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08-28-2012, 10:19 AM | #1 |
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Location: Spruce Pine, NC
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Catch-22 on agreed value for insurance
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?
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08-28-2012, 10:21 AM | #2 |
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Re: Catch-22 on agreed value for insurance
My pickup -- Allstate
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08-28-2012, 10:33 AM | #3 | |
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Re: Catch-22 on agreed value for insurance
Quote:
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 |
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08-28-2012, 10:56 AM | #4 |
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Re: Catch-22 on agreed value for insurance
My '31 Roadster and '31 Town Sedan each have different agreed values,
insured by State Farm. |
08-28-2012, 11:01 AM | #5 |
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Re: Catch-22 on agreed value for insurance
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).
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08-28-2012, 12:18 PM | #6 |
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Re: Catch-22 on agreed value for insurance
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08-28-2012, 02:52 PM | #7 | |
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Re: Catch-22 on agreed value for insurance
Quote:
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08-28-2012, 04:03 PM | #8 |
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Re: Catch-22 on agreed value for insurance
state farm will not give ageed value .
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08-28-2012, 04:50 PM | #9 | |
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Re: Catch-22 on agreed value for insurance
Quote:
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!!! |
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08-28-2012, 05:09 PM | #10 |
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Re: Catch-22 on agreed value for insurance
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08-28-2012, 06:00 PM | #11 |
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Re: Catch-22 on agreed value for insurance
Where is the Catch-22?
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08-28-2012, 06:35 PM | #12 |
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Re: Catch-22 on agreed value for insurance
When my brother worked as a bodyman and painter he also said State Farm was the best to deal with.
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08-28-2012, 07:03 PM | #13 |
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Re: Catch-22 on agreed value for insurance
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. |
08-28-2012, 07:24 PM | #14 |
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Re: Catch-22 on agreed value for insurance
Try Auto Owners . I have agreed value for my '31 daily driver at a great price.
Dakota Shelby |
08-28-2012, 09:19 PM | #15 |
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Re: Catch-22 on agreed value for insurance
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)
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our next Model A is out there in the unknown...... |
08-29-2012, 12:10 AM | #16 | |
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Re: Catch-22 on agreed value for insurance
Quote:
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08-29-2012, 06:35 AM | #17 |
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Re: Catch-22 on agreed value for insurance
Maybe its because your 58 truck is a daily driver
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08-29-2012, 10:44 AM | #18 | |
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Re: Catch-22 on agreed value for insurance
Quote:
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. |
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08-29-2012, 12:20 PM | #19 |
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Re: Catch-22 on agreed value for insurance
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.
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08-29-2012, 10:43 PM | #20 |
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Re: Catch-22 on agreed value for insurance
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. |
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