Lateral-g Forums - Insurance "Agree Value" vs. classic insurance appraised value

Lateral-g Forums (https://www.lateral-g.net/forums/index.php)

- Open Discussion (https://www.lateral-g.net/forums/forumdisplay.php?f=14)

- - Insurance "Agree Value" vs. classic insurance appraised value (https://www.lateral-g.net/forums/showthread.php?t=57591)

You might be able to find the article that Steve Rupp wrote after he got rear ended in Bad Penny the week after it was done, I believe it was in Popular Hot Rod.

Completely changed my mind about using State Farm on my classics.

Quote:

Originally Posted by ADY (Post 692299)

I'm trying to consolidate all my insurance policies and curious how much I can expect to get hosed by my insurance company (USAA) if I opt to add my 1968 Camaro to my existing policy vs. keeping my Hagerty 'agreed value' policy in the event of a total loss. Have any of you had your classic restomod totaled by your insurance and if so did you feel you got a fair payout? Realize this can vary widely based on the insurance company and their appraiser, but just trying see if in general people have got a decent valuation.

thanks,
-Adam

Adam,

I also use USAA for my insurance and spoke with them about my 67 Camaro. The agent had zero idea what the car really is, but was more than willing to add it to my policy and give me a multi car discount. lol When I pushed and asked for more details, he simply had none. When I told him what I thought the car was worth he stopped talking. After a pause he referred me to USAA's specialty insurance, which is more of a partnership with some other company. Speaking with the lady at that company and giving her the requested details resulted in an insanely high price and silly restrictions on driving the car. USAA has been a fantastic company in the 20+ years I have been with them. However, this is not what they're really good at. Like Mike, I would recommend Hagerty or Safeco and looking for the specific language Jody mentioned.

:captain:

I just moved my policy to Alex with Larue Classics this week. The process was easy. I was able to dictate how many miles I anticipated driving the car. After asking lots of questions, I feel completely comfortable with the coverage.

I am searching the ins. market to replace my current (ANPAC) insurance. I have all of our vehicles and house with ANPAC and I am searching for the same style insurance policy.
I was on Larue's website and read this:
Our policies offer sensible limits that let you enjoy an occasional leisure drive.

It seems like Larue does not want you to drive your vehicle much, granted I have not talked to them yet (occasional) means they rather have you keep it under cover than drive it.

Quote:

Originally Posted by RdHuggr68 (Post 692623)

All I can tell you is that I set the limit on the annual mileage when I signed up. As with any specialty insurance company, what they don't want is your "specialty car" (which is insured for as much as a nice house) being used to drive to work every day where it's exposed to more chances for theft, collision, etc. that's why they call it insurance, you have to determine the balance between what you want to pay and what restrictions you can live with based on how important the car is to you. Like someone else here said, it's like Vegas...the house will always win, however, if you ever suffer a total loss you'll be glad you have it. Give them a shout and ask questions...