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Insurance - again....


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8 hours ago, JPL said:

AKNavy  Are you navy? Retired, active duty, or veteran? I"m retired (30 years) so just wondering. Live in Tidewater Va.   Pat



The Old Sailor

Retired Navy, did my 20 and started career #2.  In the words of my first CMC when I was a young Sailor - "It changed too much, that's when I knew it was time to retire"

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On 1/17/2021 at 9:48 AM, rickeieio said:

I have stated value on some old motorcycles.  If anything happens, I don't want to have them offer me stupid short $ because there are no comparables.  That said, most of our trucks wouldn't justify that option.


Uh, You might want to read your policy on that SV. The reason I say this is. Yeah, maybe they can't find the exact motorcycle for comps, but they can find LKQ and use those for comps. Just because you have a stated value policy does not mean you get what is stated. All you did was place a limit of what will be paid out in a loss. So if the ACV of the bike, truck, trailer, boat, airplane or whatever comes in higher. You are paid policy limits. But if it comes in lower then it rolls to an ACV policy and that is where so many people get confused with how a stated value policy works. 


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Just because you have a stated value policy does not mean you get what is stated.

This seems to be asserting that the agreed upon value, in a stated value policy, is irrelevant.

That opinion seems to be very unlikely to me. Please clarify.

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I had that discussion with the agent.  I was pretty careful, as the value on that motorcycle is more than our entire camper rig.

That said, I'd have to re-visit my policy.  Agreed value does sound familiar.  But,  I spend a lot of money on insurance.  My agent looks out after me.  I didn't just meet him last week.

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  • 3 months later...

Hello All,

I have finally been able to find coverage and can go purchase my truck.

I called a State Farm agent just down the road. Told him what I wanted to do. He called his underwriters and they said they will cover me as long as I only pull a 5th wheel camper. 

The way it is set up here in Virginia is that it will be registered as a Private-3 axle truck. State Farm will insure it as a Private Truck. I won't know how much $$ it will be until I get a truck secured and get them the VIN.

So it looks like I will be able to make next years rally!


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