Stated Value Insurance

[Griswald]

Just so I wouldn't ever get screwed on KBB value if my first gen were ever in a wreck, I found a guy who was able to insure my '89 with a "stated" value. A couple overlays, but it's dirt cheap, and they'll pay out what the truck is truly worth. If anyone in MD, PA or DE (VA soon!) is interested, please PM me and I can forward details.

 

[ChildrenOfBodom]

I'm insured with Hagerty on my 87 turbo, they also offer stated value coverage. Anyone paying full rate for their extra vehicle should consider! Normal insurance charges way too much and pays out way too little.

 

[flyinhawaiian01]

Stated value on my '87 truck, think I have it at 18 grand, maybe it was 16 grand. Really not very much more than a standard policy, but I had to show proof of that stated value with photos of everything. I don't recall if they also wanted invoices for the major stuff, it was a long while back. I'm with AmFam insurance.

One other thing to consider is classic car insurance too (like Hagerty's). Insurance is dirt cheap if you don't drive your rig more than 2000 or 2500 miles a year, or something like that. They do a stated value policy for classic vehicles (iirc, 25 years old is considered classic), but you have to answer a few tricky questions! I normally take my truck camping, and that disqualified my truck for insurance! Other things would be any sort of offroad competition, as competitions disqualifies vehicles for classic insurance.

Just tryin' to add some extra input on insurance, hope it helps others out.

 

[danthemanx07]

Any one using another provider? Amfam does write policies in Louisiana. Tried Geico, but I think they require the vehicle to be garaged.

 

[flyinhawaiian01]

Yep, try American Colector's Insurance, Best Collectors Insurance Companies | Classic Car Insurance Rates & Quotes | Americans Collectors Insurance | www.americancollectors.com | American Collectors.

My buddy recommended them to me years ago, he used them for an '85 4runner with huge rust holes in it, they insured it as a classic vehicle for next to nothing, even with stated value for all the suspension and engine/drivetrain stuff he had done (it was on 39's and locked with dual cases and a thousand other mods).

They are similar to Haggerty's.

 

[22argh]

how do they determine the value?

 

[flyinhawaiian01]

Stated value means they will insure it for the value you state, and they will look at photos and/or receipts of what you have into the vehicle to ensure you're not trying to state a high-dollar amount on a broken-down junk sitting in a field with no engine or wheels!

EDIT: There's also a clause on stated value that the insurance company doesn't have to pay out the full amount in case of total loss, Hagerty and American Collector's do an "agreed value" policy, not a stated value policy, different in that these do pay out the full amount in a total loss.

Here's Hagerty's info on it:
https://www.hagerty.com/articles-videos/ask-hagerty/whats-the-difference-between-agreed-value-and-stated-value-coverage

 

[22argh]

Stated value means they will insure it for the value you state, and they will look at photos and/or receipts of what you have into the vehicle to ensure you're not trying to state a high-dollar amount on a broken-down junk sitting in a field with no engine or wheels!

EDIT: There's also a clause on stated value that the insurance company doesn't have to pay out the full amount in case of total loss, Hagerty and American Collector's do an "agreed value" policy, not a stated value policy, different in that these do pay out the full amount in a total loss.

Here's Hagerty's info on it:
https://www.hagerty.com/articles-videos/ask-hagerty/whats-the-difference-between-agreed-value-and-stated-value-coverage

cool thank you

 

[Griswald]

Stated value means they will insure it for the value you state, and they will look at photos and/or receipts of what you have into the vehicle to ensure you're not trying to state a high-dollar amount on a broken-down junk sitting in a field with no engine or wheels!

EDIT: There's also a clause on stated value that the insurance company doesn't have to pay out the full amount in case of total loss, Hagerty and American Collector's do an "agreed value" policy, not a stated value policy, different in that these do pay out the full amount in a total loss.

Here's Hagerty's info on it:
https://www.hagerty.com/articles-videos/ask-hagerty/whats-the-difference-between-agreed-value-and-stated-value-coverage

thank you for the clarification on this. The title of this thread should read Agreed value, as that's what I was implying