If you are doing an agreed value, why do you need the appraiser? I get my insurance through Hagerty and just upped the value of coverage on the convertible and Hagerty agreed with me by simply looking at pictures. Couldn't have been easier, or cheaper, I'm sure.

Rob - I would think that since you just purchased the car, and most likely have had to make additional investments in bits and pieces to replace parts that were not quite right, I would add it all up, add about 10% to 15% and go with the total. Most carriers of stated value insurance for collector cars don't question a reasonable figure.

I like Jerry's way of thinking. I agree.

No problems with agreed value with Hagerty. Both of my Hudsons as well as am enclosed trailer are insured. I have had a serious claim in the past due to a collision and the claim was handled with class.

Thank you all for the thoughts.

I'm currently using State Farm, who requires an appraisal for agreed value policies.
I've considered Haggerty and other specialty companies, but they don't have much give with their classic car rules.
I plan to pull my trailer with the car, Haggerty at last check does not allow this, while State farm does.

David and Russell,
Was/is your policy a true agreed value policy?
Do you have anything in writing you can share that covers/allows towing?
If they do, I'm interested!

Jerry,
There is a lot of misconception regarding stated value policies. Often, even insurance agents don't understand the difference between stated and agreed. I've even had some tell me they are the same...

I can "state" anything I want. The insurance company can reject my claimed value if it is too high above what they show it should be worth, but in the end a stated value policy lets me state what I think it is worth so they can determine a fee appropriate to that value.
The problem comes when there is a claim; they will pay stated value or ACV. (actual cash value) whichever is LESS.
So you can state whatever you want, but in the end they have the legal means to pay you a lot less than you stated.
Of course if you keep great records and can afford to fight in court that your car's actual cash value is higher than their interpretation, you [i]might[/i] win.

My goal is an agreed value policy that is not open to interpretation, and doesn't require court hearings to settle.
That usually requires an appraisal with photos and documentation up front, mostly to prove that you do indeed own a car that has that value.
With stated, if you are off on your idea of value, no problem, they will "adjust it" for you after you make a claim.

Rob

Hagerty does Agreed Value Policies. We have jointly agreed what the value of my cars are and my premium is based on that value (higher the coverage, greater the premium). But, it is extremely affordable.

I do not know about towing, as I have not considered towing before (although, I think it would be very cool to pull a vintage trailer). In fact, my old man is currently building two small teardrop trailers that are vintage-styled. I would just give them a call and ask, and tell them I sent you. I've been a customer for a very long time and will continue for the foreseeable future (towing measures aside).

Thank you Russell,

I will call them again.

Do you know of any club members who are also appraisers?
I've got the battery box out and ready as well. It looks kind of cheap to me...it sort of looks like a battery if you aren't looking at it real hard?

Rob

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For $50,000 agreed value coverage, State Farm was $2,880/yr, Haggerty was $445/yr. Exact same coverage. I got both quotes last week.

Jim

Brownie Peterson here on the forum is an appraiser. There's another, but can't recall their name . . .

Send me an email in regards to the battery box.

For $50,000 agreed value coverage, State Farm was $2,880/yr, Haggerty was $445/yr. Exact same coverage. I got both quotes last week.

Jim

Jim,

That's a real eye opener! :blink:

Thank you!

Rob

I have state farm and have an agreed value of 75K and my premiums are $355 a year without an appraisal, also have a 1K deductible, just showing NADA classic values was all I had to do. They will need pictures ext, interior, mileage etc.

Policy is under classic/antique not an everyday driver

Russ,

Thank you.

I have State Farm now, and weeks later after requesting insurance I still don't have a policy that says I'm insured. They are really far behind they tell me.

I called Hagerty today just to see, and they said they recently changed their towing policy to allow it.
I got a quote for $286 for $35,000 coverage.
Pretty reasonable.
I still don't know how much State Farm wants for the same coverage.
My choice is looking pretty easy...:)

Rob

Honestly, Rob, I don't think you can beat that. All insurance to me is just a thorn in my side and I'll gritch and grumble about it UNTIL . . . I need it. And then it's great, if you're dealing with a great company for the particular application. I think Hagerty and our old cars go together like Stepdowns and whitewalls.