Insurance "Agree Value" vs. classic insurance appraised value

[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.

[jeff71]

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.