Catch-22 on agreed value for insurance

[Chris in WNC]

we have our Coupe & Town Sedan insured with Hagerty, and have an agreed value I'm comfortable with.

our 58 Chebby truck is a daily driver so Hagerty will not cover it.
Allstate will not give me agreed value coverage, only book value.
I anticipate a serious disagreement over value if we ever have a major damage claim.

anyone out there have agreed value coverage on an antique vehicle licensed and insured as a daily driver? which insurer?

[CarlG]

My pickup -- Allstate

[Steve Plucker]

Originally Posted by Chris in WNC

we have our Coupe & Town Sedan insured with Hagerty, and have an agreed value I'm comfortable with.

our 58 Chebby truck is a daily driver so Hagerty will not cover it.
Allstate will not give me agreed value coverage, only book value.
I anticipate a serious disagreement over value if we ever have a major damage claim.

anyone out there have agreed value coverage on an antique vehicle licensed and insured as a daily driver? which insurer?

Chris,

The best thing you can do is list a bunch of questions, and be very specific about your question, to Hagerty, and have them answer them for you just incase there may be questioniong down the line.

Get their comments in writting before you need to use them so they won't come back and say "Well yea, BUT.....".

Pluck

[MikeK]

My '31 Roadster and '31 Town Sedan each have different agreed values,
insured by State Farm.

[duffer]

i have mine insured with progressive for agreed value.. if we ever need our "Agreed Value" i'm sure things will be changed . (probably something in the small print i didn't see).

[Purdy Swoft]

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There is a difference in stated value and agreed value. If you have agreed value and the vehicle is totaled, the insurance company is suppose to pay the agreed value. If you have stated value, the vehicle will be depreciated. No matter how nice a guy or friend the agent is, with stated value, the adjuster will be completely in charge. Probably in any case, if there is any loop hole that they can get by without paying, they will use it no matter what you were told when you bought the policy.

[MikeK]

Originally Posted by Purdy Swoft

There is a difference in stated value and agreed value. If you have agreed value and the vehicle is totaled, the insurance company is suppose to pay the agreed value. If you have stated value, the vehicle will be depreciated. No matter how nice a guy or friend the agent is, with stated value, the adjuster will be completely in charge. Probably in any case, if there is any loop hole that they can get by without paying, they will use it no matter what you were told when you bought the policy.

Any lawyer will tell you the adjuster is NEVER in charge, even if it says so in the fine print you signed. Especially if an antique, collector, or classic item is involved.

[Duffy1]

state farm will not give ageed value .

[Purdy Swoft]

Originally Posted by MikeK

Any lawyer will tell you the adjuster is NEVER in charge, even if it says so in the fine print you signed. Especially if an antique, collector, or classic item is involved.

I remember my experiences in the collision repair business for many years. We only repaired wrecked late model cars and trucks. I Fixed a lot of wrecks. State Farm and Alfa have their own adjusters, they wrote the checks. The adjusters were very tight but we preferred State Farm and Alfa adjusters because they usually wrote the check on the spot . Progressive used independent adjusters and it was usually a long wait for a check and then it would be a three party check. I didn't even write estimates for them. In such cases if the customer wanted us to repair the vehicle, they would have to pay me when they took possesion of the vehicle, I would endorse the ins. check and they could deal with it. So glad that I no longer have to worry about fixing someone elses vehicle!!!

[CarlG]

Originally Posted by MikeK

My '31 Roadster and '31 Town Sedan each have different agreed values, insured by State Farm.

Originally Posted by Duffy1

state farm will not give ageed value .

Difference of opinion??? or ????

[Blessyouboys]

Where is the Catch-22?

[Tom Wesenberg]

When my brother worked as a bodyman and painter he also said State Farm was the best to deal with.

[Purdy Swoft]

Originally Posted by CarlG

Difference of opinion??? or ????

Yes!!! Not calling anybody a lie or saying that State Farm is bad. My opinion is that only collector car insurance offers agreed value. I feel that State Farm or Allstate would ask what the car was valued at, if they agreed, that would be stated value. If there was a claim and the car was totaled, the stated value would be depreciated. With agreed value if the car was a total loss, they would pay the full amount of the agreed value.

State Farm would be good for an everyday driver, they have less restrictions. Collector car insurance doesn't offer insurance for everyday drivers. Being as insurance is manditory, less restrictions is a perk. It would be more expensive to insure but would be legal to drive.

[Dakota Shelby]

Try Auto Owners . I have agreed value for my '31 daily driver at a great price.

Dakota Shelby

[Chris in WNC]

Originally Posted by Blessyouboys

Where is the Catch-22?

to clarify the catch-22:
I want agreed value coverage on the 58 truck but apparently can only get it with collector specialty companies.
collector specialty companies will not insure the truck because it is a daily driver and we haul lots of things in it.
(it is currently insured with Allstate)

[CarlG]

Originally Posted by Purdy Swoft

... I feel that State Farm or Allstate would ask what the car was valued at, if they agreed, that would be stated value. If there was a claim and the car was totaled, the stated value would be depreciated. With agreed value if the car was a total loss, they would pay the full amount of the agreed value...

I got my Allstate policy out. It says "agreed" not "stated". So what you are saying is that they don't really mean what their policy says??

[brokenspoke]

Maybe its because your 58 truck is a daily driver

[Purdy Swoft]

Originally Posted by CarlG

I got my Allstate policy out. It says "agreed" not "stated". So what you are saying is that they don't really mean what their policy says??

I think that it means that they agreed with you about the value. I think that in the case of a total loss the vehicle would be depreciated. I may be wrong. It would be best to ask the agent rather than run the risk of dissapointment in the case of a loss.

[MikeK]

Originally Posted by Jeff/Illinois

Yeah, and GOOD LUCK with THAT

If it's 'stated value' I absolutely guarantee, it will be in the interest of the insurance company NOT you.

Go turn in a claim and you'll find out.

I did find out in 1989 when my restored '40 Buick was slammed by an uninsured loser. I had Allstate then. I didn't accept Allstate's $1,500 offer for the totaled car. As soon as I filed in Cook County circuit court and served them the papers they wrote me a check for what I originally asked, $4,250. Allstate didn't want to litigate. Lawyer got $425 + $40 to file/serve papers. Don't be afraid to stand up for what it's worth.

[Bruce Adams]

A "Daily Driver" is not a "Collector Car", by definition.
I see NO Catch 22.
You can't have your Cake (Daily Driver= Stated Value) treated as a "Collector Car" with an "Agreed Value" as it IS NOT a Collector Car.