993 increasing value and insurance coverage
10-07-2015, 08:40 PM
#47
i'm in the midst of switching to an agreed value policy with state farm. i had the agent send me the exact language for this...SF actually calls it the "actual cash value" but states that the owner of the covered vehicle and SF must "agree" upon the ACV.
if there is a disagreement regarding the ACV, then the disagreement is to be resolved via a "competent" appraiser. owner selects and appraiser, SF selects an appraiser, and then the two appraisers select a 3rd appraiser. this is where $hit can get sticky and why semantics ARE important, because i wouldn't put it past a shrewd insurance lawyer to try an impugn the owner's appraiser as incompetent.
i'll report back as i go. my take, is to avoid all this bovine excrement with insurance reps/attorneys in the first place is to get the value of the car "agreed" upon from Day 1. if they agree, it should be a slam dunk should the worst of the worst ever happen.
if there is a disagreement regarding the ACV, then the disagreement is to be resolved via a "competent" appraiser. owner selects and appraiser, SF selects an appraiser, and then the two appraisers select a 3rd appraiser. this is where $hit can get sticky and why semantics ARE important, because i wouldn't put it past a shrewd insurance lawyer to try an impugn the owner's appraiser as incompetent.
i'll report back as i go. my take, is to avoid all this bovine excrement with insurance reps/attorneys in the first place is to get the value of the car "agreed" upon from Day 1. if they agree, it should be a slam dunk should the worst of the worst ever happen.
Last edited by FLYT993; 10-07-2015 at 08:44 PM. Reason: typos
10-07-2015, 08:48 PM
#48
Banned
i'm in the midst of switching to an agreed value policy with state farm. i had the agent send me the exact language for this...SF actually calls it the "actual cash value" but states that the owner of the covered vehicle and SF must "agree" upon the ACV.
if there is a disagreement regarding the ACV, then the disagreement is to be resolved via a "competent" appraiser. owner selects and appraiser, SF selects an appraiser, and then the two appraisers select a 3rd appraiser. this is where $hit can get sticky and why semantics ARE important, because i wouldn't put it past a shrewd insurance lawyer to try an impugn the owner's appraiser as incompetent.
i'll report back as i go. my take, is to avoid all this bovine excrement with insurance reps/attorneys in the first place is to get the value of the car "agreed" upon from Day 1. if they agree, it should be a slam dunk should the worst of the worst ever happen.
if there is a disagreement regarding the ACV, then the disagreement is to be resolved via a "competent" appraiser. owner selects and appraiser, SF selects an appraiser, and then the two appraisers select a 3rd appraiser. this is where $hit can get sticky and why semantics ARE important, because i wouldn't put it past a shrewd insurance lawyer to try an impugn the owner's appraiser as incompetent.
i'll report back as i go. my take, is to avoid all this bovine excrement with insurance reps/attorneys in the first place is to get the value of the car "agreed" upon from Day 1. if they agree, it should be a slam dunk should the worst of the worst ever happen.
Last edited by il pirata; 10-08-2015 at 12:27 PM.
10-08-2015, 04:07 AM
#49
bob, so you think the SF agent sent me the wrong verbiage? i.e., the language in your policy explicitly says "agreed value" and not "actual cash value" that must be agreed upon by you and the ins. co?
10-08-2015, 09:29 AM
#50
Seared
Rennlist Member
Rennlist Member
I switched to a agreed value policy of $60k with Heacock a few months ago. Absolutely seamless process.
Our current insurance was willing to consider a SV policy but required an appraisel first. I spoke with two local appraisers but did not get a reassuring feeling that they knew the 993 market.
Andreas
Our current insurance was willing to consider a SV policy but required an appraisel first. I spoke with two local appraisers but did not get a reassuring feeling that they knew the 993 market.
Andreas
Last edited by AOW162435; 10-08-2015 at 03:01 PM.
10-08-2015, 11:24 AM
#51
993 increasing value and insurance coverage
We have public insurance here in Manitoba. I recently had my car appraised and used that value to increase my max coverage (default is 50k). This is not an agreed value policy, but having a professional appraisal will make it much easier to justify in the event of an accident or total loss.
10-08-2015, 12:26 PM
#52
Banned
Have your agent look here…
https://www.statefarm.com/insurance/...e-classic-cars
10-08-2015, 12:42 PM
#53
Yes, unless you are in one of the three states where it is not offered.
Have your agent look here…
https://www.statefarm.com/insurance/...e-classic-cars
Have your agent look here…
https://www.statefarm.com/insurance/...e-classic-cars
10-09-2015, 10:32 AM
#55
Banned
Use limit is in theory 2K miles per year, however the actual policy says under 12K. Never asked why the delta. No other restrictions like running an errand, etc.
10-09-2015, 03:30 PM
#56
Rennlist Member
I went with Heacock classic. Very reasonable price on a stated value limited use 3k miles per yr policy.
https://www.heacockclassic.com
https://www.heacockclassic.com
