no....agreed value is just that,agreed valuescoobert said:
Grundy or Haggerty
- Thread starter Rickspeed
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1fast10
Full Access Member
Ok so just for example's sake NOT ACTUAL NUMBERS... if i owe 25 on my truck and i get in a wreck. To replace it the other trucks are selling for 50 does the agrred value need to be 50k... 25k to pay my truck and 25k to get the new loan back to 25k????
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scoobert
Has Left the Room - Banned from VTCOA!
no. your loan would be paid off, truck taken, you would be walking home.
HOWEVER if you owe $50,000, and the truck is worth $10,000, and you total it your truck would belong to the insurance company, and you would owe the bank 40,000 still.
they determine value.
the way they do it for uncommon cars and trucks is to take selling price of the last ones sold or advertised for sale in your area. average them out, deduct money, about 20% and say that only 1% of cars are in excellent condition. they hand you a check for half of what it cost to replace or pay off you truck. again your screwed. thats why if your bank offers it getting gap insurance from the bank is the best protection.
i have been down this road before...
HOWEVER if you owe $50,000, and the truck is worth $10,000, and you total it your truck would belong to the insurance company, and you would owe the bank 40,000 still.
they determine value.
the way they do it for uncommon cars and trucks is to take selling price of the last ones sold or advertised for sale in your area. average them out, deduct money, about 20% and say that only 1% of cars are in excellent condition. they hand you a check for half of what it cost to replace or pay off you truck. again your screwed. thats why if your bank offers it getting gap insurance from the bank is the best protection.
i have been down this road before...
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sorry... this not how grundy,hagerty (classic automobile policies) works.i insured mine as an "exotic". agreed value which i picked out of thin air,i could have chosen $50,000.00 ,but i don't owe anything on the truck,so i decided 30,000 was fair.(if you up the agreed value, of course it will cost more) i'm paying 692 a year,0 deductable on collision and "other than collision" and it can't be a daily driverscoobert said:no. your loan would be paid off, truck taken, you would be walking home.
HOWEVER if you owe $50,000, and the truck is worth $10,000, and you total it your truck would belong to the insurance company, and you would owe the bank 40,000 still.
they determine value.
the way they do it for uncommon cars and trucks is to take selling price of the last ones sold or advertised for sale in your area. average them out, deduct money, about 20% and say that only 1% of cars are in excellent condition. they hand you a check for half of what it cost to replace or pay off you truck. again your screwed. thats why if your bank offers it getting gap insurance from the bank is the best protection.
i have been down this road before...
YOU set the agreed value,so yes you can insure for 50.1fast10 said:
scoobert
Has Left the Room - Banned from VTCOA!
you can set the agreed value at 50 million, there not going to give you 50 million if you total it. that's what i am saying. if ya don't believe me, ask them.
GADodgetech
Full Access Member
No cause their not friggin idiots and they know people such as yourself are out there trying to screw over insurance companies.scoobert said:
scoobert
Has Left the Room - Banned from VTCOA!
GADodgetech said:
is that a response or an inflammatory remark?
GADodgetech
Full Access Member
Its both, If your dumb enough to call and insurance company and expect them to insure a damn dodge truck fo 50 million you have to be on drugs. 50k is realistic, beacuse thats what they cost new. And I damn sure wouldnt be taking any insurance advice from you being that right now you are being investigated for insurnace fraud.scoobert said:
dude, your a moron......i have a policy with hagerty,i know what i have!scoobert said:
scoobert
Has Left the Room - Banned from VTCOA!
GADodgetech said:Its both, If your dumb enough to call and insurance company and expect them to insure a damn dodge truck fo 50 million you have to be on drugs. 50k is realistic, beacuse thats what they cost new. And I damn sure wouldnt be taking any insurance advice from you being that right now you are being investigated for insurnace fraud.
my point is this. your wasting money. the higher the value, the higher the premium. and again, they will not pay more then the actual cash value.
oh, and the fraud thing. haven't heard back from them in weeks, i would guess its dropped
scoobert said:
You, my friend, are 100% WRONG. Agreed value is the value that the customer and insurance company AGREE that the vehicle is worth before entering into a legally binding CONTRACT. If you READ a collector car policy you will find that the agreed value does not drop unless BOTH parties in the contract agree to drop the value, therefore depreciation does not become an issue.
If you insure your truck for an agreed value of $30,000 and go drive it under my big rig, you'll get a check for $30,000+sales tax in some states-deductible.
05QCSRT10
Full Access Member
scoobert said:my point is this. your wasting money. the higher the value, the higher the premium. and again, they will not pay more then the actual cash value.
oh, and the fraud thing. haven't heard back from them in weeks, i would guess its dropped
Might want to read this before posting anymore
https://www.hagerty.com/us/auto.aspx?id=57740
1fast10
Full Access Member
I didnt mean for that to cause an arguement. I was just checking because since the economy is so low i dont want to get screwed and end up upside down or the funds to replace it. But thank you everyone for you input. The insurance website answered my question...
scoobert
Has Left the Room - Banned from VTCOA!
i stand corrected.
how do they determine the value up front?
their must be a process? i doubt that being said they just use your value?
05QCSRT10
Full Access Member
scoobert said:
No, you do not stand corrected.....You type in what you think is a fair value. Obviously it has to be something reasonable.....no 50 million like you want.
ok Hagerty sounds like a good insurance company for the 10's but what do they call a DD? and how do they determine that?
05QCSRT10
Full Access Member
05QCSRT10 said:
Yup i don't qualify...i really need to get me a beater cause even though im in Goergia i dont want to HAVE TO drive her everyday if i dont want to....And my bikes arent going to cut it in the rain!
05QCSRT10
Full Access Member
05_ram_1500 said:
Grundy allows daily drivers.
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