I have a meet and greet with my Insurance Company on October 28th and want to see what you guys think so my emotions do not come into play... You will not hurt my feelings, just be fair.

So here are the bare minimum facts they need....

1968 Camaro coupe
smallblock
automatic
all new sheet metal (fenders/quarters/doors/roof)
new paint
new interior (minus front seats)

They want receipts but I don't have them all :clonk:

http://i10.photobucket.com/albums/a130/Dougs68Camaro/th_DSCN0178.jpg http://i10.photobucket.com/albums/a130/Dougs68Camaro/th_DSCN0164.jpg

I have a meet and greet with my Insurance Company on October 28th and want to see what you guys think so my emotions do not come into play... You will not hurt my feelings, just be fair.

So here are the bare minimum facts they need....

1968 Camaro coupe
smallblock
automatic
all new sheet metal (fenders/quarters/doors/roof)
new paint
new interior (minus front seats)

They want receipts but I don't have them all :clonk:

http://i10.photobucket.com/albums/a130/Dougs68Camaro/th_DSCN0178.jpg http://i10.photobucket.com/albums/a130/Dougs68Camaro/th_DSCN0164.jpgHow about getting an appraiser to give you a quote I had one done for my car for $65000.I am not sure what your asking though is this for the repairs done or is this for your total loss insurance.

This would be for the Agreed Value... I told them a price tag and they think its too high. I told them to look at Ebay if they had to and find the same thing.

Get an appraiser, I did and he gave a higher value to my car then I would have, insurance company was happy that I had a qualified independent 'third party' opinion.

Ron

I can give you the appraisers number that did my car if you need one.Let me know,my insurance company was happy with it.Every one on here doesn't reccomend using your standard insurance anyway.I tried to go with Grundy or Haggerty but I was in a car accident 8 months prior and they would not accept me.

I can give you the appraisers number that did my car if you need one.Let me know,my insurance company was happy with it.Every one on here doesn't reccomend using your standard insurance anyway.I tried to go with Grundy or Haggerty but I was in a car accident 8 months prior and they would not accept me.
Yes, can you PM me just incase.
I am using my Standard company as they have a Historic/Classic car section and they've done me well so far. It is an agreed value policy but with my accident I came very close >< to being totaled (10K value,never changed in 10 years :clonk:) So basicly I'm looking at $20K-$25K and I think its a fair price... but they are looking at a different price.... we'll see I guess :confused:

I thought that was the point of an agreed value? You pay a premium based on the agreed replacement cost. The higher the replacement cost, the higher the premium? I have done that on every camaro I have insured. (state farm) They gave me a form for an appraisal to be done by 3rd party. My premium was actually a lot less than I expected. I'd say $20-25 is reasonable for your car. My 67's agreed value was in the 20's. Let us know what comes out of it.
Scott

Doug, the Haggerty and Grundy type collector car insurance folks dont require a site visit and appraisal to cover you. Why not go with one of them? You wont have to pay for the appraisal or argue if their policy is in fact a true 'agreed' value policy. Many insurance companies use the word 'agree' but in a different context.
They say they 'agree' to pay you.... then get into the fine print and use 'comparable' and 'depreciation' and so on... you end up with what they 'think' its worth, not what you think its worth.
Ive seen this over the last 7 years in TC here. Folks get down with their agent and find out their standard car insurance company does not have true 'agreed' value coverage. You are a pretty savy guy, so I hope you can get eye to eye with your agent and ask if he will guarantee in writing that you get $30,000 if its stolen, if you insure it for $30,000. No comparisons, no bickering, no b.s., but will they cut a check for $30,000 if its stolen.. ask him. Id be very curious to know what these companies are doing. Let us all know.
Their corp. lawyers can dance around the word 'agree' till we all think its the same as 'agreed value'. What if its not?
Lets look out for each other with issues as big as what our cars are worth. :)

Jim, Back when I was in an accident I let my Camaro Ins. cover the Camaro and my Truck Ins. cover the Truck and trailer. They wanted to total the Camaro since it was so close to the 80% mark and after a small argument with me asking for replacement value under the guy who hit me Ins. Co. (Same company :rolleyes:) and his agent asked what that might be I told him to check NADA for a price and Ebay for a exact replacment... They were quick to cut me a check :D.

As for Grundy/Hagerty... my car would fall under modified (I think) and the cost goes way up and unfordable to me.

Doug, I have mine covered by Allstate. An agreed value of 25,000.

Doug, I have mine covered by Allstate. An agreed value of 25,000.

Are you sure its not stated value? Big differences. From my research Allstate/Progressive/Gieco/Farmers/State Farm do not offer any form of agreed value. I went with Haggerty. I told them my motor has about 200 more HP than it did from the factory and they didnt charge me anything extra.

Doug, Hagerty was very easy for both my cars. I told them over the phone an amount and they said o.k. (agreed amount) and that's what my premiums are based on. There was no meeting or getting an appraisal. If you go with Hagerty, just make sure they get all the paperwork they need. I had to fax stuff twice for their file.

Are you sure its not stated value? Big differences. From my research Allstate/Progressive/Gieco/Farmers/State Farm do not offer any form of agreed value. I went with Haggerty. I told them my motor has about 200 more HP than it did from the factory and they didnt charge me anything extra.
Tim, I have StateFarm. I was covered. It is an Agreed Value policy. There are a few states that SF offers AV Ins.

This was a big debate once upon a time not so long ago ,and NOT that I wanted to test it, found it to be a true AV policy.

I just told them what it was worth. If values go up, I will call and change my policy.

Progressive. Whatever registered shop I know I get a letterhead. I fill out the value in one sentence, fax it over; done deal. If I want to increase it I submit another letter.

Ive never heard of Progressive having any kind of agreed value policy... can you have your agent confirm that? Interesting if it is but I have my doubts.

Haggerty has some flexibility on what is considered modified. I have had them for 10+ years and found them very easy to work with. My 69 was classified modified when I had a rollbar put in. But a modified engine didn't affect the stock classification.

Doug,
What is the meeting really all about? Your car has been out of the shop since March (don't ask how I know :D). Are they disputing the original claim, or they think they should of totaled the car? Why do they want to see all the receipts. I would think that the adjuster came up with a cost to repair it.....cut you a check and that should have been the end of it. I would think from that point on it was up to you. I know you had a lot more work done to the car that wasn't part of the claim. :yes:
I hope you don't have to go back to Brian for reciepts, great body guy....terrible business man and even worst office manager. :sad:

Ive never heard of Progressive having any kind of agreed value policy... can you have your agent confirm that? Interesting if it is but I have my doubts.

You can call to substantiate the verocity of my statement. I just called to make sure nothing has changed since I got the policy (860-589-3434). Not under classic coverage but fully covered nonetheless. And as stated all I do is call in establish a value and raise or lower coverage. I even had a glass claim in the spring. 3 way phone call with my agent Candace, the Progressive main office and myself. He wanted it to be repaired and at my insistance and hers it was replaced. Simple. I did say in my previous post a letter was required and that is not so; that was for my 79 XLT for a different company. To reiterate, a phone call will suffice.

Scott, nothing like that. I want to put it at 20-25 and they don't seem to think it's that high and just wanted to see receipts for proof.

They paid for the drivers side and paint (just under 10K to fix) and I paid for the roof,tail,and passenger side. It shouldn't be that hard to figure out :clonk:

OK.....Now I understand! By the way thanks again for help getting that full floor pan in my car this weekend! The project is on its way again.:thumbsup:

Scott, thanks for the info. but I wont be calling them... I have enuf on my plate each day BUT after watching folks in here talking about insurance for my 7 years in Team Camaro, Ive seen many of them pull out their policy and read all the fine print. Then many of them find no mention of 'agreed policy' wording anywhere. Upon grilling their agents then asking this simple question 'if its stolen tomorrow, will I get $30,000 (presuming you have it insured for $30k), no question, no deductions, no depreciation, plain and simple, will I get $30,000'. , our TC friends have found out they did not have agreed value insurance.
All of a sudden the agents stumble and fumble around and the Camaro owner realizes he is NOT insured the way he thought he was.
The terms "Agreed Value" are extremely important in this collector car business. Everyday car insurance, like my state farm, dont have the option for 'Agreed Value". (some have said SF offers it in their states).
Im not arguing that you are wrong about Progressive but I will help TC members when I sense something isnt right. Im sensing that what you think you have from Progressive might not be what you want. If you want 'Agreed Value' coverage, it should be in big letters on your policy but take it a step further and ask the above question of your agent and see what they say. Even better, have them put it in writing.
I really hope Im wrong here, but if Im not, and you have to change your insurance to get what you want to protect your car, they Ive done a good service for a Team Camaro member here. :)
Let us know in this thread what you read and find out.

I want to put it at 20-25 and they don't seem to think it's that high

Tell them to pass the crack pipe...:sad:


FWIW, I figure mine is worth 25k as far as insurance goes...yours with the sheet metal, paint, etc is probably or should be worth more than mine??

If I had to sell mine I would pull all the parts off that I like (engine, tranny, disc brake rear, aluminum radiator, suspension, etc) and put in the original 327, suspension, etc and still hope to sell it for 20k or a little less....unless it was life or death, then I suppose I'd be dumping it for 10-15k???

Scott, thanks for the info. but I wont be calling them... I have enuf on my plate each day BUT after watching folks in here talking about insurance for my 7 years in Team Camaro, Ive seen many of them pull out their policy and read all the fine print. Then many of them find no mention of 'agreed policy' wording anywhere. Upon grilling their agents then asking this simple question 'if its stolen tomorrow, will I get $30,000 (presuming you have it insured for $30k), no question, no deductions, no depreciation, plain and simple, will I get $30,000'. , our TC friends have found out they did not have agreed value insurance.
All of a sudden the agents stumble and fumble around and the Camaro owner realizes he is NOT insured the way he thought he was.
The terms "Agreed Value" are extremely important in this collector car business. Everyday car insurance, like my state farm, dont have the option for 'Agreed Value". (some have said SF offers it in their states).
Im not arguing that you are wrong about Progressive but I will help TC members when I sense something isnt right. Im sensing that what you think you have from Progressive might not be what you want. If you want 'Agreed Value' coverage, it should be in big letters on your policy but take it a step further and ask the above question of your agent and see what they say. Even better, have them put it in writing.
I really hope Im wrong here, but if Im not, and you have to change your insurance to get what you want to protect your car, they Ive done a good service for a Team Camaro member here. :)
Let us know in this thread what you read and find out.


Jim, Again I read the policy and again I called the agent and it is as I thought: "In the event of a total loss of this vehicle, the maximum amount payable is the actual cash value or stated amount of $x." The actual cash value is the damage it incurs up to the total loss. Minus my deductable of course. And once again a simple phone call wiil bump the coverage up or down. Liablity has been pulled for winter and if a tree falls through the garage and lightening hits the car, it catches on fire and a meteor wipes out the property...I'm covered.

Jim, Again I read the policy and again I called the agent and it is as I thought: "In the event of a total loss of this vehicle, the maximum amount payable is the actual cash value or stated amount of ." The actual cash value is the damage it incurs up to the total loss. Minus my deductable of course. And once again a simple phone call wiil bump the coverage up or down. Liablity has been pulled for winter and if a tree falls through the garage and lightening hits the car, it catches on fire and a meteor wipes out the property...I'm covered.

Actually, the actual cash value is determined by the insurance company by doing comps, checking blue books and dealer sales, etc. to find a "comparable" vehicle to yours and it's value. The words "actual cash value" is the key that you do not have a true agreed value policy. In the event of a total loss they will check and find "comparable" vehicles to yours and if the values are less than your policy limits, you get the lower value. You'll see the ACV wording in all the normal daily driver policies, but never in an agreed value policy. Also realize, your agent may not even know the difference, most do not. Ask him again how they determine "actual cash value".

Here's a definition of the differences I copied off an insurance website.

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.


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Jody

Follow up inquiry to the above post submitted...

Follow up inquiry to the above post submitted...

it doesn't hurt to question your policy. And it's tough because the agents often are incorrect, and they are not the ones that will be determining how much your payout will be in a loss. Whomever that is (underwriting I believe) is the ones you need to have the answers about ACV and how it is determined, and if there is ANY chance that ACV could be lower than the stated amount of the policy. We have had threads in the past where people have had "collector car" policies with the regular insurance companies like AAA, Allstate, State Farm, etc. and had a total loss, and did not receive full payment dues to ACV being determined to be lower. That is why the specialty companies like Hagerty and Grundy exist, and why they try to limit their liability with no daily driving, limiting mileage, must in a locked garage, can't drive to work, etc. There is no wiggle room in their policies.

Jody

Hagerty. As I restored mine I would call and raise the agreed replacement value thats the amount of a check I get no questions asked. I started at $16,000 than $25,000 now it’s at $35,000

67for/me

If needed switching my insurance on the car is not a big deal. Can Haggerty prove mileage driven? I run this particular car often. It's only a 20K car.

Haggerty doesnt do mileage checks each year other than when you first sign up. They know 99% of the folks go to car shows, a cruise and such and take better care of their cars than their kids. :D

One nice thing is our cars 90% of the time are increasing in value.

As My post about my accident... I only had $10 K Agreed Value thru State Farm. They were trying to total it due to being at 80%+ of the AV. I fought with them for a day or two and said fine... total it... BUT I want "replacement value" and told them to look on NADA and Ebay for my car in it's pre-wrecked state.... They were quick to not total :)

Doug...is it true that you have the same Birthday as me?

Doug...is it true that you have the same Birthday as me?

Happy birthday guys!!!!!!!!! :beers:

Jody

No Paul... you have the same as me :D

Thanks.

Doug what is the word back from your agent on all this? :)

I meet with him on the 28th (next week)

Jim,
Getting back to this Progressive deal. First of all, an appraisal is required. Which is what I thought, but one agent was mistaken which proves humans are fallible and need to be double checked. I submitted one but it is not even on file, only my stated amount which to me holds no water and leaves them a paperwork verocity loophole from which to escape. I insured a different daily driver once and submitted the appraisal but this time inter-office performance was less than stellar with this vehicle. I had to talk to another agent who clarified this statement on the policy: "In the event of a total loss of this vehicle, the maximum amount payable is the lessor of the actual cash value or stated amount of $x." So hypothetically if the stated value is less than the actual cash value the owner loses. Even if the car is really worth 50K and the policy says 25K, which one would think is common sense. Rates are based on the dollar value on the policy. These policies are different than classic insurance and the reader is advised to pursue classic insurance policies if possible. Not to mention rates are better. If I understand correctly the fact that I run this car often should not be an issue with classic insurance. If this is at all an obstacle then my pursuit of said policy could be deterred.

This is an old thread brought back to life and has got me more confused than ever.

Doug what did you end up with..Do you have state farm ins.

I have a supposedly agreed value of 65K with an appraisel at state farm.I am getting to the point where I hope my car never gets banged up to find out.

I have Haggerty modified insurance on my car. Its got the roll bar and a blower motor. If I race it and wreck it,,it is not covered.

I tried Haggerty and Grundy but I have a bad driving record no help...

Jim asked me to update with the latest about my Progressives policy. It was on the backburner. I'm switching to classic insurance if the miles I drive don't hamper the requirements.

Jim asked me to update with the latest about my Progressives policy. It was on the backburner. I'm switching to classic insurance if the miles I drive don't hamper the requirements.
Is it an agreed value policy.

Is it an agreed value policy.

Not what I have now. This is where I could lose. "In the event of a total loss of this vehicle, the maximum amount payable is the lessor of the actual cash value or stated amount of $x." They (Progressive) require an appraisal but if it's more than the ACV I don't get the higher of the two anyway. The rep said it's best to monitor yearly the ACV compared to the stated amount. I'm switching companies to classic insurance and investigation ceased due to time constraints. If there is addt'l info I'll update.

Keep us posted.I am eventuly going to go with Haggerty or Grundy but I think you need to be three years accident free.I am not sure if I will ever get there.