Bob,
What you are describing is "Agreed Value" coverage. Anyone who wishes to insure
their vehicle for a specific amount needs to verify that their physical damage
coverage is based on "Agreed Value" and not "Stated Amount".
Most companies offer "Agreed Value" but some offer both, so everyone needs to
read
their policy or speak with their agent to verify which coverage they have, if
their is a question.
Jay Fishbein
Wallingford, CT
Bkitterer@aol.com wrote:
> We use the other one in
> which we have placed a dollar value on the car. If the car is totaled or
> stolen and not recoverd then the insurance company pays that amount, there is
> no discussion or negotiating. This type of coverage generally cost a little
> more but is worth it for us.
>
> Bob and Annice
> 1960 Sprite (Mk IV indiguise)
> 1967 Sprite Mk III (in progress)
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