Quote:
Originally Posted by marklotus
I submit to my insurance company (Hagerty) every year my estimated value. It has to be reasonable for the car otherwise they won't agree to it. My premium is based on the agreed value. If I have a claim, there is no argument about the value. It has already been agreed.
Stated or Declared value is a one-way conversation. You tell them, state, declare what you think the car is worth. It is noted in the record. If you have a claim, the value is then up for review, discussion, estimation, negotiation, etc. The discussion takes place after the claim is made. The insurance company can then say that your car is not worth the stated value and you have a disagreement.
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When I was with Hagerty that's how it worked for my policy as well, in fact, that's how it works with my Midwest Classics policy now. The only problem is, $53K is all Midwest considers reasonable (unless it's a Kirkham or CSX replica) and Hagerty no longer writes Cobra replica policies. Hagerty doesn't consider them collectable or classic since you can walk into a dealership and buy a new one.