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03-12-2009 | #1 |
Join Date: Aug 2005
Location: Scottsdale, AZ
Posts: 2,450
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Re: !!!!! Insurance Question>>>
You want "agreed value"
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03-12-2009 | #2 |
Join Date: Jul 2007
Location: Bartlett, IL
Posts: 7,136
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Re: !!!!! Insurance Question>>>
Right.. but for me and to save a bit of $$ right now, I have stated value with State Farm
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1990 Corvette ZR-1 #1051 Watson Headers (2" Primary) - 3" Magnaflow Bullet cats - LT4 Catback Late Model IH - Plenum Coilovers - 4.10s Custom Interior NCM Lifetime Member #978 |
03-21-2009 | #3 |
Join Date: Jun 2008
Location: West Friendship, MD
Posts: 71
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Re: !!!!! Insurance Question>>>
I have been involved with this question many, many times before on other forums regarding my '67 and my '93 Z. First, to set the record straight, I am a State Farm agent with 30+ years on the job. State Farm, at least in Maryland, has what they call a Stated Value policy but I submit it is an Agreed Value policy. Copy of Maryland Endorsement is listed here:
6171AG ANTIQUE OR CLASSIC MOTOR VEHICLE This endorsement is a part of your policy. Except for the changes it makes, all other terms of the policy remain the same and apply to this endorsement. It is effective at the same time as your policy unless a different effective date is shown for the endorsement on the Declarations Page. This endorsement is issued by the STATE FARM MUTUAL AUTOMOBILE INSURANCE COMPANY of Bloomington, Illinois, or the STATE FARM FIRE AND CASUALTY COMPANY of Bloomington, Illinois, as shown by the company’s name on the policy of which this endorsement is a part. In consideration of the premium charged for your policy, it is agreed that: 1. COVERAGE UNDER SECTION I – LIABILITY – COVERAGE A AND SECTION II – NO-FAULT – COVERAGE P APPLIES ONLY WHEN YOUR CAR IS USED IN EXHIBITIONS, CLUB ACTIVITIES, PARADES OR OTHER FUNCTIONS OF PUBLIC INTEREST AND OCCASIONALLY FOR PLEASURE AND BUSINESS. 2. SECTION IV – PHYSICAL DAMAGE COVERAGES a. Limit of Liability – Comprehensive and Collision Coverages This provision is changed to read: The limit of our liability for loss to property or any part of it is the lower of: 1. the actual cash value; or 2. the cost of repair or replacement. You and we agree that the actual cash value of your car is the vehicle value shown on the declarations page unless: 1. your car has been damaged; 2. parts have been removed from your car; or 3. your car’s condition has changed due to abuse or neglect after the vehicle value shown on the declarations page was agreed to and prior to the loss. If any of these events have occurred, the agreed upon actual cash value is the vehicle value shown on the declarations page reduced by the decrease in the value of your car due to such damage, the removal of parts and damage caused by the abuse or neglect. Any deductible amount that applies is then subtracted. The cost of repair or replacement is based upon one of the following: 1. the cost of repair or replacement agreed upon by you and us; 2. a competitive bid approved by us; or 3. an estimate written based upon the prevailing competitive price. The prevailing competitive price means prices charged by a majority of the repair market in the area where the car is to be repaired as determined by a survey made by us. If you ask, we will identify some facilities that will perform the repairs at the prevailing competitive price. We will include in the estimate parts sufficient to restore the vehicle to its pre-loss condition. You agree with us that such parts may include either parts furnished by the vehicle’s manufacturer or parts from other sources including nonoriginal equipment manufacturers. Any deductible amount that applies is then subtracted. 2 6171AG b. Settlement of Loss – Comprehensive and Collision Coverages This provision is changed to read: We have the right to settle a loss with you or the owner of the property in one of the following ways: 1. pay the agreed upon actual cash value of the property as determined above in exchange for the damaged property. If the owner keeps the damaged property, we will deduct its value after the loss from our payment. The damaged property cannot be abandoned to us; 2. pay to: a. repair the damaged property or part, or b. replace the property or part. If the repair or replacement results in betterment, you must pay for the amount of betterment; or 3. return the stolen property and pay for any damage due to the theft. The Settlement of Loss provision for comprehensive and collision coverages incorporates the Limit of Liability provision of those coverages. If we can pay the loss under either comprehensive or collision, we will pay under the coverage where you collect the most. When there is loss to your car, clothes and luggage in the same occurrence, any deductible will be applied first to the loss to your car. You pay only one deductible. c. The following is added: Coverage for Spare Parts We will pay up to $500 during the policy period for direct and accidental loss of or damage to spare parts which are owned by you and in your possession. Spare parts means equipment designed to be used with vehicles of the same make and model as your car. Chief Executive Officer The highlighted section changes the standard auto policy to reflect the changes outlined here. State Farm's definition of a classic car is one over 10 years old, maintained by a hobbyist or collector and is of limited production and/or historical interest. My coverage on my '93 Z has liability limits of 250/500/100, PIP, Comprehensive w/$100 deductible, Collision w/$500 deductible and Uninsured Motorist limits equal to the liability. The Stated Amount is $50K, cost is about $214.00 every six months. I have declared an annual mileage of 5,000 miles and drive my Z to work just about every Friday. I have always tried to explain to all of my friends on all of the forums, "You can buy enough insurance to keep your tags, or you can buy enough insurance to keep your house." Pay attention to your liability limits, guys. Open for questions and the inevitable comments now. |
03-24-2009 | #4 |
Join Date: Dec 2006
Location: Reno, Nevada
Posts: 20
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Re: !!!!! Insurance Question>>>
Hagerty insures my 90 ZR1 as an exotic agreed value. They insure my 85 as a collector agreed value, but not the ZR1. The exotic is more than the collector rate.
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90 ZR1 Dark Red/Black, Borla, 4:10, Chip 01 Z06 01 Z06 Lingenfelter 427 Twin Turbo |
03-24-2009 | #5 |
Join Date: Apr 2006
Location: Ideho
Posts: 2,653
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Re: !!!!! Insurance Question>>>
I am getting ready to insure both Z's throught the National Corvette Museum. Call Adam Boca 1-877-678-7626. Insurance is through AMIG.
300k Liability 100k Uninsured 100k Underinsured $1000 Medicial Towing #473 Modified (Exhaust, Chip & Open Lid) Value $28,000 No Deductible Comp and Coll #458 Modified (Exhaust, Chip & Open Lid, Alum Flywheel and Short Shifter) Value $20,000 No Deductible Comp and Coll Both at $433 a year
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[I][FONT=Comic Sans MS]John Boyd[/FONT][/I] [I][FONT=Comic Sans MS][SIZE=1]Ideho[/SIZE][/FONT][/I] [FONT=Comic Sans MS][SIZE=1][I]2015 ZL1 [/I][I]Camaro #1121 BLACK/BLACK 6 SPD (540 RWHP)[/I][/SIZE][/FONT] [I][FONT=Comic Sans MS][SIZE=1]1991 ZR-1 #458 [COLOR=red]RED/[/COLOR][COLOR=black]BLACK 72[/COLOR]k miles ([B][COLOR=red]SOLD[/COLOR][/B]) 1991 ZR-1 #473 [COLOR=red]RED/[/COLOR][COLOR=black]BLACK [/COLOR]37k miles ([B][COLOR=red]SOLD[/COLOR][/B])[/SIZE][/FONT][/I] |
03-24-2009 | #6 |
Join Date: Aug 2005
Posts: 1
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Re: !!!!! Insurance Question>>>
Great chatting with you Michael!
John, I should have an answer to your questions soon....Thanks for throwing our name out here... Jeff, call me up and we can see what the price will be... Thanks all! Adam Boca NCM Insurance Agency 877.NSUR.NCM |
03-26-2009 | #7 |
Join Date: Dec 2007
Location: Fremont,Ca
Posts: 3,039
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Re: !!!!! Insurance Question>>>
When my policy with Hagerty is up next year I was going to look into this for my Z then the above happened with one of my cars insured with AMIC,no thanks.
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03-27-2009 | #8 | |
Guest
Posts: n/a
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Re: !!!!! Insurance Question>>>
Quote:
Thanks for sharing. I had no idea that NCM offers insurance and I'm going to look into this; if it benefits the museum too, then I also want to support the NCM too. I'll call Adam. Aloha! |
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03-27-2009 | #9 |
Join Date: Sep 2006
Location: lone pine and mammoth lakes
Posts: 1,407
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Re: !!!!! Insurance Question>>>
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03-27-2009 | #10 |
Join Date: Jul 2005
Location: Mendota Heights, MN. 55120
Posts: 984
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Re: !!!!! Insurance Question>>>
I think the base is limited to 3K per year. If you pay more you can probably get more miles.
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Bob Anderson 1990 #2405 White/Gray Haibeck chip,4:09 gears,Power Effects Exhaust,5 spoke chrome,C5 brakes,49th Street rockers,K&N,Hurst,Headers,Upper & lower ported Minnesota State Director Founding Member #19 |
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