Stated value policies... Lies, lies and more lies
Aug 14, 2007 | 11:40 AM
#1
Stated value policies... Lies, lies and more lies
So getting all the shipping settled for my truck, I found out a few interesting items...
1) State value policies do NOT pay out at the stated value. They take the lower of: 1) stated value minus depreciation, 2) the cost to repair, 3) the ACTUAL CASH VALUE (which in the case of any vehicle under 15 years old is ALWAYS going to be BOOK VALUE
).
2) The only way to insure a vehicle and make sure you get the value is to use an AGREED VALUE policy
3) Most companies won't do agreed value policies -- you have to go to a classic car insurer (Hagerty, etc.)
4) Classic car insurance companies won't insure anything that isn't an antique or exotic collectible
5) EXCEPT American Hobbyist... I just got an agreed value quote from them that is $74 per year more than my standard Allstate policy.
The summary is: If your agent told you you needed a stated value policy to protect your investment in your heavily modded truck, they lied to you and have been taking your premiums to the bank. In the event of a catastrophic loss of your vehicle, chances are you won't get much more than you would from a standard policy (they may give you a depreciated amount for your custom rims...)
No matter what anyone tells you, shipping a vehicle only affords you a max of the book value of your car. There are no "agreed value" policies on a vehicle during shipping.
1) State value policies do NOT pay out at the stated value. They take the lower of: 1) stated value minus depreciation, 2) the cost to repair, 3) the ACTUAL CASH VALUE (which in the case of any vehicle under 15 years old is ALWAYS going to be BOOK VALUE
).2) The only way to insure a vehicle and make sure you get the value is to use an AGREED VALUE policy
3) Most companies won't do agreed value policies -- you have to go to a classic car insurer (Hagerty, etc.)
4) Classic car insurance companies won't insure anything that isn't an antique or exotic collectible
5) EXCEPT American Hobbyist... I just got an agreed value quote from them that is $74 per year more than my standard Allstate policy.
The summary is: If your agent told you you needed a stated value policy to protect your investment in your heavily modded truck, they lied to you and have been taking your premiums to the bank. In the event of a catastrophic loss of your vehicle, chances are you won't get much more than you would from a standard policy (they may give you a depreciated amount for your custom rims...)
No matter what anyone tells you, shipping a vehicle only affords you a max of the book value of your car. There are no "agreed value" policies on a vehicle during shipping.
Aug 14, 2007 | 01:14 PM
#2
I thought you knew that.
All that matters is type, year, mileage.
Your truck can have a new paint job, and a new motor, new interior.
But if the key is turned and the odometer reads over 100,000 and up.
your screwed.
All that matters is type, year, mileage.
Your truck can have a new paint job, and a new motor, new interior.
But if the key is turned and the odometer reads over 100,000 and up.
your screwed.
Aug 14, 2007 | 02:05 PM
#3
What I didn't know was that the stated value policy my agent recommended after the crazy guy pulled the hit and run was just a big scam and wouldn't have given me much more than a regular policy. That's the real point -- either get an agreed value policy or keep your regular insurance.
yeah what happened
