by camrynsbeckwith11 » Fri Nov 12, 2010 10:47 pm
My show car was hit in the rear & then I hit the car in front of me. The driver that hit me was uninsured. Myself and the person I hit were insured. My car was highly customized & valued at $40k. And thats what it was insured (had show car insurance on it) for. My car is totaled. Should my insurance pay the full $40k? Or pay just what the book value is on it? If just the book value? That defeats the sole purpose of having custom auto insurance.
Posted: Sat Nov 13, 2010 01:14 am Post Subject:
Depends on what type of policy it was/how the policy reads. There are two that come to mind... Stated Value policies and Agreed Value policies. One allows the person to choose the limit allowed on the policy (Stated Value). The other is an agreement on the value of the item being insured (Agreed Value). Only the Agreed Value policy would pay the limit on a total loss. The other just allows for a maximum to be set by the insured.
I'm going to guess that you have a Stated Value policy. Again, you need to read the policy to find out.
Posted: Sat Nov 13, 2010 02:45 am Post Subject:
Who was the insurance company? They should pay the agreed value if it was totaled. Some insurance companies do not know how to deal with claims on a collector cars, they just know blue book value way of paying a claim. That is why we always recommend using companies that specialize in collector cars. Hagerty is a good company who knows how to deal with losses when it come to insuring a collector/classic/antique car.
We sell for Hagerty this is from their website.
Guaranteed Value
We understand the value of your car. With Hagerty, securing coverage for the true value of your car is a simple process. We start with an Agreed Value policy, then we guarantee it. That is, we’ll agree on the insured value, and in the event of a covered total loss, you’re guaranteed to receive that amount. Period.
This sets Hagerty apart from companies who offer “Actual Cash Value” or “Stated Value” policies, which may depreciate your vehicle in the event of a claim.
Hope this helps!
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