Insurance Question

[1970 Palmer]

statefarm..$50000 stated/agreed full coverage, told them 5000 miles a year but no actual maximum. 250000/500000/10000 property damage bodily injury liability. $500 deductible as well under and uninsured, tow coverage etc. 141.27 every 6 months

asked to provide comparable vehicles in condition for valuation.

This is like saying you have a Bronco/Blazer.

You have either a Stated Value policy, or an Agreed Value policy. They are not the same animal. It's important to understand the difference when purchasing a policy for a specialty vehicle to avoid disappointment.

BTW, very nice ride.

John

 

[svastano]

I use Grundy, https://www.grundy.com/ I have a 17 year old that wanted to drive the Bronco and no other "Agreed Value" carriers would cover her. Costs a bit more than Haggarty but if my daughter was not going to be able to drive it what was the use.

 

[hose101]

This is like saying you have a Bronco/Blazer.

You have either a Stated Value policy, or an Agreed Value policy. They are not the same animal. It's important to understand the difference when purchasing a policy for a specialty vehicle to avoid disappointment.

BTW, very nice ride.

John

I can understand what your trying to say but this isnt the case of not knowing what i have. I stated the value, provided comps and they agreed. Was actually quite simple and they were upfront when getting insurance. FWIW I've been with statefarm for over 30years house cars and life

Thanks figured it would give reference to my stated value although its priceless to me

 

[roundhouse]

most collector car insurance will NOT pay if your bronco claim is not on pavement.
some policies state they will not pay if the Bronco is on an unpaved road.

this includes dirt roads in state park campgrounds

even though Hagertys commercials show classic vehicles driving on dirt roads, they will not pay if your accident doesnt happen on pavement.

i also have a young driver, and no classic car policy Im aware of will cover normal people and normal driving. they only cover garage queens in parades.

 

[AFLtCol]

Stated Value, and Agreed Value are specific insurance company terms. They may sound similar but they are completely different types of insurance policies. Even professionals in the insurance industry tend to "incorrectly" interchange the two terms during conversation. You do not want to learn the difference in these two terms after you experience a loss.

For your own protection, you should have your vehicle appraised by a certified appraiser BEFORE YOUR LOSS, not try to establish the actual value after the loss with your insurance company. Certified appraisals are in the $200 to $300 range. You cannot just state any value number you choose and expect the insurance company to payoff without an appraisal. Even with your stated value, and a paid premium, they will still establish "their idea" of what they think is a current retail value, and it's doubtful it will be the value number your selected.. It puts you in a very difficult position.

Your normal street car policy is a stated value, ACV (actual cash value) policy, the value is "depreciated" over time in this type of policy.

Your Early Bronco needs an agreed value type policy because the replacement value is appreciating. Agreed Value policies are popular in the collector car hobby. It's the only policy that will not be depreciated, you will be paid up to the policy limit, in the case of a total loss.

John

How does one go about getting a bronco appraised? I did a quick search on the interweb and mostly seeing car dealerships, and places for insurance claims. I searched classic car appraisal and it pulled up a couple of websites that were local but based on their website don't think I would want to use as an appraiser.

 

[mpboxer]

most collector car insurance will NOT pay if your bronco claim is not on pavement.
some policies state they will not pay if the Bronco is on an unpaved road.

this includes dirt roads in state park campgrounds

even though Hagertys commercials show classic vehicles driving on dirt roads, they will not pay if your accident doesnt happen on pavement.

i also have a young driver, and no classic car policy Im aware of will cover normal people and normal driving. they only cover garage queens in parades.

I have Hagerty. I called them and asked for language pertaining to my policy for off highway / off road use. It doesn't exist. I can take my Bronco camping, on dirt roads, and to organized off road events as long as it's not "frequent" use. This was the main reason I have stayed with Hagerty. Other classic car insurance companies have told me absolutely no off road use.

 

[No Hay]

How does one go about getting a bronco appraised? I did a quick search on the interweb and mostly seeing car dealerships, and places for insurance claims. I searched classic car appraisal and it pulled up a couple of websites that were local but based on their website don't think I would want to use as an appraiser.

JefeAZ on here sells insurance and knows an appraiser that he recommended to me back in March. Harv seemed very thorough, friendly, knowledgeable, had a long history of classics and at the end, complimented me on keeping good care of my Bronco and thanking me for using it instead of letting it sit in the garage. He travels to southern Cal. every two weeks to do appraisals there too.

His fee was $250, and after I looked around quite a lot, that's an average fee. He supplied me with two 1/4" thick binders of Bronco info, pricing trends and detailed pics/condition of mine.

Attached is his card.

 

[sprdv1]

I use state farm. When I bought my 73 they said it would be insured for comparable year broncos in my area. It turns out a casual conversation with the agent doesn't necessarily give complete/accurate info.
When I spoke with them later about other policies, I asked about the bronco and they said it would probably only get blue book value. Not good.

So I found out they have a "classic car" designation that will provide full replacement coverage at least at the amount you have into it, or at current value with some proof.
I had to send in pics and proof of sale and fill out a form, but I am supposedly covered.

Yeah classic car sounds like the way to go

not too concerned here myself cause it gets beat up off road, already

 

[JefeAZ]

most collector car insurance will NOT pay if your bronco claim is not on pavement.
some policies state they will not pay if the Bronco is on an unpaved road.

this includes dirt roads in state park campgrounds

even though Hagertys commercials show classic vehicles driving on dirt roads, they will not pay if your accident doesnt happen on pavement.

i also have a young driver, and no classic car policy Im aware of will cover normal people and normal driving. they only cover garage queens in parades.

Not true anymore. They have really relaxed their rules.

 

[1970 Palmer]

How does one go about getting a bronco appraised? I did a quick search on the interweb and mostly seeing car dealerships, and places for insurance claims. I searched classic car appraisal and it pulled up a couple of websites that were local but based on their website don't think I would want to use as an appraiser.

Thanks for asking. In my opinion, you want an appraisal that could "stand up" in a court trial, if it was ever necessary. That means from someone that is accredited to write appraisals. I have used, and can recommend two different certified appraiser's, they were both in the $250 to $300 range.

Jon Lundberg (The former Voice of the NHRA) runs a company called Southwest Valuations out of Oro Valley, AZ. He may have recently retired?

Another certified appraiser is James Polk, Polk Valuations, in Ojai, CA. They both do the valuation over the net, with photos, and documents. Polk did a seventeen page valuation document on my vintage travel trailer, and I was able to obtain an Agreed Value policy underwritten by Progressive.

These guys do all different kinds of items, and vehicles. From Airplanes and Yachts, to Cacklefest restored dragsters, to Penske restored Indy cars, you name it they do it.

John

 

[JefeAZ]

I believe Jon retired in 2018. He does still live in Oro Valley though. Whats crazy is the the new voice of NHRA, Alan Reinhart, also lives in Tucson

 

[roundhouse]

Thanks for asking. In my opinion, you want an appraisal that could "stand up" in a court trial, if it was ever necessary. That means from someone that is accredited to write appraisals. I have used, and can recommend two different certified appraiser's, they were both in the $250 to $300 range.

Jon Lundberg (The former Voice of the NHRA) runs a company called Southwest Valuations out of Oro Valley, AZ. He may have recently retired?

Another certified appraiser is James Polk, Polk Valuations, in Ojai, CA. They both do the valuation over the net, with photos, and documents. Polk did a seventeen page valuation document on my vintage travel trailer, and I was able to obtain an Agreed Value policy underwritten by Progressive.

These guys do all different kinds of items, and vehicles. From Airplanes and Yachts, to Cacklefest restored dragsters, to Penske restored Indy cars, you name it they do it.

John

they do an appraisal without actually looking at the vehicle ? and it will hold up in court?

 

[1970 Palmer]

they do an appraisal without actually looking at the vehicle ? and it will hold up in court?

Short answer, YES.

It's kind of like getting a Marti Report on a Bronco. They document your vehicle with a seventeen page booklet report, showing many high resolution digital photos to show condition of your vehicle, and other comparable vehicles that have recently sold. They provide the credentials of the appraiser, and explain how the comparable condition vehicles were priced. It's really not much different than having your property appraised for a real estate loan package.

When using your own appraiser, you can rest assured he will be using realistic comparable vehicles to the true condition of your vehicle. If your dealing with "the other party's" insurance company adjuster after a loss, he's going to be giving you the price of that burnt out 1972 Bronco listed in the CoPart auction site, for his comparable valuation. Then, it becomes your job to dispute his comparable vehicles. The reason you buy insurance is to avoid these issues.

It's all handled very professional, and I'm confident the appraisal would hold up for Judge Judy. I have had four high end vintage camper trailers appraised for Agreed Value insurance policies, so far. Because the insurance companies "know the small group of credentialed appraisers" they accept the highly detailed appraisals without question. The appraiser's are available for expert testimony, if needed.

John

 

[1970 Palmer]

I believe Jon retired in 2018. He does still live in Oro Valley though. Whats crazy is the the new voice of NHRA, Alan Reinhart, also lives in Tucson

JefeAZ, thanks for the update on Jon. He was great to work with on appraisals.

The real question, Is there still a NHRA? It's a rhetorical question for another time and place.

John

 

[richea33]

I use American Modern. Agreed upon $27k, with use limitations $174/yr. I just restored the interior, so will have to make some valuation changes. It's a show car policy, not sure if they can help with a daily driver.

Sent from my Pixel 4 using Tapatalk

 

[70 sport WA]

I use American Modern. Agreed upon $27k, with use limitations $174/yr. I just restored the interior, so will have to make some valuation changes. It's a show car policy, not sure if they can help with a daily driver.

Sent from my Pixel 4 using Tapatalk

I used American Modern several years ago, they were always good. Right now I’ve got American Collectors and pay about $300 a year; they have something called a “freedom tier” and it explicitly allows me to have occasional daily use beyond pleasure drives, such as driving to work or to the store. Limitation is 7500 miles a year, but I’ve never gone over a couple thousand. Can’t remember what the valuation is but I think it’s probably between $25,000 and $30,000.

 

[navi]

Have many folks received a full payout after a large claim?

 

[nvrstuk]

I just got a quote from American Collectors on line... I put in 7500mile/yr and the quote was $1282 for $50K... they asked make but not model... I put in "modified"...

 

[No Hay]

Have many folks received a full payout after a large claim?

I learned about Hagerty back in '07 when I bought a '67 Vette. A very large number of Vette folks on the forum back then used Hagerty, and if I recall, the few that ever had a claim, were always satisfied. And that group of folks can be VERY particular! ;D

In Oregon, State Farm didn't offer collector insurance back then, but does here in AZ so I'm able to bundle everything now with them.

 

[70 sport WA]

I just got a quote from American Collectors on line... I put in 7500mile/yr and the quote was $1282 for $50K... they asked make but not model... I put in "modified"...

As I recall, when I spoke to them I indicated that mine was “modified” because it didn’t originally come with the 32 inch tires I’ve got on now; The representative said that it didn’t matter, they figure that most every one of these vehicles are not completely original and that wasn’t an issue. It reduced my online quote substantially. You might want to talk to someone there and find out what they consider to be modified or not on your rig.