[TR] TR4A sale values to contest insurance company ??valuation

Randall tr3driver at ca.rr.com
Sun Dec 23 14:29:45 MST 2007


> "Stated Value" means that the insurance company will pay the 
> cost of repairs or replacement, but NO MORE THAN the Stated 
> Value. If the car is a write-off or is stolen, the insurance 
> company may still claim that the car was worth LESS THAN the 
> Stated Value.
> 
> But if the car is a write-off or is stolen and you have an 
> "Agreed Value" 
> policy, the insurance company has to write a check for the 
> full amount.
> 
> Is that still true?

It's never been clear to me that ALL insurance agents use the same language
for the different types of policy.  Perhaps that is their mistake, I don't
know.

However, both types of policy are definitely available.  

In general (though I'm sure there are exceptions), only 'collector' policies
are available with "agreed value".  These generally include significant (to
me) limitations as to how and when the car may be used, stored, etc.  Since
I like to drive my Triumphs to work (when I can), I've always had "stated
value" (though my agent doesn't call it that).  Works for me ... when my
TR3A was totaled a few years back, the ins co found 4 comparable cars that
had sold recently and valued my car at the average of the 4 sales prices.  I
could have argued with them by presenting other recent sales; but since
their valuation was more than my stated value, there wasn't any point <G>

Bottom line, IMO, if you are shopping for car insurance, be sure to ask what
happens if you suffer a loss.  Don't rely on the terms "agreed value" or
"stated value"; ask what exactly are the terms of your particular policy.

Randall


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