Lannie, as an insurance broker up here in Alberta I would strongly suggest
you talk to your insurance representative before you have a claim so that
you know what rules a settlement would follow. In Alberta "agreed value"
isnt a term I have seen but it is likely similar to our "stated value"
coverage. You would have had to have an appraisal done on the car first to
determine its value and then you pay your premium based on that value. You
would also have to sign an "endorsement" which is like an additional
agreement on your policy changing it from the regular type. The endorsement
would state the value that you are agreeing to. If the car is wrecked or
stolen, provided you have purcahsed those types of coverage, the insurance
company will settle your claim by paying you the stated amount. It
eliminates any dispute over value, which should be better for both you and
the insurance company. It is important that you have your appraisal updated
every couple of years or if you increase the value of the car through
restoration. One more caveat, I have not handled these types of policies for
a couple of years (my Tiger isn't put together yet) so again I would suggest
spending a few minutes with your agent. After all, his time is one of the
things he's billing you for.
Let me know how it goes.
Mark Ringness B9471998
-----Original Message-----
From: LannieH@aol.com <LannieH@aol.com>
To: Tigers@autox.team.net <Tigers@autox.team.net>
Date: Monday, November 01, 1999 09:24 am
Subject: Insurance
>A few months back there was a discussion about insurance & the meaning of
the
>different types of coverage. I just received my bill from Hagerty
Insurance
>& it says that we have an "agreed value" of $20,000. Where does "agreed
>value" leave me if I have a wreck?
>
>Thanks,
>Lannie Hunton
>
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