What do I put on Hagerty insurance form?

[ba123]

I think at this point I'd be better off with a market value instead of stated... lol

I would think so

 

[Slowleak]

They had two options. One was " market value," and the other was stated. The stated was a little bit more expensive but still under 40 bucks a month.
Since I'm doing a patina build, but a full mechanical resto with EFI and lockers, Plus all the nice lifts. Bumpers, winches, etc.,I put 70k on my truck, I think I could replace it for that if it was stolen or burned. I didn't want to argue with an adjuster based on what would be perceived as an unrestored bronco from somebody who didn't know better.

Be careful. With a stated value policy, if the vehicle is a total loss the insurance company will estimate the vehicles pre-loss value, and they will pay that amount, or the stated value, whichever is less. Bottom line is that you are not guaranteed 70k if it is stolen or burned. With stated value policies their goal is to pay you as little as possible. You will likely have to argue with them to get 70k. Agreed value policies pay the agreed value. There is no arguing. Make sure you know what they will pay.

 

[Johnnyb]

Be careful. With a stated value policy, if the vehicle is a total loss the insurance company will estimate the vehicles pre-loss value, and they will pay that amount, or the stated value, whichever is less. Bottom line is that you are not guaranteed 70k if it is stolen or burned. With stated value policies their goal is to pay you as little as possible. You will likely have to argue with them to get 70k. Agreed value policies pay the agreed value. There is no arguing. Make sure you know what they will pay.

I always thought stated value and agreed value were the same, in contrast to market value. I haven't booked the policy yet cuz it's still up on jack stands, but I'll ask that question next.
The way the agent explained it, the policy he was quoting would pay the full 70k in the event of a full loss. But if there was a partial loss, there would be an adjuster involved and I may have to provide receipts and installation costs documentation.
JB

 

[Johnnyb]

To follow up, I'm concerned with a market value policy simply because it's a patina build. Sure, it's a solid, rust free EB, with an easy 40k in parts, and I painted the interior and engine compartment, but one has to have an understanding to appreciate the original 1971 paint and some of the small scars that it has accumulated over the years.

 

[Slowleak]

I always thought stated value and agreed value were the same, in contrast to market value. I haven't booked the policy yet cuz it's still up on jack stands, but I'll ask that question next.
The way the agent explained it, the policy he was quoting would pay the full 70k in the event of a full loss. But if there was a partial loss, there would be an adjuster involved and I may have to provide receipts and installation costs documentation.
JB

Agreed and stated value policies are very different. What you are describing sounds like agreed value but you want to be sure. Don’t listen to the agent, read the policy. This link describes them.

What is the difference between Agreed Value vs. Stated Value

What is Agreed Value Classic Car Insurance? This coverage and the alternatives - like Stated Value - are explained fully here.

www.lelandwest.com

 

[ba123]

To follow up, I'm concerned with a market value policy simply because it's a patina build. Sure, it's a solid, rust free EB, with an easy 40k in parts, and I painted the interior and engine compartment, but one has to have an understanding to appreciate the original 1971 paint and some of the small scars that it has accumulated over the years.

Here, show them this Patina and what it went for…haha.

https://bringatrailer.com/listing/1969-ford-bronco-143/

 

[bigmuddy]

Actually it is but I don’t know the limit. I have my project insured for the time being and I asked them what I need to do when it’s done and they said they’ll just insure it under an antique/classic policy and they just wanted pictures of it but when I told them what these are going for finished…he said I need an appraisal to do that much.

I’ll need to figure that out when I’m done.

I would caution anyone using State farm, unless you are buddies with the local agency/owner. I have relatives that do or have worked for them and they can't believe the claims State farm will turn down. We are talking act of clearly act of GOD insurance losses and they refused to pay, so I would have to question them paying out on a speciality vehicle.
I have personally had issue with them on claims and will never go back.

 

[ba123]

Honestly, it's my experience that no matter which Insurance company you deal with that you'll be sure to find this. That's their business and how they make money. The goal of insurance is to pay for something you hope you never need, and if you do it's there. You're not going to find a company that WANTS to pay you and take out of their bottom line. I've never had anything denied by State Farm but I've never had anything catastrophic either, so I can't speak from that perspective.

I'd be curious to know what they didn't pay and why though and would bet it was within their right not to pay what wasn't paid. I wouldn't wish that on anyone, but since this is something that we want to be there and hope it never is, we don't usually read all the policy details as they make them as confusing as possible and likely there was something in there that excused their liability.

It sucks, but they are there to take out money and pay out less than they take. Maybe if you can find a non-profit insurance company, but I don't know if there are any of those. I just did a search and all I got was insurance FOR nonprofits. I hate search engines these days and think they've gotten really sucky but that's a whole other topic.