Rebelrob

Interesting. Just for my education, if your paying insurance on antique/classic car that you and the insurance co previously agreed upon a value of the car, should'nt the insurance co pay you that amount for a total loss? Meaning if he was paying insurance for $25k value, would they cut him a check for $25k? Unless his agree upon value before he signed the policy was $9300. I think that's how it works if you lose your home in a fire. Maybe not..

KapsSA

Just as an example of you get what you pay for, insurance wise.....
I have agreed value on my one corvette that is licensed and fully insured, but only for "antique vehicle" uses. Amount is stated on the policy and bills.
My other three Vettes really never get driven so I only got comp on them. I THOUGHT I had agreed value as that's what I asked for. But value was never stated on anything.
I recently changed agents as my old one was a goof. Inquired as to what I have insurance wise on the 3 comp covered with the new agent.
He said I couldn't get agreed without full coverage and only had book value on the three
He came out to the house to photograph and get copies of my 4 year old appraisals.
Said he could write it up full coverage, agreed value, and then start deleting coverages from the total leaving just the comp
Now all three with just comp have the value on the policy and bills.
But my policies doubled! From $30 a year to $60 a year, each
What I'm getting at, it of course costs more insurance wise to get the better coverage.
I would have been in the OP'S same situation if I had a disaster.

edit...Fix'd, thanks zwede

zwede

Stated value!=Agreed value.

Stated value: You pay premium based on stated value. In case of loss, the ins co pays stated value or ACV (Actual cash value), whichever is lower. So you can pay a premium for a $25K policy, but when it's stolen the ins co pays you $10K because that's all they think it's worth.

Agreed value: You pay premium for agreed value. In case of loss you get the agreed value. Period.

Edit: In many states (like Texas) regular ins co will only do stated value. If you want agreed value you have to use a collector car ins co.

Clubby99

It is all about FMV. How much you have into the car is not relevant.

Will the car have a salvaged title?

7T1vette

"Stated Value" does NOT equal "Agreed Value"

If you really want to know the difference, call your state insurance commission's office and ask them to explain it.

Fast81

This isn't going against any auto policy with typical "auto provisions". they are covering it under my dad's liability portion of his homeowners. His fire burned the bldg that totalled my car.

Car is parts no matter which way this pans out................

spf72

That is a whole wrinkle that I missed, sorry. You should probably check what your auto insurance would pay and if you have coverage. I have a car (not a Vet) that I leave in a storage facility in FL for when I go down there. I keep my auto policy active for fire should the building burn down. Your auto may pick up the difference if you have a set policy with them.

As far as stated vs agreed - depends what state you are in and who is carrying the policy. I have three different companies for insurance and all of them are different from the other. Bottom line is you actually need to read the policy and see what you are covered for. Another angle you may have is for vehicle contents. May not amount to much but all my vehicles are covered for the stuff in them in addition to the vehicle.

Lou64

Best reason ever to have a classic car policy with an "agreed upon value." I have mine "upped" every time I do a major project--the value of the car increases right? At least in my book it does, and what do they care? It just means more money for them every year because my rates go up too. There's no haggling like this. You pay x amount for y amount of coverage...simple.

I know this doesn't help the OP, but it may help others...

Vette5.5

As already mentioned, go with an agreed value policy from outfits like Grundy, or Haggerty, that specialize in this. Think about it, very little risk to them, as how many collector cars actually get trashed. If insured for an agreed $20K, that's what your premiums based on, so what you'll get. Every day insurance is based on typical resale book value, so nice wheels, engine, stereos don't figure in.

milo30

That is a different situation. You have no contact with the insurance company like you would in auto insurance. You are a3rd party. Just like someone falls and breaks a leg on your property and you get sued your insurance pays out depending on what kind of limits were on his policy.

They will have much more liability and you have much more bargaining power. Get pictures, receipts and anything else you have and get an appraisal on what that car would cost you to replace.

Out will take a long time and a lot of work on your part but you have much more leverage. Tell them no and make a counter offer. It is a negotiation at this point.

if it was your auto insurance then you would be screwed on the value.you may not get what you want but you should do better depending on how aggressive you are.

Dose11

Fight for more, scan all your receipts and send them to them, along with pictures!

My first offer for my 81 totaled was 7900. After 30 pages of scanned receipts and very detailed pictures their next offer was 14k

Fast81

THANKS Dose - good to hear from someone who's run the gauntlet and won.
I'd be happy with $14K and keeping/parting out the bottom 50% of Fast81.............I'd be MUCH happier still having it, but when life gives you lemons..............

How's the healing coming along ?

AND my dad was smart enuf not to try and save it or end up dead/injured !

ptroxx

All this ins talk.... I just upped my declared value on mine with hagerty..

I like Dose info... send them everything... Im good about keeping every rect i get... I also have a spread sheet on my pc that everythime i do something I add it... Ill never get what I have into mine but for what i have my declared value i can get something nice to replace it..

Good luck man...

KevinG

Definetly keep the car. Perhaps bring it back to life with a new body by finding a used one without an engine, etc?

69 Chevy

A little different situation since MY vehicle insurance company wanted to total my wreck. I wouldn't accept their decision. It took me until the third adjuster finally said, seeing as it's in excellent condition, we'll fix it. Keep pushing for more They can only say NO. It doesn't hurt to try.

Marlin

^

I've been told they rather total a classic/high end car then fix as owners are usually a big PIA. I know if that was my car above I be at the shop asking questions and inspecting it through and through to make sure its no worse in any place than before.

When my 75 Monza was rearended they asked if I wanted to total it. I asked why, its just the rear bumper and some supports and all it needs are... They cut me a check for what I said it would take to fix and they did not report as totaled.

noonie

Don't know how it applies to this, but getting a private adjuster to fight for you might be well worth it on homeowners.
A parent on my daughter's soccer tem was one and telling me some of the differnt settlements. They went for as much as 3 times the initial amount. Same first hand experiences from other friends too. Florida hurricane stuff.

You may want to check that out.
I know I would never deal directly with an insurance company again after talking to him.

Fast81

Just got called from Inc Co "Classic Vehicle" loss specialists. He is considering every receipt i have versus what the original "homer" quoted as "ignoring anything older than 1-2 yrs old". No sh*! sherlock, the car's been stored since 2005 - you do the math!
Getting the feeling that I might be getting taken care of better after they knew i'd been in contact with the MN Ins Consumer Team !

Marlin

Well first offer is always a low ball. You just asking for more, let alone talking with the MN Ins office, tells them you are not going to take the low ball and you want at least a good faith offer.

milo30

Yeah, the fact that it has been stored means nothing. If anything, tell them this is an expensive classic car and because of it's rarity you have been storing it while it increases in value. It isn't some daily driver beater.

Hagerty's insurance has a calculator to place a value on your car for their insurance. http://www.hagerty.com/valuationtools/HVT/VehicleSearch
Not sure how accurate it is but since it is something put out by a classic car insurance company it couldn't hurt looking up and using for a little more ammunition in your case.

Unlike a normal insurance policy that you took out and agreed to the amounts and restrictions, someone elses homeowners policy is a little more at your mercy to come to an agreed settlement. Of course, they could also decide to agree with you that the car is more valuable and while paying you more to salvage it, they may also decide that the salvaged car is now worth more money to them than the original quote they offered to buy it back.