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I work as an appraiser for Progressive. The simple answer to your question is to get a stated value policy from someone. That way if the car is totaled you know what you get . However , an informed consumer can get a fair amount for their vehicle if it is totaled. A rep that just moved to my office had a claim with someone with a Turbo T . H ehad initially offered whatever the book value was and then ended up over $10k.

The key is reading the policy you get from whichever company you decide on ( can be confusign and thats what a *good * agent is for) . You need to know your state rules on how an insurance company can value your total loss. Every State is different, some just use NADA , some use CCC ( an outside evaluating source) , some use 2 book quote ( NADA / REdbook - not kelly blue book )and there are a bunch of other methods.

That also being said - the key is in what they owe - Actual Cash Value of the car @ the time of loss. Every policy I have seen has what is called an Appraisal Clause. This means you get an appraiser as does the ins company. They value the car and tehir desc is binding. Usually a win for the customer . BUt you dont have to go that route either. Just be prepared to show why your individual car is worth what you think it is in your specific market. I deal with it all the time as I do most higher $ cars and *tougher * customers in my office - Bikes are usually the hardest. Just make sure you dont ignore the cheaper cars that are out there and be prepared to show why yours is/was better than that one.

Example : You total your car , you tell me the appraiser its worth $10k . We are offering what ever the 2 book quote is. Knowing my states appraisers act ( rules we have to follow ) I would be able to see that this car is a specialty car that doesnt really show its true value in a 2 book quote . I have options : call dealers and ask them what the value is ; use similar market vehs ( autotrader.com or for GN's I would use Kirbans sale list if I thought it would get me the value I wanted) or the independant appraiser who would probrably do the dealer quote method.

Next thing to worry about is your custom parts - most policies limit the amount $$ wise you can collect for ( atleast if its your own policy) . Example : base Gn worth x$ and has a $900 turbo . This doesnt always make it worth x$ + $900. Thats where the market value comes in again... find comprable vehicles.

All in all this is alot of work.. thus the benefits of having a stated value policy. The key to remember is that even though insurance people deal with cars everyday they arent *car*people. Most offices/departments have atleast one person who actually knows something about cars but alot of claims people are ignorant of the actual value to replace the car. My experience is that while the "squeaky wheel gets the grease" I personally am much more likely to look harder into someones concerns if they arent yelling at me or repeating they will get an attorney - my answer is always "go ahead". However alot of claims reps are rude / idiots/ dont care about customers ans it ultimatlely makes all of us look bad.

Its alot to know but if you get "regular " car insurance on the GN then be prepared to do alot of work to get what you feel is fair as they average company will just use their normal methods of evaluating your car because they wont know any better.

And Zam - I am suprised you were ok with Progressive - as an avid reader of Prodisscuisions.com I have yet to see and Ill shop that had even one good thing to say about them.
 

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Blue87T thanks that makes me feel better,that eacatly what I went though when my 86 was totaled this Jan. They offered $3800,I told the adjuster no way,I was not rude with him and I faxed him Auto trader,kirbans,and ads off of this site about 2 weeks later he called and gave me EXACTLY what I wanted for my GN I guess I low balled myself,but I was going to leave progressive and after his fine job I just renewed my policy-3 cars- for another year!:cheers:
 

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It's guys like Blue87T working at Progressive that are the reason I'm happy with Progressive. Never had to make a claim in my life, but assume I'll be taken care of if the time ever comes. That and all the photo documentation I have for my cars. AND it's VERY reasonable!!!

True, you can get stated, or agreed value policies from the likes of Haggerty or Grundy, but you better not get caught driving it to work, grocery shopping, trip to wal-mart, etc.!
 

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Glad I could help. The key to remember is that a claims rep job is all based on documentation. ALthough the claims rep job is to value the car/estimate there are alot of variables involved so they use 1 consistent method within a region. Now of course there are unique scenarios that come up , like a GN and they may require extra attention.. usually that extra attention needs to be requested by the customer though ( may not be right but its reality- they dont look to give money away - no insurance company does).
 

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Just FYI from what rose said before she is wrong about State Farm not writing stated value policies. I was 20 years old with an 87 GN and I had it at stated value for $12,000, regular useage no mileage limits, etc etc. They gave me a bit of a hassle when totaling the car after it got stolen, but I showed them Dennis Kirban's sales records he sends out with his catalogs and I was set to go.

I then Insured my TTA for a stated value with them of $15,000... anything over that they require a full apraisal. I ended up pulling my insurance from them and switching to GEICO after they doubled my rate when I got rearended (ahh it was my fault actually cause they ran my license and they found all my tickets.... hehe).

Anyway GEICO doesnt have stated value (I also work for GEICO), but whomever you spoke to is incorrect on valuing it as an 87 Regal. As long as you can show proof its an 87 GN (take a picture of the option code sticker with the VIN and WE2 on it) and can show proof of value (ie: Kirbans sales records) you'll get what the car is worth. Plus make sure you tell GEICO about any additional equipment youve added we can add that to the policy, if you dont tell us its not covered. Keep recipts. Informed customers will get what they deserve, the situations where people get screwed are when they dont know what they are doing and give in when the company says no.
 

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Adding to Progressive specific coverages .. you can add Custom Parts and Equipment coverage to your car. You can buy it in $1k increments. Dont usually see it in regards to performance mods but its pretty common when it comes to stereo stuff ( atleast it is after someone has a claim for their stuff being stolen and then find out that its only covered to $1k). Again - pictures/receipts / proof of ownership is key .
 

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Discussion Starter · #27 ·
all this is extremely valuable information for me. i still have my geico insurance on the car now, and maybe now i should keep it. just because it leaves me with one bill every month. i have been very happy with geico.

on the other hand, the lady at grundy said i could take the car out for quick trips down town, as long as it wasn't everyday, or to work and back. their $10,500 stated value full coverage policy is only $179 per year. this is alot cheaper then geico.

i don't know what to do.
 

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stealth908 said:
all this is extremely valuable information for me. i still have my geico insurance on the car now, and maybe now i should keep it. just because it leaves me with one bill every month. i have been very happy with geico.

on the other hand, the lady at grundy said i could take the car out for quick trips down town, as long as it wasn't everyday, or to work and back. their $10,500 stated value full coverage policy is only $179 per year. this is alot cheaper then geico.

i don't know what to do.
IMO unless the car is a true garage queen that really only goes to shows ever then grundy is the way... but if theres any chance it will be used as a secondary car, or you like to "take it out" every once in a while, its not worth the risk,because they investigate hardcore and are quick to deny a claim... thats why its so cheap...
 

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Ok People....Look!

The major insurance companies DO NOT OFFER STATED VALUE INSURANCE!!! PERIOD! You need to get classic car insurance if you want what your car is worth.

State Farm and all the others go off of what a 87 Turbo Regal is worth. If any of you have looked at the current blue book, it will make you vomit! I am not saying you need to go with who I go with, my car is an investment. I dont race it, beat on it or take it out much. The ammount of dust on the car right now I should be ashamed of myself.

These policies from these "other" insurance companies are not better, just different. I want 25g's if my car is stolen or totaled and the only way I can sleep at night is knowing I have in writing that my cash is safe. Condon & Skelley are underwritten from Metropolitain Insurance, which is no shlep company. But I called State Farm here in Nevada, 5 different offices. All of them told me I would get between 3-8 thousand regardless of condition or mods on the car. I have receipts up the yin yang and none of them cared! Condon & Skelley (and Hagartey) gave me $25,000 stated value insurance for 318/year. I have a 2500/year milage limit, but if my car see's 500 miles I am lucky. Sure, if you have some piece of crap GN that you have 100,000 miles on it, sure get State Farm. But those of us in this Elite status of GN's, we need better coverage. Do yourself a favor, call and talk to some of these companies and you will see what I mean. Not only do you get better coverage, but because they dont cater to everyone & their grandmother, you get better customer service and more importantly, INDUVIDUAL STATUS. You are not a policy number, but a person who's car is very important to him/her. These people understand your issues with your baby.

Do what you want, its your car. But stop listening to people who dont have a clue about "Classic Car" status....they have a daily beater!
 

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rose1mr - do your self a favor and educate your self OUTSIDE of the insurance companys. They will tell you want they want with little regard to facts (Lies are only lies if documented)

I've had stated value insurance with non-classic insurance companys for $20,000+ with few questions asked - just alot of pictures/

According to NADA (the end all value reference for all insurance companys and banks), The current value of a Grand National (excellent condition ,112,000 - 115,000 mileage) is
$20,950

One in marginal to bad condition is $7,950. A far cry from what you were quoted by the Farm. The insurance companys CAN NOT dispute this value - it is in their Bible of valuation.

Want more proof - Just last year, we fixed a GN to the tune of $10,800. The ins co paid with out blinking and eye.

The value of our cars is recognized and documented...if a Ins Co. insist on paying less, a short trip to court would be a slam dunk victory for the insured/claimant.

Trust me, the Insurance Companys wouldn't even let it get to court....they would pay accordingly
 

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Zam...I wish I could agree, but I think you are mistaken!

Insurance is a funny thing. A company doesnt have to write you, and the ones who do never want to pay a claim.

Yet, besides all that, I dont know anyone who would pay for a GN with 100,000 miles on it. If you do ( or someone out there would) then tell me the name of your crack dealer...cause you must have some good s*it

I have been round & round with the insurance companies about this issue. Fact is fact! No one besides the classic car insurance people will give you the time of day. If you have stated value insurance with like State Farm or Allstate, then you either know someone or are sucking c*ck! Cause here in Nevada, NONE of the big companies (Allstate, Farmers, State Farm, Auto Insurance America, Metropolitain, Gieco, Progressive) would even come close to what I have with Condon & SKelley. And my GN that has many, many mods and only 19,000 miles on her, isnt gonna take a chance with those companies that will fix the car before they total it.
 

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Rose - I should clarify: My job IS having insurance companies pay...so, as far as knowing the REAL facts - I do. I know the facts the insurance companys don't want you to know and there for, won't voluntarily offer.

You are correct, they don't have to write a policy or insure you...nothing you can do about that.

If they do insure you, they are committed to what the vehicle is valued at according to the price guide they abide by or an actual appraisal that they agree with (unless otherwise stated)...the price guide in ALL cases, is the NADA guide. This is the industry standard that ALL financial institutions follow (insurance companys, banks etc...). They DON'T have a choice in the matter...the value is the value. It can't be argued unless a specific is in question (like condition of said vehicle).

I do not have stated value insurance, it is not needed on my car because the car is valued at $20,000+ as is according to NADA.

My only problem with the collector insurance companys is their limitations. If your use falls within their limitations, great! By all means, use them, they are always cheaper.
For those of us who like to use our car when we want, as much as we want, doing what ever we want, the collector policies won't work.

QUIT listening to what the insurance companys/agents tell you and educate your self about insurance OUTSIDE of the agents. There are volumes of books concerning the issue (laws). People aren't at the insurance companys mercy, that's what we have been led to believe - by who??? The insurance companys! DOH!

If you read a policy carefully BEFORE you sign it, you will be informed of all of the points of what you are signing.

Let me ask you this - Going off of your logic, WHAT ARE YOU GOING TO DO WHEN SOMEONE HITS YOU?
Unless you turn it in to your own insurance company (deductible, your rates go up, they might even drop you), the benefits you have with your collector insurance doesn't matter one single bit...

Don't fall for their BS. You have rights and laws that protect you...all you have to do is know them.
 

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Discussion Starter · #33 ·
zam, thanks for the enlightenment. since my car is a driver, i'm staying with geico.

unlike some people, i like to use my car for what it was intended, not to let it collect dust or fret over a bug that hit the window during a drive around the block. that's gay. what good is having a heavily modified fast car if you don't use it. it's good for a status symbol. "look at me and my supposedly fast car that i don't ever drive". wow! that's a lot of fun. i think many will agree with me. as is with my car, a clean good looking car that's well cared for is called a driver, not a beater. so, while your investment leads the sheltered life, i'm out having the time of my life enjoying my ride.

thanks to all for the helpful insurance advice. believe it or not it wasn't an easy decision and i thnk i made the right choice.

travis
 

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Just make sure you READ YOUR POLICY. When you sign it, you are agreeing to everything on it.
You can't fight what you sign. <----Read that again
If there's something in it you don't like, have them change it. If they won't change it, go else where.
 

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zam youre completely right about how it works... Sorry rose, maybe in Nevada things are different (I dont deal with Nevada only eastern states, california, and washington at work), but State Farm had NO PROBLEM whatsoever doing stated value for me on those 2 cars, and I know of PLENTY of other people who did it through state farm and other companies too.

Classic car insurance is NOT an option for a lot of us here (I'm under 25 which means most of em wont even write me). But there are companies out there that will write it.

BTW rose those agents you called that said they will give you 3-8 thousand were probably just telling you that to get you off their ass because they want to sell policies not answer questions. Me personally I take the time to answer peoples questions the right way, but not everyone does.
 

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Thats your opinion Stealth!

I am sorry you have a daily beater. I use fords for that! Since they are a throw away car anyway, and no car (besides my gn) is an investment, who really cares!

But sure you can stick with Geico. For what you have its fine. If you get hit, they will fix your car and you will be on your merry way. NOw the question was raised about "what happens when someone hits me" I dont know if any of you have ever been to Las Vegas, but let me give you some advice. If you get hit in this town, consider the car totaled! 90% of accidents come from people running red lights. At that speed, you are toast, and so is your car. Throw in that most white trash that would hit you has no insurance, oh yeah, its gonna be lots o fun!

My car sits in a climate controlled garage and only gets taken out on weekends. I get more people than I can shake a stick at who come up to me and compliment my car. I couldnt care less if I am the fastest jerk on the track, thats not why I bought it. And trust me, I have plenty of fun with my GN, its not a dust collector. My insurance lets me drive it 2500 miles a year, and that is perfect for me. Just the other day I was getting gas and a guy in a 2004 Chevy Avalanche came up to me and said "I have been looking for a while to get my hands on one of these. Yours is in such great shape, ever considering selling?" I said "sorry I am not"
He asked "what did you pay for her, if you dont mind me asking?"
I told him $20,000 He on the spot offered 20,000. Sorry! Not for sale. I was there about 30 minutes with the guy, after which I thought we were gonna get tossed from the gas station. But he said out of all the Gn's he has seen, this one was in the best shape. Of couse it was! He wants it! But the point is, my car is not a daily driver. Its a car that will be in my family for years & years. And when you guys are done with them and sell them off, I will stillhave mine with the low milage and she'll be worth alot more than she is now. I need insurance that guarentee's me I will get my money should something happen to her. I DO!
 

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Late to the party, but FWIW, here's my .02 centavos:

I have 21st Century Insurance, and I'm extremely pleased with their service. I carry full coverage with uninsured motorist. addition.

I was in an accident on April 8th- car was extensively damaged, but I'm more or less OK. I called 21st to let them know I had been in a wreck.

April 9th: I was contacted by the claims adujstor, who seemed to be genuinely concerned for my well being. Started the claims process. I voiced my concern about my car being a 71k mile GN, and she said that that issue would be handled during the claim.

April 14th: got a call from the total loss department- my baby was dead:( . They asked me to gather together all my information regarding the value of my GN, and any receipts for non-maintenance work done to the car. Sent them all my info.

April 19th: got THE call from total loss. After all their research, they discovered that my car actually had 171k miles on the odometer!!:mad: :mad: :mad: My hopes for a decent settlement went out the window......not. The adjustor ALSO said that their research had given them a real world value of my GN at $13K!!! I was going to try and negotiate the point, but after sitting down with them, I found that they had originally valued the car at about $6K, but had used sales history information and collector car info to establish value. If my car had been an actual 71k mile car, I would have received between $16k and $18k.

HINT- DON'T USE CARFAX ALONE AS AN ODOMETER RESEARCH TOOL!!!!!

I'll have my check early this coming week. This is the 2nd Grand National that I've had to make a claim on- the first one was stolen in San Diego in 1997 (never recovered). 21st Century handled the claim on that car as well, and I had settlement in 15 days!!

As long as they'll have me- I'll be with 21st!
 

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I just finished watching the TV show Two Guys Garage & the Grundy guy was on a segment & talked insurance. He said no mileage limits & trips to the store for ice cream are fine. $20,000 agreed was $176 yearly? Man that is cheap! Drive all you like he said. To bad I'm in Canada or I would
jump on that offer!
 

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Discussion Starter · #39 · (Edited)
like i said your car is a status symbol. but that's good for you and apparently it works in your life.

i'm just glad i didn't have to spend 20 grand to get the looks at the gas station. even if i did, i would have to drive the car. i like mine so much, i couldn't let it sit. and that's my point. i like to just walk outside and stare at it. if it were up to me, i'd keep buying them until i ran out of money.

i know exactly how life is in las vegas. i used to live there. i hated it. for many, many reasons. it's just not for me.

i went there back in december for 2 weeks for work. we took a few stealths out there to play. it was fun then, because it was only a 2 week trip. more like a vacation than anything.

btw, just a six, that's exactly what grundy told me. sounds too good to be true. i'm still looking into them.
 

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If what was on the show & the Grundy guy said it on TV! Man that is One Great Deal!! We have one in Canada that is similar but I'm checking all the "fine print!" but about $350 Canadian on $20.000 agreed value. This thread has sparked my interest in spending some time seeing what is out there. Thanks guy's!!
:cheers:
 
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