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Malokin Martin
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Joined: August 19, 2007
Posts: 3100
Location: E-burg
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 Posted: Fri Dec 09, 2011 9:23 pm Post subject: Quick question about car insurance wording |
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I'm in the process of getting my 72 bus road legal again after a engine rebuild hiatus.
I remember someone (Glenn?) mentioning that wording onthe policy is important to determine how they would estimate the value of the car after an accident. Something about blue book vs market value.
It was a one word difference. Anyone know?
I did a search and couldn't find the thread. Thanks in advance. |
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Semper_Dad
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Joined: May 14, 2005
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Location: Indiana
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Desertbusman
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Joined: June 03, 2005
Posts: 14655
Location: Arizona
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| Posted: Fri Dec 09, 2011 10:56 pm Post subject: |
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"Agreed Value" And be aware of "The Lessor Of", which means you don't get didley squat.
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71 Superbug
71 Westy |
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hudsonce
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Joined: January 29, 2010
Posts: 506
Location: Hagerstown, MD
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| Posted: Fri Dec 09, 2011 11:21 pm Post subject: |
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"Stated value" is the key, and most major insurance companies, State Farm, etc. will offer. Otherwise, the blue book value can be 50% or less of the actual value of your vintage VW. They usually require you send in some photos of the body, interior, and engine bay. Ironically, my premium actually went down with stated value. I suspect the statistics show that classic, well-restored vehicles are driven less often, cared for better, and not as likely to result in an insurance claim.
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Use "to" for "give the wrench to me."
Use "too" for "I have too many VW projects"
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For the sake of Peter, PREVIEW your post before you submit it. |
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Desertbusman
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Joined: June 03, 2005
Posts: 14655
Location: Arizona
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| Posted: Sat Dec 10, 2011 12:47 am Post subject: |
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State Farms policy said stated value but later on it said the lessor of. And it clarified the lessor which would be of the stated value, cost to repair or replace with another one (of their determination). So bottom line is that stated value just means the very top limit they would ever be obligated to pay. The greater is what we pay for but the lessor is what they produce. So naturally they didn't get my business.
Beware, question any company. Get them down to discuss the hardcore facts.
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71 Superbug
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RussellK
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Joined: March 09, 2006
Posts: 225
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| Posted: Mon Dec 12, 2011 1:01 pm Post subject: |
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| Desertbusman wrote: |
State Farms policy said stated value but later on it said the lessor of. And it clarified the lessor which would be of the stated value, cost to repair or replace with another one (of their determination). So bottom line is that stated value just means the very top limit they would ever be obligated to pay. The greater is what we pay for but the lessor is what they produce. So naturally they didn't get my business.
Beware, question any company. Get them down to discuss the hardcore facts. |
That's the way I interpreted State Farm's too. Do not rely on an agent or insurance company rep to explain their policy. Most of them don't understand what their own policies state and will tell you what they think you want to hear. What they say doesn't mean a thing; it's what is stated in the policy that matters. Read it yourself with a critical eye and make a decision.
I have an agreed value policy with Chubb. I declared the value of the car and they set the premium based on that value. The insurance is pretty reasonable but the tradeoff is the vehicles usage is restrictive. It allows for pleasure and recreational use and isn't restricted to club activities and shows only. But thats where it gets into a gray area. Whats pleasure use? Some might say a drive to the hardware store.
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-Russ
'77 Westphalia
'68 Standard
Last edited by RussellK on Tue Dec 13, 2011 6:21 am; edited 1 time in total |
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The Sage
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Joined: December 10, 2005
Posts: 2470
Location: Traverse City
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| Posted: Mon Dec 12, 2011 3:17 pm Post subject: |
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Just be sure you are enjoying yourself whenever you are driving.
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Feel My Pain l Sage Ad World |
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andk5591
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Joined: August 29, 2005
Posts: 16758
Location: State College, PA
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| Posted: Mon Dec 12, 2011 5:36 pm Post subject: |
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If you can meet their requirements (garage, limited driving, etc) talk to someone like Hagerty - thats what they do for a living....
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D-Dubya Manx clone - 63 Short pan,1914.
Rosie 65 bug - My mostly stock daily driver.
Woodie 69 VW woodie (Hot VWs 7/12).
"John's car" 64 VW woodie - The first ever
Maxine 61 Cal-look bug - Cindy's daily driver.
Max - 73 standard Beetle hearse project - For sale
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There's more, but not keeping them... |
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Glenn 
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Joined: December 25, 2001
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| Posted: Mon Dec 12, 2011 5:40 pm Post subject: |
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"Agreed Value" means you both agree to the value when the policy is written.
"Stated Value" is what YOU think it's worth, but the insurance company can disagree.
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Glenn
74 Beetle Specs | 74 Beetle Restoration | 2180cc Engine
"You may not get what you pay for, but you always pay for what you get"
Member #1009
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Desertbusman
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Joined: June 03, 2005
Posts: 14655
Location: Arizona
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| Posted: Mon Dec 12, 2011 6:45 pm Post subject: |
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Either way if the policy says "the lessor of", you're screwed when the time comes.
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Malokin Martin
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Joined: August 19, 2007
Posts: 3100
Location: E-burg
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| Posted: Mon Dec 12, 2011 11:00 pm Post subject: |
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Thanks for all the great feedback folks. Going out tomorrow to make it happen! I'll report back in the next few days about what I end up with.
Most appreciated all! |
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