Lou wrote:
> If your current policy is not an agreed
>value you are whistling in the dark!!!
And Randall Young wrote:
>I also have an agreed value policy, but
>the agreed value only protects the
>insurance company ! If they find that
>the fair market value is less than the
>agreed value when I make a claim, they
>will pay only the FMV. The agreed value
>only sets an upper limit on what they will pay.
With all due respect, that is NOT correct. An "Agreed Value" policy
(generally issued only with an appraisal) means exactly that - you and the
insurance company have AGREED--in advance--as to the value of the car and
that's what you'll be paid in the event of a total loss (in the absence of
fraud, of course).
A "Stated Value" policy (which does not usually require an appraisal) is the
kind that, as you say, "only sets an upper limit" on the carrier's
liability.
We've been down this road several times before.
>Caveat emptor especially applies to
>insurance companies
No question about that . . . which is why you shouldn't shop for insurance
based solely on price. Better to talk to a few folks who've had a claim and
ask for their advice.
Jim Hill
Madison WI
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