Insurance

[roger55]

I can't say for 100% sure since things change so quickly when it comes to the insurance industry. I've also never been with State Farm.
But from everything I've heard on all the car forums I've belonged to, when people have what is definitely an "Agreed Value" policy through State Farm, it has been underwritten by a third party company.

I quick call to your agent should answer the question.

[1project2many]

Originally Posted by _Ogre

i was going to post a sheet from my grundy policy showing you exactly where it says agreed value
it does not

my policy states it as comprehensive coverage with the coverage limit as my agreed value

The policy and the renewal documents are both likely to use other wording. I have my latest renewal confirmation on my classics and Hagerty uses the phrase "Gauranteed Value" with a symbol indicating the wording is a registered trademark, so it's simply a marketing phrase. The insurance industry has its own language.

A classic policy is an interesting policy from an insurance standpoint. A "regular" insurance company sees the vehicle as being high risk with a high likelihood of payout for damage to other property and bodily injury due to the lack of safety features. Specialty insurance sees the other side: Vehicles are rarely hotrodded, they are better cared for, they are operated by users with a better handle on how, when, and where to drive the vehicle to prevent damage. If you have a nice vehicle and you are not simply buying insurance to fulfil a state requirement then it's a good idea to learn about what people go through with the various companies when they have a claim. After all, you're paying them in the event that you need them. Don't pick a company that doesn't want to help.

We actually have a similar situation in the bus and transit vehicle industry. The risk factors are different from passenger cars and trucks. Many of the vehicles are semi-custom built on mfgr supplied chassis, they travel a huge amount of mileage annually, and the drivers are professionally trained. So why should the vehicles be insured at the same rates as private passenger cars?

[roger55]

From Grundy Worldwide:

"Agreed Value Coverage - You can predetermine the value of your vehicle. Once the underwriting team has agreed to this amount, it becomes the coverage limit for the policy term. In the event of a total loss, this amount is paid with no deductible in most states."

From Hagerty:

"Guaranteed Value™ Coverage
In the event of a covered total loss, you receive every cent of your car’s insured value.* No depreciation. No messing around. No hassle."

From American Collectors Insurance:

"Collector vehicles tend to appreciate so it is important to make sure that your insurance policy covers your prized collector for its full value. American Collectors insures Collector Vehicles for the “Agreed value”, meaning that in the event of a total loss, you are paid that amount (less any applicable deductible) with no depreciation."

I found some information about State Farm on their website. They will do agreed value and don't say there whether they use a 3rd party underwriter or not:

"When you choose antique or classic car insurance with us, you and State Farm will agree on the value of the car. If the car experiences a total covered loss, we will pay this agreed-upon value, rather than the actual cash value of the car. (*Not applicable in Massachusetts, North Carolina, and Texas)"
https://www.statefarm.com/insurance/...e-classic-cars

On GEICO's website, they state they will do a classic car policy that is agreed value but it is through a 3rd party called American Modern.