State Farm now has agreed value coverage...

Super cheap! Let us know what you find out! Thanks!

 

What? Haggerty were over $1000 two years ago. Are you sure about this?

PS I paid ~$750 last year for an agreed value of $100k

 

I have all my vehicles with American Modern Insurance Group.
They categorize Classic Auto, Collectible Auto, Exotic Auto, Classic Motorcycle and Racecars.
My '79 BB512 is a Classic Auto, $225k agreed value, 0 deductible, $500k CSL costs $904 annually.

 

I shopped around and Grundy was the best but nothing close to a couple of hundies. I must be getting ripped.

 

Haggerty quoted me $1800 at an agreed value of $100k for my T.R., and they were questioning the value of the car. Grundy is much lower.

 

I have similar coverage from State Farm on my 348. American Family also does it.

 

Do your policies cover liability, collision, and all that too? Or just total loss?

 

Am I missing something here?? State farm quoted me $2400/year as my fifth vehicle.

 

Full comprehensive, no limit on milage but cannot be a daily driver therefore i have to show evidence of another car <5 years old.

That's steep. Do you have a low milage option? Try Grundy

Grundy Insurance

 

Ok edit, they quoted me closer to $500/year but the agent needs to enter it specifically as a classic low miles vehicle.

 

I am with State Farm and it is around $520/year for a value of $83,500 including collision, liability, etc. I checked it out before i bought the car and was stunned at how inexpensive it was.

 

Jeez, I gotta think things over now! I'm with Hagerty and from the sounds of it, they're living high on the hog off of guys like me!

 

Called my State Farm rep after reading this. They said, yes they do have a new stated value policy HOWEVER, it is suppossed to be for showing the car only.....NO pleasure driving.

 

And be careful of the language in a state farm "stated value" policy! Unless things have changed within the last 6 months, State Farm's definition of stated value is NOT the same as Haggerty's / Grundy / Heacock, etc. When I went thru this exercise with them, they came up with a "stated value" of 130k for my 512 BBi - and I had no recourse to appeal or debate this value. And then I asked the agent to clarify what would happen in a total loss scenario, would they just cut me a check for the 130k??? No, apparently even though it is a stated value policy the underwriter still has discretion to pay actual "cash value" at time of total loss - so nothing is guaranteed! Also, be careful about what your State Farm agent tells you, I have a friend here in North Carolina with a 328 GTS and he agreed to a 60k stated value with State Farm and his agent swore up and down they would cut a check for that amount in a total loss scenario, however, when I read his policy details, it had the same language as mine, i.e. giving the underwriter (or claim rep) discretion to pay actual cash value which they determine. Also, there "stated values" were ridiculously low" and their antique/collector vehicle policies are capped at a maximum of 250k per vehicle.

 

^
So what's the difference between stated and agreed value? How does the underwriter determine what gets paid?

 

That's the key, state farm's definition of stated value is different from the Haggerty's / Grundy's /Heacocks, etc. All of the collector car insurance companies will cut you a check for the stated value of your policy in the event of a total loss, with state farm, that is not necessarily true and it is left up to the discretion of the claims people / underwriter.

 

State Farm has insured my cars under the collectors low mileage stated value option for a decade.

My understanding has always been that the stated/agreed number would need to be supported in the
event a complete loss by some current market activity. From time to time I talk with my agent and
verify the number is accurate.

 

Dou have to have a DD that is X or newer? If so what is the cut off?

This a question for the fuyscwith State Farm.

 

I have stated value policies with State Farm on 4 cars. They want NADA value or market comparisons to arrive at a value and they don't want to see more than 2000 miles a year.

 

I do have DDs that are newer. But I do not recall there being a specific newness requirement. The best person to talk to on that would be an agent in your community as each state will have subtle differences. I would also suggest talking to a second agent if you do not get a great answer up front. I have noticed different levels of knowledge of how to classify our cars even in the same SF office.

 

Exactly, the number has to be supported. With Haggerty and others it is cut and dry, total loss and a check is cut to you for the stated/agreed value! I currently have State Farm stated value policies on 4 Ferraris, but I am now in the process of switching given the difficulty of getting them to agree to a value on a car such as a boxer that has at least doubled or more in value in the last year. In my opinion State Farm just does not keep up with the market as well as Haggerty's and you can't really push them on value, which leaves you open to a huge loss if something were to happen. As I mentioned previously, they would go no higher than 130k for my 512 BBi