Anyone know where I might be able to get a stated value insurance policy in Ohio? I've moved up here and found out I can't get it through State Farm anymore.

 

I'm with state farm also. I'm checking out leland west. Lots of optons and seems reasonable. You can get an online quote at their website.

 

Stated amount is stated amount or acv...what ever is less


Agreed amount is ...what you get....


Do not make this mistake.

 

you can get agreed amount from Haggerty

 

Stated Amount isn't "Agreed" Amount - it's the most the insurance carrier will pay and if you read the policy language, that's what it says. If the car is worth less, you will get less. If it's worth more, you're out of luck. For most C4's, either is a waste of money, but you can sometimes save a few pennies with a Stated Amount policy. If you want a guaranteed amount, you need a speciality carrier (State Farm and none of the biggies underwrite it), but be sure that's what the policy language says. A lot of Agents don't get it (until they're sued), but the language will determine what you've got and what the carrier pays and unless the Agent has Errors & Omissions policy, it may be what you're stuck with.

 

Okay, so I guess it's an agreed value policy I'm after. I've always heard it refered to as a stated value policy though.

 

i BELEIVE i have agreed amount through geico in the same amount i paid for the car when i bought it.
im about to coast it for the winter,i will be sure and go over it closely next spring when i reactivate it.

 

My agent is Sneed Insurance and they placed my policy with Travelers. The following is from their Q&A from their website:

Q: What is Sneed’s “Agreed Amount” coverage and how is it superior to other types of Collectible Auto coverage?
A: Agreed Amount coverage pays claims without consideration of depreciation on a total or partial loss.

They place specialty vehicles on a commercial policy through Travelers.

I don't know what the policy says, but if my Vette was declared a total loss I expect they would pay me the agreed value less my deductable based on the above. Maybe I'll take a look at it this weekend.

If I did have a total loss do insurance companies want the title before they pay up? Who keeps the car? Isn't it theirs?

 

I'm with nationwide and they told me they would do stated value coverage. All I have to do is get the car appraised.

 

GEICO doesn't offer an "Agreed" Value policy. Stated Amount Coverage was originally marketed to the substandard market allowing for some premium savings. The optional Coverages (Comp & Collision) generally provide less Coverage for stated perils than a normal policy, and most of them use language provided by the Insurance Service Offices (kind of Industry clearing house that small and sometimes large carriers use for rating info and policy forms). Carriers or Agents are going to sell you this type of policy if you have a less than ideal driving record. Progressive is one of the few carriers that will provide more traditional Coverage for a poor driving record with decent premiums.

 

Well I was thinking a Stated amount and an Agreed amount where the same thing. I'm taking from these posts they are not. My concern is I'm getting to the point where I've got WAY to much money in this car than what I'd get for it if something where to happen. In Texas I was informed they'd consider my receipts and the mileage on the motor. In Ohio I've been informed they could care less about that stuff and go by the mileage on the car. That's a HUGE difference and one I would like to fix before I spend more money on this car.

 

You should buy a regular policy from a brand name carrier. You will pay premiums based on an average vehicle for the same year. If there's a total loss, the standard policy language will allow you to hire you're own appraiser and with the help of a neutral, that person and the insurance company's appraiser will decide value. That's the best way I know of to maximize your premium $'s (leaving money left over to pour into your Vette). C4's are tumbling in value and unless you have a perfect example with super low miles (like less than 10K) and no mods, the value of your Vette is tracking the marketplace - regardless of how much you may be spending to maintain or modify it. An insurance settlement generally beats what you would receive on a private sale and certainly on a trade in. I'm no fan of the industry - in fact I've spend countless hours lobbying against it or testifying against their shoddy practices.

 

No, what I have is a car with extremely high mileage, that the BBV is just under $7000. If I sold it out right I might get twice that. I have more than that in the motor alone and am planning on spending more on the upper end soon. I know you always loose some if somthing happens, but I don't want to loose everything which is why I'd feel better if I could get an agreed amount policy on it.

 

I agree you would more than likely get more from a insurance company than you could ever sell a car for...

I work for an Insurance company...I can only pay or offer what you buy in coverage.

Mods are like 25% of what they cost...or they could reduce the value.

You can go to cort . but if the Appraiser Knows what he is doing and has made a fair offer you wont win...

That is why you need the agreed amount....

You get what you paid for... a lot are stated amount ...That is why we get a bad rap...

 

Zproud: I don't mean to flame you, but the rap against the industry has more to do with underreserving and overpricing of the product. The Balance Sheets of the major carriers will show you that investment income hasn't kept up with liabilities and that costs - which includes your salary and those of certain underachieving CEO's, are poorly managed, throwing away premium dollars that should be paid to policyholders with legitimate claims. To rein in the expenses, claims take it in the shorts - a perfect example being the aftermarket parts fiasco which was mercifully put to rest in a class action suit against State Farm. Legal expenses are reduced by using inferior, in house counsel, and neither of these situations are what the consumer contemplated but most give little thought to until their car is damaged or they find themselves in a civil suit (which give the carriers, along with mandatory insurance laws, plenty of incentive to take your money). Currently, auto insurance isn't the "hot" button with more attention (in the legislatures and by the attorneys who make a practice of suing the industry) focused on homeowner's (the Florida Hurricanes and the 2003 California fires); and healthcare (God help you if it's an ERISA plan). I do agree with you though on value. Any high mileage, 10 year old car needs a lot of attention, none of which increases intrinsic value but may be the cause of some "California Dreamin' ".

 

SunCr: I don't mean to flame you, but the rap against the industry has more to do with underreserving and overpricing of the product.

Your both right and I'm not really sure which argument outweighs the other.

I've met a number of insured individuals that got less than expected, but it was what they deserved, that is "what they paid for." The insured just didn't care enough to get adequate coverage or took low cost premium without regard to coverage.

I've also met a number of insured that got just plain "screwed" because the insurance company tried to save $$$ by not paying amounts as provided in the policy. The insurance company must figure many people won't bother taking them to court and making them pay.

Anyway, the best insurance is to drive defensively.

 

That maybe true, but the 3 times this car has been lightly damaged, it was parked in a parking space.

 

OK, park defensively too.

 

One it got backed into by a truck at the dealership when it was being serviced (they fixed it and then some).

Two it got hit by a drunk driver while parked at my apartment. According to the insurance it did a little over $1000 worth of damage!

Three it got backed into at Discount Tire. Minimal damage that bascially buffed out.


Don't know what I could have done to prevent them other than wrong place at the wrong time.

 

I've seen what little damage can be classified as a totaled car these days. One thing I've found with GEICO is that if it's the other parties fault, my Ins allowed me to submit the market value price of what my car is selling for locally. They then went after the other Insurance to get my car repaired at a body shop of my choice.