Agreed Value/Total Loss

[jac1976]

If anyone has experience or advice, either antecdotal or professional, with respect to a total loss under a collector vehicle agreed value plan I would like to discuss my current situation via email or PM. Without going into too much detail, I had my vehicle substantially undervalued/underinsured. Understanding there may be no recourse, I would still like to explore all options. Thank you for your time and expertise and thank you to those on this and other forums for their continuing support and referrals as I wade these waters. This will be cross-posted on Pelican. Thanks, again.

[Frank Beck]

I will never understand the wisdom in "cross posting".

[jac1976]

I will never understand the wisdom in "cross posting".

Care to elaborate? Is this a matter of semantics? I simply am trying to reach as many people as possible.

[Jim Breazeale]

If anyone has experience or advice, either antecdotal or professional, with respect to a total loss under a collector vehicle agreed value plan I would like to discuss my current situation via email or PM. Without going into too much detail, I had my vehicle substantially undervalued/underinsured. Understanding there may be no recourse, I would still like to explore all options. Thank you for your time and expertise and thank you to those on this and other forums for their continuing support and referrals as I wade these waters. This will be cross-posted on Pelican. Thanks, again.

Your only recourse may be to accept the agreed amount less the Salvage value and then sell it for a higher amount. The Salvage value is not set in stone like the agreed value.

Regards

Jim

[jac1976]

Thank you, Jim.

[Frank Beck]

Care to elaborate? Is this a matter of semantics? I simply am trying to reach as many people as possible.

"More" advice is not always better.

Agree with Jim; buying and liquidating the salvage is your only hope of covering your loss.

Let this be a reminder to everyone: Typically the only reason a "stated value" policy is a good idea is if you're absolutely positive the established amount is constantly maintained at a higher figure than market value.

Best of luck with the settlement and I hope wherever you received the best advice is where you'll advertise the salvage first!

[trdking]

Agreed value and under insured. I have nothing to say. Good Luck

[jac1976]

Agreed value and under insured. I have nothing to say. Good Luck

Well, thanks for replying anyway. Maybe double your Soma and chase it with a few pints of Palate Wrecker.

[graemel]

Good luck. I have nothing helpful to add other than in this day and age with some of the auction prices being realised it can be quite difficult to keep track of values.
Take a 993GT2 for example. I know mileage, colour spec can vary. In 2009 they were £200K. One went at auction at the end of last year for £1,900,000.
A mate has been offered £900,000 for his but is hanging on for the big number. I have no idea of your exact conundrum but I can understand why this could happen.

[Frank Beck]

EXACTLY why stated value is a bad idea these days.

At least with our cars, we're much better off sitting back and letting prevailing market trends do the work should we need to negotiate a settlement.