Hagerty...Who Knew...?????

[ZRGator]

As I understand it, State Farm doesn't write AGREED VALUE policies in every state, and I'm told that Michigan is one of the states where they don't; check with your agent (many of whom don't know the difference between "agreed value" and "stated value"). :eyerole

Are you sure it is an AGREED value policy rather than a stated value? Did you have to submit an appraisal? What restrictions on driving does State Farm have? I'm currently looking to change my policies...this info would help. Thanks. ;help

His hands may be tied when it comes to helping you. In new york state no matter how much the agents want to belive they have agreed value coverage ,they dont read your policy for the excact term "agreed value"


Get cheap or cheaper sneakers,work pants ect.ect.

But invest wisely in insurance, always insure for a catostrophic loss, I have yet to be shown state farms policies are agreed value coverage.

Here we go, yet again....I still want to hear one of you guys read this State Farm endorsement and tell me that it's not "Agreed Value" and after being an Agent for them for 29 years and seeing many claims settled...you can have the best at a great price. Oh yeah, and don't forget that Hagerty (as far as I can tell) is still only writing minimum liability limits for your state. My view on minimum liability is still: Do you want to keep just your tags or keep your tags and your house, too?


6171AG ANTIQUE OR CLASSIC MOTOR VEHICLE

This endorsement is a part of your policy. Except for the changes it makes, all other terms of the policy remain the same and apply to this endorsement. It is effective at the same time as your policy unless a different effective date is shown for the endorsement on the Declarations Page.
This endorsement is issued by the STATE FARM MUTUAL AUTOMOBILE INSURANCE COMPANY
of Bloomington, Illinois, or the STATE FARM FIRE AND CASUALTY COMPANY of Bloomington,
Illinois, as shown by the company’s name on the policy of which this endorsement is a part.
In consideration of the premium charged for your policy, it is agreed that:
1. COVERAGE UNDER SECTION I - LIABILITY - COVERAGE A AND SECTION
II - NO-FAULT - COVERAGE P APPLIES ONLY WHEN YOUR CAR IS USED IN EXHIBITIONS, CLUB ACTIVITIES, PARADES
OR OTHER FUNCTIONS OF PUBLIC INTEREST AND OCCASIONALLY FOR PLEASURE AND BUSINESS.
2. SECTION IV - PHYSICAL DAMAGE COVERAGES
a. Limit of Liability – Comprehensive and Collision Coverages

This provision is changed to read:
The limit of our liability for loss to
property or any part of it is the lower
of:
1. the actual cash value; or
2. the cost of repair or replacement.

You and we agree that the actual cash value of your car is the vehicle value
shown on the declarations page unless:
1. your car has been damaged;
2. parts have been removed from your car; or
3. your car’s condition has changed due to abuse or neglect after the vehicle value shown on the declarations
page was agreed to and prior to the loss.

If any of these events have occurred, the agreed upon actual cash value is the vehicle value shown on the
declarations page reduced by the decrease in the value of your car due to such
damage, the removal of parts and damage caused by the abuse or neglect.
Any deductible amount that applies is then subtracted.
The cost of repair or replacement is based upon one of the following:
1. the cost of repair or replacement agreed upon by you and us;
2. a competitive bid approvedby us; or
3. an estimate written based upon the prevailing competitive price. The prevailing competitive price means
prices charged by a majority of the repair market in the area where the car is to be
repaired as determined by a survey made by us. If you ask, we will identify some facilities that will
perform the repairs at the prevailing competitive price. We will include in the estimate parts
sufficient to restore the vehicle to its pre-loss condition.
You agree with us that such parts may include either parts
furnished by the vehicle’s manufacturer or parts from other sources including
non-original equipment manufacturers.
Any deductible amount that applies is then subtracted.
6171AG


b. Settlement of Loss - Comprehensive and Collision Coverages

This provision is changed to read:
We have the right to settle a loss with
you or the owner of the property in one of the following ways:
1. pay the agreed upon actual cash value of the property as determined above in exchange
for the damaged property. If the owner keeps the damaged property, we will deduct its value
after the loss from our payment. The damaged property cannot be abandoned to us;
2. pay to:
a. repair the damaged property or part, or
b. replace the property or part.
If the repair or replacement results in betterment, you must pay for the amount of betterment; or
3. return the stolen property and pay for any damage due to the theft.

The Settlement of Loss provision for comprehensive and collision coverages incorporates the
Limit of Liability provision of those coverages.
If we can pay the loss under either comprehensive or collision, we will
pay under the coverage where you collect the most.
When there is loss to your car, clothes and luggage in the same occurrence,
any deductible will be applied first to the loss to your car. You pay only one deductible.
c. The following is added:
Coverage for Spare Parts
We will pay up to $500 during the policy period for direct and accidental loss of or damage to spare parts which
are owned by you and in your possession. Spare parts means equipment designed to be used with vehicles of the
same make and model as your car.
Chief Executive Officer
2 6171AG

Jims427400...I too have a 427/400 with State Farm...liability limits of 250/500/100 and undinsured of 250/500/100...$100 deductible on comprehensive and $500 deductible on collision and the premium is $164.00 every 6 months.
If any of you have questions, you could always private message me or we can toss it around here on the board.

 

[IH2LOSE]

Here we go, yet again....I still want to hear one of you guys read this State Farm endorsement and tell me that it's not "Agreed Value" and after being an Agent for them for 29 years and seeing many claims settled...you can have the best at a great price. Oh yeah, and don't forget that Hagerty (as far as I can tell) is still only writing minimum liability limits for your state. My view on minimum liability is still: Do you want to keep just your tags or keep your tags and your house, too?


6171AG ANTIQUE OR CLASSIC MOTOR VEHICLE

This endorsement is a part of your policy. Except for the changes it makes, all other terms of the policy remain the same and apply to this endorsement. It is effective at the same time as your policy unless a different effective date is shown for the endorsement on the Declarations Page.
This endorsement is issued by the STATE FARM MUTUAL AUTOMOBILE INSURANCE COMPANY
of Bloomington, Illinois, or the STATE FARM FIRE AND CASUALTY COMPANY of Bloomington,
Illinois, as shown by the company’s name on the policy of which this endorsement is a part.
In consideration of the premium charged for your policy, it is agreed that:
1. COVERAGE UNDER SECTION I - LIABILITY - COVERAGE A AND SECTION
II - NO-FAULT - COVERAGE P APPLIES ONLY WHEN YOUR CAR IS USED IN EXHIBITIONS, CLUB ACTIVITIES, PARADES
OR OTHER FUNCTIONS OF PUBLIC INTEREST AND OCCASIONALLY FOR PLEASURE AND BUSINESS.
2. SECTION IV - PHYSICAL DAMAGE COVERAGES
a. Limit of Liability – Comprehensive and Collision Coverages

This provision is changed to read:
The limit of our liability for loss to
property or any part of it is the lower
of:
1. the actual cash value; or
2. the cost of repair or replacement.

You and we agree that the actual cash value of your car is the vehicle value
shown on the declarations page unless:
1. your car has been damaged;
2. parts have been removed from your car; or
3. your car’s condition has changed due to abuse or neglect after the vehicle value shown on the declarations
page was agreed to and prior to the loss.

If any of these events have occurred, the agreed upon actual cash value is the vehicle value shown on the
declarations page reduced by the decrease in the value of your car due to such
damage, the removal of parts and damage caused by the abuse or neglect.
Any deductible amount that applies is then subtracted.
The cost of repair or replacement is based upon one of the following:
1. the cost of repair or replacement agreed upon by you and us;
2. a competitive bid approvedby us; or
3. an estimate written based upon the prevailing competitive price. The prevailing competitive price means
prices charged by a majority of the repair market in the area where the car is to be
repaired as determined by a survey made by us. If you ask, we will identify some facilities that will
perform the repairs at the prevailing competitive price. We will include in the estimate parts
sufficient to restore the vehicle to its pre-loss condition.
You agree with us that such parts may include either parts
furnished by the vehicle’s manufacturer or parts from other sources including
non-original equipment manufacturers.
Any deductible amount that applies is then subtracted.
6171AG


b. Settlement of Loss - Comprehensive and Collision Coverages

This provision is changed to read:
We have the right to settle a loss with
you or the owner of the property in one of the following ways:
1. pay the agreed upon actual cash value of the property as determined above in exchange
for the damaged property. If the owner keeps the damaged property, we will deduct its value
after the loss from our payment. The damaged property cannot be abandoned to us;
2. pay to:
a. repair the damaged property or part, or
b. replace the property or part.
If the repair or replacement results in betterment, you must pay for the amount of betterment; or
3. return the stolen property and pay for any damage due to the theft.

The Settlement of Loss provision for comprehensive and collision coverages incorporates the
Limit of Liability provision of those coverages.
If we can pay the loss under either comprehensive or collision, we will
pay under the coverage where you collect the most.
When there is loss to your car, clothes and luggage in the same occurrence,
any deductible will be applied first to the loss to your car. You pay only one deductible.
c. The following is added:
Coverage for Spare Parts
We will pay up to $500 during the policy period for direct and accidental loss of or damage to spare parts which
are owned by you and in your possession. Spare parts means equipment designed to be used with vehicles of the
same make and model as your car.
Chief Executive Officer
2 6171AG

Jims427400...I too have a 427/400 with State Farm...liability limits of 250/500/100 and undinsured of 250/500/100...$100 deductible on comprehensive and $500 deductible on collision and the premium is $164.00 every 6 months.
If any of you have questions, you could always private message me or we can toss it around here on the board.

Thanks for posting this

Sorry but as I read it ,allthough cleverly disguised with the pre requisite of "agreed upon" Actual cash value this is a standard ACV policy. It doesnot state its a "AGREED VALUE " policy. They also clearly point out how they will settle it with the prevailing compeitive price labor rates in the area, this is not a good thing as most of the shops are doing collision work, our cars need specialty shops who are trained and knowledgable in antique auto repairs (especially fiberglass)


I allways say if the policy Dec page dosent say "Agreed Value" with a price next to it,then its not an agreed value policy, I am going thru this wright now with my policy on my 62 the wording on the dec page has changed since last reual.
http://www.corvetteactioncenter.com/forums/showthread.php?t=94675 2 requests for the endoursements since 4/22/07 and still havent gotten anything to prove its any thing other then a ACV policy (because the cars is modified they tell me its covered under a specialty policy)

I have requested a specialty policy from hagerty to see whats the wording in there policy as I may be switching the 62 to get it covered under a agrred value policy

I dont want to insult any body, but its clearly stating Actual Cash Value why would you think the mean Agreed Upon Value if you know go to the definition page of the policy it tells you what and how Actual Cash Value is determined and a claim is settled. if you have this policy thinking its an agreed value policy ,its not

If you have this policy because its less restrictive on driving and you understand how a acv value is settled then good for you and there is no problem, I am not trying to say its a bad policy, I am just saying its not agreed value and the wrong time to learn that is when settling a claim

If I am wrong I applogies but some one show me the wording in this contract that says its an agreed value policy

 

[67HEAVEN]

Yes. My "Agreed Value" policy actually states the specific dollar amount that the insurer has "agreed" to pay me, in full without depreciation, in the event of complete loss. No ifs....no ands....no buts....no negotiations.

 

[ZRGator]

IH2LOSE...thanks for the calm and thought out reply. I submit, however, that the agreed amount correlation exists in the wording that you highlighted..."You and we agree that the actual cash value of your car is the vehicle value (agreed amount?) shown on the declarations page." And then comes the wording that makes complete logic....unless the car has been damaged (and this of course means damgae prior to any accident that would have this settlement begin...check with any Insurance Commissioner's office, they could not use the accident which begins settlement as the reason not to begin settlement) or if any parts have been removed.
Also, you mention an item I forgot to include in my original post. That is, I do not have a mileage restriction, or parade and show only restriction. I just cannot use the car for daily transportation.
I would also like to point out that endorsements supercede the original language of the policy. That's their purpose.
I have never seen any post on here or on any other forum that says that State Farm did not honor that endorsement in the way it was written. I may be inviting those that have those stories to come forward, but that's ok...let's hear any.
I restate my position that after 29 years of seeing State Farm settle claims like these, I have never seen or heard of any deviation.
As to your statement regarding prevailing rates, I have also seen State Farm interpret this as prevailing rates for the car that's being repaired. I agree, it's absurd to think a standard dealership can effectively repair a 20+ year old car.
I'm not trying to sell policies here, because almost everyone on here is not in my home state, but I do think that it's worth taking a look at (as you all are suggesting) and don't forget to check the liability limits. I can't emphasize that enough.
Recently (last October) my wife and I were getting into my car after lunch. While standing on either side of my car, reaching for the door handles, a car came flying across the parking lot in reverse and slammed into the back of my 5,000 lb M/B. It drove my car 10 feet sideways and 6 feet up over the curb in front of my car. My wife went airborne and landed on her side and slammed her head against the curb. A hospital trip for my wife and 6 months of therapy followed (she is all right, TG, but the docs say she will alwys have the neck and shoulder pain. The car was totaled. The driver of the other car seemed to have been experiencing a bit of rage, in that she had to wait for the KFC girl to bring out part of her order. She was po'd and decided to leave in a big hurry and lost control. She had minimum limits of liability for the state of Maryland. Her PD ($15K)wasn't even enough to pay for my car and I know the BI limit she has ($25K) won't even begin to cover the med bills. So the underinsured part of my coverage is paying and this woman is going to be looking at a subrogation collection and/or lawsuit that will plague her for quite some time. That is why I always advise people to check the BI/PD coverage. You can say they can't get blood out of a turnip and all of those cute little sayings that might mean they can't get you but judgements last a long time and so does the stress and worry that goes with them.

As a final note to JohnZ, it's my understanding that this endorsement is the language we use in every state (notice that the endorsement number is not state identified) but I can check on that.
Thanks, guys, for the rational discussion on an important issue.

 

[Viet Nam Vett]

Gheeeeeeeeeeeezzz .. What did I satrt here..?? Insurance Wars..

Any who.. I went with Hagerty. All I have to do now is wait for them to approve me.

They Played 20 questions with me. At first they didn't want to write my ride because it had a 502 BB. After some back and forth I pointed out that they insure street rods with 671 Blowers and Dual Quads sticking out of the Hood that pump out close to 1000Hp. After a while they got my point.

When I called Grundy... They asked what year the Vette was.. How much agreed value I wanted and gave me a quote and said send in your check.

 

[Viet Nam Vett]

Mark,

We've used Grundy (Chubb is the underwriter as you've seen) for years. Chubb's financial rating is a plus as I always look for a company with at least an A- rating.

We've had good service from them though (fortunately) no claims so I can't speak to that aspect. Besides the agreed value coverage they have no mileage limits or deductibles. If you want the head underwriters name and number just let me know.

Rich Lagasse

Thanks Rich... I went to the Dark side...Hagerty..They seemed more responsive and sounded like they wanted to do business as compared to Grundy. When I spoke to Grundy ... it was like .....Ok what do want .. Chocolate Or Vanilla... Send the check..Gotta go now .. By.

 

[IH2LOSE]

IH2LOSE...thanks for the calm and thought out reply. I submit, however, that the agreed amount correlation exists in the wording that you highlighted..."You and we agree that the actual cash value of your car is the vehicle value (agreed amount?) shown on the declarations page." And then comes the wording that makes complete logic....unless the car has been damaged (and this of course means damgae prior to any accident that would have this settlement begin...check with any Insurance Commissioner's office, they could not use the accident which begins settlement as the reason not to begin settlement) or if any parts have been removed.
Also, you mention an item I forgot to include in my original post. That is, I do not have a mileage restriction, or parade and show only restriction. I just cannot use the car for daily transportation.
I would also like to point out that endorsements supercede the original language of the policy. That's their purpose.
I have never seen any post on here or on any other forum that says that State Farm did not honor that endorsement in the way it was written. I may be inviting those that have those stories to come forward, but that's ok...let's hear any.
I restate my position that after 29 years of seeing State Farm settle claims like these, I have never seen or heard of any deviation.
As to your statement regarding prevailing rates, I have also seen State Farm interpret this as prevailing rates for the car that's being repaired. I agree, it's absurd to think a standard dealership can effectively repair a 20+ year old car.
I'm not trying to sell policies here, because almost everyone on here is not in my home state, but I do think that it's worth taking a look at (as you all are suggesting) and don't forget to check the liability limits. I can't emphasize that enough.
Recently (last October) my wife and I were getting into my car after lunch. While standing on either side of my car, reaching for the door handles, a car came flying across the parking lot in reverse and slammed into the back of my 5,000 lb M/B. It drove my car 10 feet sideways and 6 feet up over the curb in front of my car. My wife went airborne and landed on her side and slammed her head against the curb. A hospital trip for my wife and 6 months of therapy followed (she is all right, TG, but the docs say she will alwys have the neck and shoulder pain. The car was totaled. The driver of the other car seemed to have been experiencing a bit of rage, in that she had to wait for the KFC girl to bring out part of her order. She was po'd and decided to leave in a big hurry and lost control. She had minimum limits of liability for the state of Maryland. Her PD ($15K)wasn't even enough to pay for my car and I know the BI limit she has ($25K) won't even begin to cover the med bills. So the underinsured part of my coverage is paying and this woman is going to be looking at a subrogation collection and/or lawsuit that will plague her for quite some time. That is why I always advise people to check the BI/PD coverage. You can say they can't get blood out of a turnip and all of those cute little sayings that might mean they can't get you but judgements last a long time and so does the stress and worry that goes with them.

As a final note to JohnZ, it's my understanding that this endorsement is the language we use in every state (notice that the endorsement number is not state identified) but I can check on that.
Thanks, guys, for the rational discussion on an important issue.

Well you may be right

I have re-read the highlighted sentance

This provision is changed to read:
The limit of our liability for loss to
property or any part of it is the lower
of:
1. the actual cash value; or
2. the cost of repair or replacement.

You and we agree that the actual cash value of your car is the vehicle value
shown on the declarations page unless:
1. your car has been damaged;
2. parts have been removed from your car; or
3. your car’s condition has changed due to abuse or neglect after the vehicle value shown on the declarations
page was agreed to and prior to the loss


It reads as a ACV policy with the tiny exception that it says the value is what is shown on the dec page.

Allthough they give these 3 exceptions once you get past them then it sounds like they would have to pay you the amount on the dec page.

I am not sure if they would have to prove(damage, parts being removed,condtion change)

or if you would be required to prove (No Damage, No parts being removed,No condtion change) Is this there back door way to disregaurding the dec page value and then making you have to prove your car hasnt changed,been damaged, or had parts removed by getting an apraisal.

So it seams I stand corrected the policy you have allthough its not an agreed value policy , it going to provide the same results as an agreed value policy as long as you get past the 3 exceptions, Can you contact anybody thru your contacts to see who or how any of the exceptions are handled


there was a fellow on the NCRS board awhile ago who had a bad exsperiance with state farm and a claim. I will check the archives or maybee John Z knows the story
Thanks again for posting this,

 

[o2bnkc]

After reading all this good info, I pulled my Grundy policy out and sort of picked through it. I came across this: We will not pay for discharge of any nuclear weapon (even if accidental). Should I be concerned with this? I mean, I would hate to be out of any money if a nuke hit my garage. Just a thought.

 

[Tom Bryant]

I knew that Hagerty was the agent for Encompass going in. No problem to me with the reputation Hagerty has. I insured both Corvettes and a truck that is modified with no problem and no additional questions. I just filled out the paperwork, printed the required photos and dropped them off at my agent in town that represents Hagerty. That was it. In a few days they told me the app was accepted and I wrote the check. The check was much less than just the '81 Corvette with Allstate and we put the '81 on comp only for 5 months each year. Now I can drive it whenever I want (except as a work car daily driver) and one liability premium covers all 3 vehicles.

Tom

 

[Viet Nam Vett]

I knew that Hagerty was the agent for Encompass going in. No problem to me with the reputation Hagerty has. I insured both Corvettes and a truck that is modified with no problem and no additional questions. I just filled out the paperwork, printed the required photos and dropped them off at my agent in town that represents Hagerty. That was it. In a few days they told me the app was accepted and I wrote the check. The check was much less than just the '81 Corvette with Allstate and we put the '81 on comp only for 5 months each year. Now I can drive it whenever I want (except as a work car daily driver) and one liability premium covers all 3 vehicles.

Tom

Thanks Tom,
Always nice to hear good things about Hagerty.. Come to think about it... Never heard any negitive stories about them. Looking forward to a long relationship.

 

[ZRGator]

Gheeeeeeeeeeeezzz .. What did I satrt here..?? Insurance Wars..

.

Well you may be right

I have re-read the highlighted sentance

This provision is changed to read:
The limit of our liability for loss to
property or any part of it is the lower
of:
1. the actual cash value; or
2. the cost of repair or replacement.

You and we agree that the actual cash value of your car is the vehicle value
shown on the declarations page unless:
1. your car has been damaged;
2. parts have been removed from your car; or
3. your car’s condition has changed due to abuse or neglect after the vehicle value shown on the declarations
page was agreed to and prior to the loss


It reads as a ACV policy with the tiny exception that it says the value is what is shown on the dec page.

Allthough they give these 3 exceptions once you get past them then it sounds like they would have to pay you the amount on the dec page.

I am not sure if they would have to prove(damage, parts being removed,condtion change)

or if you would be required to prove (No Damage, No parts being removed,No condtion change) Is this there back door way to disregaurding the dec page value and then making you have to prove your car hasnt changed,been damaged, or had parts removed by getting an apraisal.

So it seams I stand corrected the policy you have allthough its not an agreed value policy , it going to provide the same results as an agreed value policy as long as you get past the 3 exceptions, Can you contact anybody thru your contacts to see who or how any of the exceptions are handled


there was a fellow on the NCRS board awhile ago who had a bad exsperiance with state farm and a claim. I will check the archives or maybee John Z knows the story
Thanks again for posting this,

VNV, no you didn't start insurance wars. In fact, if you'll check the archives on this topic, previous posts have been very heated to the point I just went away and shut up about the whole thing. This thread has been civilized beyond belief on this topic, this time. IH2LOSE has been a great source of intelligent questioning and responses...good job IH2LOSE.
Now, as to your questions, IH2LOSE...First point...determining prior damage is an easy thing for an adjuster to do and the amount of repair for the prior damage to be repaired is normally deducted from a settlement. If the prior damage would have been a seperate claim on its own, a seperate claim would be settled (subject to deductibles). Second point...as Agents, we are required to take pictures of Antique/Classic vehicles and personally complete a condition report. If, at time of claim, the pics don't jive with the car the adjuster is looking at, there are explanations to be made and adjustments. This obviously couldn't apply to a theft loss. Third point goes right back to the pics and condition statement again. If the car is a total loss but the interior (as an example) looks worn, ripped or deteriorated then,again, adjustments are made. This is part of a very long explanation I got from chatting with one of our long winded adjusters...as if I'm known to ever tell a short storyotfl
As additional info for VNV, we wouldn't (or shouldn't) ever be able to write the policy on your car, anyway. There is a requirement the the engine be one offered in the car at the time of manufacture and I don't believe the 502 was anyone's engine back in that time (or this time either). Thanks for a great and civil discussion and I'll be waiting to hear about that NCRS post.

 

[Viet Nam Vett]

As additional info for VNV, we wouldn't (or shouldn't) ever be able to write the policy on your car, anyway. There is a requirement the the engine be one offered in the car at the time of manufacture and I don't believe the 502 was anyone's engine back in that time (or this time either). Thanks for a great and civil discussion and I'll be waiting to hear about that NCRS post.

One Of the items that Hagerty questioned me about but later as mentioned conceded to. I rather deal with a company that specializes in Classic and street rods ...then a company who doesn't. Hagerty and Gundy fit the bill. I'll leave Allstate and the others to write grocery getter's and Suv's and Homes.

 

[65vettish]

Hagerty, Grundy and other classic car insurance agents operate as MGAs (managing general agents) that have been granted administrative, underwriting and claims settlement authority within specific guidelines by the insurers they represent. In exchange for performing these services on behalf of the insurance companies, they receive a fee. They may also share in the underwriting profits so it is to their advantage to write good (profitable) business. As far as insurance company ratings go, an A.M. Best rating of at least A - with a financial size category of VII or better is preferred.

 

[IH2LOSE]

Well I have some addtional information here. Spent allot of time with a state farm agent and we also got on the phone with a person from the claims department.

The Good

its an Actuall Cash value policy -meaning if your insured for 10,000.00 have a total loss and the current value of the car is 12,000.00 your paid 12,000.00

The bad

if your insured for 10,000.00 and the currect value of the car is 8000.00 your only paid 8,000.00

The ugly

Its in the hands of the adjuster, if he feels the car is in a worse condtion then when the policy was written he depreceates as needed to come up with a settle ment This is a fact so allthough it seams like an agreed policy its not and its open to negoceations after the loss.

Will they do it ??

Can they do it YES its in your contract and thats what you agreed to

3 calls into my insurance company and a supervisor was personally mailing out all the copys of my policy today so I should have them by Saturday, No problems getting it mailed out once i shaired with them I spent the moring in an state farm office.

I will post up my forms when I get them.

Remember I have no personall benifiting in doing this with the exception of making a consumer a little wiser in there purchases. I dont care if I am wright or wrong as I have nothing to prove to anybody, probably 90 % of the folks here I will never meet in person.

The ugly side of agreed value is that if your car value has went up since you decided on its value ,in a loss they only pay up till the agreed value

 

[richscorvettes]

The ugly side of agreed value is that if your car value has went up since you decided on its value ,in a loss they only pay up till the agreed value

Larry,

I'm not sure if all carriers do it but Grundy now has an inflation guard endorsement which increases the value by 4% at renewal time. That will help some to reflect the current value but it's still best to keep the agreed value at the full value for the car and check it each year.

Rich Lagasse

 

[Ron Miller]

Larry,

I'm not sure if all carriers do it but Grundy now has an inflation guard endorsement which increases the value by 4% at renewal time. That will help some to reflect the current value but it's still best to keep the agreed value at the full value for the car and check it each year.

Rich Lagasse

State Farm periodically requests me to fill out a sheet with mileage, condition, value, etc. on my collector cars I have with them. Not sure it's every renewal, don't think so, but it's every 2-3 years for sure. That's the opportunity to increase coverage due to increased vehicle valuation. And I NEVER carry any less than $100,000/$300,000 liability on any of my vehicles, Corvettes included. No way am I gonna drive around with state minimums on liability!!

And I too also appreciate the informative discussion of this thread, much better than some I've seen on this subject. It's a good learning experience, and gives you a lot to consider when selecting your coverage.

 

[65vettish]

$100,000 per person and $300,000 per accident for bodily injury are bare minimums in my opinion. And $50,000 for property damage ain't much if you total someone else's car or fancy truck. Your Uninsured Motorists limits should be equal to your liability limits if your state law will allow it. Purchasing an umbrella policy is a good idea. They're usually affordable and offer additional protection for that accident that you think will never happen to you.

 

[ZRGator]

State Farm periodically requests me to fill out a sheet with mileage, condition, value, etc. on my collector cars I have with them. Not sure it's every renewal, don't think so, but it's every 2-3 years for sure. That's the opportunity to increase coverage due to increased vehicle valuation. And I NEVER carry any less than $100,000/$300,000 liability on any of my vehicles, Corvettes included. No way am I gonna drive around with state minimums on liability!!

And I too also appreciate the informative discussion of this thread, much better than some I've seen on this subject. It's a good learning experience, and gives you a lot to consider when selecting your coverage.

Bless you, my son. Someone finally responded to the liability issue that is and should be, a major concern.

As for the 4% increase Grundy might increase your car's value to, what if there is a period of time when the car's value goes way up....say like the period from after a BJ auction not too many years ago when the possible value of cars went through the roof? I'm not saying an inflation increase is a bad thing, I'm just saying that doing your own homework and making sure your car is covered right is part of your responsibility, too.

 

[Viet Nam Vett]

I'd like to say here that this thread has really given me a excellant insite on our insurance. I think at the end or near the end of this thread, the pros and cons of
Ageeded Value...Stated Value and any other therms should be spelled out for a clear understanding.

I would like to thank all that have contributed to this thread. I for one have gleamed some very good info from this topic. I hope that my ageed policy with Hagerty will be pain free and that I will never have to use the agreeded value section of the policy.

Thanks Again..

 

[richscorvettes]

Bless you, my son. Someone finally responded to the liability issue that is and should be, a major concern.

As for the 4% increase Grundy might increase your car's value to, what if there is a period of time when the car's value goes way up....say like the period from after a BJ auction not too many years ago when the possible value of cars went through the roof? I'm not saying an inflation increase is a bad thing, I'm just saying that doing your own homework and making sure your car is covered right is part of your responsibility, too.

No question that the inflation guard is just a step in the right direction. As I mentioned earlier it's still best to make sure that the agreed value reflects the full value on the car for the physical damage coverages and adjust that each year if necessary.

As 65vettish mentioned an umbrella is also a great thing to have. Many insurers require a minimum of 250/500k Bodily Injury and 50k Property damage on the underlying policy. The liability premium on collector polices sure seems like a bargain when compared to the daily driver coverage premium. A $500,000 liability limit is only $35 on the one we have and a million is only $5 more a year - pretty good value.

Rich Lagasse