LouieM

With Benton’s thread going about his ’64 and Hagerty insurance, I thought I’d ask about anyone’s experience with an Agreed Value State Farm policy on a Solid Axle or Sting Ray or C3.

Currently my State Farm policy is for an Agreed Value of $80,000 on my 1967 convertible with 327/350 that I believe to be the original engine, 4 speed, factory A/C, PS, PB, PW, HR seats. The Goodwood Green/saddle leather combo is base coat/clear coat (from past owner) in great shape other than a few rock chips. Mechanical condition is excellent (other than the M20 needing new 3-4 synchros); with a few days prep I could drive anywhere in the country.

In my experience it would be very hard to find another 67 ragtop in as good condition, with the options on my car. I’m thinking of raising the Agreed Value to $100,000. It took me two whole years to find my car back in 2000-2002. Having a higher AV would shorten the search in the event of a total loss. Opinions about this idea?

In any case, I wonder if any of you guys have ever had to collect on AV policy from State Farm, and how easy or not the process was.

Lou

Pop Chevy

I have State Farm also. Agreed Value means both parties have to agree on it. You will have to convince them it's worth that much.
No , I have not had a claim on it and hope I don't. Pops

dugsgms74

I have a AV policy from state farm. Never had to collect on a total loss but have had to collect on accident damage on one occasion and once for road hazard damage, no problems other than the fact that getting a hold of someone in the claims department takes about 30 minutes of on hold time.
One thing to add is that they typically wont allow you to do a agreed value of more than the NADA top value.

ChattanoogaJSB

(I will update my own thread Lou mentions tomorrow if all goes well, and it seems to be)

Agreed value, provided you are reasonably in range, is less about convincing the insurance company what your car is worth than it is agreeing to pay the premium for a given agreed price.

If you insured a car for an agreed value that was wayyyy above market and then totalled it a couple days later, I'm sure the topic of fraud would come up fast. In most cases agreed value just carries different rates for different levels on classic insirance. That's my experience outside of State Farm.

Lou- your car looks hot!!! Man I love green/saddle...

Easy Rhino

This pretty much sums it up from my conversation with my collector car insurance. After remediating some problems with my '65, I raised the agreed value by 10K, and they sent me a bigger bill to pay.

MikeM

I have five cars covered under State Farm's Collector car agreed value policies. No claims, no problems.

You and State Farm are agreeing on the value per the Declarations page on the policy. The more you value your car, the higher the premium goes.

dugsgms74

I once did a top notch restoration on a 63 VW bug, tried to get agreed value at 35k, at first they agreed but later called me back and told me the highest amount they could go was lower than what we first agreed to, after looking around found that the new value was the high number stated by NADA, your results may vary.

Jalopy31

I recently had State Farm to quote an agreed value policy on both of my cars. I scanned and emailed my agent a copy of my Hagerty policy and requested an apples-to-apples quote. I was surprised with the reply that came from my agent's office manager (this was copied directly from her email):

"Just to clarify, State Farm will insure the vehicle for the value that you state, but in the event of the claim, State Farm will determine the Fair Market Value of the vehicle at the time of the loss and any claim would be based on that. If the vehicle is determined to be worth less than the stated amount, that is what State Farm will pay, or if the vehicle is determined to be worth more than the stated value, you would be paid the stated value."

This seemed to me to defeat the purpose of having an agreed value policy. I never pursued my agent for a deeper explanation of this policy since the rate they quoted was more than double what I pay Hagerty.

I have been following Benton's thread with interest, but have decided to stay with Hagerty - for now. If I do change, I will pursue quotes from other insurers.

Todd

MikeM

Was that a State Farm Collector car policy?

This doesn't sound right at all for the Collector Policy.

Frankie the Fink

My impression is that Agreed Upon is just that ... you say its worth so much to you (not market value) and pay the premiums to support your believe. Now, once you try to collect on that is when the "rubber meets the road". I had $70K on my split window coupe and told it was too low an agreed value and that $95K would be a better number.

So I went with that and my premium actually went down as now my two cars put me in the "large collector" category. Go figure...

revupL78

I have state farm for my homeowners, GMC truck and motorcycles. I use Hagerty with a nice agreed value on the L78 and sleep well at night.

Jalopy31

Mike:

My initial email to her read:

"I read on one of the online antique car forums this week that State Farm is now offering policies for antique vehicles. As you probably recall, our antique cars have been insured with Hagerty for several years. I recently received a renewal notice, and wanted to shop around before renewing.

If you do offer antique auto policies, I would like to scan & send the policies to you so you can quote an equivalent policy for each car."

She responded that yes - she could quote such a policy for me.

Todd

Frankie the Fink

I wouldn't insure a wheelbarrow with State Farm after the stunt they pulled in Florida after the horrible hurricane season of 2004.

Most certainly not my home....

DansYellow66

When I first insured my Corvette (and GTX) with American Collectors about 15 years ago they requested appraisals to support the agreed values. Fortunately I had a friend who was a well established and credentialed classic car appraiser who did it for a cut rate. I have not had that come up since even after switching to Midwest (Modern Insurace). They seem to be willing to make that decision on their own based on photos. Or maybe I'm not insuring them for enough value. But I agree that "Agreed Value" means both parties have to accept the valuation. I can't just unilaterally decide that my NOM BB 66 is worth $150,000 to me and get it covered for that.

MikeM

On the Declarations Page of my State Farm Collector policy is says, "you and we agree your car is worth $XXXXX".

It also goes on to say that amount is what they pay in the event of a total loss.

My SF agent has told me that many agents do not know what the Collector policies are about. If you're still interested in SF, I'd find another agent.

I have SF insurance on my permanent residence and on a rental. Two major claims from storm damage, one each. No problem, no sweat, everything fixed without any hassle. Any collision claims you can take your vehicles to any one of several they recommend, get if fixed and drive away. No hassle. Repairs guaranteed for life.

I like State Farm.

PS. NCM insurance is the only policy that I have seen that is even close on premium price for the same coverage.

Frankie the Fink

SF is fine if you have "one off" damage; now, if there is a real regional disaster (the kind you really want your insurance to help you out on) that's the ultimate test. SF left Florida and canceled policies on several hundred thousand homeowners when they needed it most (including me)...and when nobody else was writing new policies.

The reason was because they weren't granted a 50% rate increase by the state regulators. So, people reeling from hurricane damage get hit with the double whammy of an unconscionable ins premium hike with a new, crazy high hurricane deductible -- nice !

http://www.nbcnews.com/id/35220269/n...thousands-fla/

Essentially casting them adrift or to sign up with the gov't sponsored insurance that was 100s of % higher than a regular policy.

But we're all big boys; insurance is your own choice...
If you love unscrupulous, profiteering companies; then yes, you'll love State Farm...

Jalopy31

Mike:

I also like State Farm - we have our home, daily drivers, jewelry, and personal liability policies with them. The only time I had an issue with them was when one of our daily drivers was damaged in a hail storm. I felt the entire car should have been painted, but they did not. We ended up paying for some of the repairs out-of-pocket to get the entire car painted (but I'm pretty **** about my cars - even the daily-drivers).

They represented my parents well when they were sued for a careless contractor's accident on their property once. State Farm hired a private detective to follow the guy and proved that he was not hurt as badly as he claimed. Based on presentation of their evidence in court, the case was dismissed.

Overall, I am a very satisfied State Farm customer. The response I received on the collector car policy did not make sense to me, but like I said before, I decided not to push for clarification since the premium quoted was so much higher than Hagerty.

I may check out NCM as well.

Todd

MikeM

Your link doesn't support your vision of State Farm.

It's past time for some of you to start paying your own way on damages by storms that have covered the state many, many times in my lifetime. You know the storm risk.

http://www.npr.org/2014/01/01/258706...t-who-will-pay

Also, I don't care to subsidize all you people living down there on the coast line, prone to storm flooding, and expecting me to foot the bill. I'd have sympathy but there is so much building now right on the beaches I can't even see the water anymore when I go there so I just quit going. I'd like to quit paying.

FWIW. My insurance premiums in Indiana went up for a few years to cover storm damage losses in Florida. So, I'm not only paying for you living in Florida through my taxes, I'm paying for it on my homeowners insurance as well.

65 vette dude

100%

Frankie the Fink

Shows just how uniformed and vitriolic your posts are.

I don't live on the coast pal. I'm in the middle of the state over an hour from each coast. The storms were a freakish one-time event of 4 hurricanes in a 12 month period striking Central Florida. Kind of thing you buy insurance for - ya' think ?

You should do more homework before responding...or at least take a look at a map of Florida. I don't like paying health care costs for people that are morbidly obese or drink too much or have 14 kids - life ain't fair...

Wonder how much Obama's wonderland of bombed-out and desolate Detroit has made homeowner's insurance go up...prob can't find the info; it'd be interesting...