Insurance Coverage for "Stated Value" - Who's good - Off-Road Forums & Discussion Groups
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post #1 of (permalink) Old 03-27-2001, 09:30 PM
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Insurance Coverage for \"Stated Value\" - Who\'s good

OK, you've put a ton of time and $$ into your CJ. How do you get it insured for the replacement value? My insurance company, Farmers, says that I need to find an "auto appraiser" to appraise my vehicle and set a value. A "stated value" policy is then written (and priced) based on that value. Receipts for parts and labor don't count, as they don't accurately reflect resale value (sad but true, of course).

Questions:

· Where do I find an auto appraiser that will give me the most favorable appraisal?

· What companies, in your experience, offer the best "stated value" policies?

So,……how are you guys insuring your old, but expensive to replace, vehicles?

Steve


86'CJ-7, OBDII 5.7L Vortec, 4L60
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post #2 of (permalink) Old 03-27-2001, 09:46 PM
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Re: Insurance Coverage for \"Stated Value\" - Who\'s good

I have State Farm Mutual, who paid for two totalled vehicles--a loaded '82 Porsche 911SC, and my '95 YJ--based on market value plus receipts (parts and labor). They had their claims department research local prices of comparable vehicles, and encouraged me to do the same. In the case of the Porsche, they even considered the Porsche Club's Official Valuation, a service provided to PCA members. I got a very fair settlement in both cases.

Hewgag

The wise eagle keeps his talons hidden!

Visit my 2000TJ "Hewgag" in BackCountry Trailers' Back Country Rigs section at http://www.backcountrytrailers.com/
post #3 of (permalink) Old 03-27-2001, 10:03 PM
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Re: Insurance Coverage for \"Stated Value\" - Who\'s good

If they're willing to write you a "stated value" policy you're already one up. Call around to some vintage car clubs. See if they have an appraiser they recommend. Basically, it comes down to what you and the insurance co can agree on.

Good luck,
Joey

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post #4 of (permalink) Old 03-27-2001, 10:03 PM
 
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Re: Insurance Coverage for \"Stated Value\" - Who\'s good

I have mine with progressive and they didn't require any appraisal at all just the agent look it over. My 84 cj7 laredo has a stated value for replacement of $6500 and it costs me $117/mo. I am 28 and single with 1 speeding ticket in the past 3 yrs.

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post #5 of (permalink) Old 03-27-2001, 10:05 PM
 
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Re: Insurance Coverage for \"Stated Value\" - Who\'s good

I just called my agent and took out a policy on my '83 with an "Agreed Value" of $25K. I used my web site as documentation of the upgrades ... [img]/wwwthreads_images/icons/smile.gif[/img] ... too easy ...

JAF
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post #6 of (permalink) Old 03-28-2001, 12:11 AM
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Re: Insurance Coverage for \"Stated Value\" - Who\'s good

JAF

Your agent sounds way too reasonable, obviously not from CA<G>. What company do you use? Did they give you a discount for having an alarm system?

Steve

P.S. Nice web site


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post #7 of (permalink) Old 03-28-2001, 12:18 AM
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Re: Insurance Coverage for \"Stated Value\" - Who\'s good

Joey,

>> Call around to some vintage car clubs. See if they have an appraiser they recommend.<<

Good idea. Maybe call some of the street-rod guys too.

Steve


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post #8 of (permalink) Old 03-28-2001, 12:44 AM
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Re: Insurance Coverage for \"Stated Value\" - Who\'s good


Hewgag,

State Farm, huh? I should check them out. Probably not the absolute cheapest, but they sound like they treated you well. That's worth something when you need them.

Steve

P.S. I concur on the need for trailer brakes with short wheel base jeeps. I just about swapped ends coming down a slight grade while rounding a curve on the freeway with a heavily loaded trailer. Had to accelerate out of it. Boy, had to change the shorts after that one<G>


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post #9 of (permalink) Old 03-28-2001, 01:02 AM
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Re: Insurance Coverage for \"Stated Value\" - Who\'s good

JeepinDoberman,

I just put some major expense into an engine swap on my CJ and I doubt my agent would appreciate the finer points, if you know what I mean.

Steve


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post #10 of (permalink) Old 03-28-2001, 10:21 AM
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Re: Insurance Coverage for \"Stated Value\" - Who\'s good

MarshHawkX

"Receipts for parts and labor don't count"
- Not necessarily true.

I recently completed a frame up resto/upgrade on my 1969 CJ5. I contacted my insurance carrier, State Farm Mutual, and was told that they would insure the vehicle if I got an appraisal. OK, good so far. My agent recommended a local appraiser that specializes in classic/antique vehicles (he showed up for the $125 appraisal in a 1927 Chevrolet).

First question was "What do you think this Jeep sold for new?" Well, would you care to look at a copy of the original bill of sale (I am the only owner)? "Do you really have that and receipts for labor and parts? OK, I believe I will do what I usually don't do, and that is to take the cost approach in appraising your vehicle since you can support all your expenditure claims." Alright, I know I have more invested in the Jeep than I could ever sell it for, but what do I need to insure it for? "$27,700". Gulp. . . well, if you say so.

State Farm said the documented, stated value and 12-page report looked fine. They did insist on an alarm system, which I had already installed. Now I'm wheeling my well-insured "new" old '69. Premium wasn't all that bad either.

Sidenote: I continually hear "But you could have bought a NEW Jeep cheaper". Yes, but I didn't WANT a new one. You don't understand, it's a Jeep thing.

Jerry

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