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Thanks to all who provided assistance. Your information was very helpful in assembling a solid case against some wanker appraiser here who lo-balled the value of my cat.

The new agreed value insurance for my cat is over $200k. Now I can drive off a cliff, comfortable in knowing that in my next life I will have enough to build another one.

Roll Eyes
I was with Heacock and am now at the Barrett-Jackson endorsed insurance. The actual insurance is Chartis and had no problem getting signed up with them for agreed value coverage.

When I switched from Heacock to Chartis, my rates went down and my coverage went up. I have not had any claims with either -- so far they've just taken my money; so I have no idea how things will go when and if that time comes....

I'd just check around with companies that are worth going with and seeing what you can get for coverage and rates.

Last edited by demopuar
Hi David,

When I initially got my policy with Heacock, I had to get appraisals on certain high valued (in my mind at least) cars before they would give me the agreed to amounts that I was asking for. So I went and had an accredited appraiser with the AIA fly in from Virginia to appraise my small collection for insurance replacement value. As I remember, there are three ways to appraise cars, with comparisons of recent sales (fair market value), replacement by building the exact same thing as you have (actual cash value), and the third one escapes me. Obviously we want to hang our hat on the replacement value with an insurance company and there really is no reason they will not accept that either.

If the appraiser will not do such an appraisal, get rid of them and get someone who will do it properly. I'm glad I got the right guy the first time -- it was quite an education for me and all is well.

Now when I signed up with Chartis they did not bat an eye with the amounts that I requested. I was expecting them to say they wanted to see appraisals. Nope, nada, nothing -- they accepted my amounts with no problem. I'm sure different companies deal with the appraisal thing differently so your mileage may vary.

Originally posted by PanteraDude:
I'm insured through Hagerty with a "stated value" plan. You essentially tell them what you want to insure it for, and they price the premium accordingly. It's not based on actual value as far as I know, though I'm sure there are limits (you can't insure a honda for $100k, for example).

With Hagerty I would hope and suspect that is 'agreed value", where you agree on the $$ they will pay out on a total loss and within reason you can insure your car for any amount if you are prepared to pay the premium for it. On the other hand "stated value" is where you state the value you think the car is and the insurer will pay out "fair market value".

It may be semantics but can make a huge difference that you don't want to discover after an accident. Most reputable classic insurers are "agreed value", whereas your run of the mill daily insurers are usually "stated value".

Last edited by joules
FWIW, Hagerty is "agreed value" coverage. Even though you 'stated' the value during the application process, they 'agree' to your valuation when they write the policy.

I found Hagerty to be a little more $$ than some others, but I have several friends who have had claims with Hagerty and it was a no hassle process - they got repair estimates from their shop of choice, turned them in to Hagerty, and Hagerty sent check (payable to the policy holder). No hassles or arguing about valuation!

My car is insured for $50,000. A friend of mine just upped his Pantera coverage with Hagerty to $100,000 and they didn't bat an eye. His reasoning was that even if it cost $60,000 to fix his car properly, when done it would be a much better car than he could buy for $60,000 given all the work and upgrades that have already been done.
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