Thread: Project $ 3 K Is Underway

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I have Haggerty, I stated the value I wanted it insured for and they requested pictures and that was it, no restrictions that I am aware of. I haven't filed a claim so I don't know that would go.
Ken

Originally Posted by Ken Thurm

I have Haggerty, I stated the value I wanted it insured for and they requested pictures and that was it, no restrictions that I am aware of. I haven't filed a claim so I don't know that would go.
Ken

Just to clarify because you used the words "stated the value" as this is close to insurance policy terminology. There are two ways policies are written to define how a loss payout will be made value wise. "Stated value" is what most daily driver policies are based on. That means that the initial value of the vehicle is stated as such and so amount and then is subject to depreciation as time passes.

Collector cars, so far, don't usually depreciate so should be written on an "Agreed Value" policy (not all companies are willing to do this, but Hagerty and Grundy, along with others, will). With "Agreed Value", if you pay for $10k of value, you get paid $10k for a total loss, not some lesser, depreciated amount.

Originally Posted by Bob Parmenter

Just to clarify because you used the words "stated the value" as this is close to insurance policy terminology. There are two ways policies are written to define how a loss payout will be made value wise. "Stated value" is what most daily driver policies are based on. That means that the initial value of the vehicle is stated as such and so amount and then is subject to depreciation as time passes.

Collector cars, so far, don't usually depreciate so should be written on an "Agreed Value" policy (not all companies are willing to do this, but Hagerty and Grundy, along with others, will). With "Agreed Value", if you pay for $10k of value, you get paid $10k for a total loss, not some lesser, depreciated amount.

Bob,
Not to beat this insurance thing to death, but your comment on stated value and agreed value is a very good point. I looked up my policy sure enough I did put it as agreed value. If I remember correctly that's how the premium was established. I had $64,000 in receipts so my premium is $965 a year if anyone is interested in what they charge, with a 0 deductible. Rate code is "C" classic/modified.
Ken