Messages

1

General Discussion / Re: Car Insurance

« on: March 22, 2007, 11:07:03 PM »

I'm tellin' ya, that sounds like stated value.

Re-read this part:

1.   the actual cash value; or
2.   the cost of repair or replacement.  The cost of repair or replacement does not include any reduction in the value of the property after it has been repaired, as compared to its value before it was damaged. 


                          You and we agree that the actual cash value of your car is the             
                          vehicle value shown on the declarations page unless:

1.   your car has been damaged;

2.   parts have been removed from your car; or


3.   your car’s condition has changed due to abuse or neglect

after the vehicle value shown on the declarations page was agreed to and prior to the loss.




The ACV OR the cost of repair or replacement. THEY get the choice, not you. Yes, your ACV is what is stated in the policy as long as no neglect, parts removal, blah blah blah.............. However, they're telling you right up front "OR THE COST OF REPLACEMENT!" No true agreed value policy says that, only stated.

So, your car gets totaled or stolen. It's agreed ACV is $30K and you haven't removed or neglected the car. Home free, right? Wrong, they get to look for comps (replacement value) and if they find a car that they feel is an equal to yours for $20K, well guess how much they'll give you. You'll be upset, but after all it's there in black and white, either ACV OR replacement value.

If your car is on the low end of what the particular model goes for then take your chances if you want. I see the either/or wording and know it's a stated policy. Not worth the risk to me.

Jody

2

General Discussion / Re: Car Insurance

« on: March 18, 2007, 05:52:48 PM »

still seems iffy to me. My agreed value doesn't have the options like yours. It's pretty much

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.

The above says they'll repair and/or replace the damaged or stolen items up to the policy limit, otherwise you get the value of the policy, period.

If yours is an agreed value policy it'll be the first I've seen, and I've had many people claim they have SF agreed policies in several different states and after further review they were not real agreed value policies. Yours may be, I am no expert.

Bottom line, the info is here in the thread and if you're comfortable that you're covered then you should stick with it. There was a SF agent on another board that insured his 69 Camaro through Hagerty. There have also been numerous brokers on the Camaros.net site that have also said that they've switched away from SF when their own underwriters looked at the policy and told him that he was not guaranteed a certain payout, and that SF held all the aces.

Myself, with the values of these cars I'm just not going to take a chance. If it was a cheap old car that'd be different, but I don't have the money to stand up to SF if they decide my ACV is less than I do. And again, I like SF, use them for all my commercial vehicles (5 total).

Jody

3

General Discussion / Re: Car Insurance

« on: March 14, 2007, 02:07:13 AM »

My policy from State Farm has no depreciation....I don't know what SF did to tick you guys off but I'm telling you like it is. The agreed value is right on the policy. My agent also told me to update the value as the market changes. There is nothing in my policy about Actual Cash Value. Maybe you guys just don't have an agent that knows what he's doing. Mine is a true agreed value policy.....end of story!

SF didn't tick me off. Been with them for over 20 years, just not on a classic car.

Could you scan your policy for us? Every one I've seen in every state so far (including Illinois) says something similar to this:

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.


That is the part that gives them the right to look for "like kind or quality".

Jody

4

General Discussion / Re: Car Insurance

« on: March 13, 2007, 11:01:42 PM »

Another thing my SF agent pointed out is that there would be no reason to put a value on the policy if it weren't agreed. They would just pay book like a regular policy. You can only put a value on collector cars. I insured a 94 ZR1 with them and put an agreed value on it. It came back and they said the car was not old enough plus the fact they were treating it like a regullar Corvette. My agent contacted the underwriter and told them it was a limited run car then they OK'd it once they realized what it was. This whole thing with agreed not being offered by regular insurance companies was started by the specialty companies cause they have a hard time competeing with the big guys.

That is incorrect. I have yet to see a copy of a State Farm policy that is worded like an agreed value from Hagerty, Grundy, etc. They all have the ACV/OR phrase. Here's a good link to the wording differences and you'd be smart to read the policy very carefully and see which way it is written.

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

By the way, we've had a couple guys on Camaros.net that had State Farm "agreed" policies and lost/totaled their car. They did NOT get the max value of the policy. The adjuster found comps for less and that was that. An appraisal or whatever doesn't matter if they can find a "comparable" car (in their opinion) to yours for less.

Jody