Anyone have a "Stated Rate" insurance policy?

[bosshoff]

Does anyone have a "Stated Rate" auto insurance policy where you had the car appraised thus to predetermine its value in the event of a loss? What company? How much? Details, mileage restrictions, etc.

 

[Timmy390]

I have one through Hagerty on my 69 Mach 1 390FE car. Runs $214 a year (it's gone up over the past few years) for 25K stated value. Has to be locked garage kept, can't drive it as a daily and they have never checked my mileage.

Tim

 

[badmuttstang]

I had my 65' Fairlane sports coupe insured thru farmers with a appraised value of $26,000 cost me way to much cant remember how much but remember it was high and thats because farmers typically doesn't do classic insurance for more than comprehensive. I did have no restrictions though only perk to paying the higher amount at that time.

 

[Joker11]

After losing my baby to a fire and getting screwed by the insurance I contemplated that route.
My wife is an insurance adjuster. She said that even with a stated value the insurance company is still going to shortchange you.
I hate insurance. Biggest scam ever.
Mobsters must run it or something.

 

[badmuttstang]

After losing my baby to a fire and getting screwed by the insurance I contemplated that route.
My wife is an insurance adjuster. She said that even with a stated value the insurance company is still going to shortchange you.
I hate insurance. Biggest scam ever.
Mobsters must run it or something.

Total agree when I had the 65' Fairlane insured thru farmers my insurance agent was my brother-in-law and he even told me that I would probably end up getting $22-23k if it was totalled not the $26k but I figured that was better than the $1000 or so I would have got since they never think a classic is worth anything especially when it only has comprehensive insurance.

 

[YaleEB]

I have stated, or what is usually termed "agreed to value" policies on my collecter cars through American Collectors insurance. It's actually very reasonable price wise, and like bosshoff mentioned, there are requirements, like a locked garage and 5,000 miles cap per year.

I've also handled many cases with agreed to value policies. Usually, there aren't any questions about valuation unless there's something else going on, as in the car really wasn't in the condition represented when coverage was bound and, therefore, the representations and warranties on which the coverage was based were false.

I've not had any issues with my policies, and did have one claim.

 

[bronconut73]

Progressive does classic car insurance.
My eb with a $19,000 agreed value is about $346 a year including towing within 100 miles and pop-a-lock, battery jump, tire repair, lots of supurfluous coverage we didn't need but It came as a package.
It has to be Garaged and driven less than 6,000 miles a year which is easy for me.

I remember the eb not eing so cheap to insure back in the 80's when I was a younger "devil may care" feller.....

 

[67RT]

Get "agreed". NOT stated....

 

[Joker11]

I want them to insure it against theft for 100% of value. I don't expect them to cover it if I roll it while rock crawling. Although, by buddy floated his brand new Jeep 4door TJ down a river and they covered it. What!? How do you even convince them to do that? Oh well.
I cant lock mine up and not drive it much. That would be a waste of my efforts. I am a builder/driver not a collector.

 

[67RT]

For that u need agreed value. Stafed has clause that can revert to actual cash value. Not good.

 

[73azbronco]

Joker11, you are going to be hard pressed to find anyone willing to insure against 100% theft, in Yuma, for an EB that's not in a locked garage, limit it's use, with most likely restricted to non-offroad. All I could find was companies which restricted insurance to on road use so I stopped looking.

 

[67686977]

Self insured - and I agree with the value

 

[bax]

Hagerty here as well,

 

[wesleydax]

american modern is who i have my eb and 66 mustang with. both are 25k eack agreed value. had a claim on the mustang a few years ago and had no problems with them at all.

 

[BigEasy73]

I tried State Farm under classics as they do my house and dailies but after underwriting in person they said it was not restored enough (next time I would send pics). They pointed me to Hagerty who got mt business. Not many restrictions that I could tell from the survey outside of it being garaged which was not an issue for me. I have a guaranteed value which means if it is totaled I get a number we have already agreed to. I believe agreed is in the same category but stated means they can come back after the fact and argue a different value. Only a couple hundo a year.

 

[jw0747]

After losing my baby to a fire and getting screwed by the insurance I contemplated that route.
My wife is an insurance adjuster. She said that even with a stated value the insurance company is still going to shortchange you.
I hate insurance. Biggest scam ever.
Mobsters must run it or something.

If insurance is the biggest scam ever why is your wife working as an insurance adjuster? She's obviously an insurance adjuster who goes around telling people that the insurance company (which is her!) is going to shortchange you? How can she accept a paycheck from a scam outfit run by the mob? Makes no sense.

States closely regulate insurance companies who are licensed to do business in their state and "screwing" a policyholder can cost them their license to do business and open them up to very costly bad faith litigation. If you got "screwed" and you can find the right lawyer and he can prove in court that you actually got "screwed" have him file a bad faith suit and maybe you could collect a big money award. "Screwed" is only in the eye of the person who probably thinks what he owned was way more valuable than it actually was.

 

[Izzy]

Hey guys, I am an independent agent and represent most of the carriers that you have mentioned here including Hagerty, Progressive, American Mod and others. I would be happy to answer any of your questions if you want to PM me or call me. I am licensed in Texas but would be happy to answer your questions regardless of where you live.

At a high level, majority of what you guys are saying is correct regarding stated value versus agreed value (or in Hagerty terms, "Guaranteed Value"). You have to be careful with stated value with some carriers as the policy is actually cash value UP TO stated value. This is what can get you as they will appraise the cash value and only pay up to that amount not to exceed stated value.

With agreed value or guaranteed value, you will received that full amount in the event of a total loss, no questions asked. If your vehicle is stolen and recovered, you will not get total value since it was recovered. If it is not recovered, it is considered a total loss.

As stated, there are different requirements with agreed value policies which I'd be happy to share with you on the phone in detail but the short answer is, some have mileage restrictions, some don't. The real restrictions are based around the vehicle being garage kept, not used as a daily driver, and not used as a errand runner. Again, I'd be happy to share details over the phone.

Just PM me and I'll call you back if you are interested in knowing more details. Or ask away here and I will check in and answer questions for you.

There are good programs out there to help protect your babies and I'd be happy to steer you in the right direction based on your particular driving habits and desires etc.

 

[Scoop]

@ Izzy: How do insurance companies determine cash value? Just got off the phone with USAA and they said they look at sources "like Kelley Blue Book". KBB does not go back to 1969! CPI Blackbook does and the values are (Dec 2014 for 1969-1972 Bronco) Condition 4 "Fair": $6,900, Condition 3 "Good": $15,000 and Condition 2 "Excellent": $33,800. These values seem reasonably in line with the current market values. I think I have enough photo documentation on mine to support a condition between 3 and 2, closer to 2. I'd rather stay with a cash value policy so I don't have the restrictions on driving and storage. Your thoughts?

 

[jw0747]

NADA and Kelly Blue Book are good sources but only as starting points. A total loss settlement on an actual cash value policy requires not only the book values but should include a thorough market survey of similar vehicles that have actually been sold. Since few Early Broncos are sold in a particular area then a survey should include a nation-wide review of actual sales. Selling prices not asking prices. Photos and other documentation supporting the condition of your Bronco is essential.

 

[Izzy]

Hey Scoop,

The carriers will use KBB or NADA as reference but also will look at the market in general. Pictures, documentation, and appraisals go a long way in helping your stance when needed. It basically becomes a negotiating game between you and the carrier in the event of a loss.

The biggest problem I see is that the traditional carriers, (IE: Non classic car specific carriers) do not understand classic cars as much and thus tend to undervalue them.

With a agreed value policy, you and the carrier agree on the value of the car up front and your premium is based on that agreed value. Depending on how high the value is or if it makes sense, you may or may not need an appraisal. IE: I have written several policies for Classic broncos based on a 25k value and no appraisal was needed; however, if we are asking for 60k in value, the carrier is going to ask for an appraisal up front to help justify it. Your premiums of course will be affected by the value.

I hope that helps answer the question . I sent you a PM as well so you can contact me directly.

I do not get on this site nearly as much as I used to but I do check my email and PMs often so please PM me if I can help anyone. You can all see my posts and pictures and know that I am a classic car lover and own a 69 Bronco that I have been working on for years. I have learned alot about classic car insurance over the years as both an owner and agent. I'd love to help any of you understand what is and is not covered and in what situations etc. Please reach out.

Izzy