Two of two
> I don't have a dog in this fight, but I am somewhat baffled none the
> > less. I used to be licensed as a property and casualty agent, and it still
> > doesn't make sense to me. Let me explain.
> > Reading the link given by
> > Dallashttp://www.accuratevalue.com/classic_insurance.html it says that
> > >>"#1 Agreed Amount (or Agreed Value)
> >
> > * *The most desirable for car collectors. It leaves no doubt as to what
> > will be paid in the event of a loss. With Agreed Amount coverage, the amount
> > you see on the policy is what you'll get if the car is written off as a
> > total loss. Period.
> >
> > How Do I Set My Agreed
>Value?<http://www.accuratevalue.com/classic_insurance.html#Set_Agreed_Value>
> >
> > *#2 Actual Cash Value (ACV)
> > *Typically provided by standard auto insurance policies. The insurance
> > company decides what you get paid at the time of the loss. While you may
> > have some input if you don't agree with them, the final decision is theirs.
> > It will be based at least in part on using sources which you may not agree
> > with. If you refuse to settle for what they want to pay you, you may need to
> > resort to legal action to arbitrate the issue. We can help if you are
> > already in a dispute, this service can be very expensive.
> >
> > *#3 Stated Amount (or Stated Value)
> > *Often provided on collector and limited use policies. The policy
> > language typically states the insurance company will pay "the Stated Amount,
> > or the Actual Cash Value, or the cost to repair not to exceed the Stated
> > Amount whichever is less.".
> >
> > Besides mixing apples and oranges (#1 talks about a total, #3 mentions
> > cost of repair) the link goes on to say:
> >
> > >>"Guess what: The Stated Amount is just used to determine your premium
> > cost: The higher your Stated Amount, the higher your insurance premium. The
> > contract language permits them to pay what they decide the Actual Cash Value
> > of the auto is. They are under no contractual obligation whatsoever to pay
> > the Stated Amount. Surprise!
> >
> > So are they trying to tell me that with a agreed value policy my
> > premiums DON'T go up with a higher agreed value? Pull the other one, it has
> > bells on it. As far as what the pay out is, I think it is safe to assume
> > that with a limited use policy, it is far more likely that your classic car
> > would be in a less than total accident. What they don't talk about in this
> > link is how the insurance company handles a bent fender on a $50K agreed
> > value policy vs a $50K stated value policy. In both cases I got $5 that
> > says they won't hand you a check for $50K. So in a less than total
> > accident, it appears that there is no functional difference that I can see
> > between these two types of policies. I would have to read the actual policy
> > language to be sure however.
> >
> > Also IMHO opinion a mailed in appraisal is probably next to worthless.
> >
> > Rick
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