Reply to "Insurance Valuation"

This is a VERY timely discussion for me. Renewal/re-evaluation time for me is right now.

There may be several things happening here. My zip code may be the most significant data I think?

Hagerty for me has consistently been around 2% of "agreed value". Joules, you are around .4%.



I am about to have what I hope will not be a blow out, or a blow it out of your a.., discussion with my State Farm Agent.

One issue is whether or not I have a "stated value" or an "agreed or guaranteed" value policy.

He says it is "agreed" value.

I am being told by others in NY that SF does not write "agreed value" in NY and that I am being "deceived" knowingly or unknowingly by my agent.



The other thing is the rates being offered to me by Hagerty are much higher than I have heard from others like you Joules.

I am very interested to hear both what Joules and Larry have said about this?

Larry because he has or HAD State Farm "stated value" collision claim and Joules because of the low amount paid to Hagerty?

Would it be an imposition to ask either of you for at least your zip codes related to your policies?



I personally would love to pay would you are Joules but at least I want to understand why I seem to be getting the shaft on this?

With at least your zip codes I can inquire with Hagerty as why for me it is so much more expensive?

With SF I need to settle the type of coverage once and for all, and I have a really good adviser who is a body shop owner for 40 years and worked for both Allstate and SF.

I could be mistaken but I am pretty sure that when my SHO got totally out the "first time" (it's on it's third total now) the collision damage was around 45% and that was over the limit.

The other parties insurance paid eventually and didn't want the car.

The other thing I am looking at is this is three different states. California, Nevada, and New York.

I am sure that all of these numbers vary so much because of that? My assignment is to find out exactly why.

I also need to verify what happens on a "collision claim" on a "classic policy".

What EXACTLY the "total out" percentage is going to be on an "agreed value OR stated value policy"?



This is going to take awhile but I AM going to find out EXACTLY why these agents are double talking me?

Thanks for the input. I'll keep everyone posted on what I find out about this?