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Many members will discuss insurance, but...

Discussion in 'The Hokey Ass Message Board' started by boldventure, Jul 31, 2009.

  1. boldventure
    Joined: Mar 7, 2008
    Posts: 1,766

    boldventure
    Member

    I have read through many threads here discussing which insurance carrier is the best, cheapest etc.
    Assuming that all of you have Agreed Value coverage, what I'd like to know is how did you decide the Value to Agree on, for your car?
     
  2. model-a-fan
    Joined: Oct 4, 2008
    Posts: 842

    model-a-fan
    Member
    from Kentucky

    I'm with Farm Bureau. I just get the car appraised (they have a list of approved agents) and that is the agreed value. My friend is on the list and getting the $$ value I want isn't a problem. I pay about ten dollars a month for 100% replacement (minus a $500 deductable) for a car that appraises for 15K.
     
  3. KJSR
    Joined: Mar 7, 2008
    Posts: 2,401

    KJSR
    ALLIANCE MEMBER
    from Utah
    1. Utah HAMBers

    I have State Farm and I based it off of my guess to how much it would cost to build another and some $ for time.
     
  4. NITROFC
    Joined: Apr 17, 2001
    Posts: 6,177

    NITROFC
    BANNED


  5. boldventure
    Joined: Mar 7, 2008
    Posts: 1,766

    boldventure
    Member

    Judging by responses here in HAMBland I'd say you're right. You DO have Agreed Value coverage. How did you come up with the Agreed Value?
    How did you know how much insurance coverage to buy?
     
  6. Royalshifter
    Joined: May 29, 2005
    Posts: 15,555

    Royalshifter
    Moderator
    from California

    State Farm Classic Insurance under $10,000 value all they need is photos...I think 5000 miles per year limited driving and it is about $15.00 per month full coverage on that dollar amount. Anything over $10,000 they want an apraisal and then the coverage goes up.
     
  7. sawzall
    Joined: Jul 15, 2002
    Posts: 4,728

    sawzall
    Member



    based on what I felt the car was worth, and what I could afford..

    whatever car you have, do some quick ebay searching/ hemmings search / whatever and see what a car similar to yours is worth..

    what type of car do you want to insure?
     
  8. NITROFC
    Joined: Apr 17, 2001
    Posts: 6,177

    NITROFC
    BANNED

    Thanks Alan .. Thanks for the call & informative info on Appraisals...;)
     
  9. boldventure
    Joined: Mar 7, 2008
    Posts: 1,766

    boldventure
    Member

    I don't insure. I provide appraisals so HAMBERs (and other regular folks)can get coverage based on accurate Valuation of their cars.

    For instance if your collection of parts and paint and chrome is assembled into a car isn't it worth more than what you paid for the parts?

    If you have a claim can you verify the value? An appraisal is that verification.:cool:
     
  10. boldventure
    Joined: Mar 7, 2008
    Posts: 1,766

    boldventure
    Member

    You're very welcome;)
    click the links in my signature;)
     
  11. chopped
    Joined: Dec 9, 2004
    Posts: 2,047

    chopped
    Member

    Grundy gives you a link to blue book. I thought they were a little high on what my car was worth, but who am I to argue.
     
  12. BBobb
    Joined: Feb 5, 2007
    Posts: 1,865

    BBobb
    Member

    I am with American Collectors.I called them up told them i wanted an agreed value policy of 35,000.00 on my Model A.They quoted me the the premium and ask for pic's of all the angles and what modifications i had made.I sen them the payment.Now after reading into this thread,is there a chance that if my car is totaled out....heaven forbid., they will dispute the claim if i do not have an appraisal they did not ask for upfront




























    ///
     
  13. boldventure
    Joined: Mar 7, 2008
    Posts: 1,766

    boldventure
    Member

    The CUSTOMER.
    He,Who Is Always Right... (the customer)...
    Do you want them (any insurance company) to tell you what your car is worth?
     
  14. sota
    Joined: Oct 14, 2006
    Posts: 717

    sota
    Member

    Sneed,Robinson&Gerber Inc. is who I have on all three of my hotrods. These folks are first class to work with. I priced Grundy and they were higher then others ( at least that was my experence).
     
  15. boldventure
    Joined: Mar 7, 2008
    Posts: 1,766

    boldventure
    Member

  16. HotRod33
    Joined: Oct 5, 2008
    Posts: 2,407

    HotRod33
    Member

    I have Farmers Group and they have me get an appraisal each time I get or build a different car. I have to insure it for what the appraised value is.... I have had a claim before with them and they paid up with NO Problems....
     
  17. boldventure
    Joined: Mar 7, 2008
    Posts: 1,766

    boldventure
    Member

    How did you decide how much coverage to buy?:eek:
     
  18. Falcon
    Joined: Jul 28, 2009
    Posts: 482

    Falcon
    Member
    from nevada

    I went to Progresive after I got a quote and found out All State had been ripping me off for years, but I like the sound of Farm Bureau (Model A Fan) talked of.
     
  19. PhatCaddy
    Joined: May 31, 2005
    Posts: 1,453

    PhatCaddy
    Member

    I am FINALLY getting my Cadillac Appraised. It is one of those things I kept putting off but since I am ready to put the Caddy away for a few years I am finally going to get it done. Also I am going to get the LaSalle done when it is driveable and update when it is finished.
    In my case with PhatCaddy I have people like Frank DeRosa & Son who did the body work and I don't want to worry about Agreed Value if anything happens so I think this is the best way.

    B
     
  20. bill3337
    Joined: Sep 30, 2007
    Posts: 231

    bill3337
    Member

    I've got an all steel '33 5 window, a nice one too I think.....I took it to two appraisers recognized by my insurance company plus the insurance company sent out their own expert and between them they settled on an agreed value of $106,000 which costs me $530 a year in addition to my modified collector policy.
     
  21. boldventure
    Joined: Mar 7, 2008
    Posts: 1,766

    boldventure
    Member

    Phat Caddy/bill3337
    Thanks for the feed back guys!
    -Alan-
     
  22. 1950Effie
    Joined: Sep 30, 2006
    Posts: 798

    1950Effie
    Member
    from no where

    I moved from State Farm to Grundy's three years ago. No regrets and more clams in my pocket!
    Agreed value? What do you think it's worth to you? I knew what mine was worth to me if some slug ran into it or a low life swiped it. Be realistic. No B-J auction BS. Look at the true market values; What you've added to it; Your labor - It's worth something right? Better yet grab a few of your buds or HAMB'rs you can contact locally and get some opinions. We've all been around the block enough to know what thier true worth is.
    Hey, it all boils down to one thing anyway. What do you want to insure it for and what would it coost to replace it if the old betty got slammed! You're gonna pay for it anyway....
     
  23. Boyd Who
    Joined: Nov 9, 2001
    Posts: 2,196

    Boyd Who
    Member

    Be aware that not all appraisers are the same. I had my Essex appraised last year by the only guy in the region and he came up with a value of $8800.00 Cdn (7900.00 US) and he figured he was being generous! Not nearly enough in my eyes. It may not be perfect, but I'm sure it's worth a bit more than that. Now I have to find someone else to appraise it. :(

    [​IMG]
     
  24. 1950Effie
    Joined: Sep 30, 2006
    Posts: 798

    1950Effie
    Member
    from no where

    Dude, That is one sweet PU! I would have at least told you $35k based on the rarity!
     
  25. chopped
    Joined: Dec 9, 2004
    Posts: 2,047

    chopped
    Member

    Grundy didn't tell me what it was worth. Blue gives you a variety of conditions with the matcing values. You choose.
     
  26. boldventure
    Joined: Mar 7, 2008
    Posts: 1,766

    boldventure
    Member

    Isn't your car going to be a one-off (unique on the planet) build?
    Or is it a restoration?
    You mean Kelly Blue Book right?
     
  27. hotrodladycrusr
    Joined: Sep 20, 2002
    Posts: 20,762

    hotrodladycrusr
    Member

    With Grundy or Hagerty the insured does NOT have to "verify" the vaule if there is a claim. Why in the world would you even think something like that.

    Agreed value is just that, once Grundy/Hagerty and the insured have agreed on the value and the policy is written and paid for there is nothing else the insured has to do execpt keep their eye on the market and make sure to increase the agreed vaule as the cars vaule increases.

    An appraisal is not verification either. An appraisal just gives the owner of the car an idea of what's it worth. There is no one that knows my car better then me regarding how much I've put into this car AND how much it would cost to replace it. I've made sure that in case of total loss I could buy another 1946-48 Olds convertible AND rebuild that car to the same level as Big Olds. Also every year or 2 I have increased the value as shop hours and replacement products increase.
     
  28. boldventure
    Joined: Mar 7, 2008
    Posts: 1,766

    boldventure
    Member

    Thanks for you response Denise!
    -you know of course-
    Grundy and Hagerty aren't the only providers of this type of insurance.
    -but-
    Trust me, not everyone is as well prepared as you are.
    -and-
    How did you; "make sure that in case of total loss..."?
     
    Last edited: Aug 2, 2009
  29. skullhat
    Joined: May 30, 2009
    Posts: 892

    skullhat
    Member


    thats the way ive always found it as well.

    what the car is actually worth isnt the point, its what you and the insurance co "agreed on" , no further proof of value at time of claim is neccessary, unlike conventional insur, where you do have to prove value.

    all the co's are a little different, but most have a threshold where an appraisal is required, and you pay x per 1000 of value.

    as for how to come up with the #, get out your reciepts and a calcluator, or call an appraiser.
    for most cars its pretty easy

    skull
     
  30. 39 All Ford
    Joined: Sep 15, 2008
    Posts: 1,531

    39 All Ford
    Member
    from Benton AR

    Any insurance that limits where, when, or HOW MUCH I drive my car won't work for me.... My cars are drivers, this being the case I just "insured" them (regular insurance) and I am taking my chances....

    I am just taking the "ostrich approach" I am just refusing to think about a total loss'..... :O :D
     

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