Announcement

Collapse
No announcement yet.

Insurance Options - Standard Coverage vs Agreed Value vs Stated Value

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Insurance Options - Standard Coverage vs Agreed Value vs Stated Value

    There has been some discussion on the forums and Facebook recently about insurance coverage for these trucks. This post isn't about which insurance company is best, cheapest, etc. It's just to give a reminder/refresh of the different types of coverages for the trucks.

    STANDARD COVERGE
    Everyone knows what Standard Coverage is for full coverage insurance. Some of the benefits of Standard Insurance is that you're not going to be restricted with miles or usage. However, one of the negatives is going to be that when something happens, you're going to more than likely be in a fight with the insurance company regarding values.

    The first thing that you need to do is get a copy of your Declarations Page and ensure that they have your vehicle listed as a GMC Syclone / Typhoon specifically and that it's not just listed as a "Sonoma" or "Jimmy". Next thing would be to keep and document all receipts for the vehicle, current pictures of the vehicle, etc. In the event that you wind up in an accident, you need to IMMEDIATELY start finding comparable sales on the internet and document them. Preferably print the pages of comparables and make sure that the print date is shown. Never accept the first the value that the insurance company is going to give you, because they will always attempt to low-ball you in the initial offer. The insurance company needs to value your vehicle at a fair-market ACV value, at the time of loss. Normally they will try and find comps in your area, which is what they should be doing. However, with these vehicles being rare, you will probably need to force them to look outside your local market. Remember, you always have the option to invoke arbitration if you and your adjuster cannot agree on value, so don't be scared to inform the adjuster that you are willing and committed to invoke the arbitration clause in your policy if they will not value your vehicle correctly. You will more than likely be required to hire your own appraiser to get value on your truck.

    AGREED VALUE
    Agreed value simply means, you contact your insurance company, tell them what dollar amount you want your vehicle insured at, and if anything ever happens, that's the amount that you will be getting. However, be aware that this coverage is generally going to come with mileage and useage restrictions, and will require it to be in a locked garage. They also will more than likely want pictures and an appraisal done on the vehicle if you are wanting a crazy value associated with it, so this would be best for low mileage garage queens and trucks that have been built or have many extras, are rarely driven, etc. Be advised, not all (many) insurance companies will offer an agreed value for vehicles, so you may need to look at other carriers that do offer.

    STATED VALUE
    Stated value is a joke. Never accept an insurance company putting a "Stated Value" on the vehicle. Reason being, say you have a stated value on your truck of $18,000 and you get into a total loss accident. With Stated Value, the insurance company will pay either the Stated Value OR the ACV value, WHICHEVER IS THE LESS OF THE TWO. Needless to stay, Stated Value is at no benefit. If you have a stated value for $18,000, but the value of your truck is actually $20,000, you're getting paid $18,000. However, again, most insurance companies are going to try and find an ACV value that's going to be less than the Stated Value, and it will be YOUR responsibility to attempt to get above the ACV that the insurance company will offer you on your vehicle. Many Stated Value policies are also going to come with usage and mileage restrictions as well. In this instance, you will be better off just throwing a standard policy on the vehicle, not have to worry about restrictions, and have your shit together for your insurance company if something happens so that you can get the fair value for your vehicle, since they're going to go for an ACV evaluation of your truck, unless in some way your truck value has exceeded the stated value amount that you agreed to, however, you're only going to get the stated value even if it is worth more at the time of the loss.


    IN EVENT OF AN ACCIDENT
    In the event of an accident that has the probability of a total loss, immediately start gathering your facts. Get together your receipts, pictures, etc. Go online and find vehicles that are selling that are comparable to yours (AutoTrader, CarGurus, NADAGUIDES, Manheim Auction Results, etc). If possible, when printing comps, make sure that the date is listed somewhere, as if it winds up getting dragged out, you want to make sure that you have comp values from when your accident happened. If you don't have that information, insurance will definitely try and screw you over because you can't "go back" to get values from the date of your loss. Have all of this information available to you ASAP, because when the adjuster contacts you to discuss value, having this information will show the adjuster that you have done your homework and aren't going to "roll over" or let them walk all over you. Do not accept their first value. If you can't agree on a value with the adjuster, ask to speak with their supervisor and plead your case. If you still cannot agree on a value, then invoke your right to arbitration. You and the insurance company will then each get your own independent appraisals done of the vehicle. Note that you will need to pay for this service. While there are several out there, one that I have used in the past was AutoLoss.

    Always elect for uninsured motorist. Always run a full coverage policy on your truck. With SyTYSoGTs, the risk isn't only accident, but also theft, as these trucks are easy to steal unless modified with a starter interrupt. Don't run a liability policy unless you have no interest in covering your truck.

    I have negotiated countless claims with Insurance companies. If you ever find yourself in the event of a total loss negotiation, feel free to reach out and I will provide whatever assistance I can to ensure you receive the best value for your truck, regardless of the circumstances or condition.
    '92 #0261

  • #2
    Side Note:
    My insurance renewal just came up and they informed me that they would no longer be offering "Agreed Values" for vehicles, and said that they were just going to move to me a "Stated Value" policy.

    The stated value of $18,000 would have had a yearly premium of about $700 on the Typhoon, but was also coming along with some restrictions for mileage and usage. I looked at JC Taylor and a few other companies for "Agreed Value", but didn't want to have to deal with the restrictions they impose on mileage and only events, club functions, etc.

    Therefore, I wound up going with just the standard coverage, which cost me $309/year and I have no restrictions at all. If something ever happens, I know that I will wind up in a fight with the insurance company over the value of the vehicle, but I feel confident enough in my knowledge that I won't get screwed by them, so rather than pay an additional $400 for Stated Value which would wind up in arbitration anyways, I saved myself $400 and don't have any usage restrictions on it.
    '92 #0261

    Comment

    Working...
    X
    rolex fake rolex achieves a wonderful balance of straight line and camber line which are arduous in structure.

    the best replica watches in the world craftsmen entrepreneurs focused.

    richard mille replica usa received a new unique neoclassical technique, plus also back into the current day facets.