Old Cars Price Guide

[34fordy]

Originally Posted by TJ

I'm surprised that the State Farm rate was less than Hagerty. I've used Grundy for years and they also give you a discount rate if you have more than one car. I will say that I have only filed one claim with Grundy due to some earthquake damage to 2 of my cars some time back and they handled the claim excellently. In my case I did have State Farm insuring my old Fords at one point. but the switch to Grundy has saved me a lot of money over the years. The SF rates being higher may be caused because I live in this "screwball" state! LOL

Tom, I think causality insurance, like politics is always local. I have 4 vehicles insured with SF. The newest is a 2015 Tacoma with full coverage, a 2005 Prius and a 2002 Rav4 with just liability, and my 1936 Ford pickup with full coverage. My total YEARLY cost is just under $780.00. In over 64 years of purchasing insurance for vehicles I have never found a lower price anywhere. The only chargeable claim I had was in 1973 when i backed into my brother-in-laws Olds and but a small dent in his bumper. Thus, I receive many discounts for multiple vehicles and accident free (claims) driving. I have insurance on our home also. 4 years ago we had a hail storm that required new shingles and gutters which was fully covered less my small deductible. This policy cost is $1420 per year. I am very happy with insurance coverage.

[34fordy]

Originally Posted by tubman

Does State Farm even offer "Agreed Value" insurance? Ever since I was a kid, they had a reputation of being hard to deal with.

If it's not specifically stated as being "Agreed Value" it is NOT the same, no matter what they tell you. "Stated Value" is NOT the same as "Agreed Value".

Hey Denny, My home insurance has replacement cost coverage which means you insure the house for what the cost of replacement is. I am not sure about "Agreed value" as far as the vehicle insurance. I believe that many folks try to deceive after a loss and the adjusters are quite good at detecting that. All the claims that I have had were hail related to houses and vehicles. I could not have been treated better. I am a satisfied SF member that has built a relationship of trust that goes both ways.

[JayChicago]

Originally Posted by tubman

"Stated Value" is NOT the same as "Agreed Value".

I would have thought those are the same thing. What's the difference?

[TomC750]

Originally Posted by TomC750

The yearly premium for my two collector vehicles through Haggerty (total declared value $45,000) is $272, which I think is very reasonable.

Made an error. My total is $333 not $272.

[tubman]

Originally Posted by JayChicago

I would have thought those are the same thing. What's the difference?

This has been discussed many times in detail on the H.A.M.B., which may be a place to go for more information and examples of what some have gone through.

To summarize (according to "GOOGLE") :

Agreed value

The insured and the insurance company agree on a value for the vehicle
The agreed value is guaranteed, and it doesn't depreciate
Agreed value is often used for classic or collector cars
Agreed value policies are sometimes offered by specialty insurers

Stated value

The insured states the value of the vehicle
The insurance company may ask for proof of the stated value
The insurance company may choose to pay the stated value or the ACV
Stated value policies are often used for classic or collector cars
Stated value policies are sometimes offered by mainstream carriers

The key point here is #3 under "Stated Value", which gives the insurance company license to do whatever they want. Depreciation also factors in. Why else would there be two different categories?

Please note : I am not an insurance expert and did not stay at a Holiday Inn last night. It's just that a lot of folks have been disappointed when trying to collect on Stated Value policies. That doesn't seem to happen with "Agreed Value".

[tubman]

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Originally Posted by 34fordy

Hey Denny, My home insurance has replacement cost coverage which means you insure the house for what the cost of replacement is. I am not sure about "Agreed value" as far as the vehicle insurance. I believe that many folks try to deceive after a loss and the adjusters are quite good at detecting that. All the claims that I have had were hail related to houses and vehicles. I could not have been treated better. I am a satisfied SF member that has built a relationship of trust that goes both ways.

I was referring to their Auto Insurance only. I have no experience with their Homeowners product. I have avoided using them due to a problem my folks had in the sixties.

[Kube]

Originally Posted by 34fordy

Hey Denny, My home insurance has replacement cost coverage which means you insure the house for what the cost of replacement is. I am not sure about "Agreed value" as far as the vehicle insurance. I believe that many folks try to deceive after a loss and the adjusters are quite good at detecting that. All the claims that I have had were hail related to houses and vehicles. I could not have been treated better. I am a satisfied SF member that has built a relationship of trust that goes both ways.

Be careful with "replacement cost" policies. Some companies determine replacement cost as to what your aged home was worth prior to the loss. Yep, you'll get a check for what your old home was worth.
Yes, in the proverbial (and actual) fine print you may be sadly disappointed to find that they will replace your "old" home. Want a newly built one and you may have to shoulder the additional monies required.

[34fordy]

Originally Posted by Kube

Be careful with "replacement cost" policies. Some companies determine replacement cost as to what your aged home was worth prior to the loss. Yep, you'll get a check for what your old home was worth.
Yes, in the proverbial (and actual) fine print you may be sadly disappointed to find that they will replace your "old" home. Want a newly built one and you may have to shoulder the additional monies required.

Possibly you mean=Be careful what company you are dealing with? In the end YOU are responsible for what you buy. Due diligence is the responsibility of the purchaser. Ask questions and read the fine print.

[tubman]

Originally Posted by 34fordy

Possibly you mean=Be careful what company you are dealing with? In the end YOU are responsible for what you buy. Due diligence is the responsibility of the purchaser. Ask questions and read the fine print.

These days, that's all of 'em.

[signsup]

I have many cars insured with JC Taylor, but have never filed a claim. During a recent hurricane that was forecast to come through my area, they offered $250 per car in reimbursement to move or store the vehicles in another location. Never heard of an insurance company being proactive like that. Sure it was CYA but wonder how many car collectors in CA wish they had that option.
And I do not know how the stated value works if a claim for total loss is submitted. Do they pay the stated value with no questions, or will they do what "normal" car insurance companies do and argue over current market or replacement values? It's a minefield out there.

[Kube]

Originally Posted by 34fordy

Possibly you mean=Be careful what company you are dealing with? In the end YOU are responsible for what you buy. Due diligence is the responsibility of the purchaser. Ask questions and read the fine print.

No, I meant what I had stated.
Replacement value policies can be a great thing. However, keep in mind, the insurance companies do their best to keep their money, not give it to you.
Even with replacement value policies, there are stated limits.
In California, many are now finding out the hard way that their insurance is going to fall far short vs. what will be needed for an individual to rebuild.
Plus, new codes mean additional costs. The old house was not up to current codes. Do you really think the insurance company is going to rebuild the old place to the new standards. Um, it doesn't work that way.

[34fordy]

Originally Posted by Kube

No, I meant what I had stated.
Replacement value policies can be a great thing. However, keep in mind, the insurance companies do their best to keep their money, not give it to you.
Even with replacement value policies, there are stated limits.
In California, many are now finding out the hard way that their insurance is going to fall far short vs. what will be needed for an individual to rebuild.
Plus, new codes mean additional costs. The old house was not up to current codes. Do you really think the insurance company is going to rebuild the old place to the new standards. Um, it doesn't work that way.

Sorry Mike, I did not mean to distort what you said. Never.
I guess, being somewhat naive, I did not realize the skepticism of insurance companies and their policies. I can only relate to 60+ years of good insurance at what I believe to be of reasonable cost. When we had a hailstorm in 2020 that required shingle and gutter replacement, I would bet that the settlement from SF exceeded the cost to build the house in 1950. I was ready that year to replace my shingles and hail from "heaven" paid for replacing the curly old ones with a color so much nicer. New gutters too. I have replacement cost coverage.

[32Bee]

I'm currently waiting to hear back from my local State Farm Insurance rep, who has been
a delight to work with, regarding the insurance on my restored 32 5Win. I told her how much I wanted the coverage to be and she said an under writer would need to find another comparible vehicle that recently sold for a similar amount. Conversely, if they
couldn't find one that did, I would have to obtain an appraisal. I'll have to see how it all
works out. I do feel the quoted rates were very fair

[tubman]

Again, please be aware of the difference between "Agreed Value" and "Stated Value"

It DOES make a difference.