Stated Value/Agreed Value Car Insurance?

[Randy8876]

I'd like to use a 68 firebird as my daily driver. That automatically rules out all the collectable car insurance companies. Is there anyone that offers insurance on these cars when the car is used as a daily driver that will pay out actual value if the vehicle is stolen, crashed, etc?

I don't understand how a company can insure a $40k SUV and let you park and drive it anywhere, but a $20k muscle car off limits somehow.

[wheelspin]

:welcome: to the Forums.

I have "normal" State Farm insurance coverage on my three daily driver classics. Like you, I would like to have the inexpensive classic agreed value coverage, but can not as they are not garaged.

In case of loss or accident damage, it is your burden to prove your car's value as the insurance company will use the lowest pricing guide/car ad that they can find. I would obtain an appraisal from one of the insurance companies' recommended appraisers, which along with pics and reciepts will establish a higher replacement cost that is more in line with the market.

Les

[gunmetalgray67]

I also have State Farm insurance and my agent was very helpful with my 67 Lemans convertible. I took pitures of car and got current values and took everything to him. I was able to lower rate while engine is out and car is kept in garage. I keep all receipts for parts and work and record everything I buy or modify. I have to keep it insured because home owners doesn't cover it sitting in garage (which is old) if roof would collapse or something.
Read everything because there are several different kinds of "agreed upon" value insurances.
Jason

[66GTO Jim]

Just don't confuse "Agreed Value" with "Actual Cash Value". Two VERY different terms.

"Agreed" means you and insurance company agree ahead of time what the value is in case of a total loss.

"Actual" means whatever low priced piece of junk that sold recently anywhere in the country, that the insurance company can find that is the same year and model as yours will equal the "actual" value. That is, unless you follow the advice from Les posted above. Otherwise, it will you be to you to prove the insurance company wrong on the "actual value". Jim

[gto65lvr]

I have used American National or ANPAC for my special cars and my normal ones they have an agreed policy and allow a fair amount of miles per year compared to some others. The appraisal from the recommended people is very important.
I have also seen some friends use "regular" companies like St farm or Farmers. Farmers has special car policies but I do not like their claims handling at all they are at the bottom of the barrel right now in collision repair handling per surveys taken in the industry. As far as st farm they are near the top at the moment but that is for late model cars dont know about classic claims.

BTW I run a body shop I am not affiliated with any insurance company
Just my .02c

65 lemans convert
66 lemans convert
67 HT ATI procharger