Good point, Jay. There is a big difference between "Stated Value" and
Agreed Value." Stated Value is what most mainstream insurance carriers
provide. Agreed Value is what most specialty/classic car insurers provide.
I came up with my Agreed Value by providing receipts in excess of the
$17,500 in coverage I asked for. It was very easy and painless. Hagerty
has since offered to increase my coverage to $19,000 due to
"appreciation," but I declined. I expect that every couple of years or so
they will continue to do that (at an increased premium, of course).
CNA
Jay_Laifman@countrywide.com writes:
>I have to clarify something here. Stated value is NOT what was suggested
>by Jan and Jim. Sorry to be so blunt here. But, I don't want folks out
>there to have insurance that they do not have. "Agreed value" is as
>stated. Up front the insured and the insurance company "agree" to the
>value and the insurance covers that amount, no questions. Of course you
>only get to an agreed value with an appraisal or other means. However
>stated value is not simply you state the value, they cover it at that
>value. Nope. Yes, you state the value, they charge you premiums for
>that
>value. But, if you read yoru insurance contract you will see that they
>still have the ability to pay based upon the value determined at the time
>of the accident - which has no bearing on the "stated value."
>
>So, please, if you think you are safe with "stated value," please read
>you
>policy and realize that you are not.
|