My Corvette is totaled...
Safety Car
Joined: Jun 2002
Posts: 4,135
Likes: 1
the problem here is this,,,,how was the car insured,,,if it wasnt a stated value policy(which means the car was appraised and when you insured it ,,,you and the insurance co agreed upon its value) if it wasnt a stated value policy ,,then upon the accident they add up the damages and if the damages are more than the blue book value its totaled,,,,sad to say but these things have to be agreed upon insuring the vechile,,,and the cost is not high so there is no reason in the world NOT TO GET A STATED VALUE POLICY!!!
Melting Slicks
Joined: Apr 1999
Posts: 2,010
Likes: 3
From: Moon Twp. PA USA
All kind of info on insurance policies here and in past threads. Stated value - agreed value. From what I learned here, through the years, and what Hagerty told me (my insurer), agreed value is what you want. They spell out, in the case of a total loss, they will pay me the agreed value. Someone said that "stated value" is not the same thing. This agreed value is in writing. No ifs, ands or buts.
How does that compare to the writing in a "stated value" policy?
Dumb Polish person would like to know.
How does that compare to the writing in a "stated value" policy?
Dumb Polish person would like to know.
Last edited by glen242; Mar 23, 2005 at 10:11 PM.
Pro
Joined: Dec 2000
Posts: 560
Likes: 0
From: Camino CA
This was the least expensive 72 on http://cnv-corvettes.com/
http://www.liveupdater.com/cnv/cardi...tID=-131242670
http://www.liveupdater.com/cnv/cardi...tID=-131242670
Drifting
Joined: Jul 2004
Posts: 1,360
Likes: 0
From: COVINGTON LA
I took pictures of mine and sent reciepts to up the insurance to $35K it was insured for 9K. I got show car insurance through state farm at about $1200/yr for $35K worth of coverage. No mileage limit and can use the car when I want to.
Le Mans Master
Joined: Mar 2000
Posts: 9,127
Likes: 2,327
From: Pottsville, PA. USA Home Of America's Oldest Brewery Yuengling
Originally Posted by carl a
let them total it and keep the car and fix it, it doesnt even look totaled! i cant stress how important it is to get these cars appraised and take the appraisel to a good insurance co like haggerty and get a stated value policy- im paying 250 a year and my 73's insured for 32,000 NO DEDUCTABLES---dont wait till the cars wrecked to learn or your gonna get screwed-and where are they getting the 7,000 figure from ? show them a pricing guide ...any 72 is worth twice that(to say the least)
This is so true.
I have my 75 insured for $20,000 and I am increasing it to $30,000 when the renewal comes in June.
Thread Starter
Intermediate
Joined: Feb 2005
Posts: 35
Likes: 0
Well...we ended up just getting about what we put into it. I'm kind of mad about it, but it wasn't legally my car and my dad didn't want to hassle with it anymore. Oh well, back to the Camaro.
- 355 swap
- Trans buildup
- Posi conversion
- Interior
- Paint...
Just a few things. haha.
- 355 swap
- Trans buildup
- Posi conversion
- Interior
- Paint...
Just a few things. haha.
Race Director
Joined: Sep 1999
Posts: 11,361
Likes: 383
From: Plano TX
Standard policy is ACV, Actual Cash Value. In case of a total loss you get to "discuss" with the insurance co what it was worth. Receipts are gold in this case.
Stated value is worse than ACV. Stated value has a cap on what the ins co will pay, but that doesn't mean they will pay that much. The policy will say "ACV up to $$$", meaning it's a ACV policy that will never pay above the stated value.
Agreed value policy is the best. This policy pays exactly the agreed value. No more, no less, no discussion.
Problem is that in many states (incl TX where I live) only restricted usage policies will accept agreed value. I like driving my car to work so I'm stuck with a regular policy and they will only do ACV or stated.
Stated value is worse than ACV. Stated value has a cap on what the ins co will pay, but that doesn't mean they will pay that much. The policy will say "ACV up to $$$", meaning it's a ACV policy that will never pay above the stated value.
Agreed value policy is the best. This policy pays exactly the agreed value. No more, no less, no discussion.
Problem is that in many states (incl TX where I live) only restricted usage policies will accept agreed value. I like driving my car to work so I'm stuck with a regular policy and they will only do ACV or stated.
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Pro
Joined: Mar 2004
Posts: 602
Likes: 0
From: Atlanta GA
Originally Posted by FB#1
Hate to hear about your loss. I agree with bill 70 - you don't have to accept their first offer. Raise hell if you have to - even if you know the agent. 
Talk to a lawyer. No, really. Couple hours of his time, coupled with a nice, nasty letter, should get you way more from the insurance company than it costs you.
'cause remember--they've already got one.
Race Director
Joined: Oct 2002
Posts: 12,065
Likes: 2
From: Smalltownville Michigan
Cruise-In 5, 6 & 10 Veteran
St. Jude Donor '09
Originally Posted by Swaps
do NOT settle for the first offer!!
these things are negotiable!
$7000 is a TOTAL lowball offer.
When I bought my c3 last fall the bank said book for my car was $16000. I paid $7,500 for it.
these things are negotiable!
$7000 is a TOTAL lowball offer.
When I bought my c3 last fall the bank said book for my car was $16000. I paid $7,500 for it.
funny how that works, isnt it? when they may own it, it's high dollar.. when you ownit and something happens, its lowest possible dollar...
Racer
Joined: Jan 2005
Posts: 307
Likes: 0
From: River Bend NC
VetteFinders
The VetteFinders price guide lists a 72 coupe today at 17,500. It might help to give your adjuster this website http://www.vettefinders.com/index.cf...ceGuide3&Gen=3 just as another reference for him or her to consider. Could help get your settlement up a bit.
jd
jd
