Read the rest of this thread. SF stated value is not the same as agreed value. Agreed Value they pay full agreed value, no questions asked, in event of total loss. SF will still fight you on value with their Stated Value policy. In the end, the 'Stated Value' amount is virtually meaningless.

 

That differs from what my agent of many years says, as he looked at all three policies from Hagerty, American Collectors, and Grundy. He said no fight with underwriting - pays stated value. I asked. So he's not being transparent with me then if the above is true. Guess I need to make a call and clarify again.

 

After speaking in very direct terms with my State Farm agent (along with the appraisers that he himself referred me to), this was my conclusion as well. I've been very happy with State Farm for decades now as they've always treated us right in the event that we've actually needed them for a claim. That is why my wife and I have practically everything insured with SF — with the lone exception of the S2000 that is. That said, I would imagine that insurance agents are no different than anyone else in that some are going to be more competent and better informed than others. Following are a couple of different articles that get to the heart of the matter. A bit of searching is bound to turn up many others. The bottom line is to not to depend exclusively on what any given agent has to say, but to review the exact wording and details found in the policy. Should things have changed with State Farm as found in the details of the policy, then I'd be interested in learning more. The only thing that is certain is that there is no "one size fits all" when it comes to car insurance.

Stated Value Car Insurance, What Is It?

Agreed Value vs Stated Value, What's the Difference?

 

I emailed my agent tonight. Will see. I sure as hell hope after all these years he'd have my best interests first and foremost. He's been with SF for a long time. Any ifs, ands, or buts in my next conversation, then it's off to Grundy.

 

https://www.statefarm.com/insurance/...e-classic-cars

 

Like I said, the important thing is the specific information detailed in the policy. Looking at the link you provided, there appears to be some discrepancies when it comes to the information your agent provided you with as mentioned above. For example, I don't see anything noted there about a car turning 20 years old, nor anything about unlimited mileage. If anything, the wording around limited use might be of concern. But we're all adults and capable of making our own choices.I was simply sharing my own experiences when it came to my dealings with State Farm and Hagerty (neither of which should be considered the only options). Keep in mind that my dealing with State Farm regarding such matters was a number of years ago, so it' is possible that things have changed. Good luck!

 

My agent emailed back last night. The comment he made about it being over 20 years old is not relevant to the policy, that was my misunderstanding. He confirmed, and I looked at the policy verbiage:

6171CJ: Antique or classic motor vehicle (Agreed Value)
Vehicle Value: $40,000

However, there is a section that I am still not 100% certain of and will speak with him Monday about my questions/concerns. I also need clarification around usage. He confirmed there is no mileage limit, but it cannot be used daily for work, school, normal daily usage, which is why they needed primary vehicle verification for all household members, and since those member's cars are insured with SF also, that was satisfied. BUT, there is a section that reads mileage: 1,500. So, yeah gotta get clarity on that as well, again, because now I am extra cautious.

I do appreciate the feedback and information that you and others have provided. I'll get there and if needed, will pursue Grundy. Hagerty is $1,145 @$40K value and American Collectors $985. Grundy is at $585. I know $40K may be a bit high, but values continue to go up and have seen examples of 2001 cars with similar miles between $33K and $42K. Whether they sell at that point is another matter. I don't want to constantly monitor the market to keep my policy value aligned so landed on $40K.

I hope to never have to use the policy, but geez if this car is a total loss, replacing it might take $40K. I was lucky to get this car from the original owner at 16,437 miles in July 2018. I'd known it since it was new when he bought it May 2001. He sold it to me for $20K. So very lucky and humbled that I own it. There's nothing that compares to this car when driven as it was engineered to be driven and now that I've experienced that, I truly cannot go without it.

 

I don't necessarily think that $40K is unreasonable depending on the car. For example, if you've got really low miles on an all original yellow car in mint condition and were to experience a total loss situation, then you are going to be hard pressed to find another one just like it regardless of the price. If you do happen to find one, chances are it's not going to come cheap. For me, one of the biggest concerns with the S2000 is theft. When I was speaking with my State Farm agent, I asked if the car is stolen, would State Farm guarantee in writing that they would pay out the full price that was agreed to in the policy. That helped to keep things simple without any leeway for false or incorrect interpretation of policy details. As of a few years ago, the answer was basically "no, State Farm could not make such a guarantee".

 

I was very clear, this time in writing, with my agent (I've been with SF and this agency since 2013) via email today, the same things that were previously covered verbally. Will see how this plays out.

 

Prices are crazy right now. I was looking at values to nail down an appropriate Hagarty value for mine. Dealers near me have 2005-2007 S2000s with 40K-60K miles and are asking over $40K. One is asking $50K for a lower mileage 2001. And there's a Laguna Blue with about 4,000 miles they have listed for $100,000. It seems any examples in the $20K-$22K range are gone, regardless of mileage, condition, etc.