Now our esteemed editor is indignant and defensive-
This is not what his first post said or recomended as he focused on the
"merits' of stated value.
Hope the magazine is article is more infrmative.
Thankd for the clarity Dr. Holmes, now that you read the website.
"> In a message dated 1/10/08 1:51:43 PM, dcongleton@embarqmail.com writes:
>
>> I don't wish to argue with Gary's findings here, but some caution may be
>> prudent with the wording of "stated value" . This is not the same as
> "agreed
>> value"
>>
>> I went through a discussion about this with my local State Farm rep, and
>> determined they did not offer agreed value insurance, which is what we
>> want
>> on a collector car..
>>
>
> In the words of someone...
> No s**t, Sherlock!
>
> If you take away NOTHING else from this discussion, know the following:
>
> Stated Value is not the same as Agreed Value.
>
> Agreed value reaches an agreement in advance as to what the payment will
> be
> if the car is totalled.
> Stated value allows you to state a value on which the policy rates will be
> based, but the insurance company still will only pay what they consider to
> be
> the replacement value up to the stated value on your policy. If they
> choose to
> offer you less than the stated value, it will be up to you to prove that
> they're wrong.
> FWIW, my State Farm agent said, "'Agreed Value,'? I never heard of that
> term."
>
> Cheers
> Gary
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