When my wife's 2010 XK was totaled, was a pain getting proper reimbursement from my regular car insurance. Nationwide was NOT on my side..

Thinking of getting a STATED VALUE plan with a collector car company.

2008 XK..don't want to be offered $8000 if something happens!!

What is the consensus..

Or are most not aware this is a HUGE issue!!

 

I have an agreed value policy with Hagerty for my 2007 XK; premium is not exorbitant, just be aware of the requirements and limitations.

 

Had Ralley insurance on my Healey and Aston martin....but they were true collector cars..

 

here's the fight I had with Nationwide..

Told them to find me the exact car and options..they said they couldn't find one.

EXACTLY

canned them after settlement

 

what is your agreed price??

 

An 08 isn't collector yet. NADA puts my trade in @ $3900. Dealer selling price averages $7900. It' an 07 with 83k miles. No way Hagerty values the car near what I do and they limit driving, both miles and places you go (work, shopping run etc). I figure I'm screwed if I get hit.

 

That's not true..

Hagerty, Rally, etc are "stated value " policies.

You pay a premium based an an agreed amount.

If it gets totaled or stolen you collect exactly that amount.

With regular insurance you are at the mercy of the company!!

 

Just my "anecdotal experience" for what its worth.
I've had State Farm for 40 years. (Since I was 16)
Same agent for 24 years. Yes we bundle and they have everything including the obscene riders for wifey's jewelry and an umbrella.
When I added the Jag, I spoke with gal I always speak with.
We discussed the bluebook being around $8k, but I paid $21,500 and plan to put a few thousand into it.
If it were to be totaled, I'd like to recoup my total money spent or at least get an equivalent.
They (I'd assume most big companies) have something similar to replacement cost.
It works similar to "comps" in real estate. Or at least that's how she explained it.
"Here is what you can go buy one for, same year, miles and options. or you can have a check for that amount."
It is $84.25 a month for low deductible and high limits. (Lots of 6-figure cars in my part of town)
For reference, my wife's 2021 Audi Q5 Premium runs $87/mo valued at around $36k.
Worth it.

 

Make sure it's in writing!!!

 

Oh it absolutely is.

 

$20,000

 

Based on a recent experience, yes, that's how they work. Car was totaled, I disputed the payout, insurance company provided "comps". An additional consideration on their part was also the salvage value; because the car was exceptionally clean, and all the damage was to the undercarriage, it was worth a few thousand more. That's replacement value, what it "should" cost me to replace it with the same make and model, in the same condition. It was not what I paid for the car, what you might call agreed value, it's what itI "should" cost me to replace it.

 

Excellent.

In contact with my old policy holder Rally Insurance for a quote...

Dealt with enough Insurance companies to make sure everything is buttoned up and written in stone!

 

I insure my 2009 XKR Portfolio Convertible as a collector vehicle with American Modern Insurance Group for an Agreed Value of $41,000 at an annual premium of $527 with a limit of 1,000 miles per year.

Hagerty was more expensive and more restrictive.

 

Do you know the difference between Agreed Value and Stated Value auto insurance policies? They are not the same.

Here's the Google AI explanation:
"The main difference is that an agreed value policy guarantees you receive the exact amount you both agreed on in case of a total loss, while a stated value policy does not guarantee the full stated amount, often paying the lesser of the stated value or the vehicle's actual cash value (ACV) at the time of the claim. Agreed value is a contractual bond to the valuation, while stated value is more of a starting point that the insurer can adjust." (Emphasis mine.)

 

Hagerty. Insured for $15000. 4000 miles per year. $414.00 12 month policy.
The stated or agreed difference is a good question.

 

Your Hagerty policy is Agreed Value.

 

Agreed value is what I had in the past..

Want nothing to depreciate which would happen with a conventional policy.

Buyer beware!

 

Well my experience was true and I did have that conversation. However to get that "agreed upon value", they indicated I could on use the car for pleasure driving, implying a Sunday drive scenario. I don't recall the mileage limitation but it was low. That's what they told me when I inquired and that was a few years ago. If they no longer have that limit or I was speaking to the wrong person, so be it. My car is no longer worth negotiating a value.

 

I’m using American Modern for my 2009 XK Convertible, 83,000 miles. Just renewed the agreed value of $22,000, premium $411, limited to 6,000 miles per year. I’ve had this coverage for 5 years, no issues. I have Travelers on the other cars and the house…used to have State Farm, every time I needed help they didn’t/wouldn’t help…