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post #16 of 19 (permalink) Old 02-28-2017, 07:29 AM
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What do you think is the difference between an "agreed blue" and a "stated value" policy?

Don P
Carson City, NV

Past Alfas...
59 102 Touring (first Alfa $500 running)
65 Sprint GT (2nd Alfa, $500 daily driver)
102 Sprint (never did anything with it, but wish I had)
74 Berlina (first new car - now certainly rusted into oblivion)
61 Giulietta Spider G-Prod Race Car (where is it now?)
84 Spider Veloce (rarely drove it, so sold it)
86 Quadrifoglio (Dull car - no more 115s for me)
1971 Montreal "The Full Monty". Fair winds and following seas

Current Alfas
59 102 Touring Roadster - restoration complete, enough Alfa for any rational man. Or irrational, for that matter
And past...
Two 1946 Stampe SV4C (c/n 294 "Rocinante" - wife's favorite airplane. RIP), and c/n 235 "La Bon Temps Femme" (gone to a new home, but never forgotten)
Zlin 50LA (+9 -6 gees, titanium spar, 1200 lbs, 260HP rumored to now be in Brazil)
1946 Luscombe 8A
Starduster Too (recently spotted at the Nevada City, CA airport - over 20 years and an entire continent separating it from our stewardship in Binghamton, NY)
1955 Cessna 170B (wife taught me to fly tailwheel in this)

And present...
64 Mooney M20E ("Rambo". My faithful steed for over 30 years) Nearly 50 years old, and just returned from a trip to Argentina in him
Newest in the fleet
1967 Piper Super Cub on Wipline amphibious floats (a true "all terrain vehicle")
2010 Triumph Thunderbird


You can snap roll an Alfa only one time...
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post #17 of 19 (permalink) Old 02-28-2017, 07:44 AM
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Quote:
Originally Posted by DPeterson3 View Post
What do you think is the difference between an "agreed blue" and a "stated value" policy?

As Modern American explained it to me, a stated policy will pay out my stated value of the car in the event of a total wreck (and I would expect to pay more for that type of coverage). An agreed policy will pay out some amount based on the insurance adjuster's estimate of the value as well as I claim or can prove what the value is. That may be something over "book" value but may not represent everything I put into renovation. I would prefer to recover all the cost of my car in the event of a wreck so I also asked for a quote for a stated value. I was told they would not insure my particular car for that type of policy.
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post #18 of 19 (permalink) Old 03-06-2017, 07:47 AM
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That's the exact opposite of what American Modern's website says about agreed vs. stated value: https://www.amig.com/insurance/collector-car/

They do say that they ONLY do agreed value, so perhaps that's why they told you they wouldn't insure your car with a stated value? I would have thought they'd come back with "don't you mean agreed?" but some people are very literal!

Quote:
Originally Posted by DPeterson3 View Post
What do you think is the difference between an "agreed blue" and a "stated value" policy?
"Agreed blue"? Is that a typo? Do you mean "agreed value"? I don't know what "agreed blue" is.

Agreed value means you and the insurance company agree to a value up front and you pay to have the car insured for that amount.

From the JC Taylor FAQ (I'd have to do some digging to come up with my actual policy!):

Quote:
Originally Posted by JCTaylorFAQ
Lately I’ve heard a lot about the need for “Agreed Value” coverage on collectible vehicles. What does “Agreed Value” mean, and does the J.C. Taylor policy include this coverage?

Prior to issuing your policy, we will come to an agreement with you on the value of your vehicle, based on the market and condition of the vehicle in question. In the event there’s a covered total loss to your vehicle, the “Agreed Value” is the amount you would receive.
The key phrase here is "prior to issuing your policy, we will come to an agreement with you on the value of your vehicle". In practice this means that when you apply you send them the details of your car and a picture, and what you want the "agreed value" to be. If they're OK with that value - they expect it to be high but not super high - they come back with a quote and ultimately issue a policy. If they think it's SUPER high, then they'll send out an inspector to look at the car then negotiate with you. In the end though, once they issue the policy that's the end of it. The agreed value is what they pay out in the event of a total loss.

I have an agreed value of $20k on my Spider. If the bottom were to drop out of the Spider market today and it was stolen tomorrow, I'd get $20k regardless. And yes, my car is currently worth more dead than alive.

Here's the JC Taylor policy: https://www.foremoststar.com/nssCont...38738_0513.pdf

Hagerty is similar:

Quote:
Originally Posted by Hagery
WE'LL AGREE ON A FAIR VALUE FOR YOUR CLASSIC, AND IN EVENT OF A COVERED TOTAL LOSS, HAGERTY PAYS THAT AMOUNT*. GUARANTEED.
*Any deductible and/or salvage value if retained by you will be subtracted from the total amount paid
edit: ah, here we go. This is an article about this subject, written by somebody at Hagerty for the Z Car Club:

Quote:
There are three types of automobile insurance offered today: Actual Cash Value (ACV), Stated Value, and Agreed Value. ACV coverage is what insures most everyday cars and pays out a depreciated "book" value in the event of a claim: the older a car is on an ACV policy, the less value it has. Some insurance companies offer Stated Value policies for collectibles. These policies are better than ACV because they allow you to "state" a value for your vehicle greater than its depreciated "book" value. But, Stated Value can still depreciate vehicles because the policies generally require the insurance company only to pay "up to" the "stated" amount. Only Agreed Value insurance policies guarantee you will get all of your money back in the event of a total loss. There is no depreciation of a car's value with an Agreed Value policy. This is why Hagerty offers only Agreed Value coverage to its customers.
http://zhome.com/Classic/CCInsur.htm

Chris

1990 Spider Veloce

Last edited by GV27; 03-06-2017 at 08:17 AM.
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post #19 of 19 (permalink) Old 03-06-2017, 08:27 AM
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Thanks for the info, GV. The link to the website you provided was very helpful. The person on the phone told me the exact opposite. In retrospect, she seemed shaky in her explanations. I'll call them again to get some clarification. I went ahead and increased the agreed value with Modern American to the max I could, $26,500, without further underwriting. It cost an additional $41 per year. The cost of collectors insurance is marginal. Knowing that I'm covered for all the money I've put into my car if I get smacked by an SUV is priceless.
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