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  #1  
Old July 12th, 2006, 06:05 PM
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steve
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Agreed value insurance

I thought about this while reading the "toasty 110" thread.

For those of us out there that have agree value insurance would you share you experiences and possibly cost of changing from your standard plan to the agreed value?

Also I'm curious what companies offer good agreed value insurance...many that I have looked at require limited milage, covered storage ext.

So whos got it and what do you think? Personally I have never been in an accident with a defender but I imagine if it was a total loss the fight with the insurance companies would be hell, not to mention you woudl never recoupe your costs after buy back, parts, and of course the salavaged title.
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  #2  
Old July 12th, 2006, 06:10 PM
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Christian Gunther
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I had my insurance company put in writing the amount I would receive in the event of a total loss. They told me to come back to them annually for revisions. I suspect it would still be a fight though.
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Old July 12th, 2006, 06:22 PM
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Christian,

Who is your insurance provider?
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  #4  
Old July 12th, 2006, 07:26 PM
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David Marchand
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I have a stated value based on an independant, documented appraisal every two years. Raised my monthly by a bit. But the concern for me was not to save the money on insurance, but to be able to replace my truck if something happened.

By a bit, I mean $100-200 monthly.
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  #5  
Old July 12th, 2006, 07:32 PM
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Mike Lynch
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David, what is the name of the insurance company?
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  #6  
Old July 13th, 2006, 02:34 PM
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Christian Gunther
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I go through USAA.
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  #7  
Old July 13th, 2006, 04:03 PM
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Arthur Maravelis
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Quote:
Originally Posted by dmarchand
By a bit, I mean $100-200 monthly.

You mean annualy, not monthly, right?
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  #8  
Old July 13th, 2006, 05:50 PM
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Gunther:
USAA does agreed value? I have them right now and they said they do not do that. I would appriciate any info you have through them because I love their customer service and woudl liek to stay with them.
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  #9  
Old July 13th, 2006, 06:18 PM
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I have USAA as well, and told them I wanted to insure for market value. They told me they don't do that. I explained the market value was well over the $22k report they were using, and they said that during claims, as long as I show receipts for all parts and work that exceed the value, they would accomodate that. But that's a pretty loose commitment. Redardless, USAA does not do agreed value as far as I've tried.
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  #10  
Old July 14th, 2006, 02:41 PM
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Brian Love
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Quote:
Originally Posted by mkellgr
I have USAA as well, and told them I wanted to insure for market value. They told me they don't do that. I explained the market value was well over the $22k report they were using, and they said that during claims, as long as I show receipts for all parts and work that exceed the value, they would accomodate that. But that's a pretty loose commitment. Redardless, USAA does not do agreed value as far as I've tried.

Mark,

I got the same answer regarding mine. I know that a Disco is a little different catagory, but with the new (2.8) engine, it does change the math. I am going to have a detailed bill drawn up (don't think the e-mail version will cut it) and see what happens (of course, hoping that never happens).

BTW - I have USAA as well.....if only they did motorcycles too
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  #11  
Old July 16th, 2006, 12:31 AM
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Here in Colorado, I asked my Allstate agent about agreed value, and they said they "don't do agreed value"
Is it a state by state thing? as it seems like the CA guys can all get agreed value......
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Old July 16th, 2006, 10:54 AM
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I have been going through the same issue... I had Allstate here in Georgia, the do not do Apraised or Agreed value. They referred me to the collector insurance companies, can't remember which ones, but neither of them would insure an off road truck. They only wanted collectable corvettes and Ferrari's, that get driven less then 1000 miles per year.

I switched to Cotton States Insurance, not because they were any different than Allstate or State Farm, but because my friend is an agent, and he said that he would fight for me.

He looked into the Agreed Value policies, they are pretty much a scam. They will base your rate on the Value, but they do not neccessarily have to abide by it. My friend sited multiple examples where people got screwed after a total loss.

My biggest concern is all the extra money invested in my truck. I probably have 20K+ in upgrades and etc. The insurance company will only pay around 5K extra, and most of that is around stereo and DVD players.

If my truck gets stolen, then I am out the extras. If it gets in an accident and is totaled, I can buy it back and/or salvage my extras off it, before they haul it away.

Scott
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  #13  
Old July 17th, 2006, 04:12 AM
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Doug Walker
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I have stated value of $40K on my 110 with Allstate -- it's written on the policy. I had a small engine fire two years ago, and they paid $23K without flinching. I don't know what would happen in the event of a total loss, however.
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  #14  
Old July 17th, 2006, 01:17 PM
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Quote:
Originally Posted by COSteve
Here in Colorado, I asked my Allstate agent about agreed value, and they said they "don't do agreed value"
Is it a state by state thing? as it seems like the CA guys can all get agreed value......
Hey Steve, I've got Allstate too and got the same answer. However, my agent did say that they would go by market/replacement value (and not NADA) in the event of a total loss. I'm still skeptical though. I checked into collector car insurance (I have Haggerty on my old Roadster) on a Series III 109 that I once had. They won't touch it if it ever goes off-road.
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  #15  
Old July 18th, 2006, 05:01 PM
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Quote:
Originally Posted by woldd90
I have been going through the same issue... I had Allstate here in Georgia, the do not do Apraised or Agreed value. They referred me to the collector insurance companies, can't remember which ones, but neither of them would insure an off road truck. They only wanted collectable corvettes and Ferrari's, that get driven less then 1000 miles per year.

I switched to Cotton States Insurance, not because they were any different than Allstate or State Farm, but because my friend is an agent, and he said that he would fight for me.

He looked into the Agreed Value policies, they are pretty much a scam. They will base your rate on the Value, but they do not neccessarily have to abide by it. My friend sited multiple examples where people got screwed after a total loss.

My biggest concern is all the extra money invested in my truck. I probably have 20K+ in upgrades and etc. The insurance company will only pay around 5K extra, and most of that is around stereo and DVD players.

If my truck gets stolen, then I am out the extras. If it gets in an accident and is totaled, I can buy it back and/or salvage my extras off it, before they haul it away.

Scott

If you want coverage for the extras it would be a good idea to find a company that will cover it and get a policy that spells out what it covers. It may or may not be a lot higher but when your agent says " he will fight for you " you have no recourse when they deny the claim for the extras you have added to your truck.

For what it's worth, my wife has been in the insurance business for about 26 years. If you have a good claim record there are companies out there that will cover you for not too much more more.

Could be he thinks the Agreed Value Policies are a scam because he can't sell you one?? If your policy states what it covers and they deny a valid claim, a $100 letter from a good lawyer shoud get the ball rolling.
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