Has anyone actually received $10K+ on a stated value policy?

[airbur]

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.

 

[stock1970]

hmm.. i drive my bronco from kc to indy to arkansas in one month.. so the miles dont really matter, there are events and crues nights almost every day in the summer. Insurance companies usually say you can drive to events ect.. so miles are unlimited.. say you drive from co. to florida to cali for some events. The garaged thing, how the heck are they going to know if it is in a garage all the time or not.. I had my bronco appraised and that is the amount I have it insured for, Maybe I should reread my policy to make sure they dont have some kinda hitch in there.

 

[airbur]

hmm.. i drive my bronco from kc to indy to arkansas in one month.. so the miles dont really matter, there are events and crues nights almost every day in the summer. Insurance companies usually say you can drive to events ect.. so miles are unlimited.. say you drive from co. to florida to cali for some events. The garaged thing, how the heck are they going to know if it is in a garage all the time or not.. I had my bronco appraised and that is the amount I have it insured for, Maybe I should reread my policy to make sure they dont have some kinda hitch in there.

Yea, they aren't so worried about mileage, it's more the type of driving. Call your agent but ask them to talk with an adjuster....all 4 agents I talked with had one story, but after they talked with an adjuster, it changed and they got the real story. All 4 of them thanked me as they completely misunderstood how their company would pay out on a stated value policy.

This is what Grundy makes you sign before they will insure you....

 

[Ethansdad73]

I had a 8k stated w/ progressive

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[airbur]

I had a 8k stated w/ progressive

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Did you receive that in full after a claim?

 

[bowhunter]

I'm in the insurance claims business....so, I know a little something about this. Auto is not my specialty, but I know how it works.

You are correct. You can insure your Bronco for any amount and pay the premium....but, if it is totalled or stolen the burden to prove that amount is on you. There are good insurance companies and there are bad insurance companies. Each of them will have some good adjusters and some will have rookie or bad adjusters.

If you insure a $8K Bronco for $20k....you are gonna have a VERY difficult time getting 20. But, if you rig is truly a $20k rig, you shouldn't have an issue.

The adjuster will go about assuming the actual cash value of your rig a few different ways; nada, internal valuing program, estimating software and more than likely it will based on a region.

Your job would be to research/prove your values by finding other "comparable" broncos on the internet.....Shouldn't be too hard to do.

If that doesn't work....scream and take the claim up the ladder! If your research is sound, the squeaky wheel always gets the grease with most insurance carriers.

So, I say....don't worry. Get your stated value policy and sleep well at night!

 

[BigPrince]

I'm in the insurance claims business....so, I know a little something about this. Auto is not my specialty, but I know how it works.

You are correct. You can insure your Bronco for any amount and pay the premium....but, if it is totalled or stolen the burden to prove that amount is on you. There are good insurance companies and there are bad insurance companies. Each of them will have some good adjusters and some will have rookie or bad adjusters.

If you insure a $8K Bronco for $20k....you are gonna have a VERY difficult time getting 20. But, if you rig is truly a $20k rig, you shouldn't have an issue.

The adjuster will go about assuming the actual cash value of your rig a few different ways; nada, internal valuing program, estimating software and more than likely it will based on a region.

Your job would be to research/prove your values by finding other "comparable" broncos on the internet.....Shouldn't be too hard to do.

If that doesn't work....scream and take the claim up the ladder! If your research is sound, the squeaky wheel always gets the grease with most insurance carriers.

So, I say....don't worry. Get your stated value policy and sleep well at night!

So best evidence is comparables? Are there any other suggested proof to have? e.g. receipts for anything, etc? Thanks for the help!

 

[turbotim2]

I had to have an appraisal to get a stated value policy. Its worth it to get a professional appraisal done anyway.

Also, I had one insurance company say that it had to be garaged all the time and had me send in a picture of the garage. They didn't like the looks of the garage where I was living at the time so refused to insure it.

 

[kholding]

Bowhunter, what about custom work? If I retain all my receipts during my build does that usually hold up? I'm worried about how they will value my rig after I finish a ground up build. Thanks.

 

[lonesouth]

Haggerty stated value of $14k. Had a buddy whose bronco burned to the ground, haggerty paid the stated value. His was stored under a metal carport, not a garage.

 

[blazinchuck]

i know its not a bronco...but back in the day, i built a sweet pontiac ventura(nova) for shows. i had regular full coverage on the car. i later sold it to a guy who did the same thing and i gave him all my receipts(about $9k worth). a drunk driver came in his lane and totaled the the car. the adjuster came out and inspected the car and box or receipts...they gave him $6500 and the car back. I thought that was a sweet deal! he was able to still sell the interior and drive train.

i did the same thing with my red bronco(back when it looked sweet)...havent had to claim anything yet(lucky)

 

[Ethansdad73]

Did you receive that in full after a claim?

Minus deditable and salvage

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[baglock]

I think the key is going to be an appraisal from a prof. classic auto appraiser with pics.

 

[Tito]

I think the key is going to be an appraisal from a prof. classic auto appraiser with pics.

My insurer asks for this when doing the stated value policy, should make the claim process easy.

 

[DevilDog]

I just switched companies recently, and I was all set with an antique comprehensive policy and a value of $12,000.. until they saw the lift and tires. Turns out, once you modify it, it is no longer an antique for insurance purposes, and the premiums jump considerably.

I am hoping they tell me I have to install disc brakes so that I can slide it by my wife. Hope in one hand...

 

[Dan's73]

When I get mine back from the body shop that's one of the first things on my list: to get it appraised & insured for a set value. I'm told by my insurance company that the damage from getting hit in January won't reduce an appraised value as the repairs were done by one of their "Top Tier/Gold Certified" repair shops. Given what they're paying to have it fixed now I would think (hope) that getting a $20K+ appraisal shouldn't be a big problem. The coverage I had before was full coverage with a relatively low deductible, no stated or appraised value.

 

[bknbronco]

It a fine line your walking! I talked with my amfam gal about a stated amount policy and she told me that you may or may not get all that money when it comes time to make a claim. I told her i was possibly looking at a 8 or 10 thoousand stated policy and she said to go get at least one proffesional appraisel on the vehicle (yes it is something you have to pay for) make sure they take tons of pics and have tons of comparisions. They should give you a folder full of this stuff when there complete. She said if you are to get anything close to your stated amount policy they would need this appraisel on file with amfam as well as lots of your own pics and all the copys of your reciepts.

Im not sure these guys that go with hagerty do any homework when there talking to haggerty reps. I think they just love the 150 dollar a year premium. But who need insurance when you park your bronco in your living room!

Do your homework!!!!!!!!! if you have full coverage on a bronco you think is worth 10 grand or more im pretty sure that after a accident your insurance company will find that vehicle was worth less than 2 or 3 grand! And remember that a stated amount policy with out a official appraisel on file ant worth shit!