[DeTomaso] Agreed Value Insurance - Daily Driver

boyd casey boyd411 at gmail.com
Thu Feb 11 15:32:58 EST 2010


Progressive Insurance allows stated value policies in some states. I had my
911 Porsche insured with them In Virginia and I had a stated value policy (
not the same as an agreed upon value but better then them basing value on
NADA old car book or some other nonsense. If the car is wrecked you have to
substantiate the stated value. IT is a pain in the ass but you at least ave
a leg to stand on. When I tried to insure the same car with the same company
in New York they wouldn't write a stated value policy. They said New York
state insurance law doesn't allow it. I believe they were telling the truth.
I know New York dosen't allow you to file suit for diminished value if
someone wrecks your car ( and Virginia dies) Some guy hit my NSX and after
the car was repaired ($12,000 damage) basically a right front fender. The
insurance company settled with me for an additional $10,000 after paying for
all the repairs. I did have to sue before they would settle.  You will need
to check if your state allows stated value policies and then check
Progressive. They weren't the cheapest but they were reasonable and they
never dropped me even after paying for 2 claims on my Porsche  a fire
$22,000 in damages and then a theft $37,000.00 paid on a stated value of
$39,500.
Boyd

On Thu, Feb 11, 2010 at 3:08 PM, Julian Kift <julian_kift at hotmail.com>wrote:

>
> Ayone familiar with an insurer who offers an agreed value insurance policy
> on a daily driver?
>
>
>
> We just picked my son up a '72 Dodge Charger, but our daily driver insurer
> will only cover liability on a vehicle that age. It's a nicely restored
> Super Bee clone so I don't really want to take all the risk of damage and
> theft etc. on my own back. Even if I could get comp/collision in the event
> of an accident they are just as likely to say market value is something like
> $500, so I think an agreed value would be the best option.
>
>
>
> The current insurer recommended one of the Classic Insurers, but a) this
> will be more a daily driver and more importantly b) he's only 16 and the
> classic policies require all drivers to be at least 25 yrs old and c) for
> each licensed driver to have a daily driver other than the classic.
>
>
>
> Thanks for any direction,
>
> Julian
>
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