Re: What do you think it is worth? State Farm-
 

I filed a claim with State Farm last year on my Camaro.......I am switching to Hagarty...I had there Classic policy which didn't matter at the time of a claim.They soak you for more money but don't expect them to pay out.. https://www.yenko.net/ubbthreads/imag...thumbsdown.gifVery disappointed,but I should have known better.My situation was not a total loss.I did however need a substantial amount of paint work.They would NOT repaint the whole car.The cost between the work done and the whole paint job was minimal.It was just not there policy.Be careful.The price is not much different ,if not cheaper, to use the correct coverage...


Steve

Re: What do you think it is worth? State Farm-
 

My State Farm agent reccomended Hagarty as well,what does that say.....

Steve

Re: What do you think it is worth? State Farm-
 

My house and 4 family cars are insured with State Farm. I talked to them about insuring my Camaro, and they have "Stated Value" or some term similar to that. That means that they agree to a starting point, which in your case would be $18,000. Then, in the event of a claim, they depreciate the 18,000. In a total loss, you will get a whole lost less than the replacement value of the car. Specialty insurers recognize that these cars APPRECIATE not DEPRECIATE.

Re: What do you think it is worth? State Farm-
 

<font size="4" color="#D00030">MK Collector Car Insurance, 866-695-2774</font>

Re: What do you think it is worth? State Farm-
 

I looked into several different classic car insurers and decided to stick with State Farm. I'm in the process of doing the stated value deal right now. I know the specialty insurers are cheaper but look at the coverage and allowable driving of the vehicle. Every one only permitted driving the vehicle for a special purpose. Club event, cruise, parade etc. No way can you take it to work or the store. No joy rides either. Then there is the coverage. Look at the liabilities. The amounts were no were near enough. Increasing them took it above my State Farm costs. No tort stuff and no stackable liabilities either. If you get in an accident and kill someone I don't really know where you stand in a big law suit. I've had many claims with SF and most have been on Corvettes and my Camaro. The claims have always been paid in full no questions asked. Yes, I've had problems with the quality of the repairs but that is not an insurance problem. I swear my cars have targets painted on them. I could tell some real stories. Do any of you know anyone else that has hit a bowling ball while driving down a 4 lane highway? I've never gone more that two seasons without someone hitting me, throwing something at me, door banging me at cruises etc. https://www.yenko.net/ubbthreads/imag...lins/dunno.gif

Re: What do you think it is worth? State Farm-
 

Unless something has changed with State Farm in the last 12 months they do not "guarantee" a value for your classic auto. Ask to see where it states that in writing in their policy don't just go by what an agent might tell you. There is a difference between "stated" value and "actual" value. In most circles "actual" is the type that is used with the specialty carriers (Hagerty, Grundy, etc.). They will guarantee to you a value for your car once that value is agreed upon between the two parties. They may or may not agree with your assessment of the value of your car but they will give you an "actual" value that you can hang your hat on.

If you have a high dollar car and are insured with State Farm I think you might want to do some homework. Yes, the specialty insurance companies are more restrictive in how you can use your auto but that's what you give up for the guarantee. If you can't live with the restrictions in their policies then State Farm (and others) might be your best choice.

I am not in the insurance business so don't claim to be an expert but this is what I learned in examining this issue closer a year ago when I had coverage with State Farm at the time and moved to a specialty carrier after closer review.

Re: What do you think it is worth? State Farm-
 

Ummm, Geeee, Welllll. OK, to summerize:

1. Check with SF and see what they pay out in the event of an actual claim. I do not have antique plates on the car and it is listed as a daily driver (although it is not) so I can drive it anytime I want. That is why I did not go with the SF antique insurance.
2. As per some advice here, have the car "appraised" and submit that to State Farm.
3. If switching to haggerty et al, check on payout in case of personal injury.

So, State Farm will pay in case of a catastrophic injury accident, but will screw you on what the car is worth. "Antique" insurance will pay for the car, but may not take as much care with regards to personal injury (remember, I live in New Orleans where they had to install camera's into the buses due to the fact that when one got into a wreck, more people would show up injured at the hospitals than could fit on a single bus).

So, I guess like everything else, you get screwed coming and going.

Makes those guys many years ago look good with that tea party thing, only we need to do it with Doctors, Lawyers and Insurance Companies!

Re: What do you think it is worth? State Farm-
 

When my policy comes due, I'm going to chek nout MK.

However, with Hagerty, you can get liability equal to your other car limits- you just need to show them your other policy. Also there is no limit to miles, or where you drive, or where you park. They only require that you have at least one car for every driver in the household, and that you store it in a garage attached to your primary residence. No sheds, storage garages, etc.

Re: What do you think it is worth? State Farm-
 

No matter who you get insurance from do NOT get a Stated Value policy. In insurance lingo Stated value is the maximum amount that will be paid in the event of a total loss. It is subject to depreciation and adjustments based on other cars sold in the area. In the Insurance Co.s eyes there is no difference in value between a 327/210HP base Camaro and a 427 COPO Camaro. They are both 12437 series Camaros. an they will whip out the local sale paper find a bunch of 5K camaros for sale and offer you that amount of money, end of story.

You must have an Agreed Value policy, and the policy must state this in writing. Otherwise you are at the mercy of the Insurance Company. Not many of the larger companies, like State Farm, Liberty Mutual, Commerce, etc offer "AGREED VALUE" policies. They will offer you "stated value" policies where you essentially pay higher premiums for the same amount of insurance you would have had if you just walked in off the street and wanted regular insurance. The Liability, uninsured, underinsured driver portions of your insurance are extra and have nothing to do with stated, agreed or normal insurance since that part is basically collision and comprehensive coverages.

Check your policies.