Well, the last thing I wanted to do is find out it wasn't really "agreed value" and wasn't out looking' to test the insurance.
I only had 10K agreed, I thought I upped it to 12 or 15 :clonk: but nothing to back that up.

Well... for all the nay-sayers who said it wasn't really "agreed value" YOU WERE WRONG. The adjuster said if it less than 10K, thats what they'll pay, if it's over 10K it will be totaled and I could buy back.
We're at 7K and possible frame damage, so they may cut their losses and total it , just cut me a 10K check unless I buy it back... no price yet, just an option. :pout:

Soooo, for those that have SF "agreed value", you should be good (varies state to state I know).

But now it comes to will they re-insure it after repairs (I'll double it this time)

So, ALL.... be forewarned and make sure you have enough coverage, and it's an AGREED VALUE policy.

Well, the last thing I wanted to do is find out it wasn't really "agreed value" and wasn't out looking' to test the insurance.
I only had 10K agreed, I thought I upped it to 12 or 15 :clonk: but nothing to back that up.

Well... for all the nay-sayers who said it wasn't really "agreed value" YOU WERE WRONG. The adjuster said if it less than 10K, thats what they'll pay, if it's over 10K it will be totaled and I could buy back.
We're at 7K and possible frame damage, so they may cut their losses and total it , just cut me a 10K check unless I buy it back... no price yet, just an option. :pout:

Soooo, for those that have SF "agreed value", you should be good (varies state to state I know).

But now it comes to will they re-insure it after repairs (I'll double it this time)

So, ALL.... be forewarned and make sure you have enough coverage, and it's an AGREED VALUE policy.

Just because they paid doesn't mean it was an "agreed value" policy. It's just means they didn't fight your stated value. Could have been the low amount.

It's not really tough. Every insurance policy has a contract. The contract will say whether it's an Agreed or Stated policy. With a stated policy you are at thier mercy.

I wrote about it here:
http://www.popularhotrodding.com/hotnews/0709phr_car_insurance_tips/index.html

What's funny is that I asked State Farm if they had "Agreed Value" policies and they said no.. (insert confused smilie here)

Well, the last thing I wanted to do is find out it wasn't really "agreed value" and wasn't out looking' to test the insurance.
I only had 10K agreed, I thought I upped it to 12 or 15 :clonk: but nothing to back that up.

Well... for all the nay-sayers who said it wasn't really "agreed value" YOU WERE WRONG. The adjuster said if it less than 10K, thats what they'll pay, if it's over 10K it will be totaled and I could buy back.
We're at 7K and possible frame damage, so they may cut their losses and total it , just cut me a 10K check unless I buy it back... no price yet, just an option. :pout:

Soooo, for those that have SF "agreed value", you should be good (varies state to state I know).

But now it comes to will they re-insure it after repairs (I'll double it this time)

So, ALL.... be forewarned and make sure you have enough coverage, and it's an AGREED VALUE policy.

State Farm doesn't have agreed value. :noway:They paid the amount because it was such a low number. Honestly, you can barely buy a first gen for $10K anymore. I've always said if you're at the low end of the scale value-wise, then you can use these classic policies from SF and Allstate.

Try it again with a $50K to $75K Camaro........................ ;) Heck, try it with a $25K Camaro which is a pretty common number. Steve above researched this for a magazine article and State Farm told him they do not offer agreed value. We've had insurance people and brokers warn that SF and Allstate's classic policies are not true agreed value, and yet some keep believing the individual agent who has almost no control over what the payout will be in a loss.

I'm glad you were handled, but they would have struggled to find comps worth under $10K. I think you were under-insured, and it worked in your favor this time. But do not believe that because they paid the amount of your policy that it makes it an agreed value policy.

Jody

I hear what you're saying, but this is still MY insurance. I haven't even heard from theirs yet (today makes it 1 week).

I've been looking at Ebay for comps or maybe even a replacement ?

Now what I need to find out is if car is worth X amount and insured for Y, what does their insurance pay ... X or Y ? Lawyer on retainer incase this all goes South.

I hear what you're saying, but this is still MY insurance. I haven't even heard from theirs yet (today makes it 1 week).

I've been looking at Ebay for comps or maybe even a replacement ?

Now what I need to find out is if car is worth X amount and insured for Y, what does their insurance pay ... X or Y ? Lawyer on retainer incase this all goes South.

I would think that if it's their fault, and comps come in higher than you were insured for, the other company has to use those; they have to give you enough money to replace what you lost. Of course, I'd also guess they talk with your company, and if they see it was only insured for $10K and they find comps at $15K, then they'll offer the lower for sure, and put it on you as to how far you want to take it to get more out of them.

Good luck, hopefully they'll do right by you and it'll be painless.

Jody

Steve,

What's the break-even point in policy cost and years of ownership just to insure w/ just liability low hospital and comp. vs full-boat specialty car coverage??

Might be cheaper to DD it and then eat it if it costs more to insure it at replacement cost?

pdq67

Well one thing I think we can all agree upon is your car was worth more than 10k. The sum of the parts alone was more than 10k. If you can buy it back reasonable jump on it and then you arent out the extra 5-10k its actually worth.

Well, shop said 10K will get all new metal installed and painted.
New fenders,doors,full quarters,wheel wells,deck lid. (some of which I already have and will be deducted)
Basically better than when I bought.... not a total loss IMO.

I was in Medford, Oregon early this month for a car show and State Farm had a booth. Apparently, State Farm is testing true, "Agreed Value " in Oregon. They will only issue "Agreed Value" with an appraisal.

Good Luck with the rebuild of your Camaro. Like you said, it will be better than it was once completed. I would get your Camaro fixed and switch Insurance Companies.
I use J.C Taylor 1-800-345-8290. You tell them what your car is worth. Over $25,000.00, you need an appraisal.

Like I said we're at 7K In damage and they want to check the frame first before proceeding which isn't in the quote yet.

Just because an adjuster said something doesn't make it so. 10k to total an old car is CHEAP! To be honest, I'm not sure why everyone feels so strongly that an agreed value policy is necessary, so long as you haven't spent too much on modifications. They owe for replacement value, which is a difficult thing to pin down on an old car, but you could easily prove 20k+ in value on a 1st gen thanks to all the high asking prices that anyone with 10 minutes could find on eBay or any local classified. An old car is an insurance companies worst nightmare and they will typically pay to make the problem go away, which more often than not means fixing the car. If you have any modifications that you can prove with receipts, you will be better off going through the adverse carrier as they have to give you credit for modifications whether it devalues the car or not.

On a side note, having seen quite a few wrecked cars, I don't see where "frame" damage could be looking at your pictures. From the looks of it, I see a new fender, door, inner wheel well and some repair on the quarter, rocker and maybe the cowl. Honestly doesn't look bad...certainly nothing I would consider totalling. Having said that, it is only a picture and maybe there is more than I can see.

Don't mean to come off as a know-it-all, just throwing out an opinion. And no I'm not going to say which insurance company I work for : )

The car has subframe connectors and the frontend is pushed over toward passenger side,throwing off alignment and gaps.

Just food for thought, but if they total it and you buy it back and fix it, it will have a salvage title. It might very well be better than before but with the salvage title you may or may not have a hard time insuring it again and the cars value will suffer.

Their company will try to lowball you and they will try to out wait you. They always count on you being desperate to have your car so the more they make you wait the better their odds for getting you to agree with them. If you can get it fixed properly on your own, do it and let them know the total. Years ago my daughter totaled a Honda Civic and they played games with me until I told them I had tired of playing with them and went and bought another car. They immediately paid me. Turns out they also owed me about 30.00 per day rental car allowance and the clock was still ticking till they settled.

I missed something - what happened to your car???

edit: nevermind - ouch - http://www.camaros.net/forums/showthread.php?t=136286

Yes, trying to keep from getting a salvage title.
If the damage gets to a certain percentage of the 10K it will be considered totaled, I plan to fight as best I can even if it goes to $9750 showing replacement value being more and I never upped my insurance over the years :clonk: is being stupid a defense ?

state farm sucks when it comes to collector cars!! I had an issue with a claim on my '69 a few years ago and ended up dropping sf. I had everything insured with them also and over one claim I dumped them. I would suggest an insurance company that specializes in collector cars.