Classic Insurance

[jeffncs]

I have Hagerty on the bronco and mustang. Anything better out there?

 

[dhendriksen]

I just insure mine with Progressive, along with all my other cars. I stated the value and included and appraisal. Easy as can be and inexpensive.

 

[fluffybunny]

I'm with American Modern. They were less restrictive when I was shopping for a policy.

 

[serial car restorer]

I had Leland West on my '72 Porsche 911. Significantly less than Hagerty, with better limitations.

 

[serial car restorer]

I stated the value and included and appraisal.

Do you have "stated value" coverage, or "agreed value"? They are not the same.

 

[dhendriksen]

Do you have "stated value" coverage, or "agreed value"? They are not the same.

I don’t know. I can clarify.

 

[serial car restorer]

From Hagerty's FAQ. It gives a quick explanation.

What is the difference between agreed value and stated value insurance coverage?​

An agreed value policy—the same as a Guaranteed Value policy through Hagerty—guarantees that you will receive the full insured amount of the vehicle (with no depreciation, and including all sales taxes), in the event of a covered total loss.

In contrast, a stated value policy (sometimes called "stated amount" or "maximum limit of liability") gives the insurer the right to pay you either your vehicle's depreciated cash value amount or the cost to replace your vehicle—and they'll choose the lower of the two amounts.