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Insurance question '72 Duster #2778425
05/26/20 04:08 PM
05/26/20 04:08 PM
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Oregon
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AndyF Offline OP
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I'm pretty sure I know the answer to this question but I'll ask it anyways since there might be a wrinkle I haven't thought of. My '65 Coronet is insured with State Farm on a stated value collector car type of policy and it is fairly reasonable. I think they charge me about $20 a month. My '72 Duster is also insured with State Farm but it is on a normal policy not a stated value. They won't insure it on a stated value policy since it has a roll bar in it. I think the cost for that policy is around $30 a month but they won't tell me what the market value of the car is. They just say that if it is in an accident they'll repair it up to the market value but they claim that they can't tell me what the number is. So I don't know if it is $1500 or $15,000.

I can get a stated value policy from Haggerty for roughly $40 a month so I'm going to do that. I figure the Haggerty insurance is a much better deal than the State Farm time bomb since I'm almost positive if the Duster got hit they would tell me that the car is only worth a few thousand so here is the check and sorry for your loss. Do I have this figured correctly or am I missing something? Here is a picture of the Duster.

DSC_4142 (Large).JPG
Last edited by AndyF; 05/26/20 04:09 PM.
Re: Insurance question '72 Duster [Re: AndyF] #2778427
05/26/20 04:17 PM
05/26/20 04:17 PM
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Big Sky Country
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MO_PA Offline
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I showed the Old Car Price Guide to State Farm and we agreed on a value on the value of my 1968 Sport Fury
it had a new engine and trans, new paint and new interior. The agent never heard of Old Cars Price Guide but
he didn't argue and I accepted a check on the spot.

Re: Insurance question '72 Duster [Re: AndyF] #2778465
05/26/20 05:52 PM
05/26/20 05:52 PM
Joined: Feb 2003
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Mesa, Arizona
dart4forte Offline
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Originally Posted by AndyF
I'm pretty sure I know the answer to this question but I'll ask it anyways since there might be a wrinkle I haven't thought of. My '65 Coronet is insured with State Farm on a stated value collector car type of policy and it is fairly reasonable. I think they charge me about $20 a month. My '72 Duster is also insured with State Farm but it is on a normal policy not a stated value. They won't insure it on a stated value policy since it has a roll bar in it. I think the cost for that policy is around $30 a month but they won't tell me what the market value of the car is. They just say that if it is in an accident they'll repair it up to the market value but they claim that they can't tell me what the number is. So I don't know if it is $1500 or $15,000.

I can get a stated value policy from Haggerty for roughly $40 a month so I'm going to do that. I figure the Haggerty insurance is a much better deal than the State Farm time bomb since I'm almost positive if the Duster got hit they would tell me that the car is only worth a few thousand so here is the check and sorry for your loss. Do I have this figured correctly or am I missing something? Here is a picture of the Duster.


Andy,

You can’t go wrong with Haggerty. With State Farm you can’t trust them to step to the plate should you have exercise a claim on your stated value policy.


What is agreed value insurance?
Agreed value — sometimes referred to as “guaranteed value” — is an amount you and your insurance company agree a specified item is worth. Unlike most other coverages, if an item is covered at agreed value, you are guaranteed to receive the full amount stated in the policy in the event of a loss.

Typically, you and your insurance company will agree on the value of the item before the policy is even issued. Your items will have to be appraised, proving the value to the insurer. You will be able to find this inside your policy, which should directly state that the insurer will cover the item(s) at the “agreed value.”

With agreed value coverage, the insured value of your property doesn’t depreciate, at least not over the course of your policy term. However, you will likely have to undergo an appraisal at the beginning of each new policy term.

Along with classic or modified cars, agreed value is a popular option for jewelry. For an added premium, you can have high-value jewelry items replaced at the agreed value listed on your policy. Like other agreed value items, you are likely to have to provide a recent appraisal or bill of sale.



What is stated value insurance?
State value is commonly mistaken for agreed value, though the two vary dramatically in the extent of their coverage. Most commonly used to provide insurance coverage for classic cars, an item’s stated value is determined by the individual, not the insurance company. While you may even have to provide documentation proving such a value, your insurance company will not necessarily pay this amount in full should you suffer a loss.

You may value your classic car at $100,000 (and pay the corresponding stated value rates). However, you are not necessarily entitled to that amount should you suffer a total loss of that vehicle. An underwriter for your insurer will determine the market rate for the car and will pay out accordingly. If they find the market value to be $80,000, you could be looking at a payout substantially less than the value you stated.

Your policy will typically indicate it covers items at stated value or at actual cash value, whichever is less. In some cases, the ACV may be higher than the amount you stated. This allows you to insure an item for far less than it is actually worth, bringing your premiums way down in the process. However, should you suffer a loss you would still only get the lowest of the two amounts.



Last edited by dart4forte; 05/26/20 05:58 PM.
Re: Insurance question '72 Duster [Re: dart4forte] #2778472
05/26/20 06:06 PM
05/26/20 06:06 PM
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North Pole,New York
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formula_s Offline
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....... The agent never heard of Old Cars Price Guide but
he didn't argue and I accepted a check on the spot.....


That should tell you all you need to know about a State Farm agent. I finally met the State Farm agent my mother has, she looks like Aunt Bea from Mayberry. I'm sure she knows what a Camry is but not a Barracuda.

Re: Insurance question '72 Duster [Re: formula_s] #2778512
05/26/20 07:51 PM
05/26/20 07:51 PM
Joined: Jan 2003
Posts: 15,732
So Near, Yet So Far
topside Offline
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That's the right call, Andy.
Hagerty's a great outfit, in my experience, which includes collision repair on their customers' vehicles.
I have a couple cars insured with them as a result, and will likely add a 3rd, now that they've opened up later-model coverage.

Re: Insurance question '72 Duster [Re: formula_s] #2778514
05/26/20 07:57 PM
05/26/20 07:57 PM
Joined: Jan 2003
Posts: 8,590
Tucson, AZ
Ramrod39 Offline
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Tucson, AZ
I would never go with a stated value policy for cars like that. I don't want to get wrapped up in a pi**ing match with any insurance company. I'd only go agreed value. Hagerty is great, but other outfits also offer agreed value policies. JC Taylor comes to mind as does Grundy.

Re: Insurance question '72 Duster [Re: AndyF] #2778529
05/26/20 08:39 PM
05/26/20 08:39 PM
Joined: Dec 2007
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Puttin' on the foil in Charles...
not_a_charger Offline
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Puttin' on the foil in Charles...
You appear to be using the terms Stated Value (also known as Stated Amount) and Agreed Value interchangeably, but they are not at all the same. The info posted above by dartforte is correct. SF does not offer Agreed Value coverage in most states. You should check your policy declarations page for the exact wording of the coverage you have.

Stated Value/Stated Amount can only limit your coverage, since you are ALWAYS owed the LESSER of the Actual Cash Value and the Stated Amount in the event of a total loss. The plus side is that such policies usually come with far fewer restrictions than Agreed Value coverage. Collector car insurance is cheap for a reason...the scope of coverage is more limited than what you get with a regular policy, so the risk is lower. If you would rather have fewer coverage/usage restrictions and decide to go with a Stated Amount, pay a few hundred bucks for an independent, PROFESSIONAL appraisal (not one of those guys that pays for an assigned territory from one of those sham appraisal companies) to support your Stated Amount. In the event of a major claim, it will come in very handy.


Earning every penny of that moderator paycheck.

DBAP
Re: Insurance question '72 Duster [Re: AndyF] #2778530
05/26/20 08:40 PM
05/26/20 08:40 PM
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Las Vegas, NV
Tom_440 Offline
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Andy,

You are right. Market value will likely be very low from State Farm. Its worth a few dollars a month more to get proper insurance. Besides, if its well insured, you probably won't have a claim. The opposite is often true as well.

Re: Insurance question '72 Duster [Re: Tom_440] #2778542
05/26/20 09:29 PM
05/26/20 09:29 PM
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Freeport IL USA
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poorboy Offline
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I wouldn't trust any "regular" car insurance company to cover a collectable car (was not State Farm). My son had to call our state Insurance Commissioner 2 times to collect on the agreed value on a car with a "regular" car insurance company that was covered under their "Classic Car Agreed Value coverage". We also found out that company lowered the Agreed Value of the vehicle every year the policy is in effect. That little fact was in the policy we didn't read. In the end, for some reason, they paid out slightly more then the original Agreed Value, and we were able to keep the car (another hard fought battle). We no longer have any insurance with that company, but I suspect all the "regular" car insurance companies would try to pull the same stunt, given a chance.

My 39 is insured with Hagerty, $385/year for $25,000 coverage, no deductible, and includes towing, and that also includes a higher liability coverage. Gene

Re: Insurance question '72 Duster [Re: not_a_charger] #2778575
05/27/20 12:11 AM
05/27/20 12:11 AM
Joined: Jan 2003
Posts: 27,792
Oregon
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AndyF Offline OP
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I'll have to follow up with the State Farm agent. She referred to my policy as stated value but the State Farm website calls it an agreed value policy. I don't have the actual policy handy, just the renewal paperwork which lists the value but doesn't provide much else.

My buddy with the RoadRunner has the same policy that I do with State Farm and they have been very good to him. His car got hit in the front and so far the body shop has billed State Farm about $20,000 for the repairs. Last time I talked to him he said that State Farm has paid the claims without any issues. I don't know what his value was on the car, I guess I could ask him next time I see him.

Last edited by AndyF; 05/27/20 12:14 AM.
Re: Insurance question '72 Duster [Re: AndyF] #2778821
05/27/20 04:44 PM
05/27/20 04:44 PM
Joined: Jan 2003
Posts: 8,590
Tucson, AZ
Ramrod39 Offline
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Originally Posted by AndyF
I'll have to follow up with the State Farm agent. She referred to my policy as stated value but the State Farm website calls it an agreed value policy. I don't have the actual policy handy, just the renewal paperwork which lists the value but doesn't provide much else.


A few years ago I had State Farm for my divers and asked about an agreed value policy through State Farm. I was told they only offered stated value policies for collector cars.

Re: Insurance question '72 Duster [Re: Ramrod39] #2778855
05/27/20 06:09 PM
05/27/20 06:09 PM
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Canada -- Posts: 4034 -Registe...
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My SF agent knew collector cars but despite loosing business he also knew when you were better off looking somewhere else and would come right out and tell you. For anything that is in better shape then normal his advice was always to keep all receipts and records because it's up to you to prove why the car is worth more if they put a low value on it. For at least one car I also had an appraisal done so that I at least had documentation to support what condition the car is in if it was ever stolen or destroyed.
But if it's a vehicle that could be an issue it's far easier to deal with a company that specializes in it to begin with.

Re: Insurance question '72 Duster [Re: 5thAve] #2778934
05/27/20 10:10 PM
05/27/20 10:10 PM
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Posts: 5,165
So Cal
Sinitro Offline
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A big advantage of using a classic car insurance carrier such as Hagerty is the way they handle claims.. My experience with Hagerty is that they use independent brokers and they seem to be more sensitive and flexible in addressing issues. State Farm like other national carriers are more concerned about the bottom line $. If U have a good SF agent then maybe one has better odds, but my experience with SF has not been positive in settling claims. Finally I did get them settled but took longer, and stronger efforts even though their guy was @ fault.....

Just my $0.02... wink

Re: Insurance question '72 Duster [Re: Sinitro] #2778975
05/28/20 05:03 AM
05/28/20 05:03 AM
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Mass
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Fu@k Snake Farm, go with Hagerty, I've had Snake Farm in the past, what a sh!t company for collector car claims, never again!

Mike







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