I have seen a lot from various guys on who they have insurance through. I have compiled a list of what I saw in various threads.

I have my (agreed value) collector policy for both "toys" with Great American, only because I've been with them for 15 years and that policy is bundled with my daily driver policies and my homeowner's policy with one agent; same rates with the same coverage as Hagerty. If I didn't have the "bundle" with my agent, I'd probably have Hagerty. :)

I have all my classics insured with State Farm on Antique/Classic stated value policies. By far the cheapest I've found.

I thought you never wanted to go with stated value, you should always go on agreed value. I just finished my 68 and I am in the process of getting my insurance together. Please let me know what is best. Thanks

I thought you never wanted to go with stated value, you should always go on agreed value. I just finished my 68 and I am in the process of getting my insurance together. Please let me know what is best. Thanks


You are correct, State Farm with a stated value is not the way to go.

http://www.faia.com/web/2005/08/stated_amount_vs_agreed_value.aspx

I thought you never wanted to go with stated value, you should always go on agreed value. I just finished my 68 and I am in the process of getting my insurance together. Please let me know what is best. Thanks
(Agreed Value)!!!

I have researched this quite a bit and am now with AON Collector Car Insurance. Not listed in the poll by the way.

Some Classic Car Insurance Websites listed below. Most will give quotes online. Grundy provides a great link to the NADA site to value your classic car. Values seem very realistic on the NADA site.

Reasons I went with AON include:

1) No mileage restrictions

2) Only restrictions on use of vehicle are "no racing" and "no business use". Many insurers limit you to attending car events and do not allow an occasional trip to the store or to run errands or taking your car to work. AON allows this.

3) Original versus modified. Some Classic Car Insurance companies seem very strict in this interpretation and their rates go up significantly with "any" modification. One company say "no aftemarket Tachs" period!

4) Locked garage requirement waived when attending Car Events where you have stay overnight at a hotel

5) No appraisal needed.

6) Several "Agreed Value" options

Went with AON and documented modifications and sent more pictures than they requested. Also sent printouts of values from NADA site to back up the "agreed value" amount I wanted to insure at. AON was not the cheapest. They are about in the middle if you do not have a completely stock vehicle as most aren't. But they do seem to be the most liberal in use of your classic cars which was important to me.

Jim

Http://www.americancollectorsins.com/index.php
Http://www.aoncollectorcar.com/
Http://www.classicins.com/
Http://www.condonskelly.com/company.php
Http://www.grundy.com/default2.asp
Http://www.hagerty.com/
Http://www.parishheacock.com/content/
Http://www.sneedinsurance.com/sneed_collect.htm#
http://www.jctaylor.com/

Hey Jim,
Could please elaborate on the NADA site. I checked Grundy's page and I saw links to two different appraisers, but nothing like NADA. Did I miss something. I need to renew my coverage so this thread comes at a good time. Thanks everybody for the information.

I have had State Farm for 13+ years and now am concerned. Can someone elaberate on the Stated value and the agreed value. Not sure of the differences and want to be completely clear. Thanks

I had mine with another company american collector I believe, until recently I had to switch to hagerty because american did not want my 18 year old son on the policy. I had added his 68 rs vert along with my 2 67rs/ss cars and needed to insure all 3. I explained we like to drive to carshows, cruise in's and occasionally to work. That was no problem as long as we show we have other primary cars to drive which, we did. And the cost is less than 1% of the agreed value annually.

I have had State Farm for 13+ years and now am concerned. Can someone elaberate on the Stated value and the agreed value. Not sure of the differences and want to be completely clear. Thanks

Very basic...

Stated Value is the type of ins most have on daily drivers. The stated value is usually what you paid for the car but can be more and with some older drivers can be much less than what you paid... Stated is the starting point if a claim is made but deprecation is factored in and usually the ins company will find "comps" and low ball you. Think about a $30k new car loosing $5k in value just being registered and driving it off the lot...

Agreed Value is what you and the Ins company decide on based on appraisals or appx value from the various gold book or other collector car value guides. If totaled you will get every cent of the agreed value period from the ins company. Typically you jump through a couple hoops, garage park and limit usage to pleasure, shows, cruises and parades.

Like John Z I let my Ins man administer my Hagarty account. He interpets the rules and regs set forth by Hagarty and he answered their questions when I was applying. Too often I hear of folks using the online application or calling in and talking to the hagerty rep and not giving the right answer and being turnd down. It's not that they wouldn't qualify, they just didn't know how to word things when replying...

Example - you are asked if you drag race the car and say no but I would like to - boom you're rejected. If you had answered that same way to your Ins agent he might reply "but have you ever been to the track in this car?" You answer no because it's the truth and you still qualify because when he talks to Hagarty he gives the right answer. Bad example but it should give you the idea...

I have had State Farm for 13+ years and now am concerned. Can someone elaberate on the Stated value and the agreed value. Not sure of the differences and want to be completely clear. Thanks


State Farm doesn't do agreed value, only stated. Read my link above for the difference. It's tricky as they "agree" to your value and set the rates to that, but their policy has the dreaded wording "The actual cash value of the damaged or stolen property as of the time of the “loss” OR

The "or is the out, an agreed value policy doesn't not have that or clause. They will pay you the amount stated; no comps, depreciation, etc.

Jody

Hey Jim,
Could please elaborate on the NADA site. I checked Grundy's page and I saw links to two different appraisers, but nothing like NADA. Did I miss something. I need to renew my coverage so this thread comes at a good time. Thanks everybody for the information.
It's very basic and I don't know how accurate it is.
http://www2.nadaguides.com/SectionHome.aspx?LI=1-22-1-5005-502-504-50005&l=1&w=22&p=0&f=5003

Hey Eric,

Sorry about that. It was awhile ago that I did this research. To get to the NADA site through Grundy, you have to click on "Free Quote" in the upper left hand corner of the Grundy website page below. After filling in the info and getting to the next page, click on the NADA info in the middle of the page. Make sure your browser allows pop-ups from this website and you will access the NADA site. Works great!

Jim

Here's the Grundy site:
Http://www.grundy.com/default2.asp

Has anyone any experience with LELAND WEST (http://www.lelandwest.com/)? They gave me a good price at just over $400.00 a year for my 1955 Mercedes Benz 190SL (Valued at 30k), and my 1968 Camaro (valued at 60k), but I've never heard of them.

Ed

We have both our "collector" cars insured through AON (68 Camaro and 72 Pantera) Our other cars and house are insured through State Farm. State Farm said that under NO circumstance could they insure the Pantera! Not even basic liability!!

I have had State Farm for 13+ years and now am concerned. Can someone elaberate on the Stated value and the agreed value. Not sure of the differences and want to be completely clear. Thanks

I had a very bad experience with state farm. I have since then cancled everything with them and went elsewhere for insurance. For the '69 I use Grundy. State farm screwed me over BIGTIME when I had the deer run into the side of me going to a show 2 years ago. STAY AWAY FROM STATE FARM!!!!!!!!

State farm tried to get me on a 64 Corvette Roadster that was stolen in the early 80's. The car was dropped off for the better part of a day to have an appraisal done. It was a beautiful numbers matching car that had a full report done on it for value. My premium was based on that value.

After the car was gone they tried to lowball the value based on the PICTURES. I wouldnt go for that, so they sent me to look at some other Corvettes to replace mine. Cars that were not complete and in need of a total restoration. Aprox. 6 months of bumping heads and no end in sight. I happened to mentioned it to another Corvette guy and he was infuriated that they revalued my car by looking at the pictures and ignored the appraisal. He was a lawyer and insisted on handling this matter, no charge. 2 weeks later I had a check for the full appraised value plus sales tax based on the value.

I would be very careful with insurance companies now a days. I have been with Illinois Farmers Insurance and my agent for 18 years. The good relationship that you have with your agent is not extended to the claims department. I had another incident with my son getting into an accident. I had been overcharged for my homeowners insurance and asked to have the overage applied to my autos. It didnt happen, my son got in an accident and I was told we had no coverage. They had the money in their left pocket instead of their right(More than enough to pay the premium was still sitting in my homeowners account). Even with my agent and her secretary making a taped statement to claims that the money was supposed to be transferred, they still denied the claim. I had to file a complaint with the Illinois Dept of Insurance to get this matter straightened out. I pay everything now in person and get receipts.

I have all my Camaro's insured through Farmers... I have my Porsche 935's and 962 insured with Parish Heacock... Parish now wants to insure my Camaro's .The policy does have stated value's . My Parish insurance is for race cars and it cover everything up to paddock..once on the track I am on my own.
Leland West has been advertising in the Porsche Panorama magazine for ever .. I had them about 10 years ago. At that time the requirements were that you had to own your own home be for they would insure you . But I found out after really looking at the policy and talking to my regular agent that it was very restrictive coverage .

We've been warning folks in here for years about State Farm and other standard companies and their stated value policies that are NOT for collector cars. I hope more folks read this and double check their coverage..
MOST SF agents will be upfront and tell you that they are not the best type of company for old collector cars.

For those in SoCal, AAA SoCal (ACSC), started offering collector car insurance late last year. Agreed-to value, based on appraisal type policy. Very competitive rates (about 10-20% less than American).

Great service, but so far, I haven't had to file a claim...

Stay away from State Farm. In the late 80's I had an X-11 Convertible SS with documentation and a stated value policy for $9,000. A work van pulled out in front of me and I t-boned him. The company did not have insurance and I settled with State Farm for less than $2,500. When I went to go buy the car back, it was gone. No record it was even on the lot. Needed a front clip, but did not even push the fenders into the doors. I often wondered where that car went, it even had an endura front bumper.

Stay away from State Farm. In the late 80's I had an X-11 Convertible SS with documentation and a stated value policy for $9,000. A work van pulled out in front of me and I t-boned him. The company did not have insurance and I settled with State Farm for less than $2,500. When I went to go buy the car back, it was gone. No record it was even on the lot. Needed a front clip, but did not even push the fenders into the doors. I often wondered where that car went, it even had an endura front bumper.

That's EXACTLY why "stated value" policies are totally useless - it's the same coverage you have with a standard daily-driver auto policy. If you don't have an "agreed value" policy, you're hopelessly under-insured, and will get hosed in the event of a total loss.

:beers:

That's EXACTLY why "stated value" policies are totally useless - it's the same coverage you have with a standard daily-driver auto policy. If you don't have an "agreed value" policy, you're hopelessly under-insured, and will get hosed in the event of a total loss.

:beers:

That's why I have Grundy now. Not like I'd ever be able to replace this car, but at least I might find something else as enjoyable. :beers:

We have State Farm Insurance and we got our car appraised by a local classic auto dealer who is been an appraiser for over 20 years. We brought the appraisel slip into our insurance agent and they took some pictures and they filed away the paper work and are going to insure the car for the appraised value. So i dont know if that is stated value or agreed value. To me that sounds like agreed value.

Nope...

I have JC Taylor, 13 years now and still satisfied. :thumbsup:

We have State Farm Insurance and we got our car appraised by a local classic auto dealer who is been an appraiser for over 20 years. We brought the appraisel slip into our insurance agent and they took some pictures and they filed away the paper work and are going to insure the car for the appraised value. So i dont know if that is stated value or agreed value. To me that sounds like agreed value.
That's stated value State Farm would say at the time of the appraisal your car was worth $XXX, but in the condition it's in now we feel the value of your car is$XXX. That's stated value. Agreed value is when the insurance company says no matter what happens your car is worth $XXX. Even with a total loss we will give you that amount to replace your car.

I have AON Collector Car Insurance. They seem really reasonable. No mileage limits and AGREED VALUE. I currently have the Camaro appraised at $27K...Now I am putting on 4 wheel disc brake conversion as well as new polyurethane bushings, springs and shocks...They said that if I wanted to increase the appraised value, all I would have to do is call it in and the change should be made in less than 3 days.
The only thing I didn't like was that I have Torque Thrust II rims and the said that it was a custom car since it didn't have ralley rims and cost me an extra $225 per year. So I pay around $430 a year. Pretty cheap I thought..

i aplied to all

they all denied me

suxs being 17

I have Parish Heacock agreed value for $50,000.00
Some idiot backed into me this weekend at a McDonald's on the way to a show.Here's a shot of the damage.The adjuster is coming tomorrow, then off to the body shop.If this thread is still alive I'll keep you posted.I'm insisting on NOS parts, we'll see how good Parish Heacock is.

Just an update on how Parish Heacock is handling my claim.I couldn't be more pleased at this point.It went into the body shop of my choice today.
I got them to buy exactly the parts I wanted, even a NOS GM header panel from Heartbeat city for $450.00 instead of a Goodmark one for $70.00
They are paying the bills and trying to collect from the Insurance company of the guy who hit me.Also say they won't raise my rates because it wasn't my fault.They get my endorsement so far.Now it's up to the body shop.
Billy

Thanks for the info. Everyone.

I just finished restoring my 68 SS Camaro and I went to my Insurance agent (American Family) and he told me that he would insure my car at $45,000 for $119.00 a year for full coverage. he also said that I could drive it as a daily driver and he would never know. But he new that I wouldn't drive it that much. All I had to do was go to my local Chevy dealer and have it apraized.
Hope this helps

srt... a few problems I see with that insurance situation... Im betting your Am Family policy is NOT "agreed value". If your car gets totaled they will pay you what 'they' think its worth. Your chevy dealer will have very limited idea of what your camaro is worth, they dont deal with 69 camaros everyday. The folks in here or Jerry McNeish do know the values, we see them EVERY day.
You need to double check all that before you find out the hard way. Typical insurers like AmFamily, StateFarm etc. DONT have good collector coverage at all and they DONT offer AGREED value. I hope you read all the previous threads in here on the difference. :)

I thought when I talked to him that I would get the value stated from my Chey dealer since that he is into old cars and that is who American Fam. sent me to but your right I better check into it some more, it doesn't hurt anything to ask more questions.
Thanks

I have Parish Heacock agreed value for $50,000.00
Some idiot backed into me this weekend at a McDonald's on the way to a show.Here's a shot of the damage...I'm insisting on NOS parts, we'll see how good Parish Heacock is.
good luck

read up on insurance by using the 'search' function in the Bench section. Tons of posts of others that 'thought' they had full coverage. Stated value is the same kind of insurance you have on your every day cars. It goes down in value, depreciates all the time. AGREED value stays at the value you and the insurance company AGREE on each year at premium renewal. If you total the car, you get a check for that AGREED value, no deprecitation or discounts. AmFam does NOT have AGREED value, I assure you. Read up in our site about this topic and then armed with good valid information, talk to your agent. Im betting that if your camaro is worth $25000 and you have stated value coverage, you might be lucky to get half that after the insurance company finds a daily driver, half rusted out on ebay for $13000. Thats what you would get.

I have my 01 SS and my 02 SS insured through Grundy as collector cars.
I pay approx. $460 a year for both of them, Hagerty wont do the newer cars like Grundy. They have to be a specialty vehicle of some kind, anniversary edition ect. I had my 69 Camaros insured through Hagerty but they wouldnt cover the newer ones.

read up on insurance by using the 'search' function in the Bench section. Tons of posts of others that 'thought' they had full coverage. Stated value is the same kind of insurance you have on your every day cars. It goes down in value, depreciates all the time. AGREED value stays at the value you and the insurance company AGREE on each year at premium renewal. If you total the car, you get a check for that AGREED value, no deprecitation or discounts. AmFam does NOT have AGREED value, I assure you. Read up in our site about this topic and then armed with good valid information, talk to your agent. Im betting that if your camaro is worth $25000 and you have stated value coverage, you might be lucky to get half that after the insurance company finds a daily driver, half rusted out on ebay for $13000. Thats what you would get.

Its amazing how many people dont know this and get ripped off by there insurance companys with high premiums. I know a guy that this same thing happened to and I am 99.9% sure it was State farm. He thought he was going to get good money for his car after it was totaled. They found three cars in the local paper and auto trader and gave him the average value between the cars and depreciated it from there with tire wear ect. After all was settled he got right a $5,000 to replace his car that would easily have sold in the upper 20s.

Its amazing how many people dont know this and get ripped off by there insurance companys with high premiums. I know a guy that this same thing happened to and I am 99.9% sure it was State farm. He thought he was going to get good money for his car after it was totaled. They found three cars in the local paper and auto trader and gave him the average value between the cars and depreciated it from there with tire wear ect. After all was settled he got right a $5,000 to replace his car that would easily have sold in the upper 20s.


Yes, it's been discussed many times here. Problem is they "agree" on a value and rate the premium from that, and in many cases the agents don't even understand the difference.

Jody

Fellas,
There is just no two ways about it, you have to have agreed value coverage! Insurance agents will say anything to get your business and collect a commission check. None of the "big" name insurance companies have the type of coverage you want and need. That is why companies such as Hagerty and Grundy exist.

I had Hagerty, was looking at Grundy, but went back to Hagerty. It was 60 bucks more a year than Grundy but did not have the driving restrictions that Grundy did.

Some Insurance Companies are now using the term "Actual Cash Value" in place of "Stated Value". Probably because it sounds like "Agreed Value" but it isn't!

As stated above, many Agents do not know the difference in these terms because they usually do not insure Classic Cars regularly. Don't ask your agent, look at your policy to see which Term the Insurance Company uses.

Jim

Any insurance agent on here want to chime in?

Dave, the insurance agents have chimed in over the years in other posts on this topic and they concur that 'agreed' value offered by classic insurers is the only way to go to protect the increasing value of our cars as opposed to the decreasing value of any other vehicle we insure. BUT if you want to drive it daily, all bets are off and you are on a limb if its totaled. We'd welcome more agents input but I think we know what will be said. :)

just wanted to let you guyes know that I checked with my Insurance Agent at American Family and asked him if someone runs a stop sign and totals out my car do I get the $45,000 that I have it insured for or would I get some other amount. He said that I would get the $45,000

just wanted to let you guyes know that I checked with my Insurance Agent at American Family and asked him if someone runs a stop sign and totals out my car do I get the $45,000 that I have it insured for or would I get some other amount. He said that I would get the $45,000
Have him put it in writing and get his adjusters and underwriters to sign it as well. They will tell you you'll get that, but what your policy will say is totally different.

Here is a website that explains it fairly well. Jim

http://www.team.net/www/morgan/insurance.html

srt I agree with harley, have him put those exact words in writing, in fact, write the letter for him, "if my car is totaled I will get a check for $45,000 no reductions or adjustments from this value" .. I bet he wont sign it.

just wanted to let you guyes know that I checked with my Insurance Agent at American Family and asked him if someone runs a stop sign and totals out my car do I get the $45,000 that I have it insured for or would I get some other amount. He said that I would get the $45,000


I did the exact same thing with State Farm for my SS (detailed in this thread somewhere...). The appraisal was in their file, but that is a far sight from what they paid. You are being set up, or it may be a case of your agent not knowing the intrinsics of the situation should the car get wrecked. Please take my advice and don't find out the hard way like I did, get classic car agreed value insurance.

just wanted to let you guyes know that I checked with my Insurance Agent at American Family and asked him if someone runs a stop sign and totals out my car do I get the $45,000 that I have it insured for or would I get some other amount. He said that I would get the $45,000


If it is not agreed value THAT IS WRONG. Read the policy and see if it says something like the following:

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.


Read the second part of #1. That's where comps and depreciation comes into play. A true agreed value policy does not have this wording.

Read this for a better explanation of the differences.

http://www.faia.com/web/2005/08/stated_amount_vs_agreed_value.aspx

Pretty amazed this thread is still alive. Why are some of you guys fighting the obvious? If the policy does NOT say "AGREED VALUE" you are NOT protected!!!!! Takes a whole fifteen minutes to get a quote from Grundy, Hagerty, and the others that specialize in this type insurance. If you can't spare that minimal effot to protect yourself, well........:clonk:

So i'm gonna switch my insurance to Grundy in the next month or so. I got a quote for less than $400 yr. Hagerty's quote was for more than double that! Same values, info, and everything. I have it covered through Allstate now, which is pretty good coverage but I have it set at a lessor value. NADA says my car High Retail is worth $68k!!!!! I liked seeing that, since i've sunk so much money it in the past 6 years. Since I really only drive it for pleasure cruising & the occasional car show it makes sense to get that kind of coverage. This thread has been a big help! :thumbsup:

I went with grundy because they allowed me to put my '96 vette on the policy. I have a 19-year old driver in the house and my AIG insurance would not allow me to keep her off the vette policy.

I have it covered through Allstate now, which is pretty good coverage but I have it set at a lessor value.

Jay...you better read your policy VERY closely. You don't have an agreed value policy and you don't set the value, Allstate does. I hate to tell you but if you have a loss you will not be happy.:(