Does anyone use stated value companies to insure their cars? I know many with classics or exotics use this coverage. Im not sure if the f type would even qualify, but my 19 only has 2000 miles and I hate paying allstate so much money for a car that is not a daily driver. Opinions?

 

Stated value or agreed upon value? Stated value is your big box insurance companies - I think you mean agreed upon value.

Yes, I have Leland West Insurance - and mine is a weekend fair weather car only. You agree on a value and pay yearly premium rate based on annual mileage limits. Geico made me grab my ankles for sure on it prior to switching. They insure new and classic vehicles as such. A friend from the PCA turned me on to it.

 

I've used stated value for classics but never newer cars so I can't help you there. If you live in a climate where the car is garaged for X months out of the year you can save quite a bit by just having comprehensive on while it's in storage, if your policy and situation allows it.

 

Out of curiosity, how much does this save you? I don't drive mine more than 5k miles a year and I thought my Geico bill with maxed out coverage is fairly reasonable (~$950 per year).

 

Wow! That's about what Geico had me paying every 6 months for the Jag here in Houston, and that was the lesser of the quotes I received from Allstate and such! Must be all the hurricane claims the area has had over the last few years.

LW has me at $700/year with 6k mile/year limits.

 

Yes I meant agreed value. Thanks

 

I have agreed value coverage on my Datsun (through Hagerty) but not on my F-Type (Geico). You should be able to set the estimated annual mileage on your F-Type lower if you're not driving it a lot, which is what I have done because it defaulted to 15,000 miles a year or something. It's not a hard limit and I've never been asked to submit documentation verifying my mileage, although I'm sure there are plenty of ways for them to keep tabs on me if they wanted.

I don't think agreed value coverage makes sense unless you have a specific situation that causes your vehicle to be worth significantly more than the market value for the make and model. Low mileage alone wouldn't be such a scenario because the insurer takes mileage into account when determining the salvage value of the vehicle, which is pretty much the only time this really comes into play. This is especially true for modern vehicles with plenty of secondary market data on which the fair value can be based. This is why you typically only see agreed value with vintages and exotics, because there are few comparables in the market and there are many factors that can influence value that aren't necessarily reflected in what a typical example of that car is worth. Examples - numbers matching, MT vs AT, modifications, etc. It's generally intended to offer peace of mind to someone who thinks their car is worth more than what the insurer says it's worth based on the aforementioned factors, and is therefore willing to pay a higher premium to make sure the payout is fair in the event of a loss, e.g. the insurer says fair market is $20K but you've seen a recent sale on Bring A Trailer on a similarly specced example go for $40K.

 

I have had my '15 R on agreed value with Hagerty since new, insured at it's cost when new. Premium is less than 1.5% of insured value. At the time they had no problem underwriting the policy.

 

I have had "Agreed Value" insurance on all of my cars through American Nationals CHROME program. Great company, I have spoken to their underwriters about the program, why their rates are so good ("you guys PAMPER your cars, very low risk"), why they are better than Hagerty (less restrictions on driving), also they have 25% cash back after 3 claim free years if you aslo do homeowners with them.

They require professional appraisal of the value of the car every 3 years, but just raised the minimum value to (I think) $45K, so below that you can self-appraise and save the cost. Usually, 10,000 / year mileage and no real restriction on street use, anyway. Track would be different I would bet.

Highly recommended; however I have never needed to file a claim so I can't speak to service, but they have always treated me well, particularly years ago when AZ allowed certain cars to be omitted from emission testing if they were classic and had the 'correct insurance'
CHROME:
Classic, Antique, Modern Classic
Hot Rod or Street Rod, modified, built before 1949
Replica or Kit Car
Original, un-restored
Modified or Custom, built after 1948
Exotic, rare or unique, in excess of $100,000 in appraised value

My cars all qualify. My Testarossa has a AGREED value of $97,500 and costs $800 / year to insure.