What insurance companies do a "stated value" policy?

[Jean]

I've been with AAA for more than 10 years and called them today to check if they do, and they don't. I am not looking for a "driven only on weekends or 2k miles a year policy" either.

Is it State Farm, Hagerty ?

[der affe]

Hagerty does. they have different policies depending on the mileage you drive the car.

i think USAA does too. there is another one that advertises on "my classic car" that does too. they are similar to Hagerty.

you need to be careful if you mod anything though, it is pretty ironclad on the ultimate valve of the car unless you increase the coverage. if you do an expensive mod and want it covered, you will have to increase the policy.

[Aptyp]

As long as you're willing to pay extra, all should.

[der affe]

i have Hagerty on the 914-6, but it is for limited mileage though since i don't drive it that often.

they are GREAT to deal with if you are in an accident though.
it usually goes like this...."it will cost $X to fix it, and we need X parts to do it"
"OK, call me if you need any additional parts or repair time, if i am in the area i'll stop by and reinspect, if not just send me pics and i will approve it"

i have never had to use it for my car, but have fixed many with Hagerty insurance and been very happy

[einstein57]

AAA does offer a stated value policy. I wrote one of their first policies for an old comaro. Their are a lot of requirements to qualify. There was not a mileage cap either but it can't be your only car.

[Justin B]

Do these sort of policies typically cost a lot more than a regular full coverage policy? I'm thinking that I'm definitely going to do something like this for my 2002 when I finish it, but it will not be anywheres near stock and as many of the receipts I can find are going to be added up. By the end of the project at todays date I could probably have bought an 06 M5 if I magically had all the money from over time in cash...I'm not throwing that sort of money away on a regular policy as any other deuce.

[James Crivellone]

I have Hagerty on the Mtech, have not had to use them, but really great people on the phones who actually CARE about modified cars.

[z31maniac]

Hagerty told me they have an "unwritten" 3500 mile a year policy, but if it isn't written they can't deny coverage if you go over. Also you have to have a "daily" driver car that isn't your E30.

I found another place with a really good quote that did 6000 miles a year and had "trip exclusions" for the mileage. So if say you drove the R3V picnic it wouldn't count towards your yearly mileage.

Let me know what you find out, as I'm going to get serious about looking again as well.

Oh and when I talked to State Farm, they said they would basically only do it on completely restored show only cars.

[dlmpsy]

I have State Farm for my 325is, I told them the value was about 10K. I took it to the agent and they photographed various parts of my car. They also asked how many miles a year I planned on driving it, etc. I haven't received my bill yet so I don't know how much it will cost. My car is 18 years old, so it's almost considered a "classic" or "antique", some are also called "vintage". It's all rather confusing and it seems that many agents don't care about saving you a few dollars, or know much about policies regarding old cars. The bad thing is if you get in a crash your car will be totalled for about $1800 worth of damage unless you have the value of your car increased.

[akorcovelos]

All my vehicles are through Geico, and when I bought my Chevelle they asked if it was stock, I said no and they asked "how much is it worth". I told them the value and thats whats its covered for.

[Jean]

AAA does offer a stated value policy. I wrote one of their first policies for an old comaro. Their are a lot of requirements to qualify. There was not a mileage cap either but it can't be your only car.

Do they call it something else? I was on the phone with an agent for maybe 15 minutes and had to explain to her what I was looking for.

She said the only thing they have is the base the value of an old/classic car by some book (not nada or kbb) and it has to be in excellent condition. Nothing else?

I felt dumb after talking to her....

[einstein57]

After working at AAA for over six year i've come to the conclusion that 70% of the people their can barely able to do their jobs let alone know how a value is determined. Only the claims reps know the complete process on how the value is determined. Its an ADP market survey. Yes ADP the payroll company. They basically have adds from autotrader.com, cars.com, recycler etc. and average the value of the most similar cars like yours. With cars that are not readily available on the market like a bmw M1, they have to call european specialty dealers and ask what they would sell the car for on their lot. The AAA of northern california is a different insurance company then southern california so i'm not sure if they offer the special classic car policies.