declared value insurance

juanbenae · juanbenae's Garage

my 78 sc is beyond blue book listing as you cats may know. my current insurer allstate will not allow me to declare a value because of this. they recommend an appraisal. if, god forbid i should have a loss claim on the car, after hiding the sharp objects , bringing down the curtain rods and cutting all my rope up into little bits i dont want to open the negotiations with my insurance company on value. is there any insurance company that has few restrictions on mileage, car uses and what not? its not a daily driver, but i want the freedom to drive it as i please. this would be not watching the odom, and being able to participate in events if i want too.

please advise

83911sc · 02-22-2002, 02:34 PM

In a prior post, several members indicated that State Farm has a second vehicle with a stated value provision - you might want to try to search.

Also - I recently came across this link:

http://lelandwest.com/

I have not done business with them yet, but plan on connecting with them in the near future.

PS: don't forget the other important insurnace coverage other than stated value - i.e. increased limits of liability w/ matching un-insured and under-insured provisions, extended medical benefits, extended income continuation benefits, extended rental car benefits. I'm not sure about the laws in your State, but in NJ, there are a lot of options that are really beneficial.

If you are not sure about your coverage, call your agent and ask him what options he has selected and why.

Adam

LeeH · 02-22-2002, 03:22 PM

Click here to see the insurance thread of which he speaks!

rstoll · 02-22-2002, 03:49 PM

I have a stated value policy with State Farm on my 83 SC. $12,000. They also insure my home, my 944 and a couple of Volvos. Wife just gave me the ok on a 914 I have spied, so I guess they will get another one.

T Bird · 02-22-2002, 04:50 PM

k911sc
Call Hagerty Classic Insurance for a quote (1-800-922-4050). They specialize in collector cars and boats. I've had them as my carrier for over 10 years now. While I've never had a claim, anytime I've needed service on the policy, they have been right there for me. I have an agreed value policy with them for $12,000. My annual premium is $133.00. In the not too distant past, it has been as low as $108.

Good luck.

Don Wohlfarth · 02-23-2002, 07:56 AM

Quote:

Originally posted by k911sc
they recommend an appraisal....i dont want to open the negotiations with my insurance company on value.

You should rethink this position, but at least you're moving in the right direction. If you are paying standard rates the insurance company looks at blue book and sees a 78SC is worth say 8K. That is the coverage you have paid for. If you have an appraisal that says your car is worth 20K, you have still only purchased 8K worth of coverage.
With most agreed value policies you will need an appraisal. The apprisal may state that your car is in fact worth 20K. Almost every agreed policy is negotialble, value, intended use, mileage, etc.
This gives you the opportunity to purchase whatever type of coverage you want.

rstoll · 02-23-2002, 07:59 AM

Got my appraisal from a friend who owns a used car lot. Worked for State Farm.

Jim T · 02-23-2002, 08:09 AM

Just be careful you know what you are purchasing. Read the policy very carefully.

For example, the terms "agreed value" and "stated value" mean very, very different things.

Most that have a "stated value" policy THINK they have an agreed value policy, and will be disappointed in the event their car is totalled.

I'm not sure where "declared value" fits in.

Although the semantics don't really control, you have to read the proposed policy very closely to see what you have or are considering.

juanbenae · juanbenae's Garage

nice works gents, im looking for a state farm agent all pronto like. got car, truck, motorcycles and home owners. allstate hates that im packing my deal up and splitting. i was in good hands with allstate, but i think i need neighbor more like state farm