I wouldn't get the warm fuzzies about the agreed value with State Farm. I have spoken with a few people who had the same "Agreed Value" policy with State Farm only to discover that it was really just a Stated Value policy when they had an accident. They paid out current market price for a car in "similair" condition.

When I confronted my agent about it for the 3rd time (I was told I had an agreed value policy) he fessed up that it was really just a Stated Value policy. BUT they would really "Step up to the plate" for me to get a fair settlement if something happened.

He told me that, "the bottom line was that State Farm is a corporation and they wouldn't pay out 20 grand for a car which they could replace for 15".

He said the best thing I could do was get an appraisal and send them a copy.

-Justin

Congrats on the sale, RL. Did you by chance hang on to that cat? I've got to get my emissions inspection before the end of the month. I thought I'd try for it as is Saturday morning, hopefully in time to get to Charlie's engine party. If I don't make it, I'll be looking for one.

Bill...
 

I've got one you can borrow.

Thanks John. I'll let you know how my first attempt goes this weekend.

Re: Hmmmm
 

Maybe the busier offices are different. I had to do this in NH (small town) and here at my State Farm Agent in Leesburg (relatively small town). If you didn't have to - sweet! 8)

Keith

Does the agreed value insurance limit the amount of milage you can put on the car? I have seen this in the past from another company where you could only drive 5-6,000 miles a year?

I asked my agent and they basically said that I'm covered as long as it is not used as a daily driver. Best bet is to ask your agent and be sure.

You guys are playing with fire.
Get a copy of your insurance policy and read it. Find out what is covered and what is not covered.
Do not believe what the agent tells you over the phone, get it in writing. A lot of agents don't know the specifics of the different policies.
Most agreed value policies (stated value) will want some type of documentation as to the value of the vehicle. You will probably need an appriasal from someone that appraises rare, or collectiable vehicles. You may get by with extensive documentation of why your car should be covered.
The insurance company is not going to insure a car just because you say it's worth X dollars. There has to be a reason for X dollars.
Most agreed value policies will have something like a 20% deduct from value. Say a car is insured with stated value for 25K the actual payoff would be 20K.
Certain policies may not cover track events (DE's or racing) while others are written that will cover this type of event. Some will also have some milage limit, 2.5L, 5K, 10K. They will not cover a daily driver.
Read the policy.

Don is dead on. Agent is all smiles and "no problem mon" until you need to make a claim then what is in print is all that matters.

Welcome to the Dorki club Don. For those of you that don't know
Don W, lucky you! No realy, Don W is the holder of low auto cross and track lap times as well as a low SS# and he often has something intresting to say.

Just to be sure I'll ask for a copy of my new policy. I'll keep you guys posted after I receive it.