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Originally Posted by maroman88
so are u telling me im lying? maybe they dont call it "collector" but its for a non primary vehicle... when i up'd the value i had to show them pictures of the car and find similar cars for sale in the area to compare the price with...
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No, he is not calling you a liar. He is saying read the dec page & policy. It can be misleading and brokers/agents don't always fully grasp it (or care to) either. The language differences as highlighted above are subtle yet different. Better to research now then find out later when they won't pay what you expect. We know a lot of guys with this type of insurance and no one has produced a state farm document showing true agreed value. Now insurance is a state-by-state product so SF may carry coverage A in PA and not NJ, etc., which is why you should read.
Here is my 08-09 Hagerty Policy and dec page. Notice the term
Agreed Value stated right on the dec.
http://www.nastyz28.com/~BonzoHansen...ertyPolicy.pdf
More notes from Hagerty's site, just as an example. Note they make the same language distinctions as posted ealier.
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Guaranteed Value
We understand the value of your car. With Hagerty, securing coverage for the true value of your car is a simple process. We start with an Agreed Value policy, then we guarantee it. That is, we’ll agree on the insured value, and in the event of a covered total loss, you’re guaranteed to receive that amount. Period.
This sets Hagerty apart from companies who offer “Actual Cash Value” or “Stated Value” policies, which may depreciate your vehicle in the event of a claim.
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And if they made you provide comparables IMO that is a bad sign. Collector car insurers know.