Claim stories with "classic car" insurance

[chevyconvert]

I've had this stated value insurance for 20+ years with no claims. It's pretty easy to get and very affordable.
Makes me wonder how actual classic car claims have been processed.
Do they just pay you the "agreed on amount"? How many people have appraisels etc..?

Anyone have experience with these types of claims?

[Cuda Cody]

Appraisels are a must.  They do not want to pay out more than they have to.

[ROMI]

Ya know, there's another thread going about this topic.  Insurance is a scam game for scammers that honest people are forced to play.  The issue is really how much money do you want to spend to cover your ego's perceived value of something you own. I hate insurance

Sorry but I feel strongly about this topic and I had to get that off my chest.

(I hope no body was looking cause now I'm embarrassed..... NOT!)

 

[chevyconvert]

Appraisels are a must.  They do not want to pay out more than they have to.

That's the part that puzzles me. The insurance company never asked me to get an appraisel or even suggested it.
They only wanted a couple of pics and a copy of my bill of sale.
So Cody are you saying they won't pay the "agreed" upon price without an appraisel?

[ROMI]

Sorry for getting out of line there this morning.
I did not get an appraisal, like you Convert, I just stated a value (a reasonable one) and sent them a pic and gave them the address where it would be stored. That's it.

I heard somewhere that if you have a claim and it's not totaled then they will fix it otherwise you get your stated value.  At least that's what I understand from Haggerty.  Now I've never had any claims so I could be all wet.  It IS something worth knowing though.

[Bonkers]

My understanding with "stated value" is that if you are within a certian bell curve of precieved value they will simply base yoru insurance off of that value and your driving record. The car itself is irrelevant at this point. Now lets say you have a 1977 Maverick that you want to insure for $250,000. The appraisal would be a must, but reality is that if they trust you aren't trying to commit fraud and can pay the preium on a qrt mil policy they will cover you for it.