by nevrnuf » Fri Dec 14, 2007 11:27 pm
Have multiple vehicles (5 pleasure-high performance/modified to varying degrees and a daily driver)...
2 of the pleasure vehicles I show on occasion as well as drive even though my current collector policy forbids "errands" , ect.
I'm in Michigan.
I'm looking for a reputable company who offers stated/agreed value which also allows for regular driving if I choose to do so, like going to get a movie at the local Blockbuster vs. a cross country trip(milage restrictions ok)I belong to online forums geared to these vehicles specifically(Corvettes)but opinions are much more prevalent than facts so I thought I'd offer the scenario here.
The balance of the vehicles are under normal depreciating value auto policies since 2 are rarely out and the other is used for long distance travel.
Thanks to anyone taking the time to read and offer thier knowledge.
2 of the pleasure vehicles I show on occasion as well as drive even though my current collector policy forbids "errands" , ect.
I'm in Michigan.
I'm looking for a reputable company who offers stated/agreed value which also allows for regular driving if I choose to do so, like going to get a movie at the local Blockbuster vs. a cross country trip(milage restrictions ok)I belong to online forums geared to these vehicles specifically(Corvettes)but opinions are much more prevalent than facts so I thought I'd offer the scenario here.
The balance of the vehicles are under normal depreciating value auto policies since 2 are rarely out and the other is used for long distance travel.
Thanks to anyone taking the time to read and offer thier knowledge.
Posted: Sat Dec 15, 2007 04:48 pm Post Subject:
Good morning nevrnuf (screen name is crackin' me up by the way-and you have vets who'd have thunk it ! :P :lol: ), and welcome to the community...
Let me state first that I am an adjuster not an agent, but there are many agents here who I'm sure will weigh in on this...and undoubtedly provide better info that I can.
From a claims stand point and the stated amount policys I have worked claims on (21years). They all had an annual mileage allotment, but (and this is the important part to clarify when buying a stated amount policy, or at least the ones I've had dealings with)..The stated amount is NOT a guarantee that should you suffer a total loss this is the amount that will be paid, rather it is UP TO that amount...By way of example...You have a stated amount policy on a vehicle for 40k...The vehicle for whatever reason, is totaled and upon inspection by the adjuster this vehicle isn't quite the 'cherry' she once was...and after careful evaulation it is determined this vehicle now carries an ACV (actual cash value) of 20k...that is what will be paid not the 40k. I know I know it doesn't make sense, isn't fair and all of that...The purpose I'm assuming behind this is just what I said, these vehicles can be ins when they are cherry then not properly cared for (and you know this probably better than most) the value starts to fall thru the floor...
I'm not saying any of your vehicle wouldn't be in perfect show condition, and never be valued less than the stated amount...Just as a general point. And something I wanted to throw out there for you to keep your eyes open about...
I now bow to the agents.
Posted: Sun Dec 16, 2007 01:32 am Post Subject:
Thanks for the stated vs. acv. It was a big ordeal when I shopped for collector policies couple of years ago. Sale by thorough confusion and disagreement from a basis of overwhelming info. is how I like to describe it.
Posted: Sun Dec 16, 2007 05:36 pm Post Subject:
Sale by thorough confusion and disagreement from a basis of overwhelming info. is how I like to describe it.
:D Great discription!Add your comment