WARNING ABOUT "STATED VALUE".
Those who are carrying "Stated Value" insurance policies may not be
aware of what you've been sold! An insurance adjuster friend explained
it to me when I wanted to do it. The insurance company, after enough
insistence, confirmed it. Here's the deal. No matter what value your
"Stated Value" is, the insurance company may want to have it appraised
for verification. This is NOT the real problem, assuming you've picked a
reasonable value. The policy states that if a claim is made, and
payable, the insurance company is only liable to pay NO MORE than the
"Stated Value". It can, and will pay less, based upon an adjuster's
report.
The "adjuster" just searches for ANY 10 cars that generally fit the
overall car description (make/model/year) and judge the "average" to be
the actual cash value (ACV). If it is less than the "Stated Value",
that's ALL you get, law suits aside. If the average of any 10 cars for
sale is MORE than the stated value, you only get the "Stated Value". The
insurance company wins, no matter which way it goes. They may even
charge you for the initial appraisal. Your rates, however, are based
upon the "Stated Value". If, however, you get the standard "ACV" (Actual
Cash Value) policy, the adjuster does the same 10, car search, and the
insurance company offers you the same amount, but your rates are no
longer based on the maximum limit they may have to pay (but don't).
Check this out before you get "riveted" .
Steve
--
Steve Laifman < Find out what is most >
B9472289 < important in your life >
< and don't let it get away!>
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