Classic Car Insurance Horror Story

[Guest Bluesky636]

Funny Car Commercial of the Day: Beware of the valet

:eek:watch this video car insurance:

Funny Car Commercial of the Day: Beware of the valet | AutoShortNews

Link does not work.

[huptoy]

I received the following email from my State Farm Insurance Agent:

Per a claims’ team representative, the antique classic policies would be paid, based on a stated value. We have $10000 listed for the 1953 and $14000 for the 1931. As for the 1937 Mullins, I am told we cannot list a “stated” value. The agreed value we have listed is $5,000, and at the time of a loss claims’ will pay actual cash value, of the trailer. Please let me know, if you have any further questions.

The 1937 Mullins is a rare luggage trailer with only 100 known to exist of the 3,000 built in in 1936 & 1937. There are too few sold for State Farm to calculate the value & I will need to keep documentation of sales and the condition. I plan to track sales values on Ebay should the trailer be damaged.

(State Farm does not have a joining fee, I was with a mutual ins co years ago who had a 1 time fee)

Edited December 4, 2009 by huptoy (see edit history)

[Guest Bluesky636]

I received the following email from my State Farm Insurance Agent:

Per a claims’ team representative, the antique classic policies would be paid, based on a stated value. We have $10000 listed for the 1953 and $14000 for the 1931. As for the 1937 Mullins, I am told we cannot list a “stated” value. The agreed value we have listed is $5,000, and at the time of a loss claims’ will pay actual cash value, of the trailer. Please let me know, if you have any further questions.

The 1937 Mullins is a rare luggage trailer with only 100 known to exist of the 3,000 built in in 1936 & 1937. There are too few sold for State Farm to calculate the value & I will need to keep documentation of sales and the condition. I plan to track sales values on Ebay should the trailer be damaged.

(State Farm does not have a joining fee, I was with a mutual ins co years ago who had a 1 time fee)

Be very wary. They are using "stated value" and "agreed value" in the same paragraph. The terms are NOT the same. If the policy is stated value they will pay a claim that is depreciated from the stated value. You will NOT get full value. An agreed value policy does NOT depreciate the vehicle. If the vehicle is agreed to be worth $10,000.00 and it is totaled, you will get $10,000.00. A stated value of $10,000.00 will be paid at a depreciated rate if the vehicle is totaled.

[Rusty_OToole]

That's not a horror story, that's what they all do when they get in a bind. I have been treated far worse than that by insurance companies.

Wait till they bankrupt you and put you out of business, then you can holler.

[padgett]

When Allstate pulled homeowner's policies out of Florida (they had claims), the agent was surprised I pulled the auto insurance also. Now with Geico for daily drivers (3+MGR) and have JCTaylor for Judge and two Fieros. No problems with either but no claims either.

[Guest kencary]

I agree with the bulk of the folks here that your company isn't worth the trouble. I have 60 cars insured with Grundy with excellent results, including claims. Haggerty and J.C. Taylor are also great. Your cars should all be insurable with a company like Grundy.

I also use Haggerty and it was no hassle to get set up for my'51 Pontiac.

One thing that I did was to go through my Alstate agent to sign on with Haggerty. It costs the same ammount of money and my agent does all the hard work. It is nice to deal with a local person.

I don't think most people realize that their local agents can provide collector insurance. I will likely move my '68 Vette over to Haggerty with the same agent.

Ken