Car Insurance?

[SpadeCustoms]

Not to pry, but is the agreed-upon value per thousand of coverage, or did they give you a pricing schedule?

Pry all you want. It was just an agreed upon value per thousand. Pretty simple.

[AJ_87Fiero]

Bumping it up.

I was looking at STATE FARM Classic Car Insurance. Seems the Fieros would be classified as "ANTIQUE" (their term). I have a few questions:

1) What would be a good estimate of STATED/AGREED VALUE?
Is it better to go with a high general estimate rather than an accurate one? Let's say my '87 Base Fiero is worth $4000. Any advantages to putting it down as, say $6k? (staying optimistic and accounting for 'appreciation' )

2) What does GAFIero forum think is the average/clean-fair value for an 87 base is?

3) What is the process like after talking to an agent: do they send an appraiser to inspect, or do we have to deal with the underwriters ?

4) How much should the annual policy be? (Or, how much would be too much in  your opinion)

Thank you in advance!

[pgackerman]

I went with State Farm.  My agent and I are on very good terms so I told him what Hagerty told me.

BAsically, go to hagerty.com, fill in the info as well as you can, and use their accepted value. 

Here's more useless information: https://docs.google.com/document/d/1JoHDRFfjFrGfDLO2RKY3mkC_JgaJPgI0j8UVi0rT-JA/edit?usp=sharing

[scottb]

I went with State Farm.  My agent and I are on very good terms so I told him what Hagerty told me.

BAsically, go to hagerty.com, fill in the info as well as you can, and use their accepted value. 

Here's more useless information: https://docs.google.com/document/d/1JoHDRFfjFrGfDLO2RKY3mkC_JgaJPgI0j8UVi0rT-JA/edit?usp=sharing

Little known secret: State Farm owns Hagerty, according to my State Farm agent

[AJ_87Fiero]

I'm a current State Farm customer so will be calling them first.

I'll def use the Hagerty's prices - I was wondering if there's any extra benefit from projecting a slightly higher price, keeping in view the recent upgrades, additions, restorations we constantly seem to keep doing ? 

[NoMad]

If it is a stated value policy (Hagerty) then you get for it what you insured it for. So you can say your Fiero is worth $250,000 and pay for the coverage accordingly. I'm sure you would trip fraud flags for that gross exaggeration but you get the idea.

[Raydar]

Please be careful with the terms.
Stated value is what you claim it's worth. Your insurer will usually say "okay", and will probably post that on your policy. That then becomes the most that they will pay you, in the event of a loss.
Agreed value is what they have agreed to reimburse you for a total loss. They are not necessarily the same. 
Agreed value policies usually have some use/mileage/storage stipulations, and they may require detailed pictures of the car.

[The Art Doctor]

Think very hard, can you find another in that shape for $4000 that will not need work?  I have both 88 Formula's with $6000 each which is enough right now to buy a good replacement even though I have only $5000 total in both.  $10,000 would guarantee you could buy nearly any Fiero you want in great shape and would not be seen as an excessive number as it fits in their value range.  Hagerty has a $6000 minimum anyways on newer cars.  Hagerty is a Broker/agency not an insurance company.  All their polices say Essentia Insurance Company on them.  Fiero's are creeping up in value and it is getting harder to find "good ones".   Each Fiero costs me around $130/year at $6000 each coverage, I do get a multi-car discount as I have 4 collector cars on the policy.  Pretty sure bumping it up to $10K each would add not much more than $50/year to the policy.

A friend had his very, very nice LS swapped, lowered and customized C10 stolen recently, it took 4 months to fight on a regular policy with comprehensive coverage to get what he said was the amount he "would have taken for it on a day he was angry with it".  They offered $8k he said no way and had to get an appraisal based on photos he had of it from his instagram account.  He eventually got $28k but the truck was easily worth $35-40k.  He now has Grundy agreed value and an ignition disabling system in his replacement c10.

[SpadeCustoms]

I ended up going with American Collectors Insurance. Agreed value of $10k. Basically everything the same that Hagerty was offering with the exception of no deductibles and it was cheaper. I can drive it on weekends and events, basically just not an everyday car.