Getting an Insurance Appraisal

[leo]

I have a car that I want my insurer to protect for a stated amount. It will have regular plates and I live in northern NJ (no laughing). The insurer said they want an appraisal from no one in particular to determine the true value. Anyone out there done this in NJ? Please advise if you know anyone in the area who is reasonable.

[newshirt]

Things may work differently in NJ, but in Colorado, Haggerty will insure your car for an "agreed value" without an appraisal. Have you tried them?

[smittykid]

Being a retired Insurance agent I would like to explain the difference between a "stated amount" policy and an "agreeded amount" policy. Let's say you have your Model A insured for $20,000. "Stated amount" policies only say they will pay up to your "stated amount". There are no guarntees you will get $20,000 in a total loss situation. If your Insurance Company finds what they think is a comparable car for $15,000-that's all you will get. An "agreed amout" policy will give you the $20,000 in a total loss situation-no hassles. Most of the antique car Ins. Companies offer an "agreed amount" policy. That is what you want. Stay away from "stated amount" policies.

[C26Pinelake]

Originally Posted by smittykid

Being a retired Insurance agent I would like to explain the difference between a "stated amount" policy and an "agreeded amount" policy. Let's say you have your Model A insured for $20,000. "Stated amount" policies only say they will pay up to your "stated amount". There are no guarntees you will get $20,000 in a total loss situation. If your Insurance Company finds what they think is a comparable car for $15,000-that's all you will get. An "agreed amout" policy will give you the $20,000 in a total loss situation-no hassles. Most of the antique car Ins. Companies offer an "agreed amount" policy. That is what you want. Stay away from "stated amount" policies.

Now this is valuable information. Thanks for sharing your expertise !
Wayne

[smittykid]

My pleasure. It's about time I gave some help instead of asking for it. LOL

[springerpete]

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Is there a MAFCA group near by? If so, I would think that someone there would be able to get you in touch with an appraiser who has experience. Meantime, put together a group of pictures of your car showing all angles outside, inside and underneath.

[brito36]

I have all my antique cars insured with Hagerty with an agreed amount. All they required were some pictures. No appraisal was needed. No hassle at all with this company....

[Dodge]

I'll have to try



I'll have to try State Farm again, when I tried 5yrs. ago they were more than double
J.C. Taylor.

Thanks

[Mike V. Florida]

Originally Posted by leo

I have a car that I want my insurer to protect for a stated amount. It will have regular plates and I live in northern NJ (no laughing). The insurer said they want an appraisal from no one in particular to determine the true value. Anyone out there done this in NJ? Please advise if you know anyone in the area who is reasonable.

Are you going to use it as a daily driver as this greatly affects which insurance company you can use.