Agreed value insurance coverage. Anyone do this for their modded car?
01-20-2006, 08:51 PM
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Agreed value insurance coverage. Anyone do this for their modded car?
I do this on my older classic cars. Not sure if its possible on newer cars, but it seems like a good idea for a car with lots of mods.
01-20-2006, 09:26 PM
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Agreed value is where you and your insurance company "agree" on the value of your car.
This way you can get a higher value on your car instead of what the "book" says.
I have a old VW truck. On the open market it is worth about 15K(believe it or not), but the book says it should be worth only 1500. So, I have agreed value coverage that covers it for the full 15K and not just what the book says.
This is done routinely for classic cars, I was wondering if its done for "modern" cars.
I have a old VW truck. On the open market it is worth about 15K(believe it or not), but the book says it should be worth only 1500. So, I have agreed value coverage that covers it for the full 15K and not just what the book says.
This is done routinely for classic cars, I was wondering if its done for "modern" cars.
01-20-2006, 10:22 PM
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Well, I don't think they will cover the mods per se, but I'd just call them upgrades.
Lets say you put a custom paint job, high end wheels, blah blah blah. You and your agent "agree to a value" and your coverage is thus.
Update: Check out the FAQ. I guess the car has to be a "collector" car not driven on a daily basis. That said, you are the one reporting the mileage...no one is checking odometers. Also I guess there is a difference between "stated" and "agreed" values.<ul><li><a href="http://www.lelandwest.com/What_You_Should_Know.cfm">http://www.lelandwest.com/What_You_Should_Know.cfm</a</li></ul>
Update: Check out the FAQ. I guess the car has to be a "collector" car not driven on a daily basis. That said, you are the one reporting the mileage...no one is checking odometers. Also I guess there is a difference between "stated" and "agreed" values.<ul><li><a href="http://www.lelandwest.com/What_You_Should_Know.cfm">http://www.lelandwest.com/What_You_Should_Know.cfm</a</li></ul>
01-21-2006, 06:04 AM
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Let me know if you find one that does... Allstate, Nationwide, State Farm etc.. have dropped this
from their coverage offerings. You can register it as a classic with agreed value provided it is a minimum of 20yrs old and you drive it less than 5K annually.
Kind of puts you in a pickle if someone hits your mid $30K Stg3 car, and book value is mid $20K currently.
Kind of puts you in a pickle if someone hits your mid $30K Stg3 car, and book value is mid $20K currently.
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01-21-2006, 08:14 AM
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Didn't used to be... I had it with Allstate until Dec '04. They dropped it then.
I didn't really worry about it at the time... now that I'm a "blingy" stg3 with lots of expensive bits I think about it weekly. Haven't found a brick/mortar company willing to cover for agreed value yet. Still looking...
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