Sorry, boring insurance question

[AA-ron]

I’m finishing up my Roadster build next month or so and am in the process of securing insurance. State Farm will likely be my choice as all my other cars are through them. So here’s my question: My agent said they will insure it for $45k as that is the total cost of parts. What are your thoughts on that number? I realize this is not like insuring a normal car and if something were to happen that my labor wouldn’t be covered. With that said, I’d love to hear what others have done.

[rich grsc]

Professional appraisal

[Mike.Bray]

Understand you can have an agreed value or a stated value policy, they are not the same. If you have stated value it means that is the MOST they have to pay if a vehicle is totaled, they can pay less. An agreed value is what you and your insurance company agree on and is the amount they will pay if the car is totaled.

Check with Robbin at Midwest Classic Insurance, he insures a ton of FFR cars.

[progmgr1]

Ditto on the Robbin Terry (217-438-6235) recommendation. I have State Farm for my home, cars, etc. However, they weren't interested in insuring my in-progress '33. My SF agent hadn't even heard of "agreed value" car insurance. Robbin was familiar with FFR cars and the build process, was very responsive and the price was fair.

Keith HR #894

[OB6]

Definitely find an agreed value policy from a company that makes a business of writing them. Recently had a car that Amica (a great insurance company by all measures) would have paid out $4k on, but Hagerty insured for $20k and I sold for close to that. Not on the scale of a nice FFR, but you get the idea.

[JeffP]

My SF agent quoted me an agreed value policy at the number I provided ($60k)

[Hellion]

I have been with State Farm for many years, and insure the Cobra and two other "classics" ('65 Mustang 2+2 Fastback and '54 Chevy 3100 Truck) with State Farm Insurance on an agreed-value basis. I also insure my home and two daily drivers. I have a great agent that I work with on an annual basis in which I revalue the three classics before renewal of each of the policies. Basically, I do a little bit of research on the current market value and present him with my results (either retaining the same agreed-value or increasing the amount of agreed-value). If an increase is warranted (I've never submitted a decrease - ha), he submits it to his underwriting personnel for approval - and I've never been shot down once.

[RBachman]

We have USAA for our cars and our primary residence. But I got the best deal on an agreed value with American Collectors. (americancollectors.com). I found that the big name insurance company offerings are not really set up for these.

[Jeff Kleiner]

Another State Farm customer here. Agreed value of $40K, no limitations on how it can be used or annual mileage. Lumped in with our daily drivers, trailers and homeowners it runs around $200 annually.

Jeff

[Skyalkov]

I have everything with State Farm except the Cobra with Hagerty now. Moving to Florida, the State Farm insurance was quite a bit more and only $30k of coverage. I got a quote from Hagerty, and saved some money, and upped the insured value to $55k. That would probably cover a complete kit and engine at today’s prices. Don’t know how well it works but they had a cherished vehicle option where even if a total loss they will pay out the value and give you the car back.

[Blitzboy54]

We have USAA for our cars and our primary residence. But I got the best deal on an agreed value with American Collectors. (americancollectors.com). I found that the big name insurance company offerings are not really set up for these.

Same on both fronts. 50k agreed value went up to $1000 a year with AC. I switched to Hagerty and got the same policy for half.