[DeTomaso] NPC: 1995 McLaren Burns to the Ground

[MikeLDrew at aol.com]

In a message dated 6/3/09 19 08 40, boyd411 at gmail.com writes:


> Hving had a similar expierience with a 911 Porsche ( for allot less 
> money) With a "stated value insurance policy " the insurance company will let 
> you insure your car for just about any amount that seems reasonable and not 
> requiere you to prove  the cars valur\e until you have a claim. But when 
> that day comes they don't really care what your policy says you have to prove 
> what your car is worth .
> 

...and that's why you don't get a stated value policy.   It's a scam 
designed to allow the insurance companies to just take more money from you based 
on your increased valuation of your own car; they are in no way compelled to 
pay out the amount that you are stating in the event of a claim.

What you want is an AGREED value policy.   There's no question what's going 
on there.   You and the insurance agree (hence the name!) in advance what 
the maximum payout will be.   In the event of a total loss, you get that 
amount, no questions asked, no haggling.   In the event that the car will be 
repaired, they will pay up to that agreed amount and no more.   If the damage 
exceeds the amount that you agreed to, they will either pay you the agreed 
value and total the car, at which point you can purchase the wreck back as 
salvage, OR they will agree to pay some lesser amount and let you keep the car 
without a salvage title, with the understanding that any repair costs above 
and beyond what they have paid you are your responsibility.

Several people on this forum have benefited from having agreed value 
policies, and several others have suffered greatly from stated value policies....

Mike


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