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Stated Value Insurance?

Old 01-05-2019, 05:17 AM
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Default Stated Value Insurance?

I have a vision of an insurance adjuster handing me a check for $500, whilst chuckling and grinning ear to ear, for my crumpled by a drunk driver XJ that has $8K in upgrades.

Someone told me to look into stated value insurance. I did a bit of digging. Just wondering if any of the JCF patrons that have experience with this type of insurance could share information?
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Old 01-05-2019, 10:31 AM
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Ummm, probably don't want "stated value"?

https://www.hagerty.com/insurance/in...aranteed-value

Usually just requires photos, documentation & an appraisal.
Call Hagerty if they won't do it they can refer you to someone that will.

ETA:
If the vehicle is modified for instance with lift and tires you want to ensure that you carry plenty of liability coverage now days $1,000,000 certainly isn't unheard of. If you are involved in an accident the fact it is modified can be used against you (whether you were at fault or not) and you want to make sure there is enough coverage available that the insurance company won't just simply cut you a check and walk away.

Last edited by Turbo X_J; 01-05-2019 at 10:42 AM.
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Old 01-06-2019, 10:04 AM
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Originally Posted by Turbo X_J View Post
Ummm, probably don't want "stated value"?

https://www.hagerty.com/insurance/in...aranteed-value

Usually just requires photos, documentation & an appraisal.
Call Hagerty if they won't do it they can refer you to someone that will.

ETA:
If the vehicle is modified for instance with lift and tires you want to ensure that you carry plenty of liability coverage now days $1,000,000 certainly isn't unheard of. If you are involved in an accident the fact it is modified can be used against you (whether you were at fault or not) and you want to make sure there is enough coverage available that the insurance company won't just simply cut you a check and walk away.
Thank you for the information. I am mostly restoring my XJ to original condition. I am doing a 2" lift. So your comments about liability coverage are helpful.

I have been the victim of an insurance company once before in this type of scenario and am trying to avoid being a victim for the second time.

I restored an old pickup truck. After all the toil, I had a safe, reliable, nice looking vehicle. Next thing I knew, a young girl ran into me at 50 MPH whilst I was at a dead stop waiting to turn. The driver was looking directly at her mother in the passenger seat, having a nice conversation, before all was abruptly interrupted.

Then I had an insurance adjuster telling me, "Paint jobs and engine repairs do very little to add to the value of a vehicle." If someone tries to feed me that line of bull now, I am going to tell the son of a gun that they are full of shtuff and that my time and my money are not worthless.

That just isn't right. Vehicles are expensive. Maintenance, repairs, and upgrades are time consuming and costly. But, having a reliable vehicle without a car payment is like having gold. Hell isn't hot enough for the person that thinks it is fair, good, just, or right to force a man into dept, or into toil to re-acquire reliable transportation due to another person's negligence.

I don't even know what I was thinking when I let that insurance adjuster thief tell me that. After 9 years in the vehicle resale and remarketing industry, I have plenty of data to prove paint jobs do in fact increase the sale price of a vehicle. But then again, I know for a fact that an insurance adjuster, due to the nature of their job responsibilities, would tell me that I am full of shtuff no matter what the facts are.

Again, thanks Turbo X_J for the lead and the info.

Last edited by Rlmx; 01-07-2019 at 06:41 AM.
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Old 01-06-2019, 02:23 PM
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Just buy you a couple of XJs for parts or to have a spare to swap all of your parts over to if you do total your current XJ.
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