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I currently have my 66 convertible insured with Allstate. When I had the car added to my policy my agent told me to skip the stated value policy and get a regular one. He said that the regular policy would cover the "actual cash value" of the car and that if the ACV of my nicely restored 66 convertible was $13,000 then thats what is would be worth. His opinion was that an regular policy was all that I needed. Furthermore he added that an stated value policy would still only pay out the ACV of the vehicle?? I don't get that part, I thought the point of a stated value policy was that you weren't limited to the ACV.

So basically I am confused. I would hate for something to happen to my car and have Allstate tell me my car is worth 8K. Can anyone comment on this?

Thanks
 
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I had Allstate on my car for while, 'till I discovered that it was an Actual Cash Value policy. I figure they could lowball you in the event of an accident with ACV. I dropped it and went with Haggerty's where you get a Stated Value policy. Sounds like your agent does not want to lose a customer. The best bet would be to get an appraisal by someone that knows what he's doing.

http://www.geocities.com/raley65/stang18s.jpg
The G-Man's '65 K-code Fastback
 

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The stated value policy I have with State Farm pays up to the amount I purchased for collision repairs and the full value I purchased if the car is stolen and not recovered. The Allstate guy is confusing to you because he is not speaking the truth. ACV means "fair market value" of the typical car of your description, make and model the time of the loss. Thus, your nicely restored car would be worth what the typical unrestored stang of equal year/model. There is a lot of subjectivity played out by the insurer here, so you would be in for a fight and surely would not get what your car is worth. BTW, I learned in law school that the insurance company which spawned the tort of bad faith insurance conduct was Allstate. good luck.

I think Haggerty has a lot of restrictions on their policies, in terms of the car not being your daily driver, limits on mileage, etc. However, they get good reviews by folks for their what they do.

sure it's fun, but it's only a car.
 
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