Listers:
All auto insurance companies establish value on our cars in one of three
ways:
ACV - actual cash value - this is by far the most common and the scariest
because value is not placed upon the car until a loss occurs (the word loss
is interchangeable with claim). That ACV is not determined by the car owner
or a well intended agent but by the insurance company at time of loss
(claim). You, as the owner, can argue all you want about recent sales or
what "Hemmings" lists but you are at their mercy!!
Stated Value - this is a one sided (owner) opinion of the value of the
car. Most policies that I have read with a stated value will also have a
depreciation factor built in.
Agreed Value - You, again as the owner, and the company agree that the
value of the car is X dollars. The declaration page of the policy will state
that amount and will list that amount as an "agreed value". The company will
pay up to that amount at time of loss (claim). It is reassuring to me to
know that I set the amount and the insurance company has agreed to that
value up front.
I have agreed value on both the 4A and the 2 Long Door. The only
restrictions are that I have other "normally insured" cars at my disposal,
that I don't race it and that it is parked (stored) in a locked garage. No
mileage restrictions at all and the coverage is for the full twelve months.
If your current policy is not an agreed value you are whistling in the
dark!!!
Lou Metelko lmtr4a@ctlnet.com
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