Agreed Value Insurance?

[Golden Ranger]

Our 1988 Ranger GT is being made road ready after sitting for many years.

The original purchase price plus the costs of all the new parts and materials will probably greatly exceed the value of the average 1988 Ranger in our Ohio Rust Belt. Not that it will be a large sum by today's standards. It's just all the time and effort that could be taken away by an inattentive driver or just plain old vandalism in a parking lot. I'm getting older and my time has more value than it did when I was in my teens.

Agreed value insurance may be an option that we have not previously purchased. This truck would not be a daily driver and always garaged.

Any experiences with this type of insurance?

 

[doorgunner]

Yep....see my avatar....I "customized" my '89 LWB/XLT...it qualified as a "customized Classic(over 20 years old).
I bought agreed value insurance (provided receipts/photos/etc of improvements)

The agreed value is $10,000 MORE than the resale value....and the yearly premium is HALF of what Allstate/etc. would charge!

Check the internet..there are around 5 good agreed value companies...they all have different limitations though...

 

[shane96ranger]

I have called and inquired on it for my Mustang. HOWEVER, there are some requirements I don't meet (yet). I was told by a couple companies it must be garaged. One of them told me if it had 3 walls around it, they would insure it. I should have that covered here shortly. Overall, it is much cheaper (as DG mentions) than regular insurance. It was in the ballpark of $200-250 per year to insure it for $8,000 dollars IIRC.

 

[doorgunner]

I have called and inquired on it for my Mustang. HOWEVER, there are some requirements I don't meet (yet). I was told by a couple companies it must be garaged. One of them told me if it had 3 walls around it, they would insure it. I should have that covered here shortly. Overall, it is much cheaper (as DG mentions) than regular insurance. It was in the ballpark of $200-250 per year to insure it for $8,000 dollars IIRC.

yep....about $30 per thousand-agreed value....mine is garaged/alarm-armed (allstate wanted $1400 a year for a yearly depreciation policy )

 

[85_Ranger4x4]

What are the "good" agreed value companies?

This is something I have thought about but haven't really got around to yet. I have a lot more $$ in my truck than it is worth... you can't tell it from the outside though (yet)

 

[Tominator]

It is all up the the underwriters. The company might have a policy you can buy, but is state law and the underwriters that agree to cover or deny.

Mine is insured with Hagerty but get this. They do not insure trucks! They list mine is an 'Exotic.' Magazine truck, nationally know sponsors, etc. Agreed value of $18000 for $400 a year.

Always garaged. You must have another vehicle registered. You cannot drive it to work but most everything else is OK. Remember that most vehicles are stolen from the owners driveway or the parking lot at work. Thus the exclusions.

Be prepared to show an appraisal professionally done if you find someone that will talk to you.

 

[85_Ranger4x4]

You cannot drive it to work but most everything else is OK.

Hmm, that kinda kills it for me.

I love to drive it to work when the weather is nice, it is far safer at work in that parking lot than at the grocery store or anywhere else in town.

I am more worried about something happening to the shed in a storm or somebody running into me than somebody running off with it.

 

[shane96ranger]

Hagerty was one of the places I called, and they seemed to have a lot more stipulations. American Collectors is another place that specializes in classics, but I believe they told me it wasn't old enough - I think it needs to be 25 years old through them. Heacock seemed to be the best IIRC.

 

[Tominator]

Hmm, that kinda kills it for me.

I love to drive it to work when the weather is nice, it is far safer at work in that parking lot than at the grocery store or anywhere else in town.

I am more worried about something happening to the shed in a storm or somebody running into me than somebody running off with it.

We are just numbers. They base their policies on previous claims and not individuals. Sad but true.