royc2s

I realize that this topic has been discussed many times but I am wondering based on recent quotes from Hagerty and American Car Collectors(which I currently have), how State Farm can provide such low rates on a 993S.

They are ridiculously low and suppose to be Agreed Value? What experiences can you share and who do,you recommend?

il pirata

shush…you do not want the State Farm underwriters reading this.

Ed Hughes

Make sure it is agreed and not STATED. Very different.

royc2s

Any recommendations from members which company you are currently using for Agreed Value insurance?

Thanks in advance.

Opo

I also use State Farm and they have never gave me any issues on agree value and they gave me better rate than anyone else .

rlme36

Agree with Opo.

Re: how they are able to offer lower rates than the boutiques that have to have another UW company write the policy, lets just say its a scale of ops kind of thing to keep it simple

ca993twin

Sadly, I had to file a claim with State Farm on the total loss of Rufus, back in January. I was carrying "Stated Value Insurance" and it was backed up with an appraisal. My experience with State Farm was PERFECT. I don't understand why people here say there is a difference between "Agreed" and "Stated" value insurance. The policy language is very clear and very simple.

Ed Hughes

It is the language that is the issue. The stated value verbiage in most policies have a clause "or market value, whichever is less". I, for one, wouldn't want to go through a bunch of effort to prove market value for X weeks or months to settle a claim.

Yours may have been a bit different, due to your car.

ca993twin

The State Farm policy has no such "market value" language. In the case of a total loss, they pay the stated value. Period. It worked. And I'm not even on their payroll!

Ed Hughes

Allstate did, and so have a few others, as reported on recent threads.

ca993twin

I think the take-away here is that the buyer should read the policy language carefully to ensure it meets his/her needs. I think saying that "agreed" value policies are in some way different or superior to "stated" value policies is a simplification that may confuse buyers. I can only speak with authority on my own real experience with a total loss with a State Farm Stated Value policy. It was the only bright spot in my otherwise miserable loss. I actually slowed down the process while I mulled over whether or not I wanted to buy the salvage.

slapin

Oddly enough, I was denied by Hagerty because I told them I was planning on putting ~5k miles on the car per year. They said that they didn't want me going over 3,500. The delta seemed so minimal to me and quite frankly, I don't want an insurance company dictating to me how I can and cannot use a car.

I also called Geico and they have specific usage requirements. If I drive the car to work once a month and get in an accident, they said I wouldn't be covered. If I use it to run a few errands on the weekend, they said I wouldn't be covered. It all seems pretty ridiculous.

Do you have these problems w/ State Farm? Do you guys actually use your cars for things other than Concourses and approved cruises? If so, how do you get around these issues?

mpruden

Insuring an appreciating, fairly modern car can be frustrating, for sure.

In doing my insurance research, I've found 2 things to be true:

1) In conversation, insurance company employees frequently contradict or misrepresent the policy, especially the exclusions specified in the policy. I don't think they're malicious, they just don't know any better. I've found that going by what's written in the policy is less confusing and less stressful than verbal communication with the insurers.

2) Outside of suspected fraud, it's very, very hard to find evidence of an insurer denying a claim based on usage. Use the Internet to gather evidence of the behavior of the prospective insurer. Search for things like "hagerty claim denied or "grundy accident claim." Pretty interesting stuff, well, for insurance.

il pirata

I have State Farm AGREED value. The agent said mileage had to be 2K per year but the dec sheet for the policy show mileage will be less than 12K per year…go figure. No language on use restrictions in my case.