Quote:
Originally Posted by The Patch
Well, bummer. Now I'm confused.
On my Policy Declarations page it clearly states the following.
Coverage:
Other Than Collision Agreed Value
Collision Agreed Value
Limit/Description
$1XXXXX
$1XXXXX
Then, in Part D "Coverage for Damage to Your Auto" of the policy pages, it states Limit Of Liability A. Our limit of liability will be the lesser of the: 1. Actual cash value of the stolen or damaged property; or 2. Amount necessary to repair or replace the property with other property of like kind and quality.
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the ACV part is what allows them to look at comps. If they find a "comparable" car out there for a lower value than their policy, then that is their option to make that their payout in a complete loss. You know how many Camaros, Chevelles, etc. there are out there, and the values vary wildly. I don't want to have to depend on their adjuster to know the difference between my $75K pro touring first gen and and somebody else's similar looking car.
I am not saying what they'll do in that case, but I want a true "agreed value" so it's not even an option for them to lower their payout. This is the reason that guys like Mark above and companies like Infinity exist.