State Farm now has agreed value coverage...

Again- What's the difference between stated & agreed value?

I have used American Collectors for years- Anyone else have experience with them or comment?

 

bpu699, you described exactly what I poorly tried to do the previous posts! So that brings up the question of the title of this original thread, State Farm now has agreed value coverage. Does anyone know if they now truly have agreed value coverage or is it the same as they always have had, i.e. stated value with the meaning bpu699 outlined above?

 

I just switched to state Farm for my T.R.. The agent said that they will go agreed up to $105k without a need for appraisal. Past that point, they require an appraisal.

 

I worked in the insurance industry for many years. I had to deal with underwriters, agents, and claims reps. All are idiots.

Bottom Line - GET IT IN WRITING!!! If you have something from State Farm showing agreed value and you have a total loss, any claims rep trying to low ball you will fold when you show him the paperwork and tell him "see ya in court"

I've had to do this on several occasions. Insurance companies aren't in business to pay claims. They are in business to deny or low ball you.

My wife got T-boned in an intersection by a huge dump truck. The car was 6 month old Acura MDX. American Family wanted to repair it even though the body shop told them the frame was bent and the warranty would be voided. I had the body shop owner ask the rep to meet him for an inspection. I was there to attack him and I chewed him up and spit him out. They totalled it and paid my purchase price.

Insurance companies are as scummy as they come.

Just to demonstrate how you must deal with insurance companies....That same accident left my wife with permanent injuries. American Family gave her the royal run around about covering her medical bills. (The dump truck was uninsured so our UM coverage kicked in). I finally had enough of their crappy customer treatment so I sued them. Their attorney came up to me during a break in the trial and said, "I know your wife is truly injured. I'm sorry, I'm just doing my job. You're going to win." I did win the total amount of the policy. I'll NEVER use American Family again.

I have State Farm now and I pay $150/year for $80,000 agreed value. I hope it never comes down to fighting them but if it does....I'll win.

 

Scott, thanks for the info....funny, my wife is in the insurance field. She deals with high net worth clients or their financial managers. I asked her why my Ferrari Insurance is cheaper than my other cars. She said, "its all about numbers. Most Ferrari owners, dive it couple of miles a month and wipe it down with a diaper when finished." She is going to switch my TR over to State Farm ASAP agreed policy. Fortunately I have not had to use insurance over the past 15 years, but if I do she knows where the jugular is.

 

Heacock. Diane Lopez.

 

My State Farm quote......For Public Knowledge....

Ventura County, California. Middle aged guy, No tickets/accidents, State Liability Minimums, Agreed Value ($85,000), Stand Alone House (garaged), $1,000 Deductible.

$45 a month.

Edit:

Called Geico to give them the bad news and they handed me over to their 'Classic' partner company, American Modern. They ran a quote with higher Liability minimums and came up with $70/month. State Farm has some verbiage that makes me a little nervous pertaining to driving you car to and from parades and car shows. I didnt get the feeling that it would be covered doing a fun run for coffee. American Modern doesnt care how you use the car as long as its below 1,000/3,000/6,000 miles a year. Different rates for different mileage caps. And yes its an agreed value policy, the language is very clear on the first page. Agent said they only needed pictures of the four corners of the car and wife's General deceleration page (she is with another carrier). Car has to be in its own garage and you need a daily driver that is 1995 or newer. They said that as long as the Agreed Value was within the NADA range, no problem. NADA range is $53,000 to $98,500. He said $85,000 will not be questioned since its within the range.

http://www.amig.com/collectorcarinsurance.html

 

Anyone here can share the insurance information in Toronto Canada for F512M and other type of vintage car ?

 

Congrats on your F512M, I use Hagerty for my 328GTB, and there is also ZEHR Insurance.

Rocco

 

Update. Just got back from the State Farm Agent. Great guy etc. He took some pictures of the car from all angles inside and out including the engine bay. He said that sometimes the adjusters will deny the quote if they deem your garage queen was a polished turd. He said my car would have no problems as there are no cosmetic defects/original paint etc.

We both went over the policy and something caught my eye, its called Rule 406. ANTIQUE AND CLASSIC AUTOMOBILES AND REPLICAS-LIMITED USE (SFM ONLY).

I asked him to pull up 'rule 406' on his computer and this is what it says:
"Vehicles of the type described below which are used on a very limited basis, such as exhibitions, club activities, parades or similar functions of public interest, shall be rated in accordance with this rule. Vehicles which are regularly used for personal, pleasure and business purposes shall be rated with the regular rules and rates applying to the type of vehicle insured."

So I asked, "If I go to grab a cup of coffee on a Tuesday morning and incur a total loss am I covered?" The agent said, "I hope you were going to, or returning, from a special event." I appreciated his honesty. My wife, who is an insurance agent said the same thing......no coverage for a pleasure drive, regardless of how infrequent it was.

I understand a mileage cap, but I have to have the freedom to take the girl out when I want to. Not when there is a special car event.

So State Farm might be a great alternative for some of you, but Ill pass. Im not the type of guy who would commit Insurance Fraud to get coverage. Im more than happy to pay the extra $20 and drive anytime I want.

Hope this helps some of you who are considering SF.

 

This is one thing I hate about insurance....One agent will tell you X, One agent will tell you Y. Then One Adjuster will read the policy exclusions and say it applies, while another adjuster will say it doesn't. I just want it in writing either way so I can make an informed decision. They way 'Rule 406 is written, it could be interrupted 2 different ways. That spooked me.

For me the difference between SF and American is $20 a month. Please let us know what you find out. Wife wants to write it under American....and get the commission of course.

BTW the stand alone policy was $167/month from SF.

 

Way to do your homework Christian. The insurance industry is not your friend. Your agent is there to act like your friend but he's a puppet. You must read that policy word for word and question everything.

Let's just hope you never have to make a claim.