Scott Tilton wrote:
> I'm trying to add my Triumph TR4 to my regular auto insurance
> policy through Geico.
>
> The insurance company can't or won't tell me what they consider
> the car to be worth.
> Why the heck can't they tell me what I'm purchasing before I have a
claim??
> I can't say as I've paid attention to the "agreed value" policy discussion
> that have gone on here . . . but my general recollection is that they
aren't
> all that great.
> What's a guy to do?
I'm not sure what you mean about 'agreed value' policies not being "all that
great", since that's precisely what you're looking for when you say you want
the insurance company to agree up front what the value of the car is.
Mass-market insurers (like Geico) don't typically appraise the cars they
insure, nor do they usually rely on the owner's claim (after a loss) that
his car should be valued differently than a typical vehicle of the same
make, model and year. Why should they? They can just look up the value in a
bluebook or apply some depreciation formula (as Geico has suggested they
do).
If you want your insurer to agree on the value of your car in the event of a
loss, you need an 'agreed value policy' - and there are plenty of major
insurance companies that will do so. You'll usually need an appraisal--and
perhaps photos--to support the value you want to set on the car. It'll cost
you more, but you'll know what you're insured for and you won't have to
bargain with the carrier--or worse, have to sue them--if you have a major
claim.
You also might want to give some thought to whether you want to settle
claims personally with a local agent or adjuster, as opposed to having to
deal with your insurance company only through an 800 number.
Jim Hill
Madison WI
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