[Healeys] Insurance, More

[Editorgary at aol.com]

In a message dated 1/10/08 1:51:43 PM, dcongleton at embarqmail.com writes:


> I don't wish to argue with Gary's findings here,  but some caution may be
> prudent with the wording of "stated value" . This is not the same as
"agreed
> value"
>
> I went through a discussion about this with my local State Farm rep, and
> determined they did not offer agreed value insurance, which is what we want
> on a collector car..
>

In the words of someone...
No s**t, Sherlock!

If you take away NOTHING else from this discussion, know the following:

Stated Value is not the same as Agreed Value.

Agreed value reaches an agreement in advance as to what the payment will be
if the car is totalled.
Stated value allows you to state a value on which the policy rates will be
based, but the insurance company still will only pay what they consider to be
the replacement value up to the stated value on your policy. If they choose to
offer you less than the stated value, it will be up to you to prove that
they're wrong.
FWIW, my State Farm agent said, "'Agreed Value,'? I never heard of that
term."

Cheers
Gary


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