"Set Value" Insurance for my Marauder

[Architect]

My 2004 Marauder with 116,000 miles WOULD BE classified as "totaled" with only a small bit of damage because they have obviously been devalued as they have gotten older... Like most cars...:mad:
So I talked with my insurance carriers and suggested a "set value" policy.
I set the value.. and their rate is based on that amount. They said they could do it...;)... probably going to be a bit expensive. BUT I WANT TO DRIVE MY CAR, NOT HAVE IT SIT IN THE GARAGE. Pretty soon I will have to spend money for engine, transmission, restoration etc.

Anyone else doing something like this...???

[RubberCtyRauder]

many here have agreed value, if you drive daily or to work it may not be covered, better check it, the small print as they say. Hagerty, Grundy are collector car ins. companies with agreed value, but they cant ve daily use or back up use. must be garaged. must have proof of later model daily car.

[Architect]

Thanks... good information...

[johnnyrauder]

mine is ins. for 20k from headcock. but it has a 3k mi. per year limit. and i have to have a other car in my name

[2,4shofast]

I have set value on mine as well but there are several caveats that have to be met for pay out. The only one that I really worry about is that with my coverage it cannot be stolen and paid out. Needless to say I don't park it very many places.

[johnnyrauder]

I have set value on mine as well but there are several caveats that have to be met for pay out. The only one that I really worry about is that with my coverage it cannot be stolen and paid out. Needless to say I don't park it very many places.

no theft? thats pretty important.

[stevengerard]

no theft? thats pretty important.

Never heard of that. What good is no theft - I'd ask again. Even in a garage if someone wanted it bad enough in today's world they would get it.

[sailsmen]

"Stated Value" usually is the max the insurance will pay when they want to under insure a car.

[2,4shofast]

Never heard of that. What good is no theft - I'd ask again. Even in a garage if someone wanted it bad enough in today's world they would get it.

I asked for clarification a few times, what they don't want is people driving the cars other than to shows or events. So if I took the family to a movie and it was stolen, they wouldn't pay out due to the amount of fraud they get with collector getting "stolen" when parked in public places.

[stevengerard]

Hmm, ok that makes some sense but boy that is real limiting. We have these cars to enjoy. What good is a car if its only driven to a show. yes I know there are folks who have those cars and that's fine. Just not for me.

[justbob]

If I had an "only for show car" it sure as hell wouldn't be a Mercury Marauder! More like Joe's AC Cobra...


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[MERCMAN]

State Farm quoted me $168. per 6 mos. 3000 mile limit, 500 collision deductible, 100 deductible comp. Stated value of 20K. Good deal???

[Comin' in Hot]

$40k agreed value, no mileage limit, $602 a year.

[WhatsUpDOHC]

$40k agreed value, no mileage limit, $602 a year.

What carrier?

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[Comin' in Hot]

What carrier?

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Sorry lol, I was sitting in the waiting room at the dentist and they called me in as I was typing.

I have Grundy, the vehicle must be garaged and can't be used for work or school or anything like that.

[sailsmen]

State Farm quoted me $168. per 6 mos. 3000 mile limit, 500 collision deductible, 100 deductible comp. Stated value of 20K. Good deal???

See my post on "Stated Value".

[MERCMAN]

See my post on "Stated Value".

They would let me choose "stated value" how does that fit in your underinsure scenario?

[sailsmen]

Generally the insurer bases their exposure on the Cost New with a depreciation factor based on the age.

If I buy a Car that is normally worth $100,000 for $25,000 I can request it be insured for the Stated Value of $25,000. The $25,000 is the Limit, as in the most they will pay.

Agreed Value is just that, you and your insurance company have agreed on the value.

[rayjay]

State Farm quoted me $168. per 6 mos. 3000 mile limit, 500 collision deductible, 100 deductible comp. Stated value of 20K. Good deal???

Hell ya! State Farm is sodomizing me to the tune of $1,000+ a year and no agreed value!

[Motorhead350]

Progressive has been good to me.

State Farm got my credit card wrong at least 6 times. It expired and I updated it on-li e over the phone and even came into the office after the 3rd mistake. At one point I had no insurance for two months and didn't know!

Progressive has been great and they have seen plenty of me for 24 hour towing.

[03blackvegas]

After I got the Mustang, I knew I had to call Grundy to save on my insurance. I put the Marauder at $20,000.00, and the Mustang at $40,000.00, (agreed value) total per year for both is $870.00. P.S., the Charger is my daily driver.

[rayjay]

After I got the Mustang, I knew I had to call Grundy to save on my insurance. I put the Marauder at $20,000.00, and the Mustang at $40,000.00, (agreed value) total per year for both is $870.00. P.S., the Charger is my daily driver.

What kind of limits do they put on your driving? Miles allowed per yer? Thanks

[Lowndex]

http://www.gocompare.com/car-insurance/guaranteed-agreed-value-policies/

[1Marauder]

Article held good explanation on terms, but was fairly weak on data. I wish they had named the 6 companies that provided stated value as regular insurance!

[sailsmen]

Generally an Auto Policy uses as respects the Value "Actual Cash Value", a/k/ ACV.

ACV means any and all things that can determine the Value. It is generally what the car can be replaced for in your area including if you do replace it the sales tax. There is no dollar limit.

Generally "Stated Value" is the most the insurance company will pay. It is a cap on payment.

Generally "Agreed Value" is a Value that both you and the insurance company agree on.

It is best to ask in advance the insurance company to provide their definition of Value.