Follow along with the video below to see how to install our site as a web app on your home screen.
Note: This feature may not be available in some browsers.
Yes. I did years ago with a customized 1965 Mustang. Allstate and I batted heads over the value of the car. I finally accepted a cash offer from them provided I kept the car.Has anyone owner retained their vehicle after insurance deamed it totaled?
Yes. I did years ago with a customized 1965 Mustang. Allstate and I batted heads over the value of the car. I finally accepted a cash offer from them provided I kept the car.
This was in 1971. My Allstate agent told me I had coverage for the "agreed value". When I totaled it , they said I only had ACV and they could not be responsible for what I had been told. In the end, they paid about 40% more than the ACV and I parted the car out for enough to total what I had paid for the car.Yes, that's one of the situations that make if feasible to keep the car.
However, since the 1980s you could have gotten Agreed Value coverage, with no deductible, from several collector car insurance companies and avoided the argument. If the amount of damage reaches the Agreed Value you get paid the Agreed Value. No BS about ACV.
My Allstate agent told me I had coverage for the "agreed value". When I totaled it , they said I only had ACV
they could not be responsible for what I had been told.
I know all that now but at the time I was 27 years old with no insurance knowledge. Plus, the agent was a leader in the church I grew up in so I trusted him (at that time). I have never owned Allstate since.Word to the wise: Read your policy to make sure what the agent tells you is correct.
Whis is wrong. The company is responsible for the mistakes of its agents under the common law doctrine of "Agency" also known as the "master-servant" rule.
I know all that now but at the time I was 27 years old with no insurance knowledge.
the agent was a leader in the church
He was a 20 year vet with Allstate so I would not chalk it up to lack of knowledge. If it was, there was no excuse for it.The comment wasn't particularly addressed to you, rather to all who read it.
Clergy have feet of clay just like the rest of us. In all fairness, however, I'd be more inclined to treat it as lack of knowledge on the part of the agent.
Back in the seventies there was a lot of confusion about agreed value vs stated value vs ACV vs replacement. There was only one insurance company (J. C. Taylor) doing limited use antique auto insurance for agreed value and it was for cars of the 1940s and older.
In the eighties, competition came along with Condon & Skelly and American Collectors, where you could get limited use agreed value on cars of the fifties and sixties. Around that time those two were expanding the definition of limited use agreed value vehicles to include "collector" and "special interest" cars, even street rods.
Later on, maybe the nineties, along came Grundy and Hagerty who started expanding agreed value to limited regular use collectibles at a higher rate but still discounted somewhat.
Nobody was doing agreed value for unlimited regular use vehicles and the regular insurance companies would charge you full rate of slightly discounted rates for the collectible.
Then the regular insurance companies saw how profitable collector car insurance was and got into the act. State Farm offers agreed value on collectibles. I have a copy of the endorsement and it really is agreed value. However, the price for the coverage was twice what it is on my collector car policy but still with limited use. I'm guessing other companies do the same.