E9 Values

Sooner

Sooner

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I am going through my renewal with Haggerty, and I need some sales info to justify a $30,000 value. I have my coupe insured for $25,000 for the last 5+ years, appraisal from Murray 8 years ago, and would appreciate any assistance.

I do not feel I am asking for an urealistic value, but their current books show $20,500 - $24,000 in top condition.

Thoughts?

thanks
sooner
 
I bundle my coupe into my State Farm Policy. Currently $35K no questions, no photos, no problems. Any one have any experience with claims for a classic with State Farm? They have been fine with the routine stuff like a tree limb blowing out the hatch window of my Forrester during an ice storm.
Steve
 
I didn't think State Farm issued Agreed Value policies. I have used them when the value if the car was less and wasn't as concerned.
 
Chris is making an important point... you want "agreed" value on your coupe
 
I am a State Farm Agent and yes our Classic Car policy is a Stated Value Policy. I have 4 classic cars insured with State Farm all with a stated value of $35,000 to $55,000 and the average premium for each car is about $200 a year. I don't get premium deals for being an agent. Sadly non of my classics are an E9. Been looking for the right car since 10/2011. Got to be white or silver.
The suggestion of bundlleing all of your policies is a good cost saving suggestion See your local State Farm for a quote.
 
Fstede1 said:
...
The suggestion of bundlleing all of your policies is a good cost saving suggestion See your local State Farm for a quote.
Click to expand...

Sure, but that gecko of that other company is so cute...
 
Sooner said:
I am going through my renewal with Haggerty, and I need some sales info to justify a $30,000 value. I have my coupe insured for $25,000 for the last 5+ years, appraisal from Murray 8 years ago, and would appreciate any assistance.

I do not feel I am asking for an urealistic value, but their current books show $20,500 - $24,000 in top condition.

Thoughts?

thanks
sooner
Click to expand...

Have you requested from Hagerty? Over the past 10 years I have increased agreed value a few times, starting around $8K and most recently to $40K. They usually ask for a bunch of photos. No problems.
 
I have my coupe insured with Hagerty. Originally I rated it as a #3 car and we agreed on a $20k value. A year and a lot of work and money later (all undocumented) I called them back and reported that it was now a #2 and they suggested a $30k valuation. According to the guy I spoke with, a #1 car is worth >$40k. Check out the valuation tool on the Hagerty website. Not sure why you should have had any any trouble at all at that number.
 
Stated is what you say it's worth, Agreed is what you and they "agree" it's worth... your insurance company may not agree with your "stated" value when it comes time to pay out a claim...

I believe most insurance companies will gladly charge you for your stated value.
 
2800 or 3.0?

You didn't say but because of the lower number, I assume it's a 2800. I just checked Haggerty's valuation tool and they show top value for a 2800CS to be $21,900 while top value for a 3.0CS to be $49,000. I'm not sure what they base that wide variation on, maybe auction results, but I think most of us agree that those numbers aren't supported in the real world market place.
 
Hagerty's description of values. I have 4 vehicles with them and never had an issue. My coupe is agreed at $35K...no questions asked.

What is the difference between Hagerty's "Agreed Value" coverage and other types of insurance coverage?

There are three types of value related coverage offered in the marine insurance industry today:

Actual Cash Value: This is the coverage type found most often on homeowners policies. It pays out a depreciated, “book value” in the event of a claim. The older the boat on this kind of policy, the less value it has.
Stated Value: These policies are better than Actual Cash Value because they allow you to “state” a value for your boat greater than its depreciated book value. But, these policies can still depreciate vessels, because they usually allow the insurance company to pay “up to’ the stated policy amount.
Agreed Value: Only Agreed Value polices guarantee you will get all of your insured value back in the event of a total loss. There is no depreciation of a vessel’s value with an Agreed Value policy, although many companies will still apply a deductible in the case of a total loss. Hagerty Classic Marine Agreed Value policies waive the deductible in the event of a total loss.
 
Both of my cars are insured with Hagerty. Their guaranteed value policy guarantees the policy will pay the full insured amount of the vehicle without depreciation. I recently increased my coverage for my coupe to $55K since I had a new interior installed. Only thing they required was one photo. Nothing was required when I increased the value of my 2002.
 
Value

Thanks everyone, finally got them to raise the value to $30,000, kept telling me the 3.0's are definitely more valuable than the 2800.
 
I am looking at going Hagerty, is their "Guaranteed Value" the same as "Agreed Value" ??

Lotuss7 said:
Hagerty's description of values. I have 4 vehicles with them and never had an issue. My coupe is agreed at $35K...no questions asked.

What is the difference between Hagerty's "Agreed Value" coverage and other types of insurance coverage?

There are three types of value related coverage offered in the marine insurance industry today:

Actual Cash Value: This is the coverage type found most often on homeowners policies. It pays out a depreciated, “book value” in the event of a claim. The older the boat on this kind of policy, the less value it has.
Stated Value: These policies are better than Actual Cash Value because they allow you to “state” a value for your boat greater than its depreciated book value. But, these policies can still depreciate vessels, because they usually allow the insurance company to pay “up to’ the stated policy amount.
Agreed Value: Only Agreed Value polices guarantee you will get all of your insured value back in the event of a total loss. There is no depreciation of a vessel’s value with an Agreed Value policy, although many companies will still apply a deductible in the case of a total loss. Hagerty Classic Marine Agreed Value policies waive the deductible in the event of a total loss.
Click to expand...
 
Just renewed w/ Leyand-West. Agreed value $35,000 based on NADA, Sports Car Market, Collector Car Price Guide, and recent auction results. They wouldn't agree to this amount last year, so it does seem prices are slowly rising.
 
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