Is there anyone that has or had their speedster insured by State Farm and had a claim on their policy?
What would you say and how would you rate their handling of your claim? Were you satisfied?
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Is there anyone that has or had their speedster insured by State Farm and had a claim on their policy?
What would you say and how would you rate their handling of your claim? Were you satisfied?
What would you say and how would you rate their handling of your claim? Were you satisfied?
Funny you should ask that right now. I'm in the middle of settlement on an accident. Someone else hit me and it has been determined that it is 100% their fault.
They are trying to screw me royally.
Anyone that has State Farm Insurance, I am begging you, don't believe what your agent tells you, they are going to come back and try to screw you regardless. Read the fine print on your policy, you know the one they try to not show you....you have almost no rights, and the few you have are going to cost you big money to settle with them if you aren't willing to take a 30% bath on the value of your car that isn't even 2 years old and has less then 12000 miles a year on it.
You have been warned, they will screw you to death.
They are trying to screw me royally.
Anyone that has State Farm Insurance, I am begging you, don't believe what your agent tells you, they are going to come back and try to screw you regardless. Read the fine print on your policy, you know the one they try to not show you....you have almost no rights, and the few you have are going to cost you big money to settle with them if you aren't willing to take a 30% bath on the value of your car that isn't even 2 years old and has less then 12000 miles a year on it.
You have been warned, they will screw you to death.
Stan, are you listening....don't trust them, they will try to screw you.
Steven,
What type of policy do you have? If you have a "standard" kind of policy then a 30% depreciation of your 2-year old car's value doesn't sound too far from "standard". If the car is registered as something like a 67 VW, or kit car you're maybe lucky to get what they are offering. After all, I can only imagine what the book values of 67 VWs or 2-year old kit cars typically represent (ugh).
On the other hand, if you have an "agreed value" kind of policy, then you might have a legit complaint, and definately have my attention. I have a State Farm "agreed value" policy. I'm of the understanding the car doesn't depreciate under an "agreed value" policy -- that's why they call it "agreed value". You pick the value, you pay the premiums accordingly. If that's not the way it is I'd be all-ears to hear.
Mark
What type of policy do you have? If you have a "standard" kind of policy then a 30% depreciation of your 2-year old car's value doesn't sound too far from "standard". If the car is registered as something like a 67 VW, or kit car you're maybe lucky to get what they are offering. After all, I can only imagine what the book values of 67 VWs or 2-year old kit cars typically represent (ugh).
On the other hand, if you have an "agreed value" kind of policy, then you might have a legit complaint, and definately have my attention. I have a State Farm "agreed value" policy. I'm of the understanding the car doesn't depreciate under an "agreed value" policy -- that's why they call it "agreed value". You pick the value, you pay the premiums accordingly. If that's not the way it is I'd be all-ears to hear.
Mark
How do you know you have agreed value insurance? Because they told you? Because they had you provide all of the receipts, because they had you fill out the yearly mileage form, because your premium goes up every year, for no reason.
State Farm say's they don't technically offer agreed value insurance. They offer insurance that is based on the agreed value at the time of the policy offering, but that YOUR car is still depreciating like any normal car.
They know what their doing to misrepresent this to you. They know how their going to screw you later. I can sell my car for more then I paid for it, in fact I have been offered more then I paid for it, so where is the depreciation? In fact if you had to wait for a year or more to replace it, then that has value.
Don't be fooled, they will tell you things a very specific way to give themselves an out.
30% depreciation on a car like these is not acceptable and not what most people would want to have for insurance on these cars. Is a spyder worth less in a year then a speedster? Usually. Is a Intermeccanica going to depreciate as fast as a homebuilt? You get the idea here, they set up everything to make you think your getting agreed value insurance and then if something happens, they go on ebay and find any car that is the same age and call that the value of your car.
It has 10,000 in options, too bad. It isn't the same builder, too bad. It isn't the same drivetrain, too bad. Are you getting this? If you think you have agreed on anything you have only been fooled.
State Farm say's they don't technically offer agreed value insurance. They offer insurance that is based on the agreed value at the time of the policy offering, but that YOUR car is still depreciating like any normal car.
They know what their doing to misrepresent this to you. They know how their going to screw you later. I can sell my car for more then I paid for it, in fact I have been offered more then I paid for it, so where is the depreciation? In fact if you had to wait for a year or more to replace it, then that has value.
Don't be fooled, they will tell you things a very specific way to give themselves an out.
30% depreciation on a car like these is not acceptable and not what most people would want to have for insurance on these cars. Is a spyder worth less in a year then a speedster? Usually. Is a Intermeccanica going to depreciate as fast as a homebuilt? You get the idea here, they set up everything to make you think your getting agreed value insurance and then if something happens, they go on ebay and find any car that is the same age and call that the value of your car.
It has 10,000 in options, too bad. It isn't the same builder, too bad. It isn't the same drivetrain, too bad. Are you getting this? If you think you have agreed on anything you have only been fooled.
If you have State Farm Insurance, you have fair market value insurance at best. How do you determine fair market value? Man if you have an R60, they are going to say that it is similar to an average of 2 year cars for sale.
And if your honest about your mileage, which you probably shouldn't be at this point....they are going to try and screw you some more on top of that.
Mark, how much is my car worth? That's the argument on a special car like these you don't want to get in to. You will either take a severe beating, or have to go to court and prove what your car was worth.
I'm telling you, don't believe them!!!!!!!!!!
And if your honest about your mileage, which you probably shouldn't be at this point....they are going to try and screw you some more on top of that.
Mark, how much is my car worth? That's the argument on a special car like these you don't want to get in to. You will either take a severe beating, or have to go to court and prove what your car was worth.
I'm telling you, don't believe them!!!!!!!!!!
Steven - What happened to your car!! I hope it isn't totalled.
Not an expert here but "agreed value" is not the same as "stated value"
I believe that "stated value" is what you want. Hagerty's uses Stated Value.
I guess you get what you pay for, even if it is not exactly what you think you are getting.
Don't cheap out on insurance or engine builders. Or steak. Gods, I love a good rib eye.
Steven, I hope you and anyone else in the car is ok, the car too.
I believe that "stated value" is what you want. Hagerty's uses Stated Value.
I guess you get what you pay for, even if it is not exactly what you think you are getting.
Don't cheap out on insurance or engine builders. Or steak. Gods, I love a good rib eye.
Steven, I hope you and anyone else in the car is ok, the car too.
I think Dale as usual has hit it right on the head. State Farm say's you have an agreed value at the time of underwriting. Then they will treat it as any other car using normal depreciation and comparables to determine actual value in the event it is needed.
Now as it turns out you can get a seperate extra rider that supposedly will take you to that next level where it isn't this way.
My problem with State Farm is that they don't tell people this, so how do you know your missing something you need if you have never seen it before and no one tells you? You don't know. And that is why I am posting this information.
If you have State Farm insurance and you expect to be paid X amount of dollars if your car is totalled, then you would need a seperate "rider" for this to happen. They don't tell you that, they just set you up under their "agreed value" policy and let you think this means you will be paid this amount.
After paying for the normal policy and the seperate rider, which by the way has all of the same restrictions as the Insurance you would get with someone like Hagerty, you will actually pay more.
Be careful out there.
Now as it turns out you can get a seperate extra rider that supposedly will take you to that next level where it isn't this way.
My problem with State Farm is that they don't tell people this, so how do you know your missing something you need if you have never seen it before and no one tells you? You don't know. And that is why I am posting this information.
If you have State Farm insurance and you expect to be paid X amount of dollars if your car is totalled, then you would need a seperate "rider" for this to happen. They don't tell you that, they just set you up under their "agreed value" policy and let you think this means you will be paid this amount.
After paying for the normal policy and the seperate rider, which by the way has all of the same restrictions as the Insurance you would get with someone like Hagerty, you will actually pay more.
Be careful out there.
In the end I firmly believe that State Farm will take care of you, but, be advised you will be in for a tussle.
Also, if you are one of those people who have your car registered as a 65 VW and your under the State Farm policy WITH the rider. You are wasting your money. The rider will be considered null and void if they can determine that the car is not legally registered within your state under this provision.
STATE FARM WILL ONLY give this special rider to properly registered car's that meet their definition under Antique Cars.
That's about all I can add folks sorry.
Also, if you are one of those people who have your car registered as a 65 VW and your under the State Farm policy WITH the rider. You are wasting your money. The rider will be considered null and void if they can determine that the car is not legally registered within your state under this provision.
STATE FARM WILL ONLY give this special rider to properly registered car's that meet their definition under Antique Cars.
That's about all I can add folks sorry.
My policy states the agreed amount shown on the Declaration's Page. This amount is determined based on an appraisal required by State Farm.
I own an insurance agency here in IL. Do not, if it at all possible have your local agent write your Speedsters or your Classic cars under a regular personal lines auto policy. These types of policies are just not designed for our type of cars. As mentioned by others, stick with the Classic/Modified/Specialty companies. Hagerty, Condon Skelly, Great American etc.
Contact a reputable independent agent in your area. Nothing against the direct writers like State Farm, Allstate & County Companies, but they are sometimes limited on what they can offer.
Marty G.
Contact a reputable independent agent in your area. Nothing against the direct writers like State Farm, Allstate & County Companies, but they are sometimes limited on what they can offer.
Marty G.
I hear you, Steve, and it scares me.
Marty- the problem with all the classic insurance I've ever seen is in terms of actual coverage-- the policies are all pretty clear that the cars are only to be driven to shows, in parades, or for pleasure. What happens if I run to Home Depot, and somebody keys my car in the lot? I use the car for errands, etc., and according to the guys who wrote the "classic" insurance policies I've had- I'm not covered in the event that somebody cleans off the side of my car in a restaurant parking lot.
This is exactly why I went to all the trouble to insure the car with State Farm-- because they are a standard line insurance company, and will insure the car for normal use.
If any of this isn't the case, I'd love to know about it before it's too late.
I'm calling my agent this week. Thanks for the heads up, Steve.
Marty- the problem with all the classic insurance I've ever seen is in terms of actual coverage-- the policies are all pretty clear that the cars are only to be driven to shows, in parades, or for pleasure. What happens if I run to Home Depot, and somebody keys my car in the lot? I use the car for errands, etc., and according to the guys who wrote the "classic" insurance policies I've had- I'm not covered in the event that somebody cleans off the side of my car in a restaurant parking lot.
This is exactly why I went to all the trouble to insure the car with State Farm-- because they are a standard line insurance company, and will insure the car for normal use.
If any of this isn't the case, I'd love to know about it before it's too late.
I'm calling my agent this week. Thanks for the heads up, Steve.
Stan,
Keeping the mileage low is more important than being restricted to cars shows and special events. As long as you have another primary car with insurance the specialty companies are not going to back out of paying a claim. Send me a PM for more info.
Marty G.
Keeping the mileage low is more important than being restricted to cars shows and special events. As long as you have another primary car with insurance the specialty companies are not going to back out of paying a claim. Send me a PM for more info.
Marty G.
Steve, you okay? Is the car repairable?
Steven,
Thanks for your strong comments about State Farm. They caused me to spend an evening bonding with my State Farm policies, including the policy for the spyder. Having done so, I feel much more confident about the validity of my policies.
My spyder policy is written different than the policies for my other "ordinary" cars.
The spyder policy is a Limited Use Antique/Classic policy, although I don't have a miliage or use restriction written into the policy (maybe because I have other State Farm policies). Another difference between my spyder policy and the other policies is the heading: Additional Information.
Under the heading of Additional Information is the "agreed to" Vehicle Value. This value is stated up front on each premium notice, and is the value of the car the premium is based on for that 6 month period. That's the value of the car if it gets totalled by some cell phone yacking Britney wanna-be, or stolen by some illegal alien, or side swiped by a grocery cart in the Home Depot parking lot.
Steven, if your policy doesn't have the stated Vehicle Value listed, then that's maybe a sign you have a "standard" policy (which is unlikely ever to seem fair in case of a claim).
As an additional note, my agent came over to the house a few months ago and took pictures of the spyder for their assurance that the car is still in the "agreed to" value as it was 3 years ago when originally insured.
The point of my comments is not to represent any insurance company vs. another, or even to defend State Farm. I'm unqualified to make expert arguements about insurance companies, and State Farm is certainly capable to defend themselves. The only point that I am making is I expect that my State Farm experience will be different than Steven's. And the reason is probably because I set up a different policy coverage Steven's.
I seems to me that when cars hold their resale, or increase in value they are likely defined as collector cars -- and you might want to ask your agent about insuring them accordingly.
Thanks for your strong comments about State Farm. They caused me to spend an evening bonding with my State Farm policies, including the policy for the spyder. Having done so, I feel much more confident about the validity of my policies.
My spyder policy is written different than the policies for my other "ordinary" cars.
The spyder policy is a Limited Use Antique/Classic policy, although I don't have a miliage or use restriction written into the policy (maybe because I have other State Farm policies). Another difference between my spyder policy and the other policies is the heading: Additional Information.
Under the heading of Additional Information is the "agreed to" Vehicle Value. This value is stated up front on each premium notice, and is the value of the car the premium is based on for that 6 month period. That's the value of the car if it gets totalled by some cell phone yacking Britney wanna-be, or stolen by some illegal alien, or side swiped by a grocery cart in the Home Depot parking lot.
Steven, if your policy doesn't have the stated Vehicle Value listed, then that's maybe a sign you have a "standard" policy (which is unlikely ever to seem fair in case of a claim).
As an additional note, my agent came over to the house a few months ago and took pictures of the spyder for their assurance that the car is still in the "agreed to" value as it was 3 years ago when originally insured.
The point of my comments is not to represent any insurance company vs. another, or even to defend State Farm. I'm unqualified to make expert arguements about insurance companies, and State Farm is certainly capable to defend themselves. The only point that I am making is I expect that my State Farm experience will be different than Steven's. And the reason is probably because I set up a different policy coverage Steven's.
I seems to me that when cars hold their resale, or increase in value they are likely defined as collector cars -- and you might want to ask your agent about insuring them accordingly.
I am probably off-base here but different states have different insurance laws/rules.
Mark, it sounds like you are right. But what year is your car registered as? Believe me, the Corporate Headquarters of State Farm is 15 minutes from my house, and we have had a LOT of discussion about my policy in the last month.
The agent doesn't know diddly shit. He can write anything, and if he is in error or omits anything, you can't even go against his errors and omissions insurance. At State Farm you are a "member". This has all sorts of hiddend ugliness with it legally.
Any car built in the last 25 years CAN NOT be insured in a Valid capacity with State Farm under the extra Rider it sounds like you may have, but I'll warn you, it is suppose to be a seperate policy. Your agent can write the Insurance and when it goes to underwriting it will easily be missed that your car isn't really more then 25 years old. You also have a problem if you registered using the "pan vin number method" as the year of the pan. Because you are probably illegally registered in most states and therefore have no Insurance Coverage at all.
Let me just say this loud and clear. You probably have a policy, it is most likely not valid, and as a "member" your rights are pretty limited. You are going to have a fight on your hands, and you are most likely going to have to settle for less or go to court. I'm trying to save you a huge headache, but if you want to believe that just because the agent mistakenly told you something, or mistakenly wrote a policy for your car, doesn't mean they aren't going to try and devalue your car. They simply are, and if your in the registered as an old car list, I think they would sieze the opportunity to not insure you at all, because while you didn't misrepresent the car to your agent, it is simply illegally registered, and this is an automatic out for underwriting.
The agent doesn't know diddly shit. He can write anything, and if he is in error or omits anything, you can't even go against his errors and omissions insurance. At State Farm you are a "member". This has all sorts of hiddend ugliness with it legally.
Any car built in the last 25 years CAN NOT be insured in a Valid capacity with State Farm under the extra Rider it sounds like you may have, but I'll warn you, it is suppose to be a seperate policy. Your agent can write the Insurance and when it goes to underwriting it will easily be missed that your car isn't really more then 25 years old. You also have a problem if you registered using the "pan vin number method" as the year of the pan. Because you are probably illegally registered in most states and therefore have no Insurance Coverage at all.
Let me just say this loud and clear. You probably have a policy, it is most likely not valid, and as a "member" your rights are pretty limited. You are going to have a fight on your hands, and you are most likely going to have to settle for less or go to court. I'm trying to save you a huge headache, but if you want to believe that just because the agent mistakenly told you something, or mistakenly wrote a policy for your car, doesn't mean they aren't going to try and devalue your car. They simply are, and if your in the registered as an old car list, I think they would sieze the opportunity to not insure you at all, because while you didn't misrepresent the car to your agent, it is simply illegally registered, and this is an automatic out for underwriting.
STATE FARM the company has only one set of rules. Now if your State legally allows that car to be registered the way you have it registered then you are in a grey area. I would never put myself knowingly in a grey area with Insurance.
My new policy from Hagerty....1000 a year.
My new policy from Hagerty....1000 a year.
Marty is right, it is really more about the fact that they just don't know what they are doing, and they are such a large company that no one is keeping the policy from being written.
I believe no one really looks at anything until they are about to pay a lot of money, then it's more like "how do we get out of this?"
I believe no one really looks at anything until they are about to pay a lot of money, then it's more like "how do we get out of this?"
I had my wife Kim read through this insurance thread last night...
Kim writes for J.C. Taylor, Hagerty, Great American and other specialty companies. She is not familiar with State Farm's policy language but did say this :
" Agreed and stated value are in fact the same, with photos and tech info submitted to the insurance company said insurance company and agrees to pay the agreed value with no depreciation "
Through the years I have insured previous speedsters,
'23 T' Buckets with stated value based on what I declare based on "currect values" of other similar cars, this has been done without getting an appraisel. Hope this is of some help. ~Alan
Kim writes for J.C. Taylor, Hagerty, Great American and other specialty companies. She is not familiar with State Farm's policy language but did say this :
" Agreed and stated value are in fact the same, with photos and tech info submitted to the insurance company said insurance company and agrees to pay the agreed value with no depreciation "
Through the years I have insured previous speedsters,
'23 T' Buckets with stated value based on what I declare based on "currect values" of other similar cars, this has been done without getting an appraisel. Hope this is of some help. ~Alan
You would think so, but State Farm say's that without the seperate rider, your agreed value is only the agreed value of the car at the time when you initially get the policy. Depreciation happens from that point on like any "normal car" unless you have the seperate rider. Many agents within State Farm may not understand this and tell you incorrect things. Again State Farm does not intend to give this rider to any car that is not over 25 years old, and if you have the rider on a car that isn't over 25 years old or legally registered in your state, the rider is no good.
So your left with them trying to figure out what your car is worth. I think if you had a car that was common like a Vintage this may be fairly easy, but probably not to your advantage at all.
The other problem, to them a kit is a kit, they will try to compare your Intermeccanica to a kit built car. They don't understand the market so you are going to have to do a lot of teaching and hope they are willing to listen. Heck they are going to go on to the Vintage site and see a kit for 18,995. They don't even realize that this is for the pieces and not the finished car, so if you built it yourself, you would be left with 18995 minus depreciation.
They are totally unequipped to handle these type of car's and should not be writing these policies.
Cross your T's and dot your I's, and don't count on the agent to figure this out, they won't, they will make assumptions that aren't true and leave you in a potentially bad situation. You need something that say't in plain english what Alan is saying. You also need to make sure your car is being represented for exactly what it is or they will try to wiggle out.
Are they right? Are they wrong? You may end up having to go to binding arbitration to decide this, and I don't think that is what people want when they buy Insurance. We buy Insurance for peace of mind, and to protect ourselves from this kind of situation.
So your left with them trying to figure out what your car is worth. I think if you had a car that was common like a Vintage this may be fairly easy, but probably not to your advantage at all.
The other problem, to them a kit is a kit, they will try to compare your Intermeccanica to a kit built car. They don't understand the market so you are going to have to do a lot of teaching and hope they are willing to listen. Heck they are going to go on to the Vintage site and see a kit for 18,995. They don't even realize that this is for the pieces and not the finished car, so if you built it yourself, you would be left with 18995 minus depreciation.
They are totally unequipped to handle these type of car's and should not be writing these policies.
Cross your T's and dot your I's, and don't count on the agent to figure this out, they won't, they will make assumptions that aren't true and leave you in a potentially bad situation. You need something that say't in plain english what Alan is saying. You also need to make sure your car is being represented for exactly what it is or they will try to wiggle out.
Are they right? Are they wrong? You may end up having to go to binding arbitration to decide this, and I don't think that is what people want when they buy Insurance. We buy Insurance for peace of mind, and to protect ourselves from this kind of situation.
So Steven - WHAT HAPPENED TO YOUR CAR?
I'm also an agent and I agree that State Farm is not where you should go to insure these type of cars.State Farm is a direct writer company that tries to be all things to all people. What you end up finding out is that they don't offer as good a coverage as companies that specialize in specific types of insurance. For any replicar,kit car,antique car,or classic car you are much better off going with a specialized company. Hagerty is one of many. Agreed value means that you and the company agree that your car is worth X number of dollars and they will pay you that figure regardless of how old it is.If a company cannot offer you agreed value on your speedster etc. I would look elsewhere.Also typically you get full value on comprehensive and collision. That means there is "Zero deductible" on physical damage to your vehicle. Some companies have more restrictions on mileage. I know one company that allows 5000 miles a yr.
I dumped Hagerty because they wanted more $$$$ if I exceeded 2500 miles in a year. I'm now with Motorsports Insurance Services in Ca. (phone # 310 301 0333) They gave me unlimited mileage and "agreed value" all at the same price as Hagerty.
+1 on Motorsports Insurance - ask for Robert or Betsy. They even had the courtesy of coming out to Knott's a couple of a years ago to see our cars in person (okay hand out cards too...).
angela
angela
..... except that when I called in 2005, he said that the maximum he'd write a policy for was $13K agreed value- on an Intermeccanica Speedster.
Titling is no sweat compared to getting these bad-boys insured (and not just written).
Titling is no sweat compared to getting these bad-boys insured (and not just written).
First year we were with him, his cap was $25K on spyders, less on speedsters (for whatever reason). That was escruciatingly painful for us because that was way way less than the perceived value of the car futher validated by a written appraisal... In fact, initially, they were only going to insure the spyder for 15K. 15K? Yeah right - the kit was 16k!! MIS has changed some of their under-writers and we were able to obtain a much higher value - more in-line with the appraisal, than in prior years.
Still a good one to check. Phone calls are cheap - crappy insurance is not.
angela
Still a good one to check. Phone calls are cheap - crappy insurance is not.
angela
Thanks to everyone for responding to my question. All of your responses have been very helpful.
If a person wants to drive other than to "events" I think State Farm may be the way to go. You need to be sure that they list you in "CLASS 6A". This allows you to drive up to 7500 miles per year. And as Mark said, you also need to have the Agreed Value statement under Additional Information.
This is what I have come up with after talking to an agent here in my home town and presenting him with all your comments and asking him these questions. I did not share any of your names with him.
Thanks again,
Tom
If a person wants to drive other than to "events" I think State Farm may be the way to go. You need to be sure that they list you in "CLASS 6A". This allows you to drive up to 7500 miles per year. And as Mark said, you also need to have the Agreed Value statement under Additional Information.
This is what I have come up with after talking to an agent here in my home town and presenting him with all your comments and asking him these questions. I did not share any of your names with him.
Thanks again,
Tom
Steven, what ever did happen to your car?
~WB
~WB
Steve is on a two week cruise
I have the same "Agreed Value" policy with State Farm and my agent assured me I was covered for the agreed value. I have had Hagerty's, Nationwide and now State Farm.
Hagerty's had so many provisions I could'nt even start the car for fear I wouldn't be covered. They only allowed car shows or special events, NO leasure driving at all.
Nationwide assured me that my policy was good for casual driving but after a year of service they called and said my policy was not as I had perceived it. That I was not covered for certain situations and if I wanted to get a full coverage for my use, which is about 25oo miles a year, I would have to pay several hundred dollars more a year. This was a total communication or understanding from my agent. When I called to complain that I was assured from my agent that I was told I was covered and he understood my use etc., the lady who owned the Nationwide Agency told me that was incorrect and that if I had had an accident in that last year I would have been S.O.L. This was a total screw up by my individual agent.
I then went to State Farm and talked to my agent Randy Grimes (513)860-5777. Randy and I spent several days of phone calls getting my 2005 Beck Speedster covered. We wrote an "Agreed Value" policy and I felt very much at ease that I am covered sufficiently. The only thing I don't know by reading the other entries is if the "Agreed Value" decreases with the age of the car. I suspect it doesn't. I would like to hear back from anybody that may talk to Randy and not get the same deal or impression as I have with State Farm that I am covered as stated.
Hagerty's had so many provisions I could'nt even start the car for fear I wouldn't be covered. They only allowed car shows or special events, NO leasure driving at all.
Nationwide assured me that my policy was good for casual driving but after a year of service they called and said my policy was not as I had perceived it. That I was not covered for certain situations and if I wanted to get a full coverage for my use, which is about 25oo miles a year, I would have to pay several hundred dollars more a year. This was a total communication or understanding from my agent. When I called to complain that I was assured from my agent that I was told I was covered and he understood my use etc., the lady who owned the Nationwide Agency told me that was incorrect and that if I had had an accident in that last year I would have been S.O.L. This was a total screw up by my individual agent.
I then went to State Farm and talked to my agent Randy Grimes (513)860-5777. Randy and I spent several days of phone calls getting my 2005 Beck Speedster covered. We wrote an "Agreed Value" policy and I felt very much at ease that I am covered sufficiently. The only thing I don't know by reading the other entries is if the "Agreed Value" decreases with the age of the car. I suspect it doesn't. I would like to hear back from anybody that may talk to Randy and not get the same deal or impression as I have with State Farm that I am covered as stated.
Your Hagerty experience is very different from mine. While I must keep it in a closed garage when not being driven, and I must have a different car as a daily driver, the mileage restriction is flexible, and I am even allowed to drive it into work once in a while "to show it of to my friends" as my agent said. Of course, I have yet to have a claim aginst the policy.
LET ME SAY THIS ONE FINAL TIME
State Farm does NOT and has never issued "agreed value" insurance on cars that are not antique cars. A 2005 Beck is NOT and antique car. You agent doesn't know shit, as most don't. If he issued you a policy in error it will revert back to what it should have been or worse yet they may elect to not cover the car at all. You would have to sue them, but because of your "membership" with State Farm, your rights are seriously hindered. There is a reason you are a "member" and not just an insured. It gets them around all sorts of legal responsibilities to you. My last conversation was with the CEO of State Farm, I know what I'm talking about here, your agent DOES NOT, and neither did mine. When they time comes you can say, "but my agent told me", all you want, they will do as they please and you are going to be in a mess.
If you have an "agreed value" statement on your policy from State Farm, it is the agreed value at the time of first insuring the car. It is subject to "normal depreciaton". On these car's that is code for your going to get screwed.
I have settled on my car, but I did have to take less then it was worth by about 6 thousand dollars. That is a lot of depreciation for my car. I'm guessing if I had had the car for 10 years, they would have offered me maybe 5 thousand dollars based on their reasoning and their obligation under the policy.
They will take the stance, that it isn't their fault you didn't understand your Insurance, and your agent will say "I don't do settlements, I only submit information and handle billing."
My car is gone, I lost 6 thousand dollars, but it could have been much worse. The initial offer would have been a 25 thousand dollar loss.
DO NOT TRUST A STATE FARM AGENT to understand or tell you the truth on these policies......call State Farm directly and dig deep. Or just listen to a guy who had a car get totaled and had to deal with them not wanting to pay.
State Farm does NOT and has never issued "agreed value" insurance on cars that are not antique cars. A 2005 Beck is NOT and antique car. You agent doesn't know shit, as most don't. If he issued you a policy in error it will revert back to what it should have been or worse yet they may elect to not cover the car at all. You would have to sue them, but because of your "membership" with State Farm, your rights are seriously hindered. There is a reason you are a "member" and not just an insured. It gets them around all sorts of legal responsibilities to you. My last conversation was with the CEO of State Farm, I know what I'm talking about here, your agent DOES NOT, and neither did mine. When they time comes you can say, "but my agent told me", all you want, they will do as they please and you are going to be in a mess.
If you have an "agreed value" statement on your policy from State Farm, it is the agreed value at the time of first insuring the car. It is subject to "normal depreciaton". On these car's that is code for your going to get screwed.
I have settled on my car, but I did have to take less then it was worth by about 6 thousand dollars. That is a lot of depreciation for my car. I'm guessing if I had had the car for 10 years, they would have offered me maybe 5 thousand dollars based on their reasoning and their obligation under the policy.
They will take the stance, that it isn't their fault you didn't understand your Insurance, and your agent will say "I don't do settlements, I only submit information and handle billing."
My car is gone, I lost 6 thousand dollars, but it could have been much worse. The initial offer would have been a 25 thousand dollar loss.
DO NOT TRUST A STATE FARM AGENT to understand or tell you the truth on these policies......call State Farm directly and dig deep. Or just listen to a guy who had a car get totaled and had to deal with them not wanting to pay.
Well, you guys have really scared the s--- out of me now. I got my car insured w/ my long time (25 years, at least, plus homeowner's too) company Erie. They insisted on an in-person inspection, a chat w/ the builder, my invoices (I bought the car turn-key from JPS), took pictures, and sent the whole thing "back to the home office." The policy, which I admit I have not read every last word of, states the car is a "'71 VW Kitcar". I assume I have a policy that will cover me for the value of the car, i.e., what I paid, more or less. Based on all the fire and smoke above, I think I will call the Co. and see what they say wrt depreciation, and replacement/agreed value as the years go by. Thanks for the heads up, and ruining my day -- well, not really.
Anyone here been insured by Erie? And had to make a claim? I'd be VERY interested hear any stories.
And a note on "legal registration". In MD there is a category of antique car (25 yrs or more) called Street Rod, which I have. The fundamental (and only) definition aside from the age, is that the car be "substantially modified", which this '71 VW Beetle most certainly is. Nobody has any problem w/ this as far as I know. (PS: the Erie agent who came by to see the car, and who liked it VERY MUCH, took a picture of the '71 VW VIN stamped on the pan.) Also, for a MD Street Rod, there is no smog OR safety inspection required, AND the plates are less than 1/2 the normal rate. Almost sounds too good to be true.
Anyone here been insured by Erie? And had to make a claim? I'd be VERY interested hear any stories.
And a note on "legal registration". In MD there is a category of antique car (25 yrs or more) called Street Rod, which I have. The fundamental (and only) definition aside from the age, is that the car be "substantially modified", which this '71 VW Beetle most certainly is. Nobody has any problem w/ this as far as I know. (PS: the Erie agent who came by to see the car, and who liked it VERY MUCH, took a picture of the '71 VW VIN stamped on the pan.) Also, for a MD Street Rod, there is no smog OR safety inspection required, AND the plates are less than 1/2 the normal rate. Almost sounds too good to be true.
Well, I had an interesting meeting at State Farm yesterday. After Steven's ordeal with his insurance agent and upon his recommendation, I had my car appraised by a specialty car dealer that State Farm approves. I had used them before for our VW bug and had favorable results. Bear in mind that the insurance agent also encouraged me to do this in able to write an agreed value policy.
It turns out that State Farm does not issue agreed value policies for cars that are not classic, antique or at least 10 years old. You can imagine how that burned by butt!
So how do I prevent a problem in settling if the car is stolen or totaled? I don't want to wind up in a situation where the insurance company is only going to pony up ten or fifteen grand in this event. So I asked what the actual cash value is of the car currently and did not get an answer. I asked how is the value determined and was told that it is by the VIN. Since the VIN, used for conventional cars, would be useless in my case and there isn't really a blue book or anything like that for a specially constructed car I thought the method employed deserved an explanation.
What I was told is that the claims department would contact the dealer (manufacturer in my case since there is no dealer) and consider the appraisal and develop a figure and present it to me. I didn't feel any warm fuzzies after hearing this since isn't anything like a guarantee. I am planning to consider my options carefully going forward but will entertain suggestions.....got any?
I initially chose to write with a
It turns out that State Farm does not issue agreed value policies for cars that are not classic, antique or at least 10 years old. You can imagine how that burned by butt!
So how do I prevent a problem in settling if the car is stolen or totaled? I don't want to wind up in a situation where the insurance company is only going to pony up ten or fifteen grand in this event. So I asked what the actual cash value is of the car currently and did not get an answer. I asked how is the value determined and was told that it is by the VIN. Since the VIN, used for conventional cars, would be useless in my case and there isn't really a blue book or anything like that for a specially constructed car I thought the method employed deserved an explanation.
What I was told is that the claims department would contact the dealer (manufacturer in my case since there is no dealer) and consider the appraisal and develop a figure and present it to me. I didn't feel any warm fuzzies after hearing this since isn't anything like a guarantee. I am planning to consider my options carefully going forward but will entertain suggestions.....got any?
I initially chose to write with a
Interesting. I went with Hagerty because it was half what State Farm wanted to charge. The more I hear, the more I feel like I made the right move. At least they are familiar with, and procedures for handling cars that are out of the ordinary.
Steven - I'm sorry to hear about your car as it was certainly a gorgeous one. Any plans for a replacement?
Steven - I'm sorry to hear about your car as it was certainly a gorgeous one. Any plans for a replacement?
My plan for a replacement have been dashed, by my lack of income. Because someone marked a box on the medical forms, that say's I was not conscious at some point, I lost my medical.
I'm now on half pay (long-term disability) for a minimum of 6 months. Then they will consider my medical again. I am currently using the car money to pay bills and give me a safety net, until I get my job back.
I also can't settle any lost wages or pain and suffering until I know what those damages actually total. So basically, everything is on hold until everything is settled out. Then I should recoup everything currently being lost. Well except the loss on the car, which is a done deal. I'm predicting by Carlisle 2009, I will have a new car, but not until then.
I tried to buy my car back, but it went for 10,000 and I had figured about 15 thousand just to fix it right later. So that was just more money then I could afford right now. It went to someone out of state. I know SAS was willing to try to get it for more then I could justify anyway, but they lost it to someone else also.
I will be going to Carlisle this year, to evaluate my options for the next year??
So I guess I am officially the first ex-owner of a SAS car.
I'm now on half pay (long-term disability) for a minimum of 6 months. Then they will consider my medical again. I am currently using the car money to pay bills and give me a safety net, until I get my job back.
I also can't settle any lost wages or pain and suffering until I know what those damages actually total. So basically, everything is on hold until everything is settled out. Then I should recoup everything currently being lost. Well except the loss on the car, which is a done deal. I'm predicting by Carlisle 2009, I will have a new car, but not until then.
I tried to buy my car back, but it went for 10,000 and I had figured about 15 thousand just to fix it right later. So that was just more money then I could afford right now. It went to someone out of state. I know SAS was willing to try to get it for more then I could justify anyway, but they lost it to someone else also.
I will be going to Carlisle this year, to evaluate my options for the next year??
So I guess I am officially the first ex-owner of a SAS car.
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The story in a nutshell, we do have crumple zones, and I'm pretty happy with the car's ability to protect me in a bad rear end crash.
Well here is the story.
In late August while driving my car on a perfectly beautiful 78 degree sunny day, I started to make a right hand turn off of a main road. I was almost halfway through the turn and only going about 10 mph, when a lady came from behind me going about 60 mph not paying any attention and drove straight through me. She told the Police, "she didn't even know what she hit".
Starting the turn is the last thing I really remember. Witnesses said, my car made two full spins before coming to a stop on the other road I was turning on. The force of the impact and spinning had made me momentarily uncounscious, I guess? I sustained a concussion, cracked ribs, and whiplash.
Well here is the story.
In late August while driving my car on a perfectly beautiful 78 degree sunny day, I started to make a right hand turn off of a main road. I was almost halfway through the turn and only going about 10 mph, when a lady came from behind me going about 60 mph not paying any attention and drove straight through me. She told the Police, "she didn't even know what she hit".
Starting the turn is the last thing I really remember. Witnesses said, my car made two full spins before coming to a stop on the other road I was turning on. The force of the impact and spinning had made me momentarily uncounscious, I guess? I sustained a concussion, cracked ribs, and whiplash.