[DeTomaso] NPC: 1995 McLaren Burns to the Ground

[Kirby Schrader]

Based on my own personal experience, my stated value insurance paid  
what my stated value was in the policy.

It depends VERY much on your agent. Got a crappy agent, you'll have  
something similar to what's described below.
Got a good agent? Then you get the stated value.

Kirby


On 3 Jun 2009, at 9:14 PM, mikeldrew at aol.com wrote:

>
> 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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