Agreed value or stated value for collector car insurance.

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MileHighDart

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Just like the title says.

Do I want Agreed value or Stated value on a collector car policy.
Starting up our new car insurance for Oregon now that our move is complete.
We have AAA but I've only had liability insurance on it till now. Just need to know which is better. In the quote she gave us it shows "agreed" value of 25k, but in her latest email she's saying it's stated, I just need to know the difference so I can pin her down on it.
Thanks
 
You want agreed value. That is a binding contract - in the event of a covered total loss, you get a check for that amount.

Everything else is just "ok, we'll let you pay premiums as if it's worth $100k, but if it's totaled we'll pay you $10k, go ahead and waste money on lawyers".
 
I use ANPAC (American National) Chrome insurance on my Demon. Agreed value. Also doesn’t carry all the stipulations (IE only driving to car shows or parades). Covered year round and less than $500 annually. One stipulation is it has to be stored inside. Haven’t had any claims so can’t answer to that part.

Classic Car Insurance
 
She confirmed for me last night, the policy is agreed value, I told them 25K and they didn't question that at all. I do have to send them some pictures on Monday, front, back, both sides, interior and engine.
 
I have Hagarty. Have the notch for 40k. Historical plates. They didn’t even ask for pictures. Just asked if garage kept. I always thought that was a dumb question til the neighbor had his 71 cutlass rag top smashed when snow collapsed his car port. They will also insure cars in any stage of resto. Without the historical plates, they would only insure for original purchase price of vehicle without inspection or appraisal. Which would have been maybe like 2700$ in 67.
 
I use Grundy. I switched from Hagarty several years ago when their premiums went up a lot three years in a row. Grundy is not only less expensive, but they encourage you to enjoy your car and drive it. Hagarty may have changed, but when I had them, there were lots of restrictions. For example, if I stopped at Lowes for a few minutes and the car was stolen from the parking lot, NOT covered. If I drove it to work on a nice spring day just for fun and something happened, NOT covered. Agreed is the way to go. Stated will likely be the value that is 'stated' in their secret book.
 
I know only one person that had a claim with J.C. Taylor and they lost a tire and did some fender damage. They went right out and looked at it and they had a check from them in a few days.
 
LO23M8B said:
I know only one person that had a claim with J.C. Taylor and they lost a tire and did some fender damage. They went right out and looked at it and they had a check from them in a few days.
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That's good to hear. A friend of mine was in the insurance business a while back and he used JC Taylor then and he still uses them now. That's why I use them. They use paperwork instead of computers for their application process so be prepared for that, lol. According to their website they have been in business since 1929.
 
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