Who you got for insurance?

[jhv48]

Originally Posted by Hydramada

TRUTH! My agent at State Farm knows what he is doing and got me a very reasonable quote. Be sure an insure for "agreed value" to make sure that if you ever lose your baby you have the funds to replace.

Unfortunately, the "agreed on value" is only used to determine your value at the time of insuring it. That also determines your premiums.

The actual cash value of your car will be determined at the time of loss and will be based on the actual private seller value of your vehicle at the time of the loss. In other words, the actual cash value of your car will be its fair market selling price at the time of the loss. Generally, that is substantially less than what you paid for it.

Example: An $80,000 Mercedes is totalled after two years of ownership. This vehicle now sells used for $60,000. That is what the insurance company will pay for it. Not the original purchase price.

[Got the Bug]

Originally Posted by jhv48

Unfortunately, the "agreed on value" is only used to determine your value at the time of insuring it. That also determines your premiums.

The actual cash value of your car will be determined at the time of loss and will be based on the actual private seller value of your vehicle at the time of the loss. In other words, the actual cash value of your car will be its fair market selling price at the time of the loss. Generally, that is substantially less than what you paid for it.

Example: An $80,000 Mercedes is totalled after two years of ownership. This vehicle now sells used for $60,000. That is what the insurance company will pay for it. Not the original purchase price.

From the insurance company that I use.

Agreed Value Coverage-
(is coverage where the insured and the insurance company agrees on a value of the vehicle and at the time of the loss your vehicle can not be depreciated)

[danc30]

Originally Posted by Got the Bug

From the insurance company that I use.

Agreed Value Coverage-
(is coverage where the insured and the insurance company agrees on a value of the vehicle and at the time of the loss your vehicle can not be depreciated)

Ditto on mine.

jhv48- Time to get an insurance company that knows what agreed value really means.

[sirreal]

Originally Posted by Got the Bug

From the insurance company that I use.

Agreed Value Coverage-
(is coverage where the insured and the insurance company agrees on a value of the vehicle and at the time of the loss your vehicle can not be depreciated)

Two years ago I unfortunately had to make a claim, I was (and still am) insured by American Collectors Insurance Co. on my Cobra, and now a GT-H. The cobra was totaled and they gave me the full agreed upon price and an ADDITIONAL 3% FOR INFLATION!!
Hagerty and Grundy would take the Cobra policy.

[Dwight]

I changed my Cobra insurance about three years ago to


Midwest Classic, Robbin Terry. Saved a bunch of money!

A couple of years ago Robbin insured my 06 Mustang for half of what I was paying ALFA.

I had my Cobra towed one time and they paid me in a couple of days.

Dwight