> Hmmm, I have 2 vintage cars insured with State Farm and they let me
> determine the value myself and they set the premium accordingly. In
> fact they recommended I raise it on one of them.
Don't mean to re-open an old argument, but you need to check carefully as to
what that "value" actually means. I have the same arrangement with my
insurance company (right down to them recommending it be higher), but it is
actually "stated value" rather than "agreed value".
Which means that if the car gets totaled, they get to determine its fair
market value, and pay me the lesser of either the stated value or the FMV.
I knew that in advance of course, but got a first-hand demonstration when my
TR3A got wrecked. The FMV was actually above the stated value, so I got a
check for the stated value.
It actually worked out OK, since they let me keep the car; I'm not
complaining. My point is just that you need to be sure which kind of policy
you have. I've not heard of State Farm writing an actual "agreed value"
policy before.
-- Randall
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