Insurance

[chicagobreezz]

Anybody have experience with State Farm Insurance and their claim experience with collectable cars. I have them for everything else, i.e. cars, house, etc. and now need to add a '73 S. They claim they will insure at our "agreed" upon value but I wonder???

Mike
#880

[Bummler]

I insured my 911E with State Farm for 18 years prior to moving over to Leland West.

I attempted to get State Farm to go with an agreed value policy in addition to a a mileage limitation to reduce my rates, at the time they would not budge. The rate I was paying was triple what Leland West was quoting me for a 3-5K per year mileage restriction and a $25,000 agreed value (which I need to revisit). They may have finally recognized there was an untapped collector car market opportunity they were missing the boat on.

I never had a claim with them on the Porsche. My claims experience on other vehicles has been surprisingly good. I am still with State Farm for all my other vehicles and home.

Good luck…

[tfiv]

I have my '67S with State Farm. I had to get an appraisal to get adequate coverage. The highest book value I could find was $25K. I noticed however that the Manheim Gold Book now has a #1 price on the '73 S coupe of $61K. The underwriters should have access to this guide. My brother just insured a newly aquired 73S with USAA, and they accepted the Gold Book price. According to the Gold book my '67 is still only worth $25K though. Oddly enough a '73S targa in #1 condition is worth nearly half that of a coupe, $33K according to them!

[creator8]

I have all my cars (and home insurance) with State Farm. My agent said that they would go to an agreed value equal my purchase price. To get more I'd need to get an appraisal from an experienced appraiser then it would be insured for that price. When I had my 73S, I was going to get it appraised as my purchase price was less than current market, but I then sold it.

I'll probably get my 72T appraised though so I can set a reasonable agreed value but its currently at its purchase price, which is less than its worth. They will also cover the value of any modifications or accesories in the event of a total loss provided that you have receipts, from what I've been told.

I guess the good thing with State Farm is that you can get your agent to work on your behalf in the event bad things happen, particularly if the value of your other business makes it worth their while.

On another note, a friend had a 70 280SL stolen and it was a total loss and he ended up getting significantly more than he'd only recently paid for it when he argued its value based on market prices in ads etc. This was with Triple A.