Agreed value ins. & driving to work?

[camcojb]

thanks, missed that info.

[Bryan O]

Originally Posted by camcojb

Just make sure it's agreed value, not stated. If it says "actual cash value" on the declarations page it is not agreed value, and they can look at comps and give you a smaller value than the policy is based on.

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.

[camcojb]

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.

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.

[LS1-IROC]

I have a Grundy agreed value policy. I specifically asked about this the last time I called. They said "no problem" with driving to and from work occasionally.

[Flash68]

Originally Posted by LS1-IROC

I have a Grundy agreed value policy. I specifically asked about this the last time I called. They said "no problem" with driving to and from work occasionally.

As someone else already said, if it ain't in writing or at least in an email, I would never take it to the bank.

Sales reps/agents are there to sell policies.... the adjusters/underwriters/attorneys are there to pay out as little as possible at claim time.

[Bryan O]

Originally Posted by camcojb

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.

OK. I understand my policy fully now. There is a "Collector Vehicle Specified Coverage Endorsement" section that I neglected to scrutinize. In this section the "Actual Cash Value" specification is replaced by the "Agreed Value" specification described on the Declarations page.

[camcojb]

Originally Posted by The Patch

OK. I understand my policy fully now. There is a "Collector Vehicle Specified Coverage Endorsement" section that I neglected to scrutinize. In this section the "Actual Cash Value" specification is replaced by the "Agreed Value" specification described on the Declarations page.