I assume you are concerned with obtaining physical damage coverage
(Comprehensive and collision). (Most insurance companies will add for liability
When you find a company that will provide coverage, find out if they offer
"Stated Amount" or "Agreed Value" coverage. Those are defined terms within the
policy, not slang or street language.
"Stated Amount" is a rating mechanism. The "Stated Amount" shown is used for
rating purpose; to develop the cost of the comprehensive and collision
It doesn't expand coverage and does not guarantee that you will be paid the
"Agree Value" comprehensive and collision coverage is the amount that you and
the insurance company agree is the value of the vehicle in the event of a total
loss and the amount upon which partial losses will be based.
GEICO is as good as your knowledge of insurance and the GEICO representative's
knowledge of insurance who you speak with during each particular phone call.
GEICO is geared to sell insurance, not to necessarily make the proper
recommendations for protection based on each policyholder's financial needs.
From: Edward Perez <eap2140 at yahoo.com>
To: Spridgets at autox.team.net
Sent: Mon, February 28, 2011 9:34:10 AM
Subject: [Spridgets] Insurance -- again!
I am looking to make a daily driver out of my 78 Midget and was wondering what
other types of insurance people have found outside of Hagerty and the collector
car type insurance companies (too expensive if you use it daily). Companies
like Geico are now offering coverage, just not sure how good it is. My current
insurance company won't cover the car.