So I have Progressive car insurance with full coverage. The question that came up in my head was: if my car was stolen/totaled/never recovered... then how much compensation would I recieve? I called the Progressive guy and spoke for a few. Long story short... he states fair market value on the caR. I'm like... "that's not gonna cut it". I informed him of the thousands of additional dollars of mods and the difficulty of finding a low mileage clean replacement. Bottom line is for an additional $30 per month they will cover exactly 29K replacement for my car vs the 17K the car is worth stock. To me seems to be a no-brainer. Any thoughts??? Weird problems or ramifications that arose from additional coverage like this? Has someone actually had this coverage and put it to work when the bad people came for your car?


Cliff notes>

So for $30 per month if the car gets stolen I recieve an additional 12K???

 

No brainer is right. Progressive is good about stated amount coverage.

 

Sounds like a deal to me!

 

It just seems strange...

The amount that I paid for my car is half of what the stated amount policy would be. So I guess I got a good deal on the car and I'll make out either way. If someone steals it I "double up" and if they don't take it I get to enjoy it with less concern and drive it wherever/whenever? It seems somewhat dishonest.... however something can be "valued" at greater than what you pay for it. I have no intention of insurance deception or fraud.... I'm only making an observation to the oddities of car insurance.

BTW... the person I bought the car from states that he put around 15K into the car (mods + tune). I'm not too sure of how much really went into it. Here's a list... maybe someone can conclude an actual value (if you have time).

--Engine modifications--
Fluidyne radiator
Hondata plastic intake manifold gasket
Comptech ice box w/ K&N conical filter
Jackson Racing supercharger, 5.5psi (stock boost)
Comptech 4-2-1 stainless steel headers
Comptech high-flow catalytic converter
Comptech sport cat-back stainless steel exhaust
Comptech lightweight Chromoly flywheel
ACT HD-SS clutch and pressure plate
Neuspeed short shifter
Energy Suspension shift bumpers
MSD distributor cap, spare Crane Cams cap
Crane Cams HI-6S ignition and LX-91 coil
NGK iridium plugs
Oversize silicone plug wires
Hondata S200 ECU w/ boost control, tuned by Jackson Racing, DSR, and Modacar
AEM fuel pressure regulator
AEM fuel rail
RC Engineering 440cc matched injectors
Jackson Racing upgraded fuel pump
Jackson Racing high-flow fuel filter

--Suspension and Ride--
Koni adjustable-rate dampers w/ threaded perches
Comptech progressive-rate springs
Skunk2 aluminum rear upper strut tower bar
Benen black aluminum rear lower strut tower bar
Benen aluminum front crossmember bar
SSR Competition 17x7 wheels, new
Bridgestone Potenza S-03 215/40-17 tires, new
Powerslot slotted front brake rotors

--Interior--
Autometer boost/vacuum gauge
Autometer fuel-air ratio gauge
Autometer dual-pod instrument panel bezel
Razo clutch and brake pedals
Sony CD-8050x CD head unit
Infinity Basslink 12" powered lightweight subwoofer

--Exterior--
Clear corner lenses w/ amber bulbs
Grillcraft silver front grille, car featured on their website
PIAA silicone windshield wipers
PIAA hyperwhite low-beam and high-beam bulbs

-EDIT-

I just realized that this is my car... (actual car in the picture) http://www.grillcraft.com/appl...D2001

>small world<


Modified by dsav4shawn at 8:37 PM 3/4/2006

 

"no brainer" is correct. and extra 180 for every 6 months... that's not bad. make sure you have all the available discounts... ask your insurance agent!

 

damn, gotta ask my insurance about this

 

Your telling me. Ive got progressive also. Seems like a no brainer. Id find out as much info as possible about it. There is probably some fine print like with everything else.

 

The fair market value of a car with mods is not equal to the value of the car when stock plus what you spent on the mods. Mods do not increase the value of the car on a dollar for dollar basis, and in many cases, do not increase the value of the car at all.

If you've spent a lot of money on mods, and don't wish to be SOL for that money if your car is stolen, then by all means consider buying this kind of coverage, which is called "agreed amount" or "agreed value" (not "stated value", which is something else - ref.).

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by dsav4shawn &raquo;</TD></TR><TR><TD CLASS="quote">So I have Progressive car insurance with full coverage. The question that came up in my head was: if my car was stolen/totaled/never recovered... then how much compensation would I recieve? I called the Progressive guy and spoke for a few. Long story short... he states fair market value on the caR. I'm like... "that's not gonna cut it". I informed him of the thousands of additional dollars of mods and the difficulty of finding a low mileage clean replacement. Bottom line is for an additional $30 per month they will cover exactly 29K replacement for my car vs the 17K the car is worth stock. To me seems to be a no-brainer. Any thoughts??? Weird problems or ramifications that arose from additional coverage like this? Has someone actually had this coverage and put it to work when the bad people came for your car?


Cliff notes&gt;

So for $30 per month if the car gets stolen I recieve an additional 12K???</TD></TR></TABLE>

dont listen to the progressive guy. he clearly does not know what hes talking about. they do not as a company provide fixed value insurance for vehicles.

they will, cover up to 4k of your aftermarket parts, if you have receipts, after their "depreciation"

 

I think I will call my ins to see if they have an agreed value.

BTW that grillcraft grill is ugly as hell.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by vivid 02 &raquo;</TD></TR><TR><TD CLASS="quote">

BTW that grillcraft grill is ugly as hell. </TD></TR></TABLE>

personal opinion... you should post a pic of your car.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by vivid 02 &raquo;</TD></TR><TR><TD CLASS="quote">BTW that grillcraft grill is ugly as hell. </TD></TR></TABLE>

Looks like a pizza screen.

 

Id say thats a hell of a deal. If they are only going to charge you a couple hundred for additional THOUSANDS in coverage, being that you drive an ITR I would say this is a no-brainer. Im actually surprised they dont have some kind of clause stating "unless you drive the most stolen of all stolen cars in the world" lol. I would definitely check into the FINE PRINT though with your agent.

 

Mad dough has been thrown at the car... so it's only fitting.

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by Mugen Mike &raquo;</TD></TR><TR><TD CLASS="quote">

Looks like a pizza screen.

</TD></TR></TABLE>


<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by nsxtasy &raquo;</TD></TR><TR><TD CLASS="quote">The fair market value of a car with mods is not equal to the value of the car when stock plus what you spent on the mods. Mods do not increase the value of the car on a dollar for dollar basis, and in many cases, do not increase the value of the car at all.

If you've spent a lot of money on mods, and don't wish to be SOL for that money if your car is stolen, then by all means consider buying this kind of coverage, which is called "agreed amount" or "agreed value" (not "stated value", which is something else - ref.).
</TD></TR></TABLE>

We are not discussing the value of the vehicle as for resale... we are discussing the cost of replacing the vehicle with the mods it has. The guy at progressive called it "stated value" if it's actually called agreed amount or agreed value than great.

BTW... I don't really care what they call it as long as they give me what it would cost to replace the car and everything in it.

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by uNF$@#! &raquo;</TD></TR><TR><TD CLASS="quote">

dont listen to the progressive guy. he clearly does not know what hes talking about. they do not as a company provide fixed value insurance for vehicles.

they will, cover up to 4k of your aftermarket parts, if you have receipts, after their "depreciation"</TD></TR></TABLE>

So I should believe you over the guy that works for Progressive? He said that their policies differ from state to state.... so what state are you in?

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by vivid 02 &raquo;</TD></TR><TR><TD CLASS="quote">BTW that grillcraft grill is ugly as hell. </TD></TR></TABLE>

It also looks like it would reduce airflow to the radiator...

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by dsav4shawn &raquo;</TD></TR><TR><TD CLASS="quote">We are not discussing the value of the vehicle as for resale... we are discussing the cost of replacing the vehicle with the mods it has.</TD></TR></TABLE>

Actually, we're discussing how much insurance will reimburse you. In fact, check your first post and you'll see who first brought up "fair market value" as relevant to this topic. I included the note about market value because it's relevant to which owners might want to consider this kind of insurance coverage, and how much is likely to be reimbursed in the absence of this coverage. So yes, we ARE discussing fair market value, as part of the reason for considering agreed value coverage.

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by dsav4shawn &raquo;</TD></TR><TR><TD CLASS="quote">The guy at progressive called it "stated value" if it's actually called agreed amount or agreed value than great.

BTW... I don't really care what they call it as long as they give me what it would cost to replace the car and everything in it.</TD></TR></TABLE>

Sounds like the agent called it the wrong name in his conversation with you. (Click the link in my first post to understand the difference between the two terms as they are usually used in the industry.) Whatever. Just make sure that the policy says what the agent told you, that the coverage is the amount they will give you if the car is stolen.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by nsxtasy &raquo;</TD></TR><TR><TD CLASS="quote">

Sounds like the agent called it the wrong name in his conversation with you. </TD></TR></TABLE>

Does it really matter?

I'm sure that the licensed in 48 states Insurance professional he was on the phone with is aware of the difference between stated which usually refers to mileage restricted collector car policies and ACV or agreed value.

 

Just get it all in print and dont lose it just in case.

 

hey a little off topic, but just wonderin, how much is your insurance every 6 months? And what state are you in and how old are you? thanks

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by H-PIMP &raquo;</TD></TR><TR><TD CLASS="quote">Does it really matter?</TD></TR></TABLE>

What matters is that he gets the coverage he's looking for, that will pay him the amount that he thinks he's going to get paid if the car is stolen. As I previously mentioned, look in the policy rather than relying on what the agent told you. Because in the case of any dispute, what's in the policy is what matters.

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by H-PIMP &raquo;</TD></TR><TR><TD CLASS="quote">I'm sure that the licensed in 48 states Insurance professional he was on the phone with is aware of the difference</TD></TR></TABLE>

I'm not. (See below.)

And what the agent called it doesn't matter. If and when there is a claim, what is binding is what is written in the policy, not what the agent said.

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by H-PIMP &raquo;</TD></TR><TR><TD CLASS="quote">between stated which usually refers to mileage restricted collector car policies and ACV or agreed value.</TD></TR></TABLE>

Absolutely not true, not in any way. Stated value and agreed value, which are two entirely different coverages, can both involve mileage restrictions, and both are typically used for exotic and collector cars or any other cars where the typical policy's reimbursement on "market value" may be inadequate. Furthermore, most agents are not familiar with the difference between the two.

Here's what one specialty insurance company says about "stated value" coverage and the fact that most agents aren't familiar with what it is (ref), as well as about "agreed value" coverage:

Stated Amount or Stated Value

This form of policy is frequently and easily misunderstood.

It is often used on collector car policies. Most insurance agents typically represent it as being the same as "Agreed Amount." It is not! The "Stated Amount" form states the insurance company will pay the lesser of:

1. The Stated Amount or
2. The cost to repair the covered auto not to exceed the "Stated Amount" or
3. The "Actual Cash Value"

The "Stated Amount" helps determine the premium cost.

It does not guarantee you a settlement amount that reflects the value of the car when a loss occurs. The "Actual Cash Value" language allows the claims adjuster to settle your loss for an amount less than the "Stated Amount".

Sadly, most insurance agents are unaware of this detail. Most agents, unaware of the actual policy language, will insist if your collector car is stolen or totaled, you will receive the stated value.

Wrong!

Agreed Amount or Agreed Value

This is the only policy form guaranteeing you in writing what amount you will receive if your "Collector Car" is stolen or totaled during the policy period.

Note there is no "Actual Cash Value" clause in the form. The "Agreed Amount" form states the insurance company will pay you, the lesser of:

1. The "Agreed Amount," or
2. The cost to repair the covered auto, not to exceed the "Agreed Amount".

The "Agreed Amount" should be reviewed carefully with your agent before the policy is issued. Your agent and you must agree together upon the "Agreed Amount" before the policy is issued.

The "Agreed Amount" should represent the true market value of the car at the time the policy is written. If the market value changes during the policy period, the "Agreed Amount" can be changed by endorsement. Before policy renewal each year the "Agreed Amount" should be changed, if necessary, to reflect current market value.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by SuckMyDOHC &raquo;</TD></TR><TR><TD CLASS="quote">how much is your insurance every 6 months? And what state are you in and how old are you? thanks</TD></TR></TABLE>

This has been discussed here 2,983,342,432 times. Do a search.

If you're interested in finding out how much it will cost YOU for insurance, call your insurance company, and/or check a comparison website such as Insweb.com or Insure.com. You can (and should) get a quote before you actually decide to buy the car.

 

Thank you for proving my point. I knew my post would send you into a tailspin. Your **** retentive rants aren't worth the bandwidth they occupy. Have you ever heard of an ENDORSEMENT Mr. insurance expert?

Because endorsements become part of the policy contract effective the date they're drawn up, even if it's mid-term. So the majority of the jibberish in a policy body is irrelevant anyway, besides most of those contracts were written by actuaries 40-50 years ago. It's the actual policy endorsement that makes the coverage effective. Regardless of what the agent says.

An example would be something like this. Insure a nice, clean 87 Turbo Buick with your carrier and add comp and collision to it. If and when the car is totalled you'll get about .10 cents for the car. When the cars "actual cash value" may be $10K.
Since standard auto policies cover based on book value, which after 8-10 years the bottom falls out of for most cars.

Haggerty and other specialty insurers are in business only to serve the collector/classics/exotic market. Progressive on the other hand is a standard insurer, that can endorse your policy as they please. And if you agree upon a value and get it in writing (see ENDORSEMENT), that's what you'll get regardless of what the miles you drive per year are. Anyone can cut & paste a bunch of insurance mumbo jumbo and post it on here, but it really isn't necessary.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by H-PIMP &raquo;</TD></TR><TR><TD CLASS="quote"> </TD></TR></TABLE>

Gee, you really LOVE to go off on another long rant, don't you? One rant after another - better to rant over and over in your world, than to provide real, useful information for anyone. And why do you object to copying and pasting useful information from real websites that provide services? The reason I do that is that most of the people on this board are intelligent enough to know that a lot of people on the internet don't know what they're talking about. So no one has to take my word on it; they can look at the links and see for themselves that the vendors and authorities on various subjects have actually said that this is true. I know you would rather have people take your word on everything, but that doesn't cut it - especially when you've been wrong so many times before, about everything from NSX market values to the chances of an ITR surviving as a daily driver. And now, you're telling us that you know better than two (TWO!) insurance companies what the difference is between agreed value and stated value, and you're telling us not to look at the policy that is considered part of the legal contract between the insurance companies and its customers in case of any disputes. Yeah, right. Fortunately, most folks here are willing to research and read what those in the industry have to say, rather than blindly accept what an individual on the internet has to say.

Yes, the information about the coverages may be specified in the policy itself, or in an endorsement. Either way, they will specify in writing what the coverage represents. And in the case of any dispute, that's what the insurance company will trot out. Better to look at it ahead of time, then to try arguing with "but my agent said..." Sheesh...



Modified by nsxtasy at 7:56 AM 3/6/2006

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by nsxtasy &raquo;</TD></TR><TR><TD CLASS="quote">

I know you would rather have people take your word on everything, but that doesn't cut it - especially when you've been wrong so many times before.

</TD></TR></TABLE>

This is Ken's definition of someone being wrong:

Someone makes general statement based on life experience or common knowledge. Then he posts Websters definition of said words or phrase and says, Ha I proved you wrong!

Example:

H-PIMP "Maintenance costs on a Z06 are less than those of an NSX"


nsxtasy "WRONG! NSX tires cost less than Z06 tires do, and the oil change is priced the same too (a lie), etc., etc." so you see, you're wrong once again H-PIMP bwuaaaahhh [evil laugh]!!"

Meanwhile he'll leave out useful facts like the average dude that buys a used NSX will need to take out a home equity loan to do a clutch job, valve job, or engine rebuild. If the car needs one of those prohibitively expensive repairs.

As where the Z06 is cheaper to begin with, faster, cheaper to get worked on, and, Vette owners usually don't suffer from "exotic delusions" the way NSX owners do. Not to mention that the LS6 and drivetrain are bombproof gems to begin with.
So in reality it's cheaper and *better, yet somehow I'm a liar for saying so.

(*for the purpose of kicking *** in any sort of speed contest, and, potential to run with half-million dollar cars with $7K in mods)

there I go ranting again ...

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by H-PIMP &raquo;</TD></TR><TR><TD CLASS="quote"> </TD></TR></TABLE>

There he goes again...

 

Has anyone elected for this additional coverage regardless of it's name? I'm interested in someone that actually has experience with this. Thanks for your time. I'll make contact again with the agent and discuss further and post conversation.


Thanks for all the assistance so far. Oh... and is there anyone who actually likes my grillcraft grill? It's the first one ever made BTW.