Agreed value insurance feedback
Thread Starter
Racer
Joined: Sep 2015
Posts: 250
Likes: 29
Agreed value insurance feedback
All, I am looking into quotes on collector car/Agreed value insurance policies and while i've received quotes from Companies such as Grundy, National Corvette Museum and such, and their rates and coverages look great, i was wondering if anyone has had any first hand experience dealing with them in the event of a claim.
One thing great about having my policy with State Farm is they are local and i can deal directly with them. But they only cover book value which in no way would cover my car if it were totalled.
So if anyone has any feedback, i would love to hear it. Good or bad. The more you know the better decisions you can make!
Thanks in advance !
One thing great about having my policy with State Farm is they are local and i can deal directly with them. But they only cover book value which in no way would cover my car if it were totalled.
So if anyone has any feedback, i would love to hear it. Good or bad. The more you know the better decisions you can make!
Thanks in advance !
Team Owner
Joined: Sep 2006
Posts: 31,237
Likes: 4,328
From: Westminster Maryland
Hi D,
I believe the consensus is that for almost all 68-82 Corvettes it's wise to have a policy that includes an "Agreed Value".
Some companies require an appraisal to support the amount of coverage, while others require photographs of the car to support the amount of coverage..
Regards,
Alan
I believe the consensus is that for almost all 68-82 Corvettes it's wise to have a policy that includes an "Agreed Value".
Some companies require an appraisal to support the amount of coverage, while others require photographs of the car to support the amount of coverage..
Regards,
Alan
Last edited by Alan 71; Mar 16, 2017 at 12:24 PM.
Advanced
Joined: Aug 2013
Posts: 55
Likes: 1
From: Canton Ga
Actually my State Farm agent initially said they did not have an agreed value classic car policy but I had heard they did. He checked it out and they do have a policy that has an agreed value for my car. He just has to check into it.
Drifting
Joined: Jan 2012
Posts: 1,908
Likes: 129
From: Fredericksburg Virginia
I also have State Farm and they have stated that they offer insurance specific to my "Classic Car". I have a 1970.
My concern is that they don't "get" classic cars the way a Hagerty or NCM insurance does.
I've been blessed by not having any claims, but I've 'enjoyed' the towing coverage in my Hagerty policy twice now. I pay under $300 per year for a $25,000 policy.
I have a friend that unfortunately had to claim a total loss on TWO Top Flight 1968 Corvettes when one fell on top of the other in transport. Crazy situation. Saw both cars with my own eyes. Hagerty took exceptional care of him.
Not that I'm plugging Hagerty, but with something as dear to my heart as my Corvette, I'm not going to a "we sell everything and also cover classic cars" place. I'm going to a "we sell classic car insurance and that's ALL we do" place.
It's worked out well so far.
My concern is that they don't "get" classic cars the way a Hagerty or NCM insurance does.
I've been blessed by not having any claims, but I've 'enjoyed' the towing coverage in my Hagerty policy twice now. I pay under $300 per year for a $25,000 policy.
I have a friend that unfortunately had to claim a total loss on TWO Top Flight 1968 Corvettes when one fell on top of the other in transport. Crazy situation. Saw both cars with my own eyes. Hagerty took exceptional care of him.
Not that I'm plugging Hagerty, but with something as dear to my heart as my Corvette, I'm not going to a "we sell everything and also cover classic cars" place. I'm going to a "we sell classic car insurance and that's ALL we do" place.
It's worked out well so far.
Last edited by keithinspace; Mar 16, 2017 at 12:49 PM. Reason: My dog loves cats. Says they taste great.
Former Vendor
Joined: Aug 2006
Posts: 76,656
Likes: 1,851
From: Jeffersonville Indiana 812-288-7103
St. Jude Donor '08-'09-'10-'11-'12-'13-'14-'15
I have stated value though Hagerty on my 62, and 72.. runs me about 660 a year.
On my 70 and 78 since they will never leave this building I have fire and theft only... which is very cheap.
I have a 87... but honestly if someone wanted to steal it I'd probably toss them the keys.
Willcox
On my 70 and 78 since they will never leave this building I have fire and theft only... which is very cheap.
I have a 87... but honestly if someone wanted to steal it I'd probably toss them the keys.
Willcox
Thread Starter
Racer
Joined: Sep 2015
Posts: 250
Likes: 29
Thanks for the quick responses everyone. I will call my State Farm rep to see if he can dig into agreed value and what those rates may be, but i doubt he will compete with the others.
Willcox, i had to laugh out loud on your 87 comment and appreciate the feedback !
Willcox, i had to laugh out loud on your 87 comment and appreciate the feedback !
Instructor
Joined: Jul 2016
Posts: 226
Likes: 108
From: Crescent Beach, FL
I've got an agreed value policy through State Farm for $50k on mine. Premiums were a little cheaper than Hagerty, and I like the service the local agent provides. I had no issue getting them to pay a total loss claim when a rolled my Jeep on private property.
Burning Brakes
Joined: Jul 2009
Posts: 1,238
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From: ESCONDIDO CA
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Burning Brakes
Joined: Mar 2006
Posts: 829
Likes: 131
From: Spartanburg SC
I too have an appraised value policy on my 72 with State Farm. Less than $300 per year. Appraised and insured for 30k. I have read the policy front to back and there is no reference to any mileage limitations. The agent told me it would be prudent to keep under 5k miles per year. That is not a problem for me.
Racer
Joined: Aug 2015
Posts: 373
Likes: 170
From: South Bend IN
My State Farm agent is Great !
On the Barris, nearing completion, Grundy or Haggerty would not even give me a Quote.
My State Farm Guy, came to house, took pictures, and then went through the trouble of trying to price a 1970 Barris "T" Buggy.
Needless to say, He insures the Buggy, the Corvair and the Vette.
All with Agreed Value, and He took All the Pictures.
State Farm Policy also includes "Spare Parts"
Happy Shopping,
Bill
On the Barris, nearing completion, Grundy or Haggerty would not even give me a Quote.
My State Farm Guy, came to house, took pictures, and then went through the trouble of trying to price a 1970 Barris "T" Buggy.
Needless to say, He insures the Buggy, the Corvair and the Vette.
All with Agreed Value, and He took All the Pictures.
State Farm Policy also includes "Spare Parts"
Happy Shopping,
Bill
Racer
Joined: Dec 2014
Posts: 374
Likes: 42
From: Coldwater Mi
Grundy on my '79 for $204 for agreed value of $23k.....Before this year, I had $15k coverage, and when I put the 400 hp engine in it (and I didn't tell 'em I did so) I called & asked how much extra to increase from $15k to $23k.....GET THIS.....they said that Michigan is encouraging people to drive higher value cars, so they DROPPED my premium by $40/year & increased coverage to $23k....AND...they sent me a $40 check for the time I already had coverage for the $15k coverage to adjust for the lower rate!!
I couldn't believe I was hearing that from an insurance company!! No one has ever looked at it....just sent in a pic, and "that was that"....
Now I'm gonna call em & ask just how much I can increase the coverage without incurring an add'l. cost...hey, why not!!
I couldn't believe I was hearing that from an insurance company!! No one has ever looked at it....just sent in a pic, and "that was that"....
Now I'm gonna call em & ask just how much I can increase the coverage without incurring an add'l. cost...hey, why not!!
Safety Car
Joined: Sep 2007
Posts: 4,458
Likes: 331
From: Indy Indiana
All, I am looking into quotes on collector car/Agreed value insurance policies and while i've received quotes from Companies such as Grundy, National Corvette Museum and such, and their rates and coverages look great, i was wondering if anyone has had any first hand experience dealing with them in the event of a claim.
One thing great about having my policy with State Farm is they are local and i can deal directly with them. But they only cover book value which in no way would cover my car if it were totalled.
So if anyone has any feedback, i would love to hear it. Good or bad. The more you know the better decisions you can make!
Thanks in advance !
One thing great about having my policy with State Farm is they are local and i can deal directly with them. But they only cover book value which in no way would cover my car if it were totalled.
So if anyone has any feedback, i would love to hear it. Good or bad. The more you know the better decisions you can make!
Thanks in advance !
Define Book Value?
Thread Starter
Racer
Joined: Sep 2015
Posts: 250
Likes: 29
Safety Car
Joined: Sep 2007
Posts: 4,458
Likes: 331
From: Indy Indiana
sorry, just for the sake of argument. are you saying that the insurance company has some value guide out there that states that your C3 has depreciated to the point that .. say your car in their guide is worth 2500, and you can find other classic car cost guides and certified appraisers out there that state your car is worth 20K? And that your standard insurance policy will only pay you 2500 in case of a total loss?
its a myth.
but yes, I agree that insurance companies will try to play that game, but they know that they have to pay the value of your loss and they know that there is not a straight depreciation from new. But I think it is best to protect yourself from having to fight them by paying a premium based on the value of the car. but when you do that you are agreeing to restrictions such as yearly mileage and parade only use, not drive to work, age over 25, garaged, etc..
you are getting it cheaper only because your risk factor is way down due to the restrictions.
its a myth.
but yes, I agree that insurance companies will try to play that game, but they know that they have to pay the value of your loss and they know that there is not a straight depreciation from new. But I think it is best to protect yourself from having to fight them by paying a premium based on the value of the car. but when you do that you are agreeing to restrictions such as yearly mileage and parade only use, not drive to work, age over 25, garaged, etc..
you are getting it cheaper only because your risk factor is way down due to the restrictions.
Safety Car
Joined: May 2008
Posts: 3,751
Likes: 720
From: Lafayette Louisiana
Grundy for me.
Grundy for me for 10 years on a variety of Corvettes and I am happy. I like the no mileage limits and the other restrictions work just fine for me plus it is cheap.
Suggest you check all of the restriction vrs cost and see what works for you. Hope this might help.
No claims, thank goodness, other than towing, ha!
Suggest you check all of the restriction vrs cost and see what works for you. Hope this might help.
No claims, thank goodness, other than towing, ha!
Last edited by 20mercury; Mar 17, 2017 at 11:24 AM.
Race Director
Joined: Sep 1999
Posts: 11,360
Likes: 382
From: Plano TX
sorry, just for the sake of argument. are you saying that the insurance company has some value guide out there that states that your C3 has depreciated to the point that .. say your car in their guide is worth 2500, and you can find other classic car cost guides and certified appraisers out there that state your car is worth 20K? And that your standard insurance policy will only pay you 2500 in case of a total loss?
its a myth.
its a myth.
It's a surprisingly stubborn myth. If you read a standard (not agreed value) policy it states they will pay out ACV, Actual Cash Value. The ACV is something that is negotiated between you and the insurance company in case of a total loss. They will offer you a number and if you're not happy with it you send them listings for similar cars for sale to establish the value you think your car had. There's no secret 'book' that is the end-all-be-all.That said, I highly recommend an agreed value policy. That way you know exactly what you'll get in case the unimaginable happens.
Racer
Joined: Mar 2015
Posts: 492
Likes: 40
From: SE Ohio
St. Jude Donor '16-'17-'18,'19
I had State Farm Ins. for thirty years (three houses, five cars,a horse trailer and a boat) and paid over $2500.00 premium a year. When the motor was stolen out of my boat, a couple years ago they promptly paid the $5500.00 claim and just as promptly canceled my insurance.
My Corvettes are now insured by Hagerty (twice the coverage at half the cost) and was all handled through the local Nationwide agent.
Bob
My Corvettes are now insured by Hagerty (twice the coverage at half the cost) and was all handled through the local Nationwide agent.
Bob
Advanced
Joined: Nov 2011
Posts: 95
Likes: 6
From: Indiana
I have Hagerty on both 68 Vette and 69 Camaro. I told agent what the value was and that's what I got. 20 on Vette and 35 on Camaro. Just supplied pix. No trouble and it's written through my local agent.
Team Owner
Joined: Jan 2006
Posts: 37,637
Likes: 3,117
From: Crossville TN
Ask your State Farm guy to tell you how much they will pay you for a TOTAL LOSS on your car, insured with their "Agreed Value" policy. If he tells you that it will be the amount of the Agreed Value, tell him to
"Put it in writing."
If he does, and that insurance is less expensive than "collector car" insurance, go for it. If he won't put that in writing, that will tell you how honest they are.
"Put it in writing."
If he does, and that insurance is less expensive than "collector car" insurance, go for it. If he won't put that in writing, that will tell you how honest they are.