Jim Hill wrote :
>
> 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.
Jim :
Indeed we have been down this road before. The problem is that my insurance
agent says there is nothing magic about the phrase "agreed value", which
perhaps just means he doesn't know. But, since otherwise he seems to be
very conscientious, if he doesn't know perhaps other agents don't know
either !
I checked my policy (which is a "stated value" policy by your definition,
although I asked for "agreed value"), but nowhere does either phrase appear.
My limit is typed into a box labeled only "cost or value". And, when I
bought the policy, I had to sign a paper "agreeing" to the value, which was
set after an appraisal by the insurance company.
My point is that you can't simply ask for an "agreed value policy" and be
sure that's what you are getting.
Randall
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