Car Is Home

[trapin]

Would a normal Insurance company (AAA, State Farm) cover a car like this for lets say $25,000 if something happened and you had a previous appraisal done showing the documented value? Isn’t that why people get appraisals to cover there assets if something were to happen.

You should NEVER insure your classic car (especially one like Ricks) with a major Insurance company like AAA, State Farm, All State. They specialize in "Actual Cash Value" policies (like what you have on your daily driver). If they ask you for an appraisel (like State Farm will for their collector car insurance) what they're trying to sell you is a "Stated Value" policy. What that mean is, if you're car is appraised at $50,000...that $50K is only the threshold of what they'll insure your car for. If the car is ever stolen they will still open up the books to make their own determination of what your car is worth. If they determine that it's actually worth $60,000, they're only obligated to give you $50K. If they determine that it's worth $40K...then you get $40K. Stated Value policies are BAD news. You always want to make sure you are getting an "Agreed Value" policy NO MATTER WHAT.

[rsk68]

Tony
I am in full agreement with you but unfortunatley I'm stuck untill February, now fortunatley I'm in very tight with my Allstate agent and we will be getting an apprazel for his file, my policy is for agreed value not actual cash value and I'm paying acordinally.