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Originally Posted by mtuck
This is why I love this site. You all have a wealth of knowledge and are always helping people out. Thank you to all. I do have a question. I am going today to get insurance on my 67' Camaro. I am going through my insurance company which is Allstate. After talking with them, they suggested I go through Haggerty. After I told them what I had, they asked me what the value was. I told them $25,000. They gave me a quote of $247 for a year.
Now comes the question. If I totaled my car, would they send me a check for $25,000 or would it be a fight because it is a stated value. And what is the difference between stated value and agreed value? If they ask what the value is, they should not issue a policy with out knowing that if I total my car they owe me $25,000.
Thanks again
Matthew
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read this link, should answer the question. If your question involves Allstate insuring your car, it is stated value, and no, you are not guaranteed $25K. That's the
most they'll pay, but they will first determine actual cash value, and even though the car is insured for $25K, if they can find a "comparable" car(s) for less that's the value they'll pay on. That is the right of a stated policy.
http://www.faia.com/web/2005/08/stat...eed_value.aspx
Just out of curiosity, if they recommended Hagerty on a classic why would you even pursue having them insure the car? I have Allstate on all my personal daily drivers, for over 20 years. But they'd never get the policy for the Chevelle or anything similar.
Jody