What are you guys doing for insurance – do any of you have an agreed-upon value for your rig?

[spazzyfry123]

Its the law to have $25k uninsured motorist coverage here in Oregon, is that optional in FL?

It is not required in all states - Florida being one of the ones where it is not required. Actually, I think only something like twenty states require uninsured coverage. And that required coverage is for bodily injury with a much lower number of states that require it for property.

For what it's worth, Oregon only requires uninsured coverage for bodily injury, not property damage. Here's a quick table I found from Allstate:

STATES THAT REQUIRE UNINSURED AND/OR UNDERINSURED MOTORIST COVERAGE

State	Uninsured Motorist Bodily Injury Coverage Required?	Uninsured Motorist Property Damage Coverage Required?	Underinsured Motorist Bodily Injury Coverage Required?
CONNECTICUT	✔		✔
DISTRICT OF COLUMBIA	✔	✔
ILLINOIS	✔		✔
KANSAS	✔		✔
MAINE	✔		✔
MARYLAND	✔	✔	✔
MASSACHUSETTS	✔
MINNESOTA	✔		✔
MISSOURI	✔
NEBRASKA	✔		✔
NEW HAMPSHIRE*	✔	✔	✔
NEW YORK	✔		✔
NORTH CAROLINA	✔	✔	✔
NORTH DAKOTA	✔		✔
OREGON	✔		✔
RHODE ISLAND**	✔	✔	✔
SOUTH CAROLINA	✔	✔
SOUTH DAKOTA	✔		✔
VERMONT	✔	✔	✔
VIRGINIA***	✔	✔	✔
WEST VIRGINIA	✔	✔
WISCONSIN	✔

I have no skin in the game and don't work for the insurance companies. I'm just one of the lucky ones that was involved in an accident (not at-fault) over two years ago that still has not been settled. I'm just preaching because it is a pain. The at-fault had minimum coverage - my insurance is the one footing the majority of the bill (because I had good coverage including uninsured and under-insured). I've been with State Farm since day one.

 

[lazy]

I carry state minimum insurance. Why should I carry more when people A) already have to have health coverage, B) are so 'merican to be worried about being made whole in the insurance process that they buy extra coverage to make sure they're not shorted a single penny and C) it is really difficult to sue an individual, collect on it and most people don't have the money to battle it out in court (see your state's homestead laws and ERISA)?

I had a coworker get smoked on a motorcycle, the guy missed like a year of work. Clearly the other party's fault (ran a stop sign). I think he wiggled like $10k out of the whole deal, outside of his property claim on his motorcycle.

I got smoked on my bicycle by a lady talking on her cellphone and running a stop sign. I missed a couple of days of work and was a bit banged up, but I ended up with $25k + my $2k property claim. how are these fair? they're not. Claims get settled up to insurance maximum. If you're seriously hurt, your health insurance will place liens on any settlement you may have with the auto insurance (if it is really big, they'll lien your house too) and all the money goes to pay your health insurance. People's lack of money and homestead laws keep an individual from getting sued personally. Different story if you're a business.

Same story on a vehicle, the offending party pays their "max" and you're left on the hook for the rest. To really be able to sue them, you have to show "negligence", which is REALLY hard to do.

Lastly, I self insure. I just pay the minimum and carry liability insurance. I also operate under the guise of if I can't pay cash, I can't really afford it. I know not everyone thinks that way, just offering an alternative opinion on what I am doing for insurance since that was the question.

 

[Aeneiad]

I have USAA and on their normal insurance policies, if my vehicle is totaled I would receive the replacement cost minus depreciation. I've thought of switching to their classic car insurance though. With their classic car insurance, it is agreed value coverage and if the vehicle is totaled, the value automatically increases 6%. There are mileage limitations though but they are reasonable; 2500, 5000, or 7500 miles.

I've dealt with USAA a few times and I've found that they have always been reasonable and easy to deal with. My father was an insurance claims adjuster for over 30 years and he highly recommends them as well.

 

[Rifleman]

If you're seriously hurt, your health insurance will place liens on any settlement you may have with the auto insurance (if it is really big, they'll lien your house too) and all the money goes to pay your health insurance.

In my state the health insurance company placing a lien on your settlement is called called right of recovery. And trust me, they are ALWAYS FIRST in line to get paid before anyone else sees a dime of that settlement money.

 

[80 Series Al]

I paid $9500 for my 95 in 2005-ish, with 120k miles. My son totalled it in 2016 with 220k miles. It was trashed inside, missing fender flares, had some rust spots, and they gave me $8,700 for it. I felt blessed! It's the replacement value, not book value, and they don't count aftermarket add-ons unless you specify them, but they WOULD cover them. As long as I was being reasonable they didn't argue with me. They did ask for pictures of it and told me to keep receipts for upgrades. This was through Geico. I didn't have to fight for this number.

But, preparation aside, after the accident you find 5 rigs within 200 miles that are a similar match for your vehicle and fight with the adjuster. "I want to replace my vehicle with a near identical one. These are my options. Clearly I can't do that with $4k." You can also get an independent valuation of your vehicle and submit that. You don't ever accept the first offer. Most of the work happens after the accident.

I just did this for my daughter on her husband's POC 2003 Infiniti QX4 in Missoula, MT. They offered her $2,700. After following this process she got $4k.

You sir, have just nailed it!
Tho I might be biased, I worked for old man Buffet (Nicely) there for a while,.,.might be able to help w this one thru some connects...not my specialty "classics"
I will say this, I wouldn't want to compare my rates with anyone who doesn't live in NY! Lmao
I paid 2700 to get on this ride, in two yrs it'll have paid itself off! liab+comp AND FULL GLASS BABY!!!

 

[Jormungandr]

I had hagerty and just switched to safeco, upped my declared value and still saved 50%.

 

[BTinn]

Got a very reasonable quote from Hagarty. We have an 88 FJ62 with an erod V-8 swap that we valued at $50K and a stock 85K mi 97 fj80 we valued at $20K. They are garage kept and considered pleasure driving vehicles. No deductible and full coverage for $1,500 /yr for both. Also have no tickets or claims int he last 5 years. This is in California and full coverage for both cars with Geico was ~$900 but was for "book" value of the cars.

 

[David Norris]

It's hard to get agreed upon values, if you do, they usually come with heavy restrictions on usage. YMMV. If you find something really good post it for others.

Somewhat true... My rig is insured through Hagerty for $65k stated

value. There is not a mileage restriction either. Although I don’t drive my rig daily, it’s nice knowing I could. It helps that I have three other vehicles on the same policy too.

 

[98 SNAKE EATER]

Somewhat true... My rig is insured through Hagerty for $65k statedView attachment 2435214View attachment 2435215View attachment 2435216View attachment 2435217View attachment 2435218View attachment 2435214View attachment 2435215View attachment 2435216View attachment 2435217View attachment 2435218 value. There is not a mileage restriction either. Although I don’t drive my rig daily, it’s nice knowing I could. It helps that I have three other vehicles on the same policy too.

Are you sure it's stated a not agreed?

I have Hagerty agreed policies for my hot rod and Road runner

Would love to have an agreed policy on my cruiser, but last time I checked, they said they couldn't do it

 

[David Norris]

Are you sure it's stated a not agreed?

I have Hagerty agreed policies for my hot rod and Road runner

Would love to have an agreed policy on my cruiser, but last time I checked, they said they couldn't do it

Yes. It is a Stated policy for $65k.

 

[98 SNAKE EATER]

Yes. It is a Stated policy for $65k.

The problem with Stated policies is that the insurance company will only pay book value regardless of what it's stated for

With an Agreed policy (or Guaranteed policy), you get the amount agreed upon in the event of a total loss.

What is Stated vs. Guaranteed Value Insurance? | Hagerty

Hagerty is here to help you understand stated value vs. guaranteed value so you can know exactly how much your policy will pay out in the event of a total car loss.

www.hagerty.com

I have $40k agreed policies on my coupe and road runner through Hagerty and only WISH sumthin would happen to them lol

Would love to have a similar policy on my Cruiser

 

[David Norris]

The problem with Stated policies is that the insurance company will only pay book value regardless of what it's stated for

With an Agreed policy (or Guaranteed policy), you get the amount agreed upon in the event of a total loss.

What is Stated vs. Guaranteed Value Insurance? | Hagerty

Hagerty is here to help you understand stated value vs. guaranteed value so you can know exactly how much your policy will pay out in the event of a total car loss.

www.hagerty.com

I have $40k agreed policies on my coupe and road runner through Hagerty and only WISH sumthin would happen to them lol

Would love to have a similar policy on my Cruiser

Now you have me questioning the policy. I work in the collision repair industry and feel like I know and understand insurance companies and the way policies work. I just emailed my broker for clarification. Thank you for the insight.

 

[pawnthatdude]

Not entirely on topic, but who here has gotten a "total loss" on regular comp/collision insurance, and then argued with their insurance to get market value rather than simply KBB/NADA? How successful were you?

 

[ppc]

Back in 2010 after significant hail damage to my house and truck Allstate insurance wanted to total my truck giving me $3,100 based upon the repair costs being more than 80% of its estimated value. I refused to accept that amount, found several comparables and along with the receipts I had for ARB bullbar, winch, supercharger etc. that raised the value to high enough that they settled for $3,800 minus my $500 deductible and I was able to keep my truck. Only problem was they were supposed to replace my cracked windshield. I ended up get stuck with that cost ~$325. Needles to say I cancelled the policy afterwards and went with Geico.

 

[98 SNAKE EATER]

Now you have me questioning the policy. I work in the collision repair industry and feel like I know and understand insurance companies and the way policies work. I just emailed my broker for clarification. Thank you for the insight.

I have a shop and deal with insurance companies on a daily basis

One thing I've learned is that they're as sneaky as can be and will do anything to pay out the least amount they possibly can

 

[David Norris]

Not entirely on topic, but who here has gotten a "total loss" on regular comp/collision insurance, and then argued with their insurance to get market value rather than simply KBB/NADA? How successful were you?

This is an issue that unfortunately several or many folks with 80 series rigs are going to run into. And another reason to have an agreed-upon value. Even if you are not at fault in an accident and your vehicle becomes a total loss as a result, you Will most likely find yourself filing the claim through your own insurance and letting them subrogate against the at fault party. The reason for this is because the at fault insurance company has no contract with you. In fact there is nothing that states they have to indemnify you at all. They are only obligated to Indemnify their policyholder. This is where having a policy that covers you thoroughly on a specialty rig like these is important. As I mentioned above, I work in the collision repair industry. And I’m here to tell you right now that every single insurance company known to man sucks. You are not in good hands with Allstate, Snake Farmer is not a good neighbor, Farmers may have been there but they most likely really didn’t cover that, Nationwide is not on your side. I could go on and on. If you want to truly make sure that you’re protected in the event that your vehicle is a total loss you better have your own policy that is written with an agreed-upon value. Like 98 SNAKE EATER mentioned above, the only way to guarantee a defined payout upon a total loss is through an Agreed Value. After looking at my Hagerty policy It turns out that it is indeed agreed rather than stated. This makes sense because I had to provide a lot of documentation of photographs and invoices to justify the figure I came up with. If anyone does find themselves in the position of dealing with a potential total loss on their rig a couple of good things to know are: You can contest the actual cash value that your insurance company is stating your truck is worth by going through the “appraisal clause“ that is written within most policies (unless you’re an unfortunate soul that made the grave mistake of selecting State Farm to ensure you, State farm does not allow for the appraisal clause). However, you cannot invoke your right to an independent appraisal on someone else’s policy. Two companies that I recommend hiring in the event that your vehicle is a total loss and you don’t agree with the value are: Collision safety consultants out of North Carolina and vehicle value experts located in Texas. Both are great in determining true market value especially when a vehicle is a specialty vehicle.

 

[sco00ter]

This may or may not be helpful info to some: I recently added the 80 to my current ASI/Progressive plan. In addition to the daily driver the LX was an additional ~$600/year. This only covers "standard" Blue Book value plus ~$4k mods which is the max I received. I'm guessing this gives me a total of ~$7500 in value.

I also got two quotes from Hagerty which requires you to keep your vehicle in a private garage. Both quotes have deductibles $500-$1000 and range tween $700-$750 annually for a $14k stated value.

Not sure how much of a differences it makes but this is based on a SF Bay Area location (on the Peninsula between Palo Alto and San Francisco).

 

[98 SNAKE EATER]

David, if you don't mind me asking, what is the annual for the $65k policy in your area?

I paid ~$400 a year for each of my $40k agreed policies and they're well worth it

I definitely have to give them a call again and see about my 80

 

[David Norris]

David, if you don't mind me asking, what is the annual for the $65k policy in your area?

I paid ~$400 a year for each of my $40k agreed policies and they're well worth it

I definitely have to give them a call again and see about my 80

I pay $1576 annually to insure the 80, a 2010 911 Carrera and 1970 340CID Plymouth Duster. The 911 and the Plymouth are restricted to 2,000 miles a year. The LC is restricted to 5,000 miles a year. All which are okay with me. My daily is a 2020 GMC Sierra AT4. I though my 80 was unrestricted on mileage but when I double checked the policy today to confirm whether it was STATED or AGREED, Hagerty clarified the mileage restriction. All of the vehicles are garaged which is also a requirement of my policy.

 

[98 SNAKE EATER]

I pay $1576 annually to insure the 80, a 2010 911 Carrera and 1970 340CID Plymouth Duster. The 911 and the Plymouth are restricted to 2,000 miles a year. The LC is restricted to 5,000 miles a year. All which are okay with me. My daily is a 2020 GMC Sierra AT4. I though my 80 was unrestricted on mileage but when I double checked the policy today to confirm whether it was STATED or AGREED, Hagerty clarified the mileage restriction. All of the vehicles are garaged which is also a requirement of my policy.

When I initially started my Hagerty policies on the coupe and RR, I made it clear that I'd be doing road trips for the Hot Rod Power Tour and such and didn't want a mileage restriction.

They said no problem and just put down "mileage exempt", which is usually reserved for vehicles that don't have functional odometers.

Also asked about the garage policy for traveling and they said I'd still be covered no matter where I park as long as I retain full coverage on my primary driven vehicles (which I do through Flo)


Definitely gotta put all my receipts together and see what they can do for the 80