When I was in for registration and updating my policy the insurance gal gave me a brochure on the AAA Classic car insurance, stated value, all that good stuff. Apparently the president of AAA is a car collector and got tire of insuring his own classics with Heritage. I am still looking at it, signed my car up as normal, but they took a full set of pictures that would work if I switch to classic. Major catch is no commuting. This is in Calif, so YMMV in other states.

 

Look carefully at the policies AAA will offer in this program. As mentioned, Commuting will not be allowed. Questions will be asked at claim time if this occurs during a normal commute period. There could be hard fast exclusions to claims in this area.

 

stated value policies are worthless. they need to be "agreed value" to protect you the way classic policies should.

 

Tom makes a point I drive home every time I see this come up.

*Stated* value does nothing for you in the states.

You need to *Agree* to get Agreed Value.

 

Lifted from an Insurance site...."Part 3: Stated Amount or Stated Value

This form of policy is frequently and easily misunderstood.

It is often used on collector car policies. Most insurance agents typically represent it as being the same as "Agreed Amount." It is not! The "Stated Amount" form states the insurance company will pay the lesser of:

The Stated Amount or
The cost to repair the covered auto not to exceed the "Stated Amount" or
The "Actual Cash Value"
The "Stated Amount" helps determine the premium cost.

It does not guarantee you a settlement amount that reflects the value of the car when a loss occurs. The "Actual Cash Value" language allows the claims adjuster to settle your loss for an amount less than the "Stated Amount". '..............

As mentined Stated Value primarily just inflates your premiums and your ego ! plus you feel good until you have a major claim...

 

It's pretty hard to beat Hagerty on price and customer service. They allow unlimited miles, but it has to be non-commute, non-work-related. Still, they are liberal and understanding from everything I've read.

I pay $167 a year for no-deductible total coverage on two 60s cars I have agreed value of $17k on. (That may be low and I should bump it up to $20K given the current market.). That includes $24 a year for their road service which is a flatbed-only towing network.

Matt

 

Don't depend on me getting the wording correct, could be stated, could be agreed. I just mention it cause its new, to me at least. Doesn't look like it applies to me, normal policy and then fight over the actual value if the time comes.

 

I have American Collectors Insurance on my 1980 Vette and will be adding my 1982 Shark come Jan 1st(25 yrs old). My vette with no ded and an agreed value of $18k is only $131/yr. I think because I will insure the 928 at $8k it might be about $100 or so.

 

What sort of PL and PD comes with that?

 

Brendan said:"*Stated* value does nothing for you in the states.

You need to *Agree* to get Agreed Value."

I couldn't agree more !! I had "Stated Valur" on my original 914/6 and then it got smashed from the rear at a stop light. It is still not finished and sits in the garage awaiting much work to complete the repairs. What a waste of money and time. Worthless policy language = double speak = bull****.

 

Ron since ..."Apparently the president of AAA is a car collector and got tire of insuring his own classics with Heritage." I doubt that he would have much difficulty getting a good settlement with "stated value" from AAA !

 

What I like to see is what they do with some actual claim situations, until then I am sticking with a normal policy.

 

I took out a $70,000 AAA Collector Car policy for my 1938 Chevy in April 2012, providing pictures as requested by the Agent. I just received a Notice of Cancellation June 8th stating, " This unit must be rated as modified, which will result in an increase in premium" . When I discussed this with the underwriting office, they were unable/unwilling? to provide a justification for demanding an increase in premium on an "Agreed Value" of $ 75K, other than stating that my car was 'modified' above a standard 1938 Chevrolet......

I'll post the results of my CA State Insurance mis-representation claim when settled. Until then, I suggest you may want to reconsider insuring any 'Collector Car' through AAA....

 

I have had collector through AAA for last 3 years with agreed values of '81 928 10,000, '86.5 928 15,000, '73 914 10,000. Cost per year is $257 for all 3. There is mileage restriction of 5000 miles but my cars do not see that in 3 years driving anymore (the 914 has only had a little over 200 miles in last 3 years). The premiums have dropped from $320 to what it is now I think due to mileage driven. They sent a representative out to take pictures of each car for policy determination and values. I had all at 10k and they upped the '86.5)

 

CSAA - or as it is more commonly known "Chicken **** Automobile Association."