Model A Insurance via MAFCA or MARC?

[Keith True]

Rusty,if you see,stated value,or actual cash value,(acv)run the other way.The value you put on it at the time is the starting point to pay you,it goes down from there.Stated value is whatever they state it is at time of loss,and acv is determined by looking at the old car price guides.Have you seen those that set the price of a running,driving,Tudor at $995? I pay about $300.per year for three A's and a 54 Studebaker,total value somewhere around $50,000.Has always been agreed value,but Hagerty has changed it to guaranteed value instead of agreed.I've been asking about that,but all I'm getting from Hagerty is it means the same thing as agreed.If that is the case then why bother to change? If I don't get a reasonable answer by renewal time in May I'm going shopping again.

[P.S.]

Over-simplified:

Agreed value means that you and the insurance company agree on the value. If you set it high, they will usually request pictures to document the above average condition/value.

Guaranteed value means that you and the insurance company may not agree on the value, but if you're willing to pay the appropriate premiums, then they will guarantee the value that you choose.

[Keith True]

I think that might have been what they were telling me,but in insurance speak they had to use 359 words to say it,and by the time she was done telling me I'm not sure just what she told me.Over 15 years or so Hagerty has been increasing my values on my cars.Just a little every year,but one car has gone from $12,000 to $18,000 in 15 years or so.The $7,000 Studebaker is up to around $11,000 now.They're setting the numbers now,not me.They just take whatever pictures I had around when I first insure them.My producer has come around to take some pictures since,but I have no idea if it is because he is asked for them or if he just wants to take a look.He is a very active car guy himself so he would rather take the pictures instead of me bringing them in.I do know that some people try to over-insure,but when my underwriter changed at one time they contacted me about looking at my cars they changed their minds and decided not to come out.They told me that for the cars I had,my track record,my valued amounts,and the length of time I'd had the policy they weren't going to bother with checking me out.

[P.S.]

Sometimes they will switch you to guaranteed value if you think the car is worth LESS than they do.

[Dick Carne]

J. C. Taylor is great at taking premiums but questionable at best about paying claims. After having used them for 20+ years, I switched when they failed to pay on an under -insured claim - the other driver had only minimum $10,000 limits (she was charged with the accident-pulled out in front of me and I T-boned her).

[leo]

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Hey Dick, that disturbs me because I too have J. C. Taylor. Never had a claim and have been with them for over 40 years. What was the reason that they gave for not honoring your claim?

[Gayle Hanshaw]

Originally Posted by Chris in WNC

our cost with Hagerty is already what I consider VERY low, as compared to State Farm coverage for modern cars.
If I were on the board of MARC or MAFCA, I would decline to get the national club involved in that......

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Thanks.