Wow, they would hate my car then.. lol

it's not agreed value if it's from Farmers. Read this and then go look at your policy on the page where they show how they'll pay the claim in a loss.

http://www.faia.com/web/2005/08/stat...eed_value.aspx

Jody

Hey Jody is dead on. The company I go with has insured my car for $125k and will be higher once the adjuster sees that it's done. I pay $425 a year with 3000 miles per year allotment, but I'm changing it too 5k or more. Your car should be in the 125-150k easy, because that's what it would take to duplicate. You must also present receipts as well. I shopped around for about 4 weeks before I went with Town and Country. They did an agreed upon value for a total loss or theft of the value of what the appraiser and I agreed too. I'm not aware of Farmers doing an agreed upon value for the car especially in California. I would look into that real quick and then change your carrier for that one car.

I have Hagerty insurance on my car...I think their rates are pretty reasonable. I get in arguements with my cousin about this all the time. He has a '72 Nova that he had appraised for $17,000 and he has something called "classic car insurance" through State Farm. He swears that it is "agreed upon" value and that if his car is ever stolen that the insurance company will fork over the $17,000 that it was appraised for. I have my doubts. Everyone I talked to says don't ever have a major provider insure your classic car because it is never "agreed upon" value. But he won't listen. Guy's as stubborn as they come. I'd love to show him a printout of Jody's link but I fear it'll just cause an arguement with him again.:rolleyes:

Well, on a $17,000 car, he is probably fine, and it may be better actually because he won't have mileage restrictions, or storage restrictions. It is when you have a $100K car you have potential big issues.

For example, we are covering Michaels Monte Carlo ($25K car? that has to park outside at home, no garage space) on our regular Gieco policy because he is driving it everyday. On the Monte Carlo we added a $20K endorsment to the policy, cost use a additional $350 on top of the regular coverage cost. The endorsment is there to cover the wheels, the additional repair cost of the paint if it is damaged, stereo, And any other "non original" items the insurnce company may not understand in case of damage, vandilisam or theft. Also, in the event of theft of the entire car, the insurance policy will pay $20K over present number 1 book value of the car(which seems to be about $8K for a clean 86 Monte Carlo SS). The insurance company will have a good selcetion of pictures, along with important receipts for major parts and labor.

I run these endosments on a couple my other regular driver cars with wheels, stereos, etc, and have had a $4,000 endorsment and $3950 claim on 22" wheels stolen off Lisa's Avalanche a couple years ago. They paid instantly.

So I think if the car is under $25K value, or if the car is a regular car with some kind of clear book value and has up to $20K in improvments (a late model car with twin turbos, wheels, etc comes to mind), a endorsment on a conventional policy may be better in some cases.

I agree Frank. On a cheaper car it's not a big deal to go with a regular policy, but in Steve's case it would be a disaster if it was totaled or stolen. And I'm 99.9% sure he has stated value which is where all the risk comes from.

I'd like him to check and post a copy of his policy, at least the payout page to verify. Then maybe he'll want to do a story in the mag, because there are a ton of guys out there with State Farm, Allstate, Farmers classic type policies that think they have agreed value when they do not.

Jody

well, for now I'll stick with Grundy. Parish Heacock was about 40% higher ($200 more per year) on my combo with a 3000 mile limit per year which I do not have with Grundy. So in my case it doesn't make sense, but I'm sure the particular car changes the rates a bunch.

Jody

I've been planning on doing a story on insurance. Sort of like the one on did about getting ripped off buying a car online.

I didn't worry too much about the insurance for the last year for two reasons. First is that the car has been in fully insured shops and I haven't driven it yet. Now that drive time is around the corner I want to get it sorted out.

So Haggerty or Grundy? Someone else? If anything this is good info for my story :)

I will dig up the policy but you could be corrent about the "stated value" deal.

Ill give you my info after work today Steve. Ill e-mail you the number and you can call them to compare.

I called American Colletor Insurance and, since I'm a AAA member, they transfered me to Amirican Hobbiest Insurance. It's a sister Company.

7500 miles a year
Because of my cage I have to agree to NO racing (in writing)
Pleasure driving
$100,000 in coverage

$1,222.66 a year paid in lump sum.

The cage freaked them out.. lol

Also, they wanted reciepts but many parts on my car have no reciept so they said I could make a list of parts and give the values of each part. They don't use appraisals, which seemed wierd.