State Farm will not give "agreed value" in writing on classic cars

[jimbo64]

For all of us who think that we have "agreed upon value" insurance with
State Farm, guess what, it ain't true. Spent the afternoon trying to find out exactly what coverage I had and found out they only will do stated value which can be a long way from "agreed " value. Have been with them for 49 years -conventional cars and thought that the c-2 was properly covered also.
Agent who is a personal friend called the head office and they would not give an agreed number even with an appraisal, blessing, kiss etc. you get the picture. If car is stolen, burned, totaled, then stated is an arbitrary call and this is how these things end up in court. Not where I would want to be. So, I guess that I'll be insurance shopping. What's the best out there for all of you guys and has anyone ever had to claim a total policy such as stolen or destroyed and had good results. One of those things we hope we never need but a good thing to check and make sure you have the insurance you think that you did. I don't.

 

[mcditalia]

I have Grundy Worldwide and have been very pleased so far. They have an "agreed" value that both you and the insurace company agree on. I've had the misfortune of getting in an accident only a couple of months after I originally purchased the car. I received a check shortly afterwards and they covered repairs fairly. Plus, there is no mileage limits for "recreational" or "educational" use. A lot of other companies have a mileage limit. Not that I ever have gone over, but it's nice to know you have it if you need it.

You can call them at 215-674-1856 for more info.

 

[IH2LOSE]

For all of us who think that we have "agreed upon value" insurance with
State Farm, guess what, it ain't true. Spent the afternoon trying to find out exactly what coverage I had and found out they only will do stated value which can be a long way from "agreed " value. Have been with them for 49 years -conventional cars and thought that the c-2 was properly covered also.
Agent who is a personal friend called the head office and they would not give an agreed number even with an appraisal, blessing, kiss etc. you get the picture. If car is stolen, burned, totaled, then stated is an arbitrary call and this is how these things end up in court. Not where I would want to be. So, I guess that I'll be insurance shopping. What's the best out there for all of you guys and has anyone ever had to claim a total policy such as stolen or destroyed and had good results. One of those things we hope we never need but a good thing to check and make sure you have the insurance you think that you did. I don't.

Thanks for sharing.I have been suggesting to every one with a collector car to visit there insurance policies to see what type of coverage they have.

If it doent say AGREED VALUE your not covered properly!

I am using condon skelly,I will be using hagerty on my 62 (condon skelly will not insure the 62 because its slightly modified) Hagerty will wright a policy on it.

Anybody who reads this should take 5 minutes to read there policy and if it says any thing other then AGREED VALUE look for a new policy.

Also for you folks who do have agreed policies,check what the agreed amount is and make sure it reflex the car current market value

 

[ZRGator]

Check the responses in the "other" forum.

 

[ctjackster]

:eyerole


it's like deja vu all over again!

 

[66 Red Rocket]

insurance

State Farm will, I have my 66 coupe insured for $60K and it cost me $116.00 every 6 months. On my policy it states the value of the car is $60,000.00. John

 

[JohnZ]

State Farm will, I have my 66 coupe insured for $60K and it cost me $116.00 every 6 months. On my policy it states the value of the car is $60,000.00. John

"Stated Value" and "Agreed Value" are two ENTIRELY different coverages, and "Stated Value" does absolutely nothing for the policyholder compared to a conventional auto policy. If your policy doesn't say "Agreed Value" on the declarations page or in an endorsement, you aren't covered for anything beyond Kelley Bluebook used-car value.

 

[IH2LOSE]

State Farm will, I have my 66 coupe insured for $60K and it cost me $116.00 every 6 months. On my policy it states the value of the car is $60,000.00. John

I did not think state farm will wright an agreed value policy,
Look closely at the dec page of the policy and if it says AGREED VALUE on it and you can show it to me

I will change my signature to

"My Name is larry and I am STUPID and speak with out thinking first"

for 30days

If it says other then Agreed Value.Then you will have to get a price quote from some one on proper insurance for a collector car

PS i am very proud of my signature photo and It would absolutely Kill me to have to change it for 30 days So dont think I am wagering on something i dont care about.

 

[ctjackster]

that's some funny stuff Larry! I would hate to see you have to change that siggy, I think you are safe on that one tho.

Odd thing is, I just put my spare perfectly restored 2818 carb on the line in a similar post on the "udder" forum . . .

 

[IH2LOSE]

that's some funny stuff Larry! I would hate to see you have to change that siggy, I think you are safe on that one tho.

Odd thing is, I just put my spare perfectly restored 2818 carb on the line in a similar post on the "udder" forum . . .

Yes Sir.

I am just a simple buisness man,Actually a heating an a/c mecanic who now owns a buisness,And unfortunately we all have to get educated on proper insurance ,Not only for our collector cars but for every part of our life.

I have real passion for this topic because allot of folks are improperly insured, thenfrom reading a topic such as this then question there broker who feels that acv,stated value, are the same as agreed value. And they end up sticking with other then Agreed Value.

Only after a total loss do they realize that Agrred Value is a fact! no question,no nothing just give me my check.

Every thng else in an open ended negociation to get paid on your claim.The only fact that you know is what ever the ACV,or stated value is will be the most they have to pay,(not that they will pay it that is the max that they do have to pay)

Last year or the year before I was discussing this on the NCRS forum and was contacted off line from a fellow who had a total loss vechicle he was dealing with and was looking for some advice on how to negoceate with his insurance company,He had stated value and was assured by his broker it was the same.I recomended he see a lawyer for malpractice from his broker (he had thought I was in the industry because I was so vocal on this subject)

Needless to say it pays to be informed when it comes to insurance.

 

[Billybeau1]

I have American Collectors Insurance. from New Jersey. My policy says "agreed value" . I pay $215 a year for my '74 and $152 a year for my '77 Mark V.

Their number is 800-360-2277

 

[66 Red Rocket]

I R Wrong

I Shouldn't Be Surprised, I Have Had A Lifetime Experence Of Being Wrong It Seems. I Have Stated Value Insuance With State Farm And After A Long Conversatation With Them I Am Not A Happy Camper. I Guess I Can Add Insurance Agents To My List Of Lawyers, Car Salesmen, And Weather People(they Have A Good Excuse, Its Only An Educated Guess), Of People That Tell Less Than The Truth. Thanks For The Imformation, Looks Like I Will Have To Regroup And Start Over. John

 

[ctjackster]

Yes Sir.

Last year or the year before I was discussing this on the NCRS forum and was contacted off line from a fellow who had a total loss vechicle he was dealing with and was looking for some advice on how to negoceate with his insurance company,He had stated value and was assured by his broker it was the same.I recomended he see a lawyer for malpractice from his broker (he had thought I was in the industry because I was so vocal on this subject)

I was in on that discussion too, my name is Jack Whittle, as it appears on the NCRS tech forum.

 

[IH2LOSE]

I Shouldn't Be Surprised, I Have Had A Lifetime Experence Of Being Wrong It Seems. I Have Stated Value Insuance With State Farm And After A Long Conversatation With Them I Am Not A Happy Camper. I Guess I Can Add Insurance Agents To My List Of Lawyers, Car Salesmen, And Weather People(they Have A Good Excuse, Its Only An Educated Guess), Of People That Tell Less Than The Truth. Thanks For The Imformation, Looks Like I Will Have To Regroup And Start Over. John

John

I am happy for you and me.
I am happy for my self because I dont have to change my signature picture,(but I would have) And for you because you are now informed about the difference between Agreed Value and then Other then Agreed Value. I use the term other then agreed value because there are so many clever names now a days for it,I could not cover them all.

As for lawyers every body hate's them till you need one,Hopefully youll never need one.

Have a Great Day And I hope you take the time to do something with your new found information.

 

[IH2LOSE]

I was in on that discussion too, my name is Jack Whittle, as it appears on the NCRS tech forum.

Jack I am Larry Savino,I check in there nightly.

I will keep an eye out for your post.

 

[SurfnSun]

My State Farm agent said all I have to do is bring in an apraisal and we could do it....??

 

[IH2LOSE]

My State Farm agent said all I have to do is bring in an apraisal and we could do it....??

Do what?

State farm does not write Agreed Value. they have STATED VALUE

"Stated Value"

total loss claims are settled

Cost value basis less depreceation,

 

[stearnman]

I'm glad I read this. Great info here. So, just to pose the question...it goes along the lines for SurfnSun (87 Callaway owner)...

I've been looking for a 96 LT4 CE coupe with around 30k miles. I've been seeing them in the 20k to 25k range, mostly. KBB has (basically) most 96 LT4 coupes with these miles in the 18k range. Being armed with this new info on insurance, it might be in my best interest to shop around with a "non-mainstream" insurance company (even though the 96 is not in a collectors status...yet)?

 

[IH2LOSE]

Chris welcome to the forum and good luck with your purchase,


Collector car insurance is not for everybody,there alot of restictions on the use of the car,as long as its uded as a collector car then there is no better value,if its used as a dailey driver or a secound car in the hose hold then this is not the best insurance.

Allot of folks seem to feal its too restrictive,But being my cars are being used as collector cars I have never had a problem with there requirements




Now that I think we all understand "Agreed Value"

You have to now look into the policy to see if you have an unattended clause. Thats a bad one to have in a collector car policy. Condon skelly doesnot have it, I have recently requested a copy of hagerties to read what they refer to as "Boiler Plate" Requirements prior to insurring the 62 with them. Most insurance company sales staff get stumped on questions I ask of them and say "I am sure thats not a problem" But I always take it one step further and ask for them to show it to me in wrighting,

 

[ZRGator]

Do what?

State farm does not write Agreed Value. they have STATED VALUE

"Stated Value"

total loss claims are settled

Cost value basis less depreceation,

This is true. I admit I hesitated to enter this conversation, yet again, because all of you "experts" seem to know more than the guys you seem to be buying your insurance through.

But I have a question for you, "What happens when there is no depreciation?"
In fact, on most of these cars there is appreciation to the tune of 12 - 20% per year.

In the course of my career, I have heard so many stories about how State Farm had treated their collector cars, I am satisfied that they are taking care of business.

Just last October, I was at the Ocean City, MD corvette event and I saw a guy with a State Farm umbrella in his car. I asked him how he happened to have it and he told me his Agent gave it to him. I said, "You must be a good customer." And he said, they're an even better company. A few years before, his car (it was a "56, I believe) had an underhood fire and it literally melted the front half of his car. He told me the claims adjuster was willing to pay the stated amount on his car, but he also told the owner, "We have to rebuild this car." The owner opted for the rebuild and he is now just a walking testimonial to the service he received from the adjuster who wanted to make sure this piece of Corvette history remained intact.


Also, I take exception to the comments made by 66 Red Rocket, when he said..."I Guess I Can Add Insurance Agents To My List Of Lawyers, Car Salesmen, And Weather People(they Have A Good Excuse, Its Only An Educated Guess), Of People That Tell Less Than The Truth."

Painting every person with the same brush isn't the intelligent response one might have hoped for.

I had a bad experience with a plumber, are all plumbers people who tell less than the truth? Coincidentally, I had a bad experience with an HVAC guy, are all HVAC guys people who tell less than the truth?

You guys really crack me up half the time. Here is a group of people who will research a part number, a date code, a paint match and the best place to buy parts and you won't even spend any time necessary to find an Agent who cares as much about your car as you do. They are out there. Do what some of you have done and spend a little time reading about what your insurance does and doesn't cover as much as you seem to pore over the latest copy of Corvette Enthusiast. Find an Agent you can talk to. Find out what your liability limits are with that collector policy. In most cases they offer the minimum liability limits for you state. I still say, keeping your tags isn't as important as keeping your house.

As far as the great debate between which company is best, all I can say is that it is still a personal thing. I happen to know my Agent and I know my company. I reiterate, I have never seen us pay less than the stated amount on a collector car that was documented.

Larry, I am currently reworking a copy of our policy in Microsoft Word to change the wording to "Agreed Value" just to see you change your signature . Where should I email that to?

You are correct in your definition of the terms, but I still feel some companies have more to offer.

Check ALL your coverages, guys.