This is an off shoot of another thread, I hope this is the right forum prefix. This involves a car that is damaged in an accident. Great mechanical condition but say it has a satin finish or similar seemingly low dollar paint. He is trying to determine value of his car. If he had a stated value insurance with his insurance company wouldn't this determine the value in advance? It seems this would be the deciding factor in a case like this. Stated value policies are not expensive and determine a value that you and your ins. both accept that should be honored by another ins. co., right?
Partially correct... The car owner has a contract with his ins co for stated value. Another vehicle hits him and causes damage. Unless he turns it in to his own ins co, the offenders ins co does not have a contract with the car owner, hence they are not required follow the car owner ins co's policy. Have him turn it in to his ins co and let them collect from the offenders ins co. It will cost him his deductible, that is, if he has one. Otherwise, he will have to hire an appraiser to get the vehicles value.
Two of our cars are satin black and we had no problem establishing an Agreed Value when we got our insurance with Grundy. My Son and I put a reasonable number on what it would cost us to duplicate our cars if they were stolen or totaled, and Grundy agreed to those figures. Just because a car is satin doesn't necessarily mean it will cost less to repair or replace it in the event of damage or loss. Paint is paint, whether shiny or satin. Don
^^^^^^What Don said. Agreed value is different than stated value (when it comes to auto insurance). For some reason, it seems that stated value leaves your claim open to depreciation. Stu
Read this......you don't want "stated value" insurance. http://www.lelandwest.com/stated-value-vs-agreed-value-classic-car-insurance.cfm
I think it's a shame you can't trust your ins. broker and have to have a lawyer to read your policy, so you don't end up getting screwed if something was to happen . I for one will admit i'm clueless when it comes to insurance, my ins. broker wanted a appraisal( ot truck) and was shocked at it's value (more than expected). There's a question in all this babble, were do i fall, stated or agreed, with a appraisal?---Jack
IMHO, your appraisal is simply a "stated value". When you insure the vehicle, you want the insurer to give you an "agreed value" policy. Of course I'm no lawyer, so you can be sure this is not correct. Stu
My bad, and I know better, my post should have said "agreed value", which is what I was talking about.
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