[DeTomaso] (no subject)

[Garth Rodericks]

CORRECTION:  You need "AGREED VALUE" coverage, not stated value. Hagerty, BJ, Heacock, Collectors, etc. are all "agreed value" policies; even though you 'state' the value when you sign up for coverage, the company is "agreeing" with you on the value.

Regular insurers such as Geico, AAA, State Farm, Farmers, Prudential, etc. provide "stated value" insurance on your regular daily driver vehicles. In this case you state the value of your vehicle and pay premiums based on that stated value, but the insurance company does not 'agree' that your vehicle is worth the state value. Therefore, in the event of an accident in which your insurance is responsible for repairing or totalling your car (and making you whole), the stated value is the absolute maximum financial liability the insurance company would face to repair your car (assuming their determination of value matches your stated value), however this is when the insurance company makes their determination of value, based on age, condition, and depreciation tables.  A number of Pantera owners have discovered this the hard way when they ended up in protracted legal battles with their insurance company to get their car properly fixed. Granted, these
 insurers may offer special riders for collector cars which make it an agreed value policy, but your standard run of the mill daily driver insurance is not agreed value. 


Everyone needs to know what you have so there are no surprises. 


Cheers!
Garth


--- Original Message ---
I never said make a claim, I said let them know, because it may come down
to them fighting for you. They frown on finding out months later after you have exhausted all normal
recourse and the matter has gone nuclear. Michael