Torqued Off

I talked to my State Farm agent, and they do NOT offer an agreed value, unless that value is close to blue book. I needed twice that much, and they said no way. Make sure you understand the fine print. It comes does to this....if its totaled, are you guaranteed a specific number on a check or not?

SRQStingray

I have agreed value with State Farm.

Torqued Off

Is it written on the contract the exact money you will get in the event of a total?

Is so, maybe the problem I had was the amount I wanted to agree too was much higher than average for 77 Corvette.

zwede

I think where the confusion is coming from is that State Farm only offers agreed value policies in certain states. I remember looking into State Farm some time ago, and they didn't offer agreed value in TX.

joewill

Another common complaint is that most of the major valuation tools and 'Books' out there have overinflated valuations of classic cars. And appraisers will in fact over inflate the realistic value of what your car is worth.
if only I could get the 52K hagerty says my car is worth.
or the 92K that NADA says my car is worth.
probably KBB and edmunds will be similar..

ain't gonna happen....

So from another point of view, the myth of 'book value' is actually a myth of massively overinflated unrealistic prices.

which is the opposite of what the basis of the discussion in this thread is about.

Insurance companies don't offer agreed value policies because people want to overvalue what their car is worth. and the underwriters will not allow that.

I could say, I want an agreed value policy of 92K because NADA says my car is worth 92K. even grundy, or NCM won't do that.

7T1vette

Collector car insurers make an assessment of 'reasonable' value for you car based on photos and how modified it is. If the engine has been modified for a LOT more power, they may not insure it. But, if the car is 'similar' to stock, they will insure it for whatever Agreed Value you choose, up to the limit of what they deem is reasonable.

Remember that the higher the Agreed Value, the higher your insurance premium. If the value you choose is within reason, they will approve it. If you car is actually worth $15K and you want an Agreed Value of $20K, they will probably OK that; heck, they will get 33% more on the premiums than if it was valued at its "worth" (20K-15K/15K).

Most common insurers will offer a "Stated Value" policy where the customer can 'state' what the car's appraised worth will be. But, in the case of a total loss, the check will still be what the Black Book says it was worth (in some cases, they use Blue Book value).

Insurance AGENTS will attempt to convince you of anything. But, you need to KNOW what you are buying before assuming that they are telling you the truth.

mortgageguy

Mine is clearly stated on the policy.

Darinm

All, i really appreciate the feedback and all the options presented. I spoke to my State Farm rep yesterday (Texas) and my Policy was switched to a classic car policy with an agreed value of $12k. In the mean time, one of my co-workers purchased a policy from NCM and was able to get a $15k agreed value with glass breakage and driving to work added for $340/year. So i'll be looking to do the same since that's half of what State Farm is charging.

7T1vette

'nuff said...

1969RAY

Surely varies from state to state I guess. I pay $260 per year for my '69. 40 K agreed upon value and never a word about mileage. They don't ask and I don't say. I also don't drive it to work but I do drive it anytime I want to. Oh well, insurance is still too expensive!

joewill

also compare apples to apples. one insurance policy may be 300/year and another is 200/year only due to liability and under/uninsured motorists protections limits. I carry 300000 limits whereas someone else carries state minimums of 50K.. or course his policy is going to be cheaper.

bj1k

I will tell you that coming from someone that has had State Farm insurance for my home owners and multiple vehicles for over fifty years with no accidents or claims that everything seemed fine until I needed them for damage to two vehicles in separate incidents that were no fault of mine . " Like A Bad Neighbor " they were not there . And when I insured my Corvette with them I specifically said that I wanted " Agreed Value " wrote on the policy and the policy came back saying "Vehicle Value " not agreed value . Just saying vehicle value on the policy lets them debate what the value is at the time of any claim and pull out their price guides for a lesser value. Don't trust them. They will look for excuses which they did with me .

Torqued Off

IF you guys with State Farm think you are getting a specific amount on a total claim, I think you are fooling yourself. It is a value that they will determine after the claim. This as opposed to NCM, Hagerty and others that are very very specific that you will get a check for the amount on the policy....period. My State Farm agent in Pennsylvania was at least honest with me about this, and they would go by a value that THEY would determine at time of claim, not any predetermined number.

Unfortunately you won't realize this till its too late.

CV62Air

I have NEVER had good luck with any insurance company EVER. Whether it was my company or the other party's.

So, I opted for the NCM $30k agreed value, 6k miles/yr, 500k/1M total liability, is only $266 this year. Plus, the Corvette Museum is pretty cool.