Agreed value vs stated value vs actual cash value insurance

[74 Thing]

I was wondering if someone can provide some insight for auto insurance specifically agreed value vs stated value vs actual cash value insurance in the state of CA.

Agreed Value (falls under collector car type policies with restrictions):
You and your insurance company simply come to an agreement on the value of the vehicle. In the event that the vehicle is damaged or destroyed, the insurance company pays out the agreed upon value – no more, no less. This type of insurance may not be available through the same insurer as your everyday driver insurance, so be sure to explore the types of policies your current insurer offers.

Stated Value (puts a cap on what will be paid out in the event of a total loss): This type of policy allows you to save money on premiums by accepting an insured lesser value for the vehicle. So, if the premium is too much for the $250,000 Lamborghini you just bought, you can save money on premiums by only insuring the value of the vehicle up to, say, $150,000. Stated Value policies also will often contain a clause that allows the insurance company to pay based on which ever is the lesser amount between the stated value and the actual cash value.

Actual Cash Value: A car’s actual cash value (ACV) is how much it’s worth today. This value includes the depreciation of your vehicle.

So since I drive my car regularly and cannot get an agreed value policy that leaves me with a stated vale or actual cash value policy. The stated has a cap while the ACV does not. Why would I go with a stated value policy then unless I cannot find anyone to underwrite full coverage on a 50+ year old vehicle under ACV? I mean if there is a total loss in any case you will still have to prove the value of the vehicle at the time of the loss.

I feel as if I am missing something or not understanding something.
Any Agents or Claim Adjusters or anyone with knowledge and experience who could provide some insight it would be much appreciated.

[airschooled]

Have you considered calling your insurance agent?

There are a dozen people that chime in on these threads, and one or two of them actually have experience in the industry
_________________
Learn how your vintage VW works. And why it doesn't!
One-on-one tech help for your Volkswagen:
www.airschooled.com

[KTPhil]

Many collector car insurance companies restrict miles or purpose, but some do not. Shop around and see if you can find an unrestricted policy.
_________________
Current Fleet:
'71 Fastback
'69 Westfalia
Retired:
'67 Beetle
'65 Beetle (x2)
'65 Bus
'71 Squareback

[74 Thing]

I have called my agent and spoken with him and others, but as one just told me today she has to call and talk to a claims adjuster to see exactly how it worked since they don't often deal with cars over 50 years old that are daily driven so are not up to date on stated policy questions (at least she was honest).

I haven't been able to find a company that will underwrite an Agreed Value policy for a daily driver. I had an agent try to get me insured by Hagerty this morning but he came back and advised that the did not like that this was my primary vehicle and I drove too many miles per year for their risk appetite.

[KTPhil]

Call American Collectors.
_________________
Current Fleet:
'71 Fastback
'69 Westfalia
Retired:
'67 Beetle
'65 Beetle (x2)
'65 Bus
'71 Squareback

[dodger tom]

i live in california. tried the collector-car route. no dice as mileage limits were too low.

i’m insured with aaa (so call auto club). two or three agents said no dice on agreed value. finally found an agent on the phone who said, sure we can.

had me take a bunch of photos for condition i researched a bunch of classifieds to establish value. pitched them a figure. she said she’d send it all to underwriting, and they’d get back to me. never heard from them, but my full coverage policy has the value i pitched clearly stated.
_________________
1978 Champaign Edition Westfalia
Would never find the time to keep up another classic air-cooled.

[74 Thing]

[74 Thing]

[dodger tom]

[74 Thing]

Thanks for the info.

A lot of Brokers do not have any insurance carriers to go to in CA to see if they will underwrite a new policy since the carriers are waiting for the Ins Commissioner Office to get answers to the companies about future policies.

[94touring]

I have all of my classic cars with American Collectors for agreed value EXCEPT my bus. I drive it too much, camp with it, and tow a trailer occasionally. That pretty much kills classic insurance. What I did was put it on my state farm insurance with my other cars and houses/rentals, ect... and then paid a company that does appraisals to appraise the bus, which I then submitted the report to statefarm as a value "we agree on" sorta speak. I kind of gave a wink wink nudge nudge value amount to the appraiser when he was going through the bus with me, so I got the number I was looking for. This way if something did happen I wouldn't be totally screwed.

[74 Thing]

[94touring]

I don't remember exactly how it's worded, but I believe so. I just know the under writer approved it and that's the value it's insured for. I had talked to statefarm about how to make sure I got paid what I have into the bus and that was the solution. The appraiser tossed an extra 5k on top what I have into it in fact.

[richparker]

Sorry I didn’t have an agent name for you, 74 Thing. Best of luck!
_________________
__________
’71 Westy build
Adventure thread
’65 Deluxe Build
’63 Deluxe Build

[jtauxe]

I got an agreed value policy on both the trucks through Hagerty that allows me to use the vehicles as a daily drivers, keep them outside, use them as actual pickup trucks (loads to the dump or lumber yard, etc.) It's exactly what I wanted. The underwriter is Essentia Insurance Company.

I suspect that having had them appraised by a professional appraiser (Muscle Car Appraisals) and having that appraiser recommend a particular Hagerty agent (John Abrams) helped me establish the agreed values.

FWIW, the '78 double cab is insured for $90,000 (appraised at $105,000) and the '75 single cab for $30k (appraised at $76,500, as a "one of one" vehicle). If they are totaled I even get to keep the remains for parts or souvenirs. Cost is about $12001300 per year for both. Pricey I know but I am paying for peace of mind.
_________________
John
"Travelling in a fried-out Kombi, on a hippie trail, head full of zombie..." - Colin Hay and Ron Strykert
http://vw.tauxe.net
1969 Transporter, 1971 Westfalia, 1976, 1977, 1976, 1977, 1971, 1973, 1977 Westfalias,
1979 Champagne Sunroof, 1974 Westfalia Automatic, 1979 Transporter, 1972 Sportsmobile, 1973 Transporter Wild Westerner, 1974 Westfalia parts bus, 1975 Mexican single cab *FOR SALE*, 1978 Irish 4-door double cab RHD