How should i insure my wagon? The book value on my '76 Country Squire is about $650 (per Kelly's or most insurance adjustor's valuations.) I have invested ~$4,000 in exhaust, enginer, and transmission. By the time the vehicle is all done i will have about $9k into it -- which is what I would value the vehicle at. My nightmare is someone crashing into my baby, doing $700+ damage to it, and then having the insurance company declare it a totalled; writing me a check for $650 and taking the wagon. It has been very hard finding exterior and interior parts for it the first time around, the second time around might be even tougher. What is the solution to this dilemma? Is there a way that i can insure it for what i think it is worth, and pay higher premiums? Is there a stationwagon valuation authority that can help out? Your advice VERY greatly appreciated. - Norse
Since it's over 25 years old you need to look into agreed value with your insurance company or go with a classic company like Hagerty or something like that. Keep all receipts. If you go with a classic type company expect they will not want you to drive it to work but otherwise there aren't any mileage or use restrictions.
But i will be driving it to work. 15 mile RT twice a week. And then an occesional longer haul once every few months. Probably put on 3,000miles/year in the next few years (until i get my next wagon, then the miles will drop in half, then by a third, you get the idea )
Get an appraisal done by a recognized company for a proper value. Insurance companies always look for the cheap way out and this would be good ammuninition on your part.
In lieu of taking out collector car insurance with Haggerty, you should review your policy language specifically concerning how they define 'total loss' and whatever wording they use for 'actual cash value'. I am assuming here that you have collision coverage on the vehicle. I would also suggest having your insurance company (or your agent) inspect the vehicle, so that it's well documented what condition it is in. You can also keep receipts, etc, and have on hand 'current' pics of the vehicle to support it's condition. There's no real way to prevent the scenario you describe in your post - if you have a loss, the insurance company is going to offer whatever it's going to offer. That's when you innundate them with documentation and your own comments on whatever P.O.S. wagons they offer as 'comparable' to yours. The only way around that is to have 'stated amount' coverage, which you can't usually get with an 'ordinary' policy. (You should ask about this - maybe your company does offer this feature...). One other note: If your wagon gets 'totalled' your insurance company can't force you to surrender the vehicle and title to them. What they can do is deduct a bit of the settlement amount as the 'salvage value'. For example: Wagon value: $1,500 Deductible: $200 Wagon salvage value in smashed condition: $100 In this example, you would keep the wagon and get $1,200 Value $1,500 Less deductible - 200 Less salvage val- 100 ------------------------------ Net settlement $1,200 Marshall
OK, let me just say: Thanks a billion (well, more like about $4,250 -- you get the idea). I think I got it from here.
FWIW, I went with Hagerty on my Bonneville. Their price was WAY lower than a conventional policy cost and I can drive it regularly.
The problem with most classic car insurance is that there are restrictions on use and mileage, and it would always need to be garaged. I have State Farm on my cars with a stated values. The insurance agent took photos of each car and keeps them on file. Keep all your reciepts as well as anything you can use to document the car's worth such as "Old Cars Price Guide", advertizements for similar cars, or have an appraisal done on the car. I am over due for changing the stated values on a couple of my cars. I'll need to get right on that.
Stated Value insurance is not what you want. You want Agreed Value. Stated Value means that is the most they will pay, it doesn't mean they will actually pay that for a total loss. They can bring out price guides, determine there was depreciation or any other loop hole to keep from paying the stated value. If you have a Stated Value Policy for $10,000 they will probably pay you considerable less. With Agreed Value, you and the insurance company negotiate the value before the policy is even written. If you have an Agreed Value policy for $10,000 and it is a total loss you get $10,000. State Farm doesn't even offer agreed value. Most regular insurance companies don't. That's why there are so many Classic Car Insurance companies selling to the collector car market. On my '57 Chevy wagon the words "Agreed Value" are printed on the declarations page. It it was not there, I would change insurance companies.
x2 on agreed value , lots of confusion over the stated and agreed value terms. My wife told me and she's worked at Progressive insurance for almost 35 years. She's the one who sets up all that type stuff and says they only write agreed value on motor homes and motorcycles and that not many regular companies write agreed value policies for cars. She also says to make sure you read everything very thoroughly and make sure you know exactly what you're getting beforehand, don't want to become another horror story.
Try Grundy.........they have different types of insurance for all applications. Their prices are good and you can still drive it.
