> Randall, how do they define and determine actual value and
> how does that
> relate to policy face value? Sorry, just a little confused. Bob
"Actual value" is the fair market value of the car. In my case, they
determined that by finding 4 similar cars that had sold within the previous
year, and taking the average sales price of the 4. (When I asked, they gave
me the information on those 4 cars.)
The policy value is a "not to exceed" amount. To put some numbers on all of
this, since they determined the AV to be $8800, and my policy value was only
$8000; I got the full $8000.
Had I raised the policy value to $10,000 before the accident (which would
have increased my premium), they would have paid me $8800 (and probably have
taken the car).
I assume I could have contested the results, by supplying my own set of
comparable cars sold, but their examples seemed fair to me. My TR3A was
definitely a driver, with lots of flaws and a relatively cheap paint job.
Had it been a restored show car, the picture would be different.
Of course, since it was actually someone else who was at fault, I could have
negotiated directly with his insurance company and not had to worry about
the limitations of my own insurance policy. Their obligation would be to
"make me whole", ie pay me the fair market value of the car. But I chose
not to do that, since they would almost certainly have insisted on salvaging
the car and it's unlikely, IMO, that I could have convinced them it was
worth more than $10,000 (which I figured was about my "break-even" point
considering all the performance equipment and freshly rebuilt 4-synchro OD
tranny I got to keep).
Randall
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