What are you guys doing for insurance – do any of you have an agreed-upon value for your rig? (2 Viewers)

[WCBlueSky]

I came across this and thought it was interesting.

 

[98 SNAKE EATER]

I came across this and thought it was interesting.

Good vid

That 80 @ 9:47 belong to anyone here?


I recently got another agreed policy for $80k on one of my T/A's for $602 a year through Hagerty

When I asked for a quote on my Cruiser for a $40k agreed policy, the yearly rate was more than tripled that of the T/A


Makes no sense

 

[Michael Hanson]

Hi, So is the consensus that agreeed upon value is the right coverage ? Mike

 

[SNLC]

I have a business policy with Farmers.

I have a stated value of $20k on mine. I can change it anytime I want meaning go up in stated value.

Cheers

 

[David Norris]

I have a business policy with Farmers.

I have a stated value of $20k on mine. I can change it anytime I want meaning go up in stated value.

Cheers

A stated value policy is subjective. It basically states that you the policy elector are stating that you believe your vehicle is worth what you state it is and your insurance company agrees to except that stated value up until the point that there was actually a loss and if at that point your insurance can prove that your stated value is not consistent with market value then they will only pay you market value. This is why you have to have a “agreed“ value policy For it to be a guaranteed pay out. Farmers I would rank in the top five worst insurance companies you could be insured with anyways. I currently have four customers with insurance claims in my collision repair shop that are having to go through their appraisal clause in order to be properly indemnified on their farmers claims. Basically the appraisal clause states that the vehicle owner does not agree with the repair process or settlement offered from the insurance company and they are having to fight farmers to be properly paid. You need better insurance.

 

[David Norris]

Hi, So is the consensus that agreeed upon value is the right coverage ? Mike

Correct. Agreed is the only way to go

 

[David Norris]

Correct. Agreed is the only way to go

And in most cases you were not going to get an agreed value policy through your typical nationally advertised insurance companies such as Snake farm, Progressive, Geico, Allstate, etc. you’ll need to seek somebody like Hagerty, Pure, or possibly Chubb. Keep in mind all insurance companies and I do mean all of them or complete criminals operating like a mafia. They want your money but when it comes time to filing a claim their goal is to pay you as little as possible.

 

[Broski]

Just as a word of caution, i had a customer that owned 10 classic muscle cars that were all insured for "stated value" This customer got into a car wreck with his 1973 Z28, and when he went to collect on his stated value policy he had to fight the insurance company tooth, and nail.

It seems that the insurance company wanted him to provide all types of proof after the accident that his Z was really worth the 30 thousand dollar amount he had it insured for, and not the 18 thousand dollars the insurance adjuster said it was worth. Long story short, he had to get an attorney to fight his insurance company, and it still took him over a year before he saw a dime.

So a word to the wise, Just make sure that you keep all your invoices, and receipts for all the work, and extra equipment you add to your truck. Because if you get into a wreck with stated insurance you just may need it to get paid.

I have had the same Farmers insurance agent fore over 35 years, and we were Surfing buddies befor that. basically this is what he told me. We got the cruiser insured as a classic Car (over 25 years old) I had to have it appraised to do this, the appraisal came in at 28K and that the value I have it insured at.
As a friend he warned me that if something happens be prepared to fight to get that amount.
The appraisal came in way higher they I expected so I'm OK with that, Plus I was paying almost a thousand a year for just liability (500K worth) now I paying less then $300.
for full coverage with this same liability. And no you can't DD it with this policy,but that OK to I don't

 

[David Norris]

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.

Well said! I’d expect nothing less from a WOKE SJW. Screw everyone else and let them sort out the wrong doings that you cause!

 

[SNLC]

A stated value policy is subjective. It basically states that you the policy elector are stating that you believe your vehicle is worth what you state it is and your insurance company agrees to except that stated value up until the point that there was actually a loss and if at that point your insurance can prove that your stated value is not consistent with market value then they will only pay you market value. This is why you have to have a “agreed“ value policy For it to be a guaranteed pay out. Farmers I would rank in the top five worst insurance companies you could be insured with anyways. I currently have four customers with insurance claims in my collision repair shop that are having to go through their appraisal clause in order to be properly indemnified on their farmers claims. Basically the appraisal clause states that the vehicle owner does not agree with the repair process or settlement offered from the insurance company and they are having to fight farmers to be properly paid. You need better insurance.

I can easily prove it’s value.

I been with Farmers for nearly 20yrs. They have done several claims for me including a 100 series in 2016. I was happy with the payout on that one, real happy actually.

Cheers

 

[David Norris]

I can easily prove it’s value.

I been with Farmers for nearly 20yrs. They have done several claims for me including a 100 series in 2016. I was happy with the payout on that one, real happy actually.

Cheers

I could appreciate what you’re saying however I’ve been in the collision repair business for 25 years and in those 25 years I’ve watched every single major carrier on a daily basis do whatever is possible to under indemnify claims. It doesn’t matter how good of a friend you are with an agent. At the end of the day even if the agent is your brother, the agent doesn’t work for claims. And whether you can prove the vehicle is worth what you say it is it doesn’t matter. All that matters is if the insurance, in their opinion, can prove that it’s not. They do this by keeping track of all of their claim history on particular makes and models. All they have to do is research their claim history and see what they’ve settled claims for in the past and that is what they are going to stick to. Regardless of whether you have a stated value policy or not. I am merely just trying to provide my knowledge of what I’ve actually seen happen over and over again over a course of 25 years. To quote Farmers, “ I know a thing or two because I’ve seen a thing or two“. But to each their own. I’ll stick with my agreed value policy. If my rig gets totaled, I know for a fact I’m getting a $65,000 check

 

[98 SNAKE EATER]

I’ll stick with my agreed value policy. If my rig gets totaled, I know for a fact I’m getting a $65,000 check

This!!

Now if I can just somehow get an agreed policy for my 80 that's as affordable as my classic cars

 

[SNLC]

Of course they do, it’s insurance after all. Kind of like used car salesmen.

I been self employed for over 20yrs. I wrap everything up in business policies.

On the 100, they paid me nearly $7k and my quote was about $10.5k from a shop like yours. They gave me options, I picked how I wanted it to go down from those options. It was a very light fender bender with a small pine tree. I bought the parts to fix it for about $1500, fixed myself. I then put a lift, tires and a front bumper on the Cruiser with the rest of the cash. No salvage title too.

Win win for me.

Cheers

 

[David Norris]

This!!

Now if I can just somehow get an agreed policy for my 80 that's as affordable as my classic cars

I guess affordable is all in the eye of the beholder. I paid $1200 a year to insure my 1997 Land Cruiser at a stated value of 65,000, my 2010 911 Carerra stated value of $75,000 and my wife’s 1989 RRC with a stated value of $40k.
The 80 and the RRC are allowed 5,000 miles a year and the Porsche is allowed 2500 miles a year. Being that I can’t drive the cars all at once and my wife and I have our daily drivers that are insured through Texas Farm Bureau these mileage limitations are more than adequate.

 

[David Norris]

I guess affordable is all in the eye of the beholder. I paid $1200 a year to insure my 1997 Land Cruiser at a stated value of 65,000, my 2010 911 Carerra stated value of $75,000 and my wife’s 1989 RRC with a stated value of $40k.
The 80 and the RRC are allowed 5,000 miles a year and the Porsche is allowed 2500 miles a year. Being that I can’t drive the cars all at once and my wife and I have our daily drivers that are insured through Texas Farm Bureau these mileage limitations are more than adequate.

 

[TheRealDeal124]

I have State Farm, my 95 is considered an Antique so even if I fully insure it I won't get much for it. I dont want to put it on Collector car insurance because there's a mileage cap and you can't go camping with said vehicle.

 

[98 SNAKE EATER]

I guess affordable is all in the eye of the beholder. I paid $1200 a year to insure my 1997 Land Cruiser at a stated value of 65,000, my 2010 911 Carerra stated value of $75,000 and my wife’s 1989 RRC with a stated value of $40k.
The 80 and the RRC are allowed 5,000 miles a year and the Porsche is allowed 2500 miles a year. Being that I can’t drive the cars all at once and my wife and I have our daily drivers that are insured through Texas Farm Bureau these mileage limitations are more than adequate.

Hagerty wanted sumthin like $1900+ for an agreed policy of only $40k on my Cruiser

Compare that with my 29 coupe and 69 Road Runner, both of which have $40k agreed policies in place for only $400 bucks a year

And with the T/A, only $602 for an $80k agreed policy, so the difference is HUGE

I have a Sienna as my daily, so the 80 only sees weekend beach duty

I asked them if this would be considered "Off-Road Use" and they said no

Here's the thing, it didn't cost me anything to add the 80 to my current policy with Flo (same price as if I only had one vehicle) and it has the same full coverage as the SIenna

That being said, if I were to get a policy through Hargerty for my 80, can I just leave the same coverage I have with Flo since it's not costing me anything to do so?

The agent at Hagerty said there should be no legal issue having multiple policies for one vehicle as long as I only use one for each claim (no double dipping), but she said she'd have to check to make sure

My biggest fear while driving the 80 is having some idiot on the road take her out with minimal damage


It doesn't take much to total any vehicle with half a million miles no matter how much I think she's worth


I could do without the offroad coverage as anything I'm willing to do on the trail should be on me and given that I have the world's loudest alarm system, I'm not too worried about theft




It just seems that everytime I take her out for a drive nowadays, I feel some texting idiot out there will end up writing her off like my beater XB

 

[Rifleman]

Good vid

That 80 @ 9:47 belong to anyone here?


I recently got another agreed policy for $80k on one of my T/A's for $602 a year through Hagerty

When I asked for a quote on my Cruiser for a $40k agreed policy, the yearly rate was more than tripled that of the T/A


Makes no sense

I love your Lucerne blue Trans Am, i use to own a stable of Muscle cars myself. On the left is my 1971 445 HO automatic, next to it is my 1973 455, 4 bolt main block, with ram air 4 cylinder heads, mated to a Richman 5 speed, and last is my 1979 10Th anniversary car with the last of the Pontiac 400 engines with a 4 speed. In the back ground you can see my 1974 Vega GT, not shown is my other 1979 Trans Am, along with my 1972 small block Corvette, and last is my 1969, 396 4 speed SS El Camino.

 

[DSRTRDR]

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?

I had to do that on our flooded Mercedes with Progressive - it worked

and some 25 years ago, I was able to haggle $1000 more out of the insurance for a totaled Hyundai, but back then, they didn't require the VIN numbers to be in the advertisements they would consider

 

[98 SNAKE EATER]

I love your Lucerne blue Trans Am, i use to own a stable of Muscle cars myself. On the left is my 1971 445 HO automatic, next to it is my 1973 455, 4 bolt main block, with ram air 4 cylinder heads, mated to a Richman 5 speed, and last is my 1979 10Th anniversary car with the last of the Pontiac 400 engines with a 4 speed. In the back ground you can see my 1974 Vega GT, not shown is my other 1979 Trans Am, along with my 1972 small block Corvette, and last is my 1969, 396 4 speed SS El Camino.
View attachment 2542497

Sweet

This is my 70 Ram Air IV that I've had since high school (all numbers matching)



Drove her all through college, but decided to take her apart for restoration back in 2000

When my shop got slammed with work, she was put on the back burner and has been in pieces eversince

Last month I took a few days to get her back in one piece to transport to another shop for a full rotisserie restoration

What's funny is that even in this condition, she's worth twice as much as her completed Ram Air III sister

Which brings me to my next question

I've had several big offers for the RA4 as she sits and although I don't have any plans on ever letting her go (she's my baby), I would like to get a policy that will cover her while she's being restored....

One of the main reasons I kept her in my shop all these years is my fear of another shop pulling a Hennessey and either parting her out or closing up shop altogether while shipping her overseas or sumthin

Hagerty offers a "Vehicle Under Construction" policy, but how would I go about getting an agreed value on a shell and a box of parts?

Even with all the PHS documents, the book value isn't anywhere near what I've been offered