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.

[Nabco]

When my father-in-law gave me my A last month he told me to contact a company in PA called JC Taylor for insurance, that is who he used.

I got a quote from them and then contacted State Farm who I have my other cars with.

State Farm was less expensive for the better coverage, they asked what I wanted to set the "agreed" value at, told them $15K. She said I would need to get an appraisal for that. A couple hours later she said the underwriter just wanted to see pictures of the car, took a bunch and sent them off. The underwriter came back approving the value based on the pics.

You may want to try that route, maybe you won't need an appraisal.

Nick

[BlueSunoco]

I've heard from several antique car owners who have State Farm and have been very happy with them. Doesn't hurt to shop around, just make sure you get agreed value.

[Nabco]

Originally Posted by BlueSunoco

I've heard from several antique car owners who have State Farm and have been very happy with them. Doesn't hurt to shop around, just make sure you get agreed value.

They offered both and I went with the "agreed"

My agent said they have a totally separate department now that only deals with antique and collectible cars....he said that has not always been the case.

[bikejunk]

Hey I also live in north joesey and just a few years ago I drove my austin healey bugeye as a daily driver with regular plates stat farm has such reasonable rates I never got it appraised ,but when I used it a lot less and switched to classic plates Hagerty had them beat hands down.

[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.