"Also, does anyone know if there's a significant difference between agreed value and stated value policies for vintage cars?"
I've dealt with both types of policies over the years, and honestly, I'd caution against assuming agreed value is always the better option. Sure, it sounds great on paper—guaranteed payout and all—but insurers often price these policies higher because they're taking on more risk upfront. If you're budget-conscious, you might find yourself paying significantly more in premiums over time.
On the flip side, stated value policies can be cheaper initially, but they leave room for negotiation (or dispute...) after a claim. I've seen friends get burned by this when their insurer challenged the valuation post-accident. But if you're meticulous about documentation and regularly updating your valuation like you mentioned earlier, you might actually come out ahead financially with a stated value policy.
Have you considered looking into specialty insurers who focus specifically on vintage or luxury cars? Sometimes they offer hybrid options that balance cost and coverage pretty well. Might be worth exploring before settling on one type or another.
If you're new to vintage car insurance like me, just a heads up—specialty insurers aren't always the cheapest route. I shopped around and noticed some regular insurers offer surprisingly competitive agreed-value policies once you factor in multi-policy discounts. Also, from what I've read, even thorough documentation won't guarantee smooth sailing with stated-value claims... insurers can still push back pretty hard. I'd say carefully weigh the peace-of-mind factor against potential savings before committing either way.
Good points on the agreed-value policies. I've always leaned toward specialty insurers myself, mostly because I worry about regular insurers not fully understanding the quirks of vintage cars. Had a buddy whose classic Mustang got dinged, and his mainstream insurer tried to push aftermarket parts... total headache. Curious if anyone's had luck negotiating specific repair shop choices or OEM parts coverage with standard insurers? Seems like that could be a sticking point down the road.
I've had mixed results with standard insurers. Here's what worked for me: first, clearly document your car's originality and value upfront. Then, specifically request OEM parts coverage in writing—don't rely on verbal assurances. It can be tedious, but sometimes they do budge...sometimes.
Good points, but honestly, even if you document everything, standard insurers can still drag their feet when it counts. I'd seriously consider specialty classic car coverage—yeah, it's pricier, but the peace of mind might be worth it if things go sideways...
