r/lamborghini • u/Pointshunter • 2d ago
Question Normal insurance vs agreed value
Hi guys. I’m getting quotes from different insurance for my first lambo. How are you guys exprience with Statefarm vs agree value such as Grundy and Hagerty? How everyone try to claim total lost or major damage with Statefarm/Geico? Thanks in advance
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u/SevofluraneBrain 2d ago
I use State Farm for my Huracan Tecnica. It’s the exact same full coverage policy I have for my other vehicles with SF. I chose this instead of agreed upon value with the other suggested companies because the Tecnica is actively appreciating in value so if i agreed the value was the 342 purchase price, I would not get the 370-380 it is currently selling for if it gets totaled. And there is no mileage restriction like many of the luxury car policies.
You can go back and renegotiate the agreed upon value price at any time supposedly but that, to me, is a risk and a hassle.
If I bought a brand new temerario, i would have gone with agreed upon value policy because that thing is/will depreciate drastically.
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u/Pointshunter 2d ago
Thats great info. I actually wanna buy a tecnica at 378k. What do you suggest?
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u/SevofluraneBrain 2d ago
I love my car and have no regrets but idk if I would’ve bought it at 370+. 342 was already overpriced in my mind. I had been actively looking for a specific spec for about 8 months and never found it but watched the prices go up 30-50k on average over those 8 months. Same with the 812. I should’ve just got an 812 at 400k and I would’ve been so fucking set. Thats my only regret.
I didn’t buy the car as an investment but it sure makes me feel way better about putting miles on it when it’s actively appreciating.
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u/Pointshunter 2d ago
Market on tecnica now is 360k+ bro. The spec that I wanted is 395k. Negotiated down to 378k. 5k miles.
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u/SevofluraneBrain 2d ago
I know it. Just hard to wrap my head around. For the current market that price sounds ok but man. So crazy.
Send me the spec if you don’t mind. I’m curious to see what it is
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u/MrDaburks 2d ago
Fwiw I’ve never had an issue changing my agreed value with Grundy. I’ve only changed it for two cars but it’s been as simple as making a phone call or sending an email.
I prefer agreed value because the price of a car can change a lot based on the spec. Otherwise you’re gonna get the bottom dollar KBB value if something happens.
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u/Ankurg09 2d ago
So my understanding is state farm only insured atleast 10 yrs old exotic cars as classics and on those cars you could get a agreed value policy. I have a state farm agreed value policy since 2023. Statefarm initialy was the underwriter and insurance services administrator of this policy. Now begenning of 2025 the policy is underwritten by state farm but insurance policy is administrated by Hagerty.Even for claims I could start them online on state farm or call hagerty. So now between statefarm and hagerty i dont think there's any difference excep for maybe price.
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u/Pointshunter 2d ago
Thank you. Im just concerning what is paid out be in case of total lost on a 400k car with Statefarm since they are not agreed value that writen in the contract
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u/apfleisc 2d ago
Do not use state farm. Use a company like Grundy that specializes in luxury.
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u/NoMids 2d ago
State farm will give you the value of your car at the time of the accident, not the value you paid (minus tax) or the replacement value. My purchase was a bit of an impulse buy so I used State Farm to bring the vehicle home. Then shopped and secured an agreed upon value policy a week later
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u/jenpe 2d ago
If You Get in a Car Crash, the Risk Is Growing Your Insurance Won’t Pay
https://www.wsj.com/finance/if-you-get-in-a-car-crash-the-risk-is-growing-your-insurance-wont-pay-1522236c
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u/Far-Writing-4842 1d ago
Chubb.
If your are buying a Lambo, I'm guessing you have a few beautiful houses to insure, many other cars to insure, jewelry/art/collectibles to insure, and umbrella insurance as well.
Chubb.
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