I HATE INSURANCE. Just throwing that out there.
05-04-2008, 02:25 PM
#21
2nd Gear Member
Join Date: Mar 2007
Location:
Posts: 277
RE: I HATE INSURANCE. Just throwing that out there.
I have Agrreed value insurance thru Hagerty. Its not a daily driver so I decided to get the best coverage with a few coverage limits. I pay $720.00 a year with $45,000 agreed value & garage kept. Here's just some differences on coverage for you guys to chew on.
Insurance companies will use one of three different policy forms. They are generally known as Actual Cash Value, Stated Value or Stated Amount and Agreed Value or Agreed Amount. Each of these three forms is different, and often misunderstood and misrepresented by insurance agents.Collectible and classic and in some cases modified cars usually have a stable value and actually appreciate over time. Because the values are stable, an "Agreed Value" insurance policy should be purchased to protect a collectible auto. With an Agreed Value policy, if your car is stolen or totaled, you will receive the Agreed Value listed in writing on your auto policy. Most standard insurance companies don't offer an Agreed Value policy.[ul][*]Actual Cash Value (ACV)This coverage can usually be provided by standard auto policies. At the time of a complete loss the insurance company claims adjuster will decide what your car is worth. You may have some input, if you do not agree with the claims adjuster, but in the end the insurance company decides the final settlement. If you don't agree with the settlement, you may have no choice except to seek legal action, or arbitration if specified by your policy agreement.[*]Stated Amount or Stated Value This policy is often misunderstood, and frequently used for collector cars. Most insurance agents represent stated amount or state value policies as being the same as "Agreed Amount." It is not! A "Stated Amount" policy usually says the insurance company will pay the lesser of: The Stated Amount or The cost to repair the covered auto not to exceed the "Stated Amount" or The "Actual Cash Value" The "Stated Amount" helps determine the premium cost but is no guarantee of the settlement amount of the car if a total occurs. The "Actual Cash Value" is explained above and allows the claims adjuster to determine the loss often for less than the "Stated Amount". Most insurance agents are not aware of this claims detail. Many agents, unaware of the actual policy language, will insist if your collector car is stolen or totaled, you will receive the stated value. They are Wrong![*]Agreed Amount or Agreed Value Policies are the only guarantee in writing of the amount you will receive if your car is stolen or totaled. There is no "Actual Cash Value" clause in the policy. The "Agreed Amount" policy says the insurance company will pay you, the lesser of: The "Agreed Amount," or The cost to repair the covered auto, not to exceed the "Agreed Amount". With an "Agreed Amount" auto policy, your agent and you must agree together what the "Agreed Amount" should be before the policy is issued. The "Agreed Amount" should represent the true market value of the car at the time the policy is written. If the market value changes during the policy period, the "Agreed Amount" can be adjusted to reflect any market changes during the policy period and should be reviewed at renewal.[/ul]These policies are different than Gap Insurance you may want to purchase to cover the fair market value of your car when it is financed or leased.
Insurance companies will use one of three different policy forms. They are generally known as Actual Cash Value, Stated Value or Stated Amount and Agreed Value or Agreed Amount. Each of these three forms is different, and often misunderstood and misrepresented by insurance agents.Collectible and classic and in some cases modified cars usually have a stable value and actually appreciate over time. Because the values are stable, an "Agreed Value" insurance policy should be purchased to protect a collectible auto. With an Agreed Value policy, if your car is stolen or totaled, you will receive the Agreed Value listed in writing on your auto policy. Most standard insurance companies don't offer an Agreed Value policy.[ul][*]Actual Cash Value (ACV)This coverage can usually be provided by standard auto policies. At the time of a complete loss the insurance company claims adjuster will decide what your car is worth. You may have some input, if you do not agree with the claims adjuster, but in the end the insurance company decides the final settlement. If you don't agree with the settlement, you may have no choice except to seek legal action, or arbitration if specified by your policy agreement.[*]Stated Amount or Stated Value This policy is often misunderstood, and frequently used for collector cars. Most insurance agents represent stated amount or state value policies as being the same as "Agreed Amount." It is not! A "Stated Amount" policy usually says the insurance company will pay the lesser of: The Stated Amount or The cost to repair the covered auto not to exceed the "Stated Amount" or The "Actual Cash Value" The "Stated Amount" helps determine the premium cost but is no guarantee of the settlement amount of the car if a total occurs. The "Actual Cash Value" is explained above and allows the claims adjuster to determine the loss often for less than the "Stated Amount". Most insurance agents are not aware of this claims detail. Many agents, unaware of the actual policy language, will insist if your collector car is stolen or totaled, you will receive the stated value. They are Wrong![*]Agreed Amount or Agreed Value Policies are the only guarantee in writing of the amount you will receive if your car is stolen or totaled. There is no "Actual Cash Value" clause in the policy. The "Agreed Amount" policy says the insurance company will pay you, the lesser of: The "Agreed Amount," or The cost to repair the covered auto, not to exceed the "Agreed Amount". With an "Agreed Amount" auto policy, your agent and you must agree together what the "Agreed Amount" should be before the policy is issued. The "Agreed Amount" should represent the true market value of the car at the time the policy is written. If the market value changes during the policy period, the "Agreed Amount" can be adjusted to reflect any market changes during the policy period and should be reviewed at renewal.[/ul]These policies are different than Gap Insurance you may want to purchase to cover the fair market value of your car when it is financed or leased.
05-04-2008, 07:39 PM
#22
5th Gear Member
Join Date: Mar 2007
Location:
Posts: 2,033
RE: I HATE INSURANCE. Just throwing that out there.
Wow.. I had my car appraised at a big car show in March.. I called up Progressive Direct, told them about the appraisal, told them I had almost $20k in aftermarket parts on it, including wheels, tires, supercharger, paint, body panels, blah blah, and the guy told me I could insure it at stated value $50,000 for a $4/year increase. Yes, that's correct, a FOUR DOLLAR A YEAR INCREASE.
So now my insurance is $779/6 months for two cars instead of $777.
Cat - I'd find a new ins company..
And yes, I head about those street-racing rules in ON. I also heard about the 86 year old guy they busted on the ETR (407) for "street racing".. LOL
So now my insurance is $779/6 months for two cars instead of $777.
Cat - I'd find a new ins company..
And yes, I head about those street-racing rules in ON. I also heard about the 86 year old guy they busted on the ETR (407) for "street racing".. LOL
05-04-2008, 08:16 PM
#23
4th Gear Member
Thread Starter
Join Date: Jul 2007
Location:
Posts: 1,062
RE: I HATE INSURANCE. Just throwing that out there.
Tried a new insurance company...none of them want to insure the badass Stang. I'm thinking I'll have to get a 2nd car, and perhaps they will take the Stang as an occasional driver, vs the primary.
05-05-2008, 10:39 AM
#26
3rd Gear Member
Join Date: Aug 2005
Location: TN
Posts: 945
RE: I HATE INSURANCE. Just throwing that out there.
ORIGINAL: Back N Black
I wouldn't cancel during the winter and then reinstate you insurance during the summer, that will raise your rates as well. If you car is not a daily driver check into low milage programs. That might help you out.
Who is your carrier?
I wouldn't cancel during the winter and then reinstate you insurance during the summer, that will raise your rates as well. If you car is not a daily driver check into low milage programs. That might help you out.
Who is your carrier?
05-05-2008, 12:07 PM
#28
3rd Gear Member
Join Date: Jan 2008
Location:
Posts: 530
RE: I HATE INSURANCE. Just throwing that out there.
In Manitoba car insurance is handled by a crown corporation, a monopoly, and is not run for profit. We have some of the lowest rates in the country and in each of the last 3 years I have received a rebate check because they had extra money at the end of the day.
And people like to say the free market always gives better service and prices. Anybody in a free market receive money back from an insurance company for no reason?
And people like to say the free market always gives better service and prices. Anybody in a free market receive money back from an insurance company for no reason?
05-05-2008, 04:28 PM
#30
3rd Gear Member
Join Date: Feb 2006
Location:
Posts: 571
RE: I HATE INSURANCE. Just throwing that out there.
I have Travelers Insurance. I didn't tell them about my mods and when someone broke in last week and took my radio, subs, amps, engine parts, all I have to do was produce the item receipts or credit card receipts OR even pictures and they paid for it. Got my money back + estimated labor. Check is in the mail....