"Stated Value" Insurance (progressive) - LotusTalk - The Lotus Cars Community
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post #1 of 32 (permalink) Old 08-08-2007, 01:15 PM Thread Starter
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"Stated Value" Insurance (progressive)

Hello All,

After a year plus of lurking and drooling, it looks like we may be very close to pulling the trigger on an Elise.

We're with Progressive, and in talking with them they don't have the Elise in their system. They are willing to insure it as "Stated Value", and when we called in to confirm this they stated that the quote was correct and it would be insured as stated value and not changed later.

Does anyone have experience with insuring an Elise as stated value, and/or with Progressive? I've noticed lots of folks speaking of Wawanessa, but as my record isn't the best and I've already got my other car & bike with Progressive I'm inclined to stay with them unless it's a Very Bad Thing(tm).

Thanks!
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post #2 of 32 (permalink) Old 08-08-2007, 01:20 PM
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Since my Elise is a daily driver, it's insured as any normal car would be, but Hagerty insures my old sports car and my agent simply came over, inspected it with me and we agreed upon a stated value. Very simple procedure. As long as I stay below the annual mileage agreed upon, it's protected. I'm very comfortable with it.

Tom
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post #3 of 32 (permalink) Old 08-08-2007, 01:22 PM
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I'm in California, have Progressive insurance and they had the Elise in their system...
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post #4 of 32 (permalink) Old 08-08-2007, 01:24 PM
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I believe I had Progressive as well.

Find a manager or someone on the phone that knows their system better.
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post #5 of 32 (permalink) Old 08-08-2007, 01:52 PM
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I kind like stated value actually, because they don't get to decide how much your car is worth if it's totalled. You're insuring it for a stated value. My 2000 G500 is insured this was (only 250 of them in the country, and i like the older simpler interior) so if it's stolen or totalled i could get more than it's technically worth on the open market which would make it a little easier to get myself into another nice one like mine. I think my elise is insured same way actually... unless they changed something on me it was also stated value based on my purchase price.
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post #6 of 32 (permalink) Old 08-09-2007, 04:44 AM
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At least in FL (I am pretty sure elsewhere, too), Progressive does not have any Lotus listed. As such, the policy has to be written as Stated Amount. As you stated, the value would not automatically be decreased later on renewal to reflect depreciation; however, you can request that they decrease coverage to reflect the actual cash value of the vehicle. It is in your best interest to do so as the most they will pay is ACV regardless of the Stated Amount. That way you aren't paying for coverage you'll never get.
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post #7 of 32 (permalink) Old 08-09-2007, 05:02 AM
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I've got Progressive on my Exige... My wife's driving record sucks, and they still gave me a great rate.
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post #8 of 32 (permalink) Old 08-09-2007, 05:58 AM
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If your Elise is not a daily driver, I'd recommend Grundy. They have stated value coverage and $0 deductable.
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post #9 of 32 (permalink) Old 08-09-2007, 09:18 AM Thread Starter
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Thanks for all the pointers!

I don't know where donbecker and cali found the Elise in Progressive's system, quoting a policy change and attempting to add any lotus as 2005-2007 turns up nothing. We followed up with a call to their operators and spoke both to the rep answering the phone and the floor supervisor with similar results. They advised us to list it as "other" and a stated value, which brought me here to start this thread.

Thanks for the info icedog, that's the kind of stuff I was looking for. I was curious if they paid out the actual value or the stated value. That makes me a bit nervous since they refuse to offer gap insurance on stated value, and the ACV seems to be pretty bad on these cars.

The car *will* be a daily driver for my wife. If she was flying solo, some of the bigger insurance companies and some of the boutique angencies have offered her decent rates and coverage...but they absolutely refuse to insure me, some going so far as to require a signed affidavit stating that if I ever do drive the car all coverage will be nullified. Obviously, owning such a great car and not being able to drive it isn't an option for me.
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post #10 of 32 (permalink) Old 08-09-2007, 11:56 AM
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who is ACV (actual cash value?) determined?
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post #11 of 32 (permalink) Old 08-09-2007, 12:41 PM Thread Starter
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http://www.carinsurance.com/kb/content10088.aspx

Quote:
Your vehicle's value is determined by comparing your vehicle's condition to similar vehicles. This may include input from local auto dealers, private parties or recent sales which the adjusters use in their valuation. Condition, equipment and mileage differences are also taken into consideration.

In addition, your insurance company may use a computerized evaluation process to assist them in determining the value of your vehicle. Insurance companies purchase third party computer systems (like CCC) that help them estimate costs in automotive claims and collision repairs. Third party software supplies insurers with software and a database that helps determine the value of a vehicle based upon automating the claims process. These systems have databases and systems that contain benchmarking tools to find the true value of a vehicle from repair shops and dealers.
so in other words, the serious depreciation affecting the elise could really hurt if your ins co pays out ACV.
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post #12 of 32 (permalink) Old 08-10-2007, 07:48 AM
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Quote:
Originally Posted by sqweak

Thanks for the info icedog, that's the kind of stuff I was looking for. I was curious if they paid out the actual value or the stated value. That makes me a bit nervous since they refuse to offer gap insurance on stated value, and the ACV seems to be pretty bad on these cars.
No problemo! I think that the reason they don't offer gap on a stated amount policy is that unlike a regular policy there is not a symbol available, therefore it would be nearly impossible to tell what rate they should charge for the gap premium as one $50K vehicle may depreciate more precipitously than another and the gap premium would have to reflect it.

Honestly, as far as the way these cars depreciated, it's really not that bad. Even little more than two years in, I am not upside-down. Most cars have a break-even closer to four years. However, you may want to check with your lender or credit union to see if they offer gap. I got it with my loan and it was like $100 for the entire loan term. I mostly did it because I had no idea how the car would depreciate since I got my car at the beginning of 3/05, at which time the car had only been in the US for about eight months and people were selling used cars for right around MSRP.
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post #13 of 32 (permalink) Old 08-10-2007, 09:56 AM
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Quote:
Originally Posted by sqweak
http://www.carinsurance.com/kb/content10088.aspx



so in other words, the serious depreciation affecting the elise could really hurt if your ins co pays out ACV.
regarding, "Your vehicle's value is determined by comparing your vehicle's condition to similar vehicles":

1) once the car has been in a crash, how do they know what condition it was in just before the crash?

regarding: "For that reason, you purchase a 'stated value policy' for classic or restored vehicles. You and your agent determine the value that you want to be covered and your premium is based upon that. When a loss occurs, you are covered up to that stated value."

2) i am confused because my policy with progressive is "stated value" but in the fine print says that they pay out the lesser of "stated value" and "ACV". according to the linked article quoted here, these are mutually exclusive, that is, once you are "stated value" you shouldn't need to worry about "ACV", but my policy says otherwise.
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post #14 of 32 (permalink) Old 08-10-2007, 10:57 AM
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Quote:
Originally Posted by masheen
regarding, "Your vehicle's value is determined by comparing your vehicle's condition to similar vehicles":

1) once the car has been in a crash, how do they know what condition it was in just before the crash?

regarding: "For that reason, you purchase a 'stated value policy' for classic or restored vehicles. You and your agent determine the value that you want to be covered and your premium is based upon that. When a loss occurs, you are covered up to that stated value."

2) i am confused because my policy with progressive is "stated value" but in the fine print says that they pay out the lesser of "stated value" and "ACV". according to the linked article quoted here, these are mutually exclusive, that is, once you are "stated value" you shouldn't need to worry about "ACV", but my policy says otherwise.
You are confusing Stated Value with Agreed Value. Stated Value provides the company with a rating basis when they do not have a vehicle symbol. Essentially, the Stated Value should equal ACV. ACV would be paid if the vehicle were totaled. In contrast, Agreed Value is where both you and the company agree that your car is worth 'X' and that is the amount they will pay in the event of a total loss without deduction for depreciation. Agreed Value is what you would want for an antique/exotic vehicle.
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post #15 of 32 (permalink) Old 08-10-2007, 07:34 PM
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Quote:
Originally Posted by Icedog_16
Agreed Value is where both you and the company agree that your car is worth 'X' and that is the amount they will pay in the event of a total loss without deduction for depreciation. Agreed Value is what you would want for an antique/exotic vehicle.
Has anyone already done the work and determined % increase (ballpark) between "regular" full coverage and agreed value coverage?

This is on my todo list when I get closer to making my purchase, thanks.
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post #16 of 32 (permalink) Old 08-13-2007, 08:57 AM
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Quote:
Originally Posted by karajabola
Has anyone already done the work and determined % increase (ballpark) between "regular" full coverage and agreed value coverage?

This is on my todo list when I get closer to making my purchase, thanks.
It's not so much a question of a premium increase, but rather the availability of the coverage. Agreed Value will generally be available on an exotic auto policy. You will be hard-pressed to find this coverage on any other auto policy. Generally, exotic auto policies are going to be less than a standard auto policy, which is due to the fact that the loss exposure is less due to how little mileage the car is driven and due to the fact that you will be required to have a daily driver as well.
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post #17 of 32 (permalink) Old 08-13-2007, 09:04 AM
 
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I have Progressive NY and they just list the value of my Exige at 55k which I can change online if I wish. My other cars do not have a figure I can adjust so you might be right about it not being in their system.
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post #18 of 32 (permalink) Old 08-13-2007, 09:17 AM
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Originally Posted by mpsalm
I have Progressive NY and they just list the value of my Exige at 55k which I can change online if I wish. My other cars do not have a figure I can adjust so you might be right about it not being in their system.
I represent them as an agent and I can confirm that it is not in their system. I am not really sure why Progressive uses Stated Amount when ISO has assigned a symbol to both the Elise and the Exige. Perhaps it is because the car is quite rare and they don't feel the need to exert the effort and expense of making rate filings for each state when they only insure a handful. At that rate, I am sure that loss data is still relatively sketchy so they may feel it best to rate it based on vehicle value. FWIW, a number of carriers won't write these cars at all.
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post #19 of 32 (permalink) Old 08-13-2007, 10:20 AM
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Allstate

I have my Elise insured with Allstate with a very modest premium. I also have it insured such a way that if the auto is totaled in the first 3 years, they will pay me replacement value, in other words, they would buy me a new one

I actually had the opportunity to use this feature. A friend borrowed my Isuzu and wrecked it. After 6 weeks I got a check for a new one minus what I owed the bank. (Since I got a hellofa deal initially, I came out ahead by 7 thou.)
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post #20 of 32 (permalink) Old 08-18-2007, 10:39 AM
 
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Originally Posted by Icedog_16 View Post
I represent them as an agent and I can confirm that it is not in their system. I am not really sure why Progressive uses Stated Amount when ISO has assigned a symbol to both the Elise and the Exige. Perhaps it is because the car is quite rare and they don't feel the need to exert the effort and expense of making rate filings for each state when they only insure a handful. At that rate, I am sure that loss data is still relatively sketchy so they may feel it best to rate it based on vehicle value. FWIW, a number of carriers won't write these cars at all.
I just got my renewal statement and see that they insure "the lesser of the stated value or actual cash value" So I'm going to change my stated value. No reason to pay the extra money to state the value at 55k when the actual cash value of a replacement is probably somewhere around 43k. I'm not sure what value they go by, KBB or current true market value. Any ideas?
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