I have a couple questions about this...

1) Do many of you with limited production vehicles (SS, Firehawk, etc.) cover your cars this way?
2) How drastic is the up-charge for this coverage typically?
3) How do you determine the "stated value" since KBB and what not do not account for the specialty cars?

I thought about it the other day and thought I would reach out to what others think/do. Thank you in advance!

 

I have a 98-SS thats been insured like that since I got it new. I have it insured for $25K minus $1K ded. Your limited to 3k miles a year and you have to have another car as your DD, insured by another company.

 

You want "AGREED VALUE" insurance instead of "Stated Value" insurance. Agreed value insurance is where you and the insurance company agree on the value of the car.

I have this type of insurance on both of my Camaros as do many of my friends.

We use Tamera Petro with M&K Insurance in Elmhurst, Illinois. I think she can insure in any state. Give her a call at 866-695-2774 and tell her I told you to call.

 

I actually just went thru this my ss got rearended BAD and was totaled. the insurance company said it was worth $17000. it is a 2002 ss m6 t top leather 24000 miles. i sent in as many compariables to them as possiable. i endend up buying the car back but in the end they issued a check for $23500

 

J.D. About what does agreed value go for? When I checked on the ZL1 a few years ago the cost was prohibitive. I am better off to cover the difference myself. Milage based insurace cost would save me a bundle.

 

The specialty companies ike Grundy/Hagerty have agreed value versus stated value by State Farm Allstate, etc. HUGE difference. Agreed value is a guaranteed payout in the event of a full loss. Stated value is the MOST you can receive, but they can still look at comps, depreciation, etc. and you could get much less. Ask your agent (even if you have a current appraisal) if he GUARANTEES you'll get the full amount in a total loss, then get him to sign something to that affect.

Here's an explanation from an insurance site as far as the differences. It is confusing, even some agents do not know the difference. But to an owner of a classic car you need to know the difference.

Stated Amount vs. Agreed value


It's quite common for clients, as well as agency and company personnel, to misunderstand the coverage provided under a stated amount endorsement. Some confuse stated amount with agreed value and fail to understand how the loss settlement process takes place under either endorsement.

Stated amount is most often used in automobile insurance. One such endorsement provides space to list vehicles in the schedule for which stated amount coverage will apply. The endorsement requires a limit of insurance to be listed for each vehicle in the schedule. Immediately below the vehicle schedule is found this wording:

“Note: The amount shown in the Schedule or in the Declarations is not necessarily the amount you will receive at the time of “loss” for the described property. Please refer to the Limits of Insurance And Deductible Provision which follows.” Looking at that section of the endorsement, the following appears:


The most we will pay for “loss” in any one “accident” is the least [emphasis added] of the following amounts minus any applicable deductible shown in the Schedule:


1. The actual cash value of the damaged or stolen property as of the time of the “loss”;

The cost or repairing or replacing the damaged or stolen property with property of like kind and quality; or

2. The amount shown in the schedule.


Agreed value coverage exists in automobile insurance, personal articles floaters, and in some inland marine policies. For example, the personal articles floater endorsement in the homeowners program (HO 04 61) states the following loss settlement provision for fine arts: “We will pay the amount shown for each scheduled article which is agreed to be the value of the article.” (Note that agreed value coverage currently applies only to fine arts in the 1991 homeowners program. It will be available for all scheduled property in the new Homeowners 2000 program.) An agreed value endorsement is available with some companies in automobile insurance with loss settlement language from one such endorsement stating:


In the event of loss to a "your covered auto" described in the Schedule or in the Declarations for which a specific premium charge indicates that Antique Auto Agreed Value Coverage is afforded:


1. We will, subject to the applicable limit of liability shown in the Schedule or in the Declarations for this coverage:

a. Repair or replace the damaged or stolen property with like kind and quality if the amount necessary to repair or replace such property is equal to or less than the limit of liability shown in the Schedule or in the Declarations; or

b. Pay the amount shown in the Schedule or in the Declarations.


Note that the agreed value wording differs from the stated amount wording in that there is no provision to pay any amount other than what's shown in the schedule for agreed value coverage in the event of a total loss. With agreed value coverage, it's a very easy process --- the company simply cuts a check for the amount of insurance shown in the schedule without trying to determine actual cash value (ACV), repair cost, or replacement cost.

An example will serve to illustrate the difference in stated amount and agreed value. Bill and his neighbor Sharon each purchase identical automobiles costing $75,000. Bill obtains a policy with a stated amount endorsement showing $75,000 in the schedule, while Sharon obtains an agreed value policy with $75,000 as the amount of insurance. A year later both vehicles are stolen and never recovered. Adjusters from each company visit their respective clients.


Bill's adjuster conducts a market search of his automobile, using various “blue books” and dealer estimates to assist in determining the ACV of the year-old vehicle. The adjuster determines the ACV to be $58,000. Since Bill's stated amount endorsement provides payment for the lesser of ACV or the amount of insurance, Bill is paid $58,000.



Sharon's adjuster advises her that since she has agreed value coverage the amount of coverage was agreed on when the policy was written. The adjuster pays Sharon $75,000, the amount shown on the policy. Neither the ACV nor replacement cost are considered in the loss settlement.

It's not difficult to see that Bill will not be very happy, especially when he finds out what Sharon was paid. Bill, and perhaps his agent, may have mistakenly thought that “stated amount” coverage worked to his advantage, when in fact it did not.

What then is the “advantage” of stated amount coverage? Or, better put, “Who benefits from stated amount coverage?” The answer is that the insurance company, not the policyholder, benefits from stated amount coverage. The way the company benefits is by limiting their financial liability to a maximum amount. For example, an insurance company may have a financial requirement (or reinsurance treaty requirement) that no physical damage loss payment for an auto loss may exceed $75,000. Rather than completely turn away business where an automobile is valued above $75,000 the company may elect to write the risk, but with a stated amount endorsement of $75,000. Come claim time the company knows for certain that the most they will pay is $75,000. In limiting their maximum exposure they have complied with their financial or reinsurance requirements.

In Summary

Stated amount insurance is used for the benefit of the insurance company. It would be difficult to explain to a consumer how having a stated amount endorsement attached to their policy would benefit them at the time of a loss. Stated amount coverage does not automatically provide payment for the amount of insurance shown; it states the policy will pay the stated amount or the ACV, whichever is less.

Agreed value coverage benefits the policyholder by providing payment for the amount shown in the schedule without having to worry about receiving a payment of lesser amount.

 

ive got hagerty....insured for 25k

 

Grundy here, insured for 15k and only costs me 240.00 a year. No mile limitations you just have to have a DD and not use as primary car.

 

I have my 81 insured thru hagerty..They denied my 99, I think i will try again..What process did you go thru to get it insured with them?

 

Thank you everyone for your posts and wealth of information about this!

I do have a DD, but that is cool that Grundy doesn't limit your mileage as well!

 

Just an FYI, I asked in great detail about those specialty companies like Grundy and Haggerty; their is so much fine print you REALLY need to be careful using these companies. IE: If your car is strictly a garage queen and only comes out to go to car events and directly back into the garage, your ok. BUT, if you like to drive your car during the week sometimes or to run to AutoZone or to the beach, be careful, I think you might be walking a tight rope to find out you may really not be covered in the event of an accident....just my $.02, check it out in great detail, read ALL of the fine print!! I cant see taking a chance for half the price of regular insurance not to be covered....IMHO.

 

You are correct.

 

to tell you the truth, my dad set it up for me as i was 16 when i received the car from my grandfathers estate (3 yrs ago). i dont know all the details, but if you want specifics, i can get them

i do know i am limited to either 2000 or 2500 mi per year, but that is no problems as the car has only seen 2300 miles in 3 years more than half is driving to shows or events or parades...id like to get a trailer for the shows a ways away...maybe 100 miles this year, weather has been ****, need it get it out of the garage soon. im havin withdrawals from it

 

Grundy and Hagerty both have a great reputations although yes if you have no reguard for there restrictions then yes you may be screwed in the event of a claim. If these restrictions are followed then you have nothing to worry about.

Its strange that Hagerty is covering the newer cars, at the time when I checked with them they wouldnt insure my newer cars. I had three 69 Camaros insured through them for years with no claims and they still wouldnt do my newer cars.

 

I was looking at Grundy's website but I could not find any "restrictions" lists. Am I blind? I would think this is something they would stress.

I went to get a quote from Hagerty and was told my car is too new to fall in to the "modified" category. FYI

 

also, a thing with hagerty, yes the limit the miles/year but if you purchase the car with say 55k mi, and its like an 02, or even 30k miles and want to garage it, they will see that 30k miles and say no because it has not been treated as a collectable in the past

 

I read the Hagerty's highest pay out was on the Cobra kit cars and they no longer insure them for this reason. They honer there existing policies on them but will not accept new ones.

 

i was wondering why they wont insure them

 

My 99 SS is insured the Hagerty for 25,000.00 as well. $381.00 a year. Not to bad considering my other Insurance Company was charging me 1350.00 a year for just liability.

 

how many mi are on your 99? got a link to pics?