Insurance Question

[crowvet]

There is no one in the insurance business that is your friend.(even your mother)

What about state Farm? There like a good neighbor :Lright:L

 

[Tom Bryant]

What about state Farm? There like a good neighbor :Lright:L

I'll loan tools to my good neighbor but not to my insurance man. :L

 

[vett boy]

When I die I have a list of ten people I want to take with me.Nine are insurance related and one banker.

 

[Evolution1980]

There's plenty of info on this issue if you do a search on "Agreed Value".
BIG difference between "stated value" and "agreed value", and many agents don't know the difference.

There's a simple test. Just ask your agent what you'll get if your car is stolen or burns to the ground. If he says it would be the amount you have shown on the policy declaration page or collector endorsement as "agreed value", you're properly covered. If he says it depends on "actual cash value", "market valuation", "depreciation formulas", "the adjuster's determination", or any other weasel-words and you don't get a firm dollar amount as an answer, you're NOT properly covered, DON'T have "agreed value" coverage, and you'll be lucky to get Kelley Bluebook value out of it, just like your daily driver.

erd:
Absolutely! There's plenty of threads here talking about the differences.
I have State Farm. Right now (stupidly) I only have standard insurance on my vette, which means that if I total it, I get blue book value. If you want a laugh (and a cry from me), check what the blue book value is on the car.
When I asked about "agreed value", they gave me a list of local appraisers in my area. Cost will be in the neighborhood of $300. I haven't gone any further with any of this information, as I want to get my front bumper replaced before I have the appraisal done. I plan on having that done this spring. Once that's done, I'll get my appraisal and get the car insured for the agreed value.

 

[jims427400]

I also have state farm. I've known my agent since high school.."long time" have all 3 vettes insured with them. The 67 and 68 are agreed value at $110k and $80k. My rates are very reasonable. Classic car policies and less than $200 per half.
The only one I'm concerned about is the 67. Will look at that again in the spring.

 

[crowvet]

I'll loan tools to my good neighbor but not to my insurance man. :L

Dont let him work on your vet:L

 

[msandym]

insurance question

My first post ! I have 1971 yellow coupe with saddle interior (its beautiful) with minor mods , headers, manifold, carb, cam . I have Hagerty Insurance . No problems , but I went thru a broker . I pay 260 for 25000 full coverage. Hagerty has been wonderful. Almost lost count of the times I've been flatbedded home . I recently was hit in drivers door in parking lot , hit & run.
Only damage is cracked paint.No report or anything except a phone call . Adjuster came to my house , I wasn't even home , sent me 2000.
I have had the best relationship with them and would recommend them highly.

 

[simbadb]

I posted this on the other forum that I am on & I am wondering if anyone is having similar problems.

I currently have my 76 insured with Hagerty. One thing that is bothering me is that I have to pay the higher "modified " premium just because my L48 has some very mild mods. Edelbrock heads, headers & a very mild cam, (Crane energizer 266). This thing runs good,but far from being a "hot rod" as I would define the term. I emailed them last year & asked them about the minor mods & they replied that it would have to be insured as a modified vehicle. My policy is up for renewal soon & I am wondering if I should shop around elsewhere. Or try again to convince Hagerty that it is
not a Hot rod! Any suggestions? Thanks

I expect you could get a reasonable policy you could live with from a standard insurance company.(It is not a Driver). No need to mention the mods...frankly if the wreck is so bad to effect the engine compartment...it is totaled, and you are happy to be walking.

 

[Mandamc]

I just switched my insurance from State Farm to American Modern Insurance Group (AMIG). Found them thru a Mecum Collector Car Auction. Service was a little bit slow at first because of the holidays, but they seem to be on top of it now. I did the Vette and the Model T for around $800/year. $140,000 value on the Vette and 11,000 on the T. For a 300k liability policy. May be worth checking out for you too.

Ugghh! We had a motorcycle policy with American Mod. The WORST experience I've ever had with an insurance company. I will never use them again. And as an insurance agent due to my own personal experience with them. I do not sell them to my insureds. Everythings' good until the claim!!

 

[IrishJoker]

My 76 is insured with State Farm.. limited to 3000 miles annual. 20% show miles and 80% personal.premium is $76 for six months full coverage @ $250 deductibles. Also agreed value of $15,000 which is a little low.

I'd recheck with your agent - I'm with State Farm as well - agreed value of $31,000.00 (they did that not me - I wanted $25,000.00). No restrictions on use, up to my descretion when I drive and where as long as it is NOT my daily driver. No limit on mileage either, I think I pay around $200.00 every six months.

 

[Mandamc]

do you do any of the de events?

 

[IrishJoker]

When you got the Agreed on Value, were you required to have it appraised?

My SF agent demands an appraisal, and the local "expert" wants $250 to appraise cars, which I deem to be extortion. With out the appraisal, he will only insure it for $8k.

Have State Farm as well with no restrictions and agreed value - your agent has a form - get it from him and mine required that I take very detailed pictures - all around the car, engine and interior. I Scanned the form and of course the pics were already digital and I transmitted them all to my agent, who then forwards them to whomever. Get an AGREED Value policy with no restrictions except that it is NOT your daily driver.

 

[Evolution1980]

Have State Farm as well with no restrictions and agreed value - your agent has a form - get it from him and mine required that I take very detailed pictures - all around the car, engine and interior. I Scanned the form and of course the pics were already digital and I transmitted them all to my agent, who then forwards them to whomever. Get an AGREED Value policy with no restrictions except that it is NOT your daily driver.

When did you have your policy setup? My agent said that I had to take it an appraiser and then submit the request. This was told to me last season.

 

[IrishJoker]

I'm curious about the agreed value. I have had a problem with that before. The agreed value was not the same as what the insurance adjuster decided after an incident. They didn't mind taking payments for a vehicle insured at that amt but had a problem with paying off when it came time. It's been a while since this happened so maybe things have gotten better. My insur co right now won't even offer anything overbook value for my 78 and told me that I need to go to another company for that vehicle to get proper coverage so I am curious how good this policy is for you.

State Farm, Dude, comes right on your policy - in writing: Agreed Value= X amount of dollars. If I was in an accident and then an adjuster had problems with paying off the agreed value - I'd pull the policy out of the drawer and remind him it's in writing! Some places may imply agreed value - "sure what ever you say buddy now pay us your monthly premium". State Farm puts it in writing. I checked with my agent on restrictions because the policy I got had NO restrictions, he said that's correct, we know it is not your daily driver, it's an Antique and you have a lot of money invested in it. We don't expect you to abuse it. You are insured for shows, trips, cruising, going to visit Mom and Pop 600 miles away, etc.

 

[IrishJoker]

When did you have your policy setup? My agent said that I had to take it an appraiser and then submit the request. This was told to me last season.

Had it a year now under an agreed value - originally until I had it restored and mild mods done I had it a regular daily driver with MD Antique plates. Then I got to thinking about all the money I had spent - in other words what I had invested in the car. I called my long time agent - at State Farm and asked him what I had to do to get an Antique car policy - he sent me the form, told me what I needed - such as the pictures. I filled out the form, took the pictures and sent them to him via e-mail. Called and confirmed they had received everything ok. The called two weeks later and said I had what I wanted, an agreed value - no restrictions use policy on an Antigue classic car. Agreed value of $31,000.00. Like I said before the paperwork requested $25,000.00. But who am I to tell State Farm how to value property?

 

[IrishJoker]

do you do any of the de events?

Don't understand the question.

 

[Evolution1980]

Had it a year now under an agreed value - originally until I had it restored and mild mods done I had it a regular daily driver with MD Antique plates. Then I got to thinking about all the money I had spent - in other words what I had invested in the car. I called my long time agent - at State Farm and asked him what I had to do to get an Antique car policy - he sent me the form, told me what I needed - such as the pictures. I filled out the form, took the pictures and sent them to him via e-mail. Called and confirmed they had received everything ok. The called two weeks later and said I had what I wanted, an agreed value - no restrictions use policy on an Antigue classic car.

I wonder if has something to do with the differences in how they insure in MD versus OH. Different states have different laws for insurance co's. Or maybe you're getting by on the "Antique" coverage policy. I don't think I asked about that. I just asked about "agreed value".

Don't understand the question.

Maybe he means "DE", as in Delaware events?

 

[IrishJoker]

I wonder if has something to do with the differences in how they insure in MD versus OH. Different states have different laws for insurance co's. Or maybe you're getting by on the "Antique" coverage policy. I don't think I asked about that. I just asked about "agreed value".

Maybe he means "DE", as in Delaware events?

Strange question for him to ask when he appears to be in Ga? Enough events in MD to not have to go out of state.

Depending on when you qualify in your state for Antique plates I would do it. As far as your agent requiring an appraisal, that may be "HIS" requirement - but look at it this way - appraisal will cost you $125-300, the value of your car according to kelly blue book is? The actual value is? Do the appraisal and get the agreed value of your car.

 

[ed1655]

hey all you state farm guys and gals BEWARE -YOU DO NOT HAVE WHAT YOU THINK YOU HAVE. i will guarantee you THAT!!! i just got done paying for the same policy you have, under the same impression. luckily i found out NOW before any issues, but i'm pissed as hell ad at getting lied to for so long and overpaying for a policy that i'm not even getting. as far as i'm concerned state farm can kiss my azz. :booty just tryin' to look out y'all

 

[LVMYVT76]

Could you explain what you are talking about, since I have state farm insurance, and , they have always taken great care of anything I have turned in???