Harvey wrote:
> I just got insurance from State Farm who have only recently entered a
program
> for Connecticut. It is a declared value policy and was $100 less than the
> insurance I was buying from Parrish. No stipulations, drive where you
want,
> etc. State Farm rates are very good - switched my other cars to them as
well.
Once again . . . a "declared value" policy is NOT the same thing as an
"agreed value" policy. The "declared value" policy only protects the
insurance company in that it will never be required to pay MORE than the
value you've declared - and they will NOT pay more than what they determine
the loss to be, regardless of the value you declare. State Farm's opinion of
the value of a 25+ year old car (whose value is largely due to all the work
you've put into it) may be somewhat different than yours or mine.
An "agreed value" policy means just that - if the car is stolen or totaled,
the insurer will cut you a check for the value you've agreed upon up front.
That's why appraisals are generally required for collector cars.
For all damage less than total, the reasonableness of the company's
adjusters is the important factor. The notes posted to this list convince me
that the specialty insurers and agents like Parrish, Hagerty, etc. are more
knowledgeable about the true cost of repairing a collector car than the
adjusters who work for mass-market auto insurers. Your mileage may differ.
Jim Hill
Madison WI
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