Agreed Value/Total Loss

[boxster03]

ok - I am just establishing an independent insurance beach head in Santa Fe - partnering with a large Dallas independent insurance company to open an office here (trying to give up the on the road life consulting and living in NYC LA Austin etc.) and we have 28 carriers including captive Farmers and StateFarm - so if anyone would like an opinion for coverage I would be pleased to provide information - ( we can only write insurance in Texas and NM) so if you are in those two states happy to provide info

[NZVW]

I keep my $100 dollar head in a $1000 dollar helmet,
Mark

[trdking]

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

No Longer on Somas. Got out of the hospital yesterday. IPA was never a factor. I lied. If you have stated value insurance and you are under insured you have no recourse except to Accept the payment. The insurance company owns the car and you may or may not be able to purchase it. You are at their mercy and therefore I said good luck and I am sorry. They are not dumb and they will take advantage of you. That is their job and they enjoy it.

[Frank Beck]

What year and model so we can keep an eye on Copart?

[Richardnew]

Here's something from an upcoming column.

Stated value policies give the insurance company the right to pay up to the stated amount on the policy. That means in the event of a loss several years from now the insurance company can claim that the vehicle's value was reduced by depreciation and pay a reduced amount.
Stated value is actually an escape clause that allows the insurance company fall back to actual cash value. That’s probably not what you had in mind when you purchased this policy.

Most people opt for an Agreed Value policy.

Richard Newton
Assorted Silly Tech Stuff

[edmayo]

I think in the first post he said it was "agreed value'" Just not high enough.

[runsub5]

I think in the first post he said it was "agreed value'" Just not high enough.

In the event of a loss, is the insurance company required to pay out the "agreed value" of the policy? Or is their fall back protection there as well? Who determines "agreed value"? Is it the market place? Suddenly, this thread has me thinking about adequate and sufficient protection in the event of a loss.

[Richardnew]

It may be time to call your agent if you have an agreed value policy. Also check to see if you have what's known as an appreciation clause.

Also look at your policy to see you your insurance company actually is. Hagerty, Grundy and Heacock are not insurance companies. They're agents.

Richard Newton
Useless Tech Stuff

[beh911]

Excerpt from my Chubb policy, reference for those of us insured by them (agreed value):

[jac1976]

That is a nice policy that Chubb offers.

I appreciate the input people have provided and glad this has sparked some conversation that may lead to people looking more closely at their own policies. Please learn from my situation. My car was in the family since new 44 years ago. There is no replacing it on certain levels. I am simply exploring all possible avenues to make the best of a bad situation.

Again, thanks to everyone.

Ed, hope you are enjoying the book and it was great seeing you before my trip to the Hill Country was cut short.