Same here…State Farm on evrything I own. I have been using the same agent since 1976…well…same place, my original agent retired 20 years ago and handed the business off to my current agent. I have had nothing but the best service from them every time I had any claim at all.
I believe my insurance is through American Collectors. I was never asked about garage or anything. They (the agent) asked me what I wanted to insure it for, but came back saying I had to insure it for more. They never even saw the car! The problem might be the agent and not the Insurance Company. I’ve dealt with agents regarding my homeowners and car insurance (non Cougar) and some can be a real nightmare. So is it the agent or the Insurance Company itself thats giving you the problem?
Just to add to my previous statement about State Farm… I got my agent on the phone, not an assistant but my actual agent, and asked if my Cougar was totaled, how much would I be compensated. I was a bit unhappy to learn that since I haven’t had my Cougar appraised by a proper professional appraiser, I would get next to nothing for it. Something like the original cost (in 1968 dollars?!) minus depreciation. The long and short of it was that unless I get it appraised, my coverage is not at all doing what I was told over a year ago by one of the assistants.
So now the debate is to get it appraised, or just switch the Cougar to a classic-car-centric insurance company with a declared value policy. Does that still require an appraisal, or is it that you pick the stated value and that’s what it’s covered for?
With American Collectors or Hagerty, you pick the value and that’s what the premium is based on. If you decide to stick with State Farm, make sure that they will take the appraisal as the actual cash value of the car.
Liberty Mutual required me to get an appraisal, but then told me a couple of years later that they would still only pay out what they determined as ACV. When BBCat got damaged, they initially wanted to total it for $5K but they eventually went through their own research process and came back with a value of $23K. At that point, I had an appraisal in hand stating a $35K value.
As long as we’re on the subject I have a question. I always wondered, while my car isn’t mint (yet), it is completely numbers matching. What if I get into a fender bender? Sure it can be repaired but its no longer numbers matching. What then? Obviously the value would be diminished.
Here’s a good article on the subject of diminished value:
http://www.nasdaq.com/article/how-to-make-a-diminished-value-claim-cm174744#.UWbqN5PqmSo
Good to know for both us Cat owners and anyone involved in an accident (that was not their fault). I’m willing to bet no one knows about this. Good to know in this day of “Car Fax”. I would suggest everyone reading this, click on the link, very interesting reading.
Just got off the phone with Hagerty. And just saw a notification that I got the email with the paperwork to fill out. They’re coming in at about 2/3 the cost of State Farm, with my declared value of $15k, and a $0 deductible, as opposed to State Farm not accepting a declared value and potentially dogging me even with an appraisal, and the $500 deductible. This is a no-brainier. The bronco and Honda can stay with State Farm but I’m switching the Cougar over immediately.
What a great thread!!!