Mark,
Don't get taken. An "agreed value" policy is NOT what you think it is,
as opposed to a regular ACV.
You think that you, and the insurance company, have agreed to a specific
value for your car in case of a total loss. You are wrong, and you have
to ask them the right questions to find out how wrong.
You would think you have an "agreement". Isn't so. YOU are required to
show proof of value for the policy by paying for your own appraisal.
Then, in case of a total loss, the insurance company adjuster gets the
last 10 cars sold and decides where your's fits. This is exactly what he
does with the less expensive ACV normal policy.
You are also required to pay for periodic re-appraisals (for all the
good they do).
If you read the "fine print" in the policy, you will find that the
"Agreed Value" is that amount that the insurance company will not
exceed, not what they will pay you. Read the policy. Ask the right questions.
Got this information from reliable big company insurance adjusters as
well as from Jan Harde, who has been in this business almost forever.
Steve
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Steve Laifman
Editor
<http://www.TigersUnited.com>
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