Frupal

So I bought this gorgeous 2001 CLK430 with only 26K miles. I’m worried that if I get into a fender bender, my insurance company will just total it as the blue book is probably lower than the car’s actual value. i wonder if my insurance will accept an appraised value, or if I’d have to insure it with a specialty company? What do y’all think?

Tirefriar

The type of question you are asking is best asked of your insurance agent. Who are you currently insured with?

Hagerty insures for stated value value but they will not insure if have just one car on the basis that they don’t insure daily drivers. Your 208 may be too fresh for hagerty as well but they do make exceptions to that rule.

jinark

Actually you want a policy that has an agreed upon value. That's different from stated value.


From Hagarty's website:

Stated Value is coverage that reflects an amount that is “stated” at the onset of the policy. You tell your insurer what your car is worth (with proper documentation) and it is insured for that amount. The caveat here, however, is that the insurance company can choose to pay you either the Stated Value or the Actual Cash Value, whichever is less.

Alternatively, Agreed Value, coverage primarily offered by specialty insurers, is based on the proven value of your car as determined by you and the insurance company, according to appraisals, photos, or other relevant documentation. With Agreed Value coverage, the insurance company will guarantee that they will pay this agreed-upon value in the event of a covered total loss.

Frupal

Thanks so much for this information. I’ll see what I can do about getting an agreed upon value with my insurance company. I’ll start with a call to them.

Frupal

Thanks! I will def look into that!