Insurance "Agree Value" vs. classic insurance appraised 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...

[BMR Sales]

Originally Posted by 214Chevelle

Doesn't most classic car insurance companies ask you how much do you want to insure the car for? Wouldn't that be "agreed value" so to speak? As long as it's not some outrageous amount like $250k for the super-builds, they don't ask for anything but 3-4 pics of the car from all sides/angles. If asking for a value of...let's say,$30K...then they don't ask for appraisal reports, receipts, etc. I insured my Camaro for $60k and they asked me what warrants that amount and to justify said amount. So, I emailed them a few receipts. At least this has been my experience with Grundy and Phoenix, a local company here.

Depending on the Company, when the Amount is discussed, it could be "Agreed" or "Stated" value and that needs to be clarified. Agreed is the only way to go.

As far as claims go, I had a Claim on a Totaled Car about 15 Years ago. I got the Total Agreed 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!