Yeah, you're making the right call going with agreed-value. I had a similar wake-up call when my buddy's classic Porsche got rear-ended in a parking lot—insurance barely covered half the restoration costs because they went by market value. Ever since then, I've been pretty cautious about coverage. Sure, it's a bit pricier upfront, but honestly, the peace of mind is worth every penny. Glad you caught this now rather than later...
Agreed-value definitely has its perks, especially for classics. A few years back, my neighbor had his '68 Mustang sideswiped by a delivery truck—nothing major, but enough to make you cringe. He thought market value coverage was enough until the insurance check barely covered paint and bodywork, let alone original parts. Lesson learned the hard way, I guess. Yeah, paying a bit extra upfront stings a little, but it's way better than getting blindsided later...
Yeah, agreed-value makes sense, especially after hearing stories like that. I've always wondered though... does anyone know how often you should reassess the agreed value? I mean, vintage car prices can fluctuate quite a bit over time, and I'd hate to be caught short because I didn't update the coverage regularly. Curious if there's a general rule of thumb for this kind of thing.
I've wondered about this too, actually. From what I've heard, most people reassess every year or two, but it probably depends on how volatile the market is for your specific car. Like, if you've got something that's suddenly become trendy or collectible, you might wanna check more often. I know a guy who had an old Porsche 911—he set his agreed value and then forgot about it for like five years. When he finally checked again, the market had jumped way up, and he realized he'd been seriously underinsured for a while.
Makes me wonder though... does anyone know if insurance companies typically remind you to reassess, or is it totally on us to keep track? Seems like it'd be easy to overlook if you're not actively following the market.
- From my experience, insurance companies rarely remind you to reassess your car's value.
- Usually, it's totally on us to keep tabs...especially for vintage or collectible cars.
- Best bet is setting a calendar reminder annually—better safe than sorry, right?
