lmtr4a wrote:
> 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!!
And...
> If your current policy is not an agreed value you are whistling in the
> dark!!!
There are some qualifications. As I understand it, ACV, or 'replacement
value', is based on what the car would be worth on the open market or the
cost to replace the car. The bad news is that you will have to agree with
the insurance company, AFTER the claim, about the value of the car. If you
spent $20K on a restoration, you might feel your Spitfire is worth $20K,
but the insurance company never will.
But you can provide documentation to support the value of the car,
from car guides, classifieds, club newsletters, and document the
condition of your car. Insurance companies are under a legal obligation
to provide a good faith offer. If you can't agree, you can go to arbitration.
If you have strong documentation to support your position, they likely
won't push it to arbitration. But again, you won't recover the cost of a
restoration this way.
When my '72 BMW 2002 was 'totalled' in a hail storm -- only tiny dings,
but a bunch of them -- I negotiated the settlement to twice their original
offer -- and probably got more than I could have selling the car. One of
the things I used was a list of 2002s posted for sale in the 2002list
mailing list. Plus I kept it for another year, and still sold it for a good
price.
--
Steven Newell
Denver, CO
///
/// triumphs@autox.team.net mailing list
///
|