airbur
Bronco Guru
I've been looking into a stated value insurance policy for my Bronco. I have talked with 4 insurance companies now and after digging this is what I found. While they will allow you to state a value (say $20K), and "let" you pay a higher premium for it, when it comes time to cash in an adjuster will still determine the actual value of the vehicle by comparing it to the values of similar vehicles in your area/city. All the stated value does is allow them to go "up to that value" instead of the market value (maybe $1500 or less). It is completely at the adjuster's discretion.
I checked with some of the "collector" companies like Hagerty and they are happy to issue a cheap stated value policy, but there are a lot of limitations on usage....it has to be garaged, and you can only drive it to and from auto shows etc. on pavement. Otherwise, they will not insure you.
So I'm wondering if anyone has ever actually received the stated value ($10K+) after a loss (theft, total etc.) and if so, what company are you with?
Thanks.
I checked with some of the "collector" companies like Hagerty and they are happy to issue a cheap stated value policy, but there are a lot of limitations on usage....it has to be garaged, and you can only drive it to and from auto shows etc. on pavement. Otherwise, they will not insure you.
So I'm wondering if anyone has ever actually received the stated value ($10K+) after a loss (theft, total etc.) and if so, what company are you with?
Thanks.