"agreed value" insurance ??

hoop

hoop

openin a can o' Hoopass
Joined
Apr 4, 2009
Location
New Bern, NC
Here's the deal, dumped way too much time and money into the jeep to let the insurance co. pay "book value" in the event of a loss. Anybody have this type of insurance (agreed value) and what company do you use ? Thanks in advance......
 
I do on my samurai I have farm bureau insurance. Need the receipts to show that things cost what you say they do so they will cover it. In my case I bought some stuff used but I got quotes on new parts to show what it would cost to replace the stuff on the Sami.
 
My biggest issue will be receipts...not a big keeper of them..and the fact of "Non stock" parts..whats the value of a Cummins 4bt in a Jeep ??
 
I've been building mine for 12 years, f-reciepts.

I called my insurance company and said I wanted $12k amount above book value covered on my Jeep. I think they charge me $90 extra bucks per 6 months.
 
I think some of the local Hot rod guys use Grundy Ins.I need to look into this once the wifes jeep is done.I have more in the engine/harness and everything to get the engine in the jeep than a 88 YJ is worth.
 
Stuntman Autoworks said:
I do on my samurai I have farm bureau insurance. Need the receipts to show that things cost what you say they do so they will cover it. In my case I bought some stuff used but I got quotes on new parts to show what it would cost to replace the stuff on the Sami.
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Can you list the endorsement that you have added to your policy for this coverage?
 
Please give more details or the number to your agent. I tried and tried to get someone to insure my Jeep but nobody wants to insure an '88 YJ for $30k.
No body would insure it because it had a full roll cage and Grundy was one of the first to turn me down.
 
i know this...if you dont have a vin you cant get an insurance policy for shit...Ive tried and tried..
 
What amount do you pay extra for this claimed value policy? Does your renewel pages show the stated amount that you have?
 
Grundy and Hagerty are more of a classic insurance...I have both...extremely tight on usage and storage of vehicle. You're not going to get a $150/year premium on 30k replacement for something that moves a whole lot and intentionally gets damaged. Chances are, if you don't have something that just sits in a garage, you won't be getting covered. But I will say, it is pretty easy to get coverage through them, if that's the case. Get an appraisal, with receipts, you can pretty much get the number you want. Submit a few pics...and in a couple days you should have a coverage. Hagerty has been great on both my claims...one was Christmas decorations falling out of an attic on to my tailgate...paid for the $600 NOS tailgate and $500 in paint. I also have coverage on my NOS and 'not gonna find them' parts. Had one of my sheds broken in to and had some high dollar NOS stuff taken, and I was reimbursed once I found them again.

That said...I've been catching wind that Chubbs Insurance is an agreed value, and muuuuuuuuuuuch more lenient on use...not sure if they're offroad lenient, but might be worth giving them a call.
 
Stuntman Autoworks said:
I don't know the endorsement I just asked my insurance agent about different policy's for covering custom stuff and its called a claimed value policy with farm bureau and they base the rate off of how much coverage you need. Just ask about what your looking for and my agent can point you in the right direction. I think my agent tried Grundy ins but they don't cover anything that sees any offroad time.

My agent is Jack Dixon 919-545-4749 located in Siler City NC.
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Auto policies owe you for the ACV (actual cash value) of the vehicle that you insure. Farm Bureau's policy cap's custom equipment at $1000 then you must schedule anything over that amount on an endorsement & pay an additional premium for that at an ACV amount. If your thinking that you have a stated amount policy of let’s say $10,000, you have an event that total losses your rig, you are still only owed the book value of that vehicle plus the 1st $1000 of custom equipment that you have, unless you have the endorsement. You do not get the $10000 stated amount that you have, you have actually just capped the amount that you could collect. I understand that is confusing, but if your thinking that you just get the stated amount of $10000 even if you have receipts, I encourage you discuss in more detail with your agent.
 
Lefty all I know is my agent said I pay a premium for having 10k worth of insurance, just sticking with your #, and having receipts proving that's what it costs to replace then if something did happen I would get the 10k.
 
lockedup5 said:
Please give more details or the number to your agent. I tried and tried to get someone to insure my Jeep but nobody wants to insure an '88 YJ for $30k.
No body would insure it because it had a full roll cage and Grundy was one of the first to turn me down.
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I just confirmed for the fourth time with my Allstate agent. Nick Rantzos 883-3353

No receipts needed, I total my '99 TJ, I get book value plus 12k that I pay extra for. And they know I have a roll cage.
 
I think that's what mine is like.
EdJonesJeeper said:
I just confirmed for the fourth time with my Allstate agent. Nick Rantzos 883-3353

No receipts needed, I total my '99 TJ, I get book value plus 12k that I pay extra for. And they know I have a roll cage.
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EdJonesJeeper said:
I just confirmed for the fourth time with my Allstate agent. Nick Rantzos 883-3353

No receipts needed, I total my '99 TJ, I get book value plus 12k that I pay extra for. And they know I have a roll cage.
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I can't speak for Allstate, but the standard auto policy is the same for every company & governed by the dept of insurance, each company can add approved endorsements to change & modify coverages. I would be willing to say that if your not paying extra for the stated amount on your policy, then you may not have what you think. I just encourage anyone who thinks they have this coverage to review what your thinking with your agent to make sure you both are on the same page.
 
EdJonesJeeper said:
I think they charge me $90 extra bucks per 6 months.
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lefty said:
I would be willing to say that if your not paying extra for the stated amount on your policy, then you may not have what you think. I just encourage anyone who thinks they have this coverage to review what your thinking with your agent to make sure you both are on the same page.
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We have liberty mutual, had a long talk w/ the agent about this.
He said their policy was simple, you just decide how much extra coverage you want, and they add it on for added cost, you're paying for it just like its a more expensive vehicle. Sounds like other folks here.
I haven't put it in place yet until my pile is back on the road but I will as soon as it is.
 
I talked with my Farm Bureau agent about this a while back. She said she would insure it for as much extra as I thought I needed and it was no problem. I didn't get in to the details of it just yet, but I'm assuming it'll be pretty much what yall have described.
 
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