[DeTomaso] Insurance.

[Douglas Kelm]

With all this talk about insurance, I'm surprised that nobody has mentioned
the most important thing: There is a distinct difference between "stated
value" coverage and "agreed upon value" coverage when it comes to total loss
of the vehicle. If you don't know what the difference is, you may be in for
a rude awakening should you ever file a claim. In essence, "stated value"
means that the INSURANCE COMPANY determines what the value of the vehicle
is, up to the limit of the coverage. They are free to determine that the
value is LESS that the max coverage. Of course you're free to contest this
appraisal, but good luck with that! With "agreed upon value" coverage, YOU
determine the value of the car and the company must pay the policy amount
regardless of what the "market" says the car is worth. Check your policy,
talk to your agent and get this straight BEFORE you need to file a claim. I
think it's clear which is the better form of coverage.

Doug Kelm

----- Original Message ----- 
From: "Christopher Kimball" <chrisvkimball at msn.com> Sent: Monday, January
12, 2009 4:36 PM
Subject: Re: [DeTomaso] Insurance.


>
> With Hagerty I pay $141/yr. for $50,000 stated value and zero deductible
for my Pantera, which seems pretty reasonable to me.
>
> Chris