State Farm doesn't have a true agreed value policy, it is stated value. Stated Value is coverage that reflects an amount that is “stated” at the onset of the policy. You tell your insurer what your car is worth (with proper documentation) and it is insured for that amount. The caveat here, however, is that the insurance company can choose to pay you either the Stated Value or the Actual Cash Value, whichever is less.

Alternatively, Agreed Value, coverage primarily offered by specialty insurers, is based on the proven value of your car as determined by you and the insurance company, according to appraisals, photos, or other relevant documentation. With Agreed Value coverage, the insurance company will guarantee that they will pay this agreed-upon value in the event of a covered total loss.

from state farm
"State Farm® offers agreed-value policies which means if the vehicle experiences a total covered loss, we will pay this agreed-upon value rather than the actual cash value of the car"

Originally Posted by camcojb

Alternatively, Agreed Value, coverage primarily offered by specialty insurers, is based on the proven value of your car as determined by you and the insurance company, according to appraisals, photos, or other relevant documentation. With Agreed Value coverage, the insurance company will guarantee that they will pay this agreed-upon value in the event of a covered total loss.

This is the process that I had to go thru with state farm. Appraisal, tons of photos then agreement on value.

[SSLance]

I know many people in our community (myself included) that use Alex Larue to insure their cars.

https://larueclassics.com/

He's a great guy that understands our cars more than most agents do and his pricing is pretty good as well. I moved from Hagerty to Grundy when my Hagerty rates doubled...then the following year the Grundy rates doubled so I moved to Larue. His last renewal went up just a few dollars is all...

[Jimmy Sean]

I do.

Originally Posted by SSLance

I know many people in our community (myself included) that use Alex Larue to insure their cars.

https://larueclassics.com/

He's a great guy that understands our cars more than most agents do and his pricing is pretty good as well. I moved from Hagerty to Grundy when my Hagerty rates doubled...then the following year the Grundy rates doubled so I moved to Larue. His last renewal went up just a few dollars is all...

[camcojb]

Originally Posted by im4u2nvss

from state farm
"State Farm® offers agreed-value policies which means if the vehicle experiences a total covered loss, we will pay this agreed-upon value rather than the actual cash value of the car"




This is the process that I had to go thru with state farm. Appraisal, tons of photos then agreement on value.

Thanks for the info, that's something new. They are like Hagerty, they don't want you to drive the car much. Personally I would be wary only because they list specific events they cover. If you were just out enjoying a ride on the weekend and had an accident, would they cover it at full value if you couldn't document a car show or event you were attending.

Here are some important conditions for classic car insurance eligibility:

Your antique or classic car must be used on a very limited basis, such as exhibitions, club activities, and parades or similar events.
You need to have restored, maintained, or preserved your antique or classic car or it must be actively undergoing restoration.

[DRJDVM's '69]

I've had Grundy for about 15 years now and have had a few claims. The biggest one is when I ran over a rim/tire on the freeway and bent the hell out of my rim and the stock subframe. When I made my claim I asked about paying the difference to upgrade to a DSE subframe... the agent said the upgrade was no issue and they paid the whole thing....and would have covered labor but I did it myself....so they got my vote.

Had another small claim and they were very easy to deal with...no hassles or run around....

[im4u2nvss]

Originally Posted by camcojb

Thanks for the info, that's something new. They are like Hagerty, they don't want you to drive the car much. Personally I would be wary only because they list specific events they cover. If you were just out enjoying a ride on the weekend and had an accident, would they cover it at full value if you couldn't document a car show or event you were attending.

Here are some important conditions for classic car insurance eligibility:

Your antique or classic car must be used on a very limited basis, such as exhibitions, club activities, and parades or similar events.
You need to have restored, maintained, or preserved your antique or classic car or it must be actively undergoing restoration.

I agree and am considering going to another company that is more open to me driving my car whenever I want to. Not that I put many miles on it per year anyhow.

[89 RS]

I have agreed value on mine through State Farm. I had to take photos and submit an itemized list of all of the aftermarket parts. Overall, it was a pretty seamless process.

[silvermonte]

I used State Farm for my agreed value for my 72 Chevelle. Had to get a bunch of photos and get an outside appraisal for it to set the value. Once that was done I told State Farm I wanted a policy that would let me drive 5000 miles a year anywhere I wanted to and they set the price according to that. Pretty easy process all said and done.