2nd Gen Non-Engine/Transmission Auto Insurance - Agreed Value

[Tractorat]

Appraised value is the correct term. But I think you need a specialty insurance company for that.
But back to the OP's first statement. There is something wrong if they say it is only worth $2900. And, I wonder why it has even come up in conversation with his insurance company. I know Ive never asked my insurance co what my car is worth.

 

[Cosmo]

Book value is used when the insurance company decides to repair or total out your vehicle. When the cost of repair exceeds a certain percentage of the replacement value, they won't fix it but rather they'll cut you a check for whatever the replacement value is.

Nobody in the business uses Kelly. Banks typically use NADA values. Dealers use black book - which my understanding is now an online service where they can see what the wholesale prices that actually get paid for cars at dealer auctions.

Repairs don't typically add anything to the value of your car - the value is based upon the vehicle being in decent mechanical condition. The premiums are based upon the vehicles being in stock condition. If you add a lot of expensive extras, they may or may not be covered if you don't disclose them.

I would find a new insurance company. If they're using trade in value, you're screwed no matter what vehicle you have.

I've got USAA, and I've never had a problem with vehicle valuations.


Speaking of shovels, agreed value policies don't necessarily limit the mileage or use of a car. The classic car license plates/registration from the State may place a limit on the annual mileage in exchange for reduced or eliminated registration fees. If you don't have classic car plates, that's not a concern.

 

[klcammie]

Two 2 years ago my second diesel a ford 3/4 ton 2wd was totaled the insurance company gave me a check for 7950. 00. So a Dodge should be aleast that much. and with extras it should be worth more. My 2 cents.

 

[S.Morris]

Getting a professional appraisal is required every two years with my ins comp to maintain the perceived value of an older daily use vehicle. You pay based on the purchase price when first getting insurance whether new or old... . that is what the rates are initially set up on from my experience anyway.

 

[vastan]

I checked with Grundy Insurance about their MVP plan. However, they said that I would need to insure a minimum of three vehicles with them in order to insure my Ram at an agreed value. The truck does not qualify for any of the collector car insurance policies (Grundy, Hagerty and American Collectors) either because it is not at least 25 years old and/or because it does not have enough modifications to qualify as a hot rod/custom build. I called Amica back and the 3rd person I spoke with at a different office said they could probably help me. I will keep you posted.

Thanks,