2019 Carbon Series mileage milestone
- Thread starter roketman
- Start date
1997spider
GT Owner
MarkH
GT Owner
I see you have state farm and that is who handled all automobile insurance but we are told no agreed value. I assume you dont have an AV with them correct?
extrap
GT Owner
I have my '05 at State Farm and when I tried to switch to agreed value they replied with:
The system will only allow me to quote up to $249,999.00. The vehicle would need to meet the following requirements to qualify as Classic only due to the age of vehicle wouldn’t qualify for Antique. The estimated price is $487.57 every six months for the same coverage you have on policy now. (I have the highest coverages offered and highest deductible offered)
Antique and Classic Automobiles
For classification and rating purposes, an “antique and classic automobile” is defined as a vehicle not driven or a limited use vehicle used primarily for:
•Exhibitions.
•Club activities.
•Parades.
•Similar functions of public interest.
•Infrequent pleasure driving.
These vehicles are not used regularly for personal, pleasure or business purposes.
Eligibility is determined by the following criteria:
•Age
•Use
•Historic interest
•Condition
•Storage
Additional considerations
•Vehicles valued above $1,000,000 are ineligible.
•An aggregate vehicle value cap of $3,000,000 applies for multiple antiques and classics owned by a single insured.
Antique and Classic Definition
An automobile is considered an antique if it is 25 years or older.
An automobile is considered classic if it is between 10 and 24 years old.
All of the following must also be true about the antique or classic vehicle:
•It has historic interest.
•It has been restored with exceptional workmanship, has been maintained and preserved in its original condition, or is undergoing a restoration by an antique automobile hobbyist.
•It has not been driven or has been used on a very limited basis, such as for infrequent pleasure driving, parades, club activities, or similar functions of public interest.
•It has not been used regularly for personal, pleasure, or business purposes
I might still switch to another company, when I get time to shop.
fjpikul
GT Owner
PeteK
GT Owner
If you haven’t already, should check with your insurance co. to know what they would pay you if it got hit by a bus, or a tree fell on it. If your policy says “Actual cash value,” or similar language, that means the dealer-to-dealer wholesale price, trade-in value, or loan value. Probably about 20% lower than market value.
fjpikul
GT Owner
I don't think you guys figure in speeding tickets and what happens when a company drops you. I am plenty happy with what I have.
Stef
GT Owner
Im glad I have a lot of restraint, and drive like a complete sally on the street. I do not envy those comments.
Without agreed value, should there be a loss, you could spend a year and tens of thousands in legal fees trying to get appropriate replacement value. Your NGT with a ‘street’ value of $750-850k could be a 'depreciated' $400k in the insurer's eyes. Honestly, I can't stress importance of agreed value policies enough. We use them for all our 'normal' cars as well.
Last edited:
RPM217
2005 white/blue stripe
Howard
GT Owner
medici78
GT Owner
RPM217
2005 white/blue stripe
While I had always hoped to get the laps in the NGT, I would love to meet you at LRP for laps, when we can arrange it!!!