In a message dated 97-04-23, Jack I. Brooks wrote:
<< The policy's are agreed value, in which the value of the car is determined
at the initiation of the policy. In theory, if anything happens, the value
of the car has already been "agreed to", it cannot be changed by them or
you.
>>
Jack:
Use caution here. Many, if not all, insurance companies will not honor the
"agreed to" value. If they can find a car equal to your's, at whatever price,
they have the right to replace your car with it. The bug-a-boo here is that
they are the ones to determine if the car is equal, not you. You might want
to get them to clarify this point for you before you buy a policy. I have
talked to a few companies, and they all said the same thing. The agreed value
is only the upper limit to which they are obligated to go if they can't find
an "equal."
The usual disclaimer - I am not a lawyer nor an insurance agent, so check it
out.
Dan Masters,
Alcoa, TN
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