Just a "word to the wise" regarding two terms that were used in an earlier
message from MOWOG1 re: insurance. First, auto insurance is regulated by the
States, not the Federal Govt, which means each State is slightly different.
The term "Stated Amount" may mean the maximum amount of coverage available
at the time of loss in some States; but in many States the term "Stated
Amount" is only used to determine the premium amount on an older car that is
no longer listed in the widely used publications that give approximate values
to vehicles (Blue book, Black book, etc.). In the latter cases, the true
"value" of the vehicle is determined at the time of loss and is the ACV
(Actual Cash Value) amount, as determined by similarly equippped models of
the same year. MOWOG is correct that photos and other documenation of your
vehicle are invaluable in assisting the adjuster in determining the actual
cash value of your vehicle.
Second, very few people actually carry "Full Coverage" on ANY vehicle,
because FULL coverage would mean EVERY coverage sold (ie, Towing, Stereo
Equipment, Tapes, Disability Income, Death Indemnity in addition to the
traditional Liability and Physical Damage coverages). It has been my
experience over the past 28 years in the business that most people requesting
"Full Coverage" actually want Liability plus Collision, Comprehensive and
Medical. You would be wise to ask your Agent what are the individual
coverages you are purchasing and in what type loss situations would they be
applied.
Final word to the wise: Insurance Agents are like eye surgeons; you don't
necessarily want the lowest priced professional in town. Ask whether the
company they represent has full time adjusters (do you want to be #312 on the
list of people that 2 local independent adjusters have to get to after a
flood, or do you want to work with a major company that will fly in extra
adjusters from other states to help out in a disaster?). Does the Agent have
convenient hours for questions, policy reviews, etc. or are they only
convenient when they want to give you a quote and take your money? Check
with your State Insurance Dept. and see how many complaints the company has
had and whether that is an unusual number for that size company (ex. you
would expect State Farm or Allstate, with about 25% of the market between
them, to have more complaints than a much smaller company).
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