stated value insurance plan
- Thread starter Ron_B
- Start date
Most collector car insurance programs have it available.
Never heard of it for "regular car" insurance.
Never heard of it for "regular car" insurance.
I use Grundy Worldwide for my 2004 Cobra.
I have the car insured at $20K. I do not have a restriction on mileage, but I also do not "take advantage" of that either. I put about 1500 miles/year on the car.
I am pretty sure you have to be 25 yoa, have a clean record, have another car for daily use, and a storage for the car. I had to prove those, as well as in-depth pictures of the car and modifications. I am pretty sure if you have an accident/issue....and say, you bought a new CF hood....if it is not listed, and they don't have a pic, it isn't covered.
Check it out:
Grundy Insurance
I was going to use Hagerty, but I was not fond of the plan details and coverage. They also told me that I would have a mileage restriction each year.
I have the car insured at $20K. I do not have a restriction on mileage, but I also do not "take advantage" of that either. I put about 1500 miles/year on the car.
I am pretty sure you have to be 25 yoa, have a clean record, have another car for daily use, and a storage for the car. I had to prove those, as well as in-depth pictures of the car and modifications. I am pretty sure if you have an accident/issue....and say, you bought a new CF hood....if it is not listed, and they don't have a pic, it isn't covered.
Check it out:
Grundy Insurance
I was going to use Hagerty, but I was not fond of the plan details and coverage. They also told me that I would have a mileage restriction each year.
I use Hagerty on my 69. There are some very basic rules but other than that it's not really an issue.
I told them what it should be valued at and sent pics and they agreed.
I told them what it should be valued at and sent pics and they agreed.
What I thought was weird about Hagerty, was, I read online where they stated that they did not have a mileage restriction. I called them to clarify some of the policy details, and the rep told me that I would have a mileage restriction.
I was kind of baffled, as my friends said they didn't have a restriction. That was the only deciding factor in my decision to choose Grundy.
Does your policy have a mileage restriction?
When I had my 65 GT, I looked hard at Grundy and Hagerty. Neither could touch the rates State Farm had already offered. As part of my SF file, we had a certified appraisal on file and the underwriting department agreed with it as it was median range for the car. No mileage or use restrictions. I even drove it to work once in a while.
Don't dismiss mainstream insurance too quickly, a good agent that knows how to work with the underwriting department can have a collector car covered just fine and at very competitive rates if you are a long time customer with good history.
Don't dismiss mainstream insurance too quickly, a good agent that knows how to work with the underwriting department can have a collector car covered just fine and at very competitive rates if you are a long time customer with good history.
Anybody but Grundy.
Hagerty here... amazing customer service, they do not check or ask my milage. When I called around they had competitive rates, but what got me is how professional they were (their website is the best of the bunch too).
A buddy of mine had a 6 grand claim on his Duster... he said Hagerty was awesome through out it all.
A buddy of mine had a 6 grand claim on his Duster... he said Hagerty was awesome through out it all.
My State Farm agent said he can do it.
But, keep in mind, the some of the "large" companies use the same company for their Specialty/Collector policies. I requested a collector policy through Geico, and it ended up being the same company that many other companies use; American Modern Insurance
After researching customer experiences, and speaking with each company, I chose Grundy. I saw a large number of negative complaints/issues from American Modern customers.
From what I have been told, State Farm has an excellent option/policy for "collector" or "specialty" cars. Assuming they do not use American Modern, if I still had them (SF) for my standard policy, I would without a doubt have my Cobra insured through them as well.
After researching customer experiences, and speaking with each company, I chose Grundy. I saw a large number of negative complaints/issues from American Modern customers.
From what I have been told, State Farm has an excellent option/policy for "collector" or "specialty" cars. Assuming they do not use American Modern, if I still had them (SF) for my standard policy, I would without a doubt have my Cobra insured through them as well.
im going to be going to grundy after i turn 25 to save some money on having a two car policy at geico
I don't have any restrictions. They asked how many miles a year I put on it and for shits I said 15K and they didn't say anything negative.
They ask in the beginning to get an idea of the profile. But there are not true limits like 10k or 20k.
There is a difference between "stated" value and AGREED value that Grundy has. Better check it out before a decision is made....
Eds01 do you care to explain more? Ill be trying to get something setup for my cobra soon and have been doing research on this stuff.
Well, from what I understand .."stated" value does not necessarily mean that you get that amount in the event of a total loss if the Ins company determines that they can replace it for less. With "agreed value" you get that agreed value amount in settlement of your loss regardless of the replacement cost.
Oh ok I read wrong and thought you were saying grundy had "stated"
I've had Grundy for over 6 years now. They have agreed value coverage with zero deductibles...
OK, this pretty well compares the differences between stated and agreed values when it comes to collector car insurance..
Car Insurance - Agreed Value vs. Stated Value
"In the event of theft or a total loss we will pay the Stated Value
or the Actual Cash Value, whichever is less."
Car Insurance - Agreed Value vs. Stated Value
"In the event of theft or a total loss we will pay the Stated Value
or the Actual Cash Value, whichever is less."
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