Insurance, stated value?

[gerard vaglio]

Just spent $10,000 on a rebuilt motor on my sc.

State Farm does not have stated value policies but will assess my value at the time of a loss.

I drive the car about 5,000 miles a year and live in the San Francisco bay area.

What options do I have? Who does stated value and what should I know about State Farm?

[David]

I have an appraised value policy with Farmers. I had to have a licensed appraiser give the value. When I questioned his value, he raised it to what I thought was reasonable.

[targa911S]

I have agreed value with Progressive.

[cashflyer]

I've been with State Farm for 20+ years and have been happy with their service.

I bought a 1978 911sc this year and checked with a few insurance companies. I finally found a policy that I was happy with. It IS "agreed value" coverage - and it IS through State Farm. If your agent told you they do not do that, then get another agent.

In addition to the paperwork, the process required several photos for the file and required an independent appraisal. These were the same requirements that Hagerty wanted, but SF quoted me about 30% less than Hagerty.

Your mileage may be an issue. SF told me "no more than 3000 miles per year" and also exclude coverage during any type of competition driving.

I've seen Hagarty advertise no mileage restriction, but the actual policy is "Drivers can enjoy their classics with comfortable limits. Our program allows for an occasional leisure drive." On the phone the agent mentioned 3000 miles per year. That must be the magic number for insurance companies. Hagerty also will not insure any race prepared car, unless you promise that it is for show only.

Grundy insurance told me "we do not insure Porsches less than xx years old" I forget how old it had to be, but my 78 didn't qualify.


The above is my personal experiences and opinions. Keep in mind that insurance laws vary by state, and your results may also vary.

[Bob's Flat-Six]

Question,
If you have a high agreed value I would think that the amount of damage that the car could sustain and still be repaired would go up also, True ?

So a 911 that might be totaled othewise would be repaired.

[RickM]

Sneed will write agreed upon value/collector car policies and allow you to drive to work with no mileage restrictions. Any value above $25k will require an in-person appraisal...as opposed to pics. I believe they aren't as tough on the primary car requirements as others.

[cashflyer]

Originally posted by Bob's Flat-Six
Question,
If you have a high agreed value I would think that the amount of damage that the car could sustain and still be repaired would go up also, True ?

So a 911 that might be totaled othewise would be repaired.

Just a guess, since I have not yet smashed my ride, but I think the answer is "probably".

I think they would be less inclined to call the car "totalled", as that would mean paying the full value of the policy. At the same time, I'm sure that there would be a point at which the underwriter decides that it would be better to pay the policy and get the car off the books. It may even depend on the events that led to the loss, and whether they think you'll smash it again.

[my policy is in south carolina]