Stated Value

[DiegoInsGuy]

I have a client that has a 1992 dodge truck, worth about 3k blue book but it is in Pristine condition, no modifications but he feels that it is worth 7500 or so. He wants it covered for that amount foir collision and comprehensive. Does it need to be appraised? Or are there carriers that will do it this way without the appraisal?

Thanks,

 

[Guest]

there are carriers that will do it on a stated amount, but usually has to be considered classic car.

Hagerty, infinity are the 2 I use

 

[DiegoInsGuy]

Do you have to get an appraisal with Infinity that you know of?

 

[Guest]

Do you have to get an appraisal with Infinity that you know of?

That depends on the value, etc if they want one, I am pretty sure Hagerty requires it.

I have a $80,000 escalade with Infinity and didnt need one,

 

[djs]

You'll have to ask the carrier what their rules are on stated value cars. For $7500 though, I think a lot of them will settle for some decent pictures and a statement of what makes it worth that.

Face it, what they don't want is a stated value car being stolen 2 months after its insured and no way to assess it was really worth the stated value.

Hey, maybe I can do a stated value on my Jaguar for $30K and then go crash it..... ooops, its not worth that, nor is it worth the accident!!!!

Dan

 

[FullAuto]

You may also try Grundy. They didn't require an appraisal to do an agreed value on my Buick Grand National. They do require you send them pictures. The premium is also about 55% of what Haggerty quoted me.

 

[gambrinus]

Is this his "daily driver" ? If so, Hagerty won't touch it. Also "Stated Value" is worthless. If he is set on the opinion that his truck is worth that much over blue book, he needs an "AGREED VALUE" policy.

Good Link:

Agreed Value vs. Stated Value

 

[joshb]

Is this his "daily driver" ? If so, Hagerty won't touch it. Also "Stated Value" is worthless. If he is set on the opinion that his truck is worth that much over blue book, he needs an "AGREED VALUE" policy.

Good Link:

Agreed Value vs. Stated Value

Awesome link! Thanks for posting it.

 

[DiegoInsGuy]

Yes. Thanks for the Link

 

[knoxinsurance]

Any vehicle that has considerable value should be placed on a Collector Car policy. These types of policies take the value into consideration and insure "to value". Your standard auto policy will cover based on depreciation and value to date. An appraisal is needed for Collector Car policies.