State Farm now has agreed value car insurance...cheap

[bpu699]

New, as of recent. I was told its $144 per year, for $55,000 in coverage for my 930.

That sounds really really cheap. Verifying with my agent next week.

It's advertised on their website now... I guess they are competing with haggerty etal...

This is their classic/antique auto insurance...

Anyone have this? It's way cheaper than anything else I have seen...

Bo

[Norm K]

If your 930 is decent or better, it's the $55K that sounds cheap these days.

[mjw02]

Originally Posted by bpu699

New, as of recent. I was told its $144 per year, for $55,000 in coverage for my 930.

That sounds really really cheap. Verifying with my agent next week.

It's advertised on their website now... I guess they are competing with haggerty etal...

This is their classic/antique auto insurance...

Anyone have this? It's way cheaper than anything else I have seen...

Bo

I have my 87 930 and Shelby GT500 (67) with State farm, both agreed valuation. . All good so far. Have to get professional valuation if you want to increase agreed valuation year over year. Haggerty does not require professional valuation , but you are correct Statefarm is typically a better deal

[infraredcalvin]

They've had this avail for a couple of years, just not advertised. Check the restrictions, I was talking with my agent about a year and a half ago, at that time the driving restrictions were heavy. I'm with hagerty now, more expensive but the driving limitations fit my needs best.

[Menmojo]

I've had State Farm insurance for years.
I insured my 73 911 with a stated value policy starting in 2008.
Now I use them on my 89 930 with a stated value. They have always been first class and great with me. I checked around a couple of years ago with other carriers and they were by far the least expensive. I've never had a claim with a stated value policy but over the years have had claims on other vehicles with them. They always treated me right without question.

[bpu699]

The AGREED VALUE policy has only been available for less than 12 months. Prior to this, it was always ACTUAL CASH VALUE. When folks say STATED VALUE, the pay out was up to that amount, but based on actual value. I have verified this several times with multiple agents over the years. If you have STATED VALUE, that is NOT AGREED VALUE.

The AGREED VALUE is apparantly pretty new. My agent said I would be the first policy he has ever written with the new guidelines, and he is a very busy location.

They also don't require appraisals anymore either. He said I would need to provide a pic of the front/side/inside/motor to get the coverage. There can't be any panel damage, or race mods (he mentioned NOS).

He said he would insure the 1988 930 up to $88,000. Honestly, I really don't believe its worth that, or is it? Its basically a driver.

I asked to see a copy of the policy, as I want to see the restrictions. As long as it allows occasional pleasure use, thats fine.I only put about 500 miles on my cars per year...

Bo

[mjw02]

Bo

I am with State Farm. Have several investment grade cars with them. Just make sure you reassess value each year. They do require independent validation to increase the insured value.

Marc


Sent from my iPhone using Tapatalk

[bpu699]

Originally Posted by mjw02

Bo

I am with State Farm. Have several investment grade cars with them. Just make sure you reassess value each year. They do require independent validation to increase the insured value.

Marc


Sent from my iPhone using Tapatalk

Thanks. Spoke to my agent last week, he says I should have no issues driving to my friends/family/ocasional pleasure use, etc. I have this in writing, in email form.

Sounds like a heck of a good deal.

Bo

[JFairman]

You premium price totally depends on where you live.
Overcrowded South Florida has the highest level of uninsured, unlicensed, illegal, and spaced out blue hair drivers on the planet so if you live here your premiums will be way higher than anywhere in Wisconsin.

[kenikh]

Good luck with State Farm. They are in business to screw you. Good luck with that.

[bpu699]

Originally Posted by kenikh

Good luck with State Farm. They are in business to screw you. Good luck with that.

In most states they are highly ranked for customer satisfaction. Also well ranked by Consumer Reports. I never had an issue...

Bo

[kenikh]

I've known three different people who have needed to make major claims on State Farm. All three ended up in court. One took 5 years to resolve. For a house fire. When the judgement was handed down, the judge openly rebuked State Farm their business practices.

Their satisfaction is based solely on the personal touch agents provide. When it comes to supporting claims, getting money is like getting chemotherapy. My cars get Hagerty. When my $200K agreed value '66 911 got rear ended by an uninsured motorist, they just kept cutting checks until it was done right.

[DCNSX]

I'm paying $161/yr. for my 85 930, but it is the 4th car I have with State Farm, so i am getting a multiple car discount.It is a regular policy- no restrictions, but not agreed value. My only claim was when my wife fender-bendered my 996 and that was repaired to my satisfaction at a local body shop. But a 996 is not a collector car of course.

BTW, they did ask if mine was a gray market car and I said yes. And they requested one photo and my federalization paperwork.

[phrogs]

better read the fine print on that state farm policy, There was talk on ferrari chat that if you had a claim and had been driving it for "anything" other than a parade or for a function you were not covered.

Pretty restrictive for how "cheap" it is.

Then lets look at $55,000 for your 930 that seems pretty light!

[bpu699]

Originally Posted by phrogs

better read the fine print on that state farm policy, There was talk on ferrari chat that if you had a claim and had been driving it for "anything" other than a parade or for a function you were not covered.

Pretty restrictive for how "cheap" it is.

Then lets look at $55,000 for your 930 that seems pretty light!

I was on that thread... I plan on insuring it as a #3 car/driver... I would love if it were 100k, but those seem to be #1 cars...

Bo

[kenikh]

Originally Posted by bpu699

I was on that thread... I plan on insuring it as a #3 car/driver... I would love if it were 100k, but those seem to be #1 cars...

Bo

I ensure for what it will cost to replace my car. Good luck finding a 930 quickly that meets your standards at $55K, should the need arise. Insure for what you think it will take to get you back into a car quickly. It is called "Agreed Value" for a reason.

[jsveb]

Personal note:
I would not use state farm; the last discussion I had with them was solved in court.

[S1000RR]

I've used State Farm for thirty years for cars, homes, motorcycles, and boats. Just juiced up the agreed value with them on the 930.

[cellison]

I have had this coverage with state farm for over 14 years. it wasnt widely known with some agents. yes it is a heck of alot cheaper tha, Haggerty IF you have homeoners and and as umbrella policy with them. it sems however hey want to get appraisals on cars as my 930 to verify its condition/agreed on value.

[krasuskyp]

Grundy

no appraisal - just 2 pics of the car, and a pic of your daily driver to evidence you're not dailying the car they're insuring (er, could use any pic of any car from the intarwebz IMO, just sayin - I didn't)

while they didn't say anything about mods, I'll confess to snappin 2 shots that were verrrrrrrrry ambiguous (no wheels / exhaust / nose shown) heh heh...

no restrictions

agreed value - I upped mine to $65k and feel it's still too light... will up again @ next renewal

cheap

no issues w/ claims

YMMV