farm bureau 40k stated value costs
- Thread starter Himark
- Start date
-
Sponsors (?)
Pakrat
Founding Member
Well, the only proof of whether it is truly a good deal or a complete waste of money each year is unfortunately after you have had an accident and need to file a claim. I not sure I'd be comfortable with a "stated value" policy, I think that can in the end leave the opportunity for the company to decide if it is worth restoring it to the value or not. "Agreed value" means you both have determined together the cars replacement value and no matter what, you'll get up to that amount if need be.
something is very very wrong there. Stated value of 40k...fully insured...$60 a year? Even with my multiple car, good driver discount on my 66 mustang as a recreation vehicle driven 500 miles per year ...its $320 a year...for liability insurance! and I dont have any tickets or points on my license!!!
I have Nationwide insurance and with a stated value of 15K that was approved by there appraiser, I only pay $70 some dollars every 6 months with no limitations and I'm 23. Part of the rate decrease has to do with being a due paying national farm bureau member. Nationwide looks favorably on that. A friend of mine has an old beater truck on the same plan and only pays $30 some dollars every 6 months. Oh, and this is absolutely full coverage too.Himark said:
DarkBuddha
Founding Member
As Pak said, agreed value is the only way I'd trust a policy. Insurance is a scam, and the moment you put the insurer in the position of actually being responsible for paying, they're guaranteed to charge you through the nose for it. Thats just good business (for them).
Edbert said:
Of course that vehicle is parked... You can't be driving without at least liability in any state that I know of... and I didn't think you could carry only comprehensive unless it was either stored, or parked in an RV park, or similar facility...
please expand your explanation for me, as I am looking to buy an RV
a loy of companies like hagertys and such that specialize in insuring classics will charge about that same price per year for full coverage, i'm not sure if it is stated value or agreed value, though. i haven't got that far in the process yet. and i think that you also have to provide liability coverage as well, again i haven't got that far into yet so i could be wrong there. but i can tell you that all of them will have a mileage limit on any kind of policy like that, if you go over the mileage limit guess what, you ain't covered. another thing is that most of them want to either have a local agent inspect the garage the car will be stored in or at least have pictures of it, again no garage, no coverage. from what i can tell if you have the garage (i don't) and are willing to live with the mileage limit, these types of companies are the best way to insure a classic, just make sure you have them explain all the fine print, and what is coverd and what is not.
Pakrat
Founding Member
FYI, Hagerty is agreed value, you name the price within reason (no $100,000 policy on a 65' 6cyl coupe) and the yearly amount is determined from that. Mine is set at $16k replacement value, no deductables, full coverage and it's like $140 a year. No mileage limitations per say, but you do need a DD and an on sight garage and they won't insure a heavily modded car as a classic. I know many people that have had to unfortunately file a claim and have had no issues what so ever.
mfp4073
Founding Member
Pakrat said:
I got on grundy last year, although they do have a "garage" clause and a "milage" clause they are not reasons to deny a claim. I saw an interview with a grundy agent on one of the carshows on tv stating this....so I called em up. Asked if I had the car parked outside say like I come home late or and working on another project for a few days and something happens to in is that reason to deny a claim. Was told no. Asked what happens if I want to go on a road trip to another city for a show or whatever. They said just let them know that the milage would be increased because of the trip. they said they know full well that their customers like to drive their cars, they just want to be sure that this is not a daily commute car.
I insured mine at $15000 with no deductibles, costing $144 a year.
I was never asked for a picture of my garage, was asked for a picture of the car. I think if you tried to insure a 67 coupe for $100,000 they would get suspicious, but in all my discussions with them never felt like my insured value would be an issue.
Pakrat
Founding Member
mfp4073 said:
Basically the same as Haggerty, they are pretty much direct competitors. They only require a picture of the car also, and special trips are perfectly fine, they only ask that you let them know first. Instead of mileage restrictions they just request that you try to avoid peak times, like say the Monday to Friday work commute hours, but it's no deal breaker.
65and68Stang
New Member
I'm in NC, and have Nationwide Insurance. We have an "agreed value" (confirmed with receipts and photos) for $50,000.00 on my car. My rate is $600.00 every six months. That includes my multiple-car, home and safe-driver discounts.
C'ya!
Kelton
C'ya!
Kelton
