"agreed value" insurance??
07-22-2003, 11:01 AM
#1
Melting Slicks
Thread Starter
"agreed value" insurance??
just read a few posts that mention this... anybody got more details on how this works? do you have to prove/justify the agreed value??
i'm wondering cuz i am dropping sooo much $$ into my engine etc. that i would never get that much back out if something happened.
thanks!
i'm wondering cuz i am dropping sooo much $$ into my engine etc. that i would never get that much back out if something happened.
thanks!
07-22-2003, 02:31 PM
#2
Team Owner
Re: "agreed value" insurance?? (SonnyinVA)
it's just that.
say your reciepts total 30k... and your car is only worth 12k (according to all the valuation books).
they will insure you to 30k, but there are some rules... check with your insurance provider.
say your reciepts total 30k... and your car is only worth 12k (according to all the valuation books).
they will insure you to 30k, but there are some rules... check with your insurance provider.
07-22-2003, 02:40 PM
#3
Safety Car
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Re: "agreed value" insurance?? (SonnyinVA)
I have my 84 insured for $30,000.00! :yesnod: My insurance co (nation wide) made me get an appraisal & wanted copies of my reciept's! I know they would try to give me $6000.00 without the appraisal! :crazy:
07-22-2003, 04:50 PM
#4
Drifting
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Re: "agreed value" insurance?? (yoslambo1@cs.com)
Had my 85 appraised for $23,000 from a approved allstate insurrance agency
appraiser..... take to your insurance agent......you know its only going to be worth low book if you total it. :chevy
appraiser..... take to your insurance agent......you know its only going to be worth low book if you total it. :chevy
07-22-2003, 04:56 PM
#5
Burning Brakes
Re: "agreed value" insurance?? (SonnyinVA)
Most auto insurance is actual cash value at the time of the loss. Agreed value is the way to go so they do not take depreciation for age and use off the repair bill. Both parties have to agree on the value ahead of time, so it would not be unusual for them to request an appraisal. You just need to justify why your car is worth more than actual cash value.
They are taking all the risk, so why shouldn't they want proof of the value? :thumbs:
They are taking all the risk, so why shouldn't they want proof of the value? :thumbs:
07-22-2003, 05:06 PM
#6
Safety Car
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Re: "agreed value" insurance?? (Greg Johnson)
Most auto insurance is actual cash value at the time of the loss. Agreed value is the way to go so they do not take depreciation for age and use off the repair bill. Both parties have to agree on the value ahead of time, so it would not be unusual for them to request an appraisal. You just need to justify why your car is worth more than actual cash value.
They are taking all the risk, so why shouldn't they want proof of the value? :thumbs:
They are taking all the risk, so why shouldn't they want proof of the value? :thumbs:
07-22-2003, 05:15 PM
#7
Le Mans Master
Re: "agreed value" insurance?? (yoslambo1@cs.com)
I had Leland West Insurance, it was agreed value. But the car had to be stock.
I'm going to call my insurance company (Allstate) and see if they will do it with an appraisal and receipts.
I'm going to call my insurance company (Allstate) and see if they will do it with an appraisal and receipts.
07-22-2003, 05:46 PM
#8
Team Owner
Re: "agreed value" insurance?? (Hammer)
An interesting thing about insurance company payouts:
They don't do "low book". That is an urban legend.
My personal experience has been echoed by other similar stories... When my 1992 Prelude was totaled (March 94), the insurance company ran what is called a CCC evaluation. What that does is find out from dealers, exactly what they expect to sell the car for.
For the most part, you can expect retail amount for your car.
They don't do "low book". That is an urban legend.
My personal experience has been echoed by other similar stories... When my 1992 Prelude was totaled (March 94), the insurance company ran what is called a CCC evaluation. What that does is find out from dealers, exactly what they expect to sell the car for.
For the most part, you can expect retail amount for your car.
07-22-2003, 06:26 PM
#9
Race Director
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Re: "agreed value" insurance?? (SonnyinVA)
If you are going to do this, definitely pay extra for "agreed value". Some companies offer "stated value" which lets you claim the value up front and they may even request an appraisal. The down side is that at the time of loss, the claim is paid as stated value or actual cash value, which ever is less (I think). If you are going to pay extra for insurance, it is best to find a good agreed value policy. You'll pay for it, but it would be worth the thousands you might loose in a total loss.
07-22-2003, 11:45 PM
#10
Racer
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Re: "agreed value" insurance?? (LT-4 CE)
I have stated value coverage with a max repair clause. The vehicle will be repaired up to 10K if the repairs exceed 10k the insurance company owns the car for 15k. I had to have the car appraised and they have complete photo and reciept record to prove value. Any future upgrades are noted and insurance will be increased as required, they have th right to have the car reevaluated every 3 years to insure its value.
