State Farm wants to know........

[Amg_only]

Ive just spoke with American/ Aka Leeland West
They forsee the values going up but there have been recorded sales to justify the increased value, as Hagery predicts.
It would be nice to if 930's that were sold would have some proof or documentation.

[Maxx1]

This thread got me wondering who the best collector car insurance company is? I have American Home insurance, it's an agreed value and my is at $30K right now. Premium is only $200 but I wonder if I should shop around a bit?

[Tug68]

Just payed my bill for the year and for $50k agreed value through Grundy Worldwide it was $380

[vmb]

that sounds pretty good. What kind of restrictions and coverage does that get you though? Way back when I first chose to stick with State Farm, it was because they still covered DE days at the track. But they have since stopped that benefit, so there is no more reason to stay, other than the multi-line discounts from other policies.

[WANNA930]

A lot of misconceptions here.

You took out an agreed value policy as you felt your car at that time was worth more then say book or actual cash value in your market area. Usually these polices are written to cover a car that has accys or modifications that would add value above what the ACV is.

Now you have a case where the ACV is probably higher then your stated value policy. Not a common occurrence but it happens.

If your car is deemed a total loss SF does a market valuation done by an independent Co which uses sales and so called book values. They will provide you with the actual ad listings of the cars they are using for comparison.

Your agent is the one who should be explaining to you the best option here. By the way I think SF offers classic car insurance with stated values.

Your rates are so low as it probably is grouped in with your other cars and is listed as causal use.

Call your agent and ask him to give you an approx value on the car and then determine if you need to have an agreed price policy. Just remember if values shoot up you still have the car valued at that lower dollar amount not ACV. Agents get paid every year from your policy and you should have them work out what is a better choice for you.

Don't forget most modified cars have a LOWER value then stock collector cars. Look at sales and you will see modified cars rarely recover their modification costs and in most cases lower the value.

[Tug68]

My policy is a limited use and I believe I am only allowed 2500 miles per year. Grundy would only give me a up to 50k on an agreed value. If I want a higher amount I have to use one of their appraisers and use their valuation on the car.

[cellison]

Originally Posted by WANNA930

A lot of misconceptions here.


Call your agent and ask him to give you an approx value on the car and then determine if you need to have an agreed price policy. .

did your agent actually do this? I tried with State Farm to up the coverage on my policy but they have so far decilned and want me to get an appraisal.

[aschen]

isnt agreed value, just that: agreed value? I know you have to be in the right ballpark but after that choose a value you would be ok with should somthing bad happed. That is ballanced against the premiums cost so you dont want to go too high.

I have erred on the low side. I don't like paying too much for insurance and I dont drive the car very much and I dont drive recklessly in it, so I dont see the point in having a top of market policy.

I just upped my policy from 28 to 42 I think. My car is 99.9% original with less than 30k miles. THe paint is a bit rough however. I think it is probably a 50k or so car, but I hope to never use the policy

[WANNA930]

They can give you the approx value of a STOCK vehicle. The reason they are asking for an appraisal is to have a so called professional give their written opinion on the value of the car. This takes personal taste and emotions out of the equation. Appraisals are a joke but always benefit the owner. Ever see the mess on EBAY worth $15k but has a appraisal for $45?

I am almost certain SF like USAA, Geico, etc sublet their collector car policies.

There is a huge disconnect between the agents and the claims side.

The benefit of using a collector car type insurance is the adjusters and estimators work with collector cars all day. You will run into a lot of issues trying to explain your mods to someone who looks at stock cars. Sheetmetal is sheet metal but car specific mods is where they lack the knowledge and training. They are using guides that are designed to repair new vehicles back to pre accident condition. Try and explain why you need 25 hrs to repair a panel and 40hrs to wet sand a 911 to a estimator who doesn't work on classic cars.

You now own a collector car and it should be insured as such.