[BOUNCE triumphs@Autox.Team.Net: Non-member submission from ["Jim Hill"
<jimhill@chsra.wisc.edu>]]
Date: Wed, 23 Apr 1997 16:22:40 -0600
From: "Jim Hill" <jimhill@chsra.wisc.edu>
Subject: 'Agreed Value' Insurance
In a recent note about car insurance, Dan Masters wrote:
> 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 . . . The agreed value is only the upper limit to
> which they are obligated to go if they can't find an "equal."
Since accidents are rarely "total", it seems to me that the really
important question is how an insurance company goes about paying for
repairs on a car with special value. All an "agreed value" policy
gives you, as Dan points out, is an upper limit on the insurer's
liability. I'm not about to get my restored TR6 repaired at Moe's
Quikee Body Shop just because the insurance company knows it can get
work done there cheaply . . .
I'd be most interested in hearing from anyone who's had repair claims
with these specialty "agreed value" insurers.
Jim Hill
Madison WI
|