mpruden

+1 for Heacock.

I've now had agreed value policies through Grundy, State Farm, and Heacock.

Heacock was the smoothest transaction of the three, and has a no-nonsense policy (similar to State Farm). I should have followed Ed's, Tony's, and P-daddy's advice sooner and just went straight to Heacock.

mr_bock

I am not sure what the difference is between Agreed Value and Stated Value. I received an email from a insurance company that explained how Stated Value worked (for them).

Good afternoon George,

I have attached a copy of the auto quote to this email for your review. Please note that Ferrari is listed with a stated amount of 110,000. IN the event of a total loss the carrier will pay the actual cash value of the auto prior to the accident. (meaning if someone stated the value was 200K but it was really a 150K car they would pay the 150K). If you have any questions or changes to this quotes please let me know. Thank you and have a great weekend.

Sincerely,

Based on this, Why would anyone have this coverage??? Who sets the Actual Value? That could be a moving target!!!

Maybe someone can explain the difference and hoe do you protect yourself.

Mark in Baltimore

I currently use Heacock but am actually checking into Classic Collectors. http://www.classiccollectors.com/ They have an optional, Drive-to-Work coverage:

Enjoy driving your classic car to work or school when you select our optional Drive-to-Work coverage. This coverage allows for the availability to commute to and from work or school for up to 30 days during the term of your policy and up to 5 consecutive days in any 14 day period.

https://rennlist.com/forums/off-topi...l#post13658776

I just called them yesterday and am waiting on my quote.

il pirata

Stated Value is pretty much worthless, your still going to have to negotiate the payout if the car is totaled. Agreed Value is just that, whatever the amount is in the policy is what is paid out in the event the car is totaled.

If the car is not totaled irregardless of policy type then your still going to have to negotiate with the insurance company.

The insurance company will make a determination if the car is to be totaled based on a number of things:

Damage to the vehicle is so severe that it can't be repaired safely;
The repairs will be more expensive than the value of the vehicle itself; or
The amount of damage is severe enough that state regulations require the vehicle to be declared a total loss.

An insurance company could use what is called Total Loss Formula which includes state specific laws and total a car at less than actual cash value.

So if you have a auto insured for an Agreed Value of $100k and it's in a bad accident where the repairs cost $50k and the insurance company will not total it, the value of the car is going to take a hit, assuming the car was in excellent condition with original paint, etc etc.

Insurance is just reducing your exposure, not totally alleviating it.

Ron

I do not think Heacock is an insurance company, though I could sure be wrong.
I think they like many others just agents. I deal with my insurance company through; my agent Infinity, same carrier you are dealing. They increased coverage to 170K for my new policy

nine9six

Yes Ron,
Just like Leland West which is underwritten by American Modern.

Ron

It seems that all insurance companies are part of some sort of holding company. My agent is Larue insurance company but the p0licy is underwritten by INFINITY insurance company.

I would not be surprised if Infinity is related to american modern.

Mark in Baltimore

Received a verbal quote yesterday from the agency handling Classic Collectors, and it's very competitive with Heacock (need to tweak a few aspects for a fair comparison). Because of the Drive-To-Work coverage, the application will need to go through underwriting, but there should be no issues on my end.

M. Schneider

The same here. Adjusting the policy is easy as a phone or email communication away. Increased the agreed value aspect of the MY98 C2S car a few years ago and then again 18 months ago or so. Easy. I also don't have visions of grandeur as to the C2S's value. Insured @ $80,000. -"To each his/her own."

Having several classic's to insure, agreed valve is the instrument. Leyland West (American Modern > Munich Re) as the retail conduit requested high resolution pictures (not cell phone) of each vehicles front/rear/each side and a single interior/dashboard shot. That's all and a payment in full.....

fsa

In order to collect 'Agreed To" payouts from these companies, does it make a difference if you/I the is determined at fault- distracted, falling asleep, poor road conditions, etc, as opposed to someone running a light, as an example, and smashing into our cars?
I thought the latter then triggers "cash value" from the other person's insurance, as a payout?

pp000830

Does anyone care to provide an approximate cost per $1000 coverage per year for the policies they hold.

Ron

photo is what appraser was talking about