My renewal policy for the comprehensive and collision coverage on my 52TD
arrived today. It costs me $100 per year for an "Agreed Value" of $15,000.
They've changed a few words in the Agreed Value Endorsement and I thought some
of you might be interested in seeing what it says. This is with the 'Elite
Collector Program of North America Policy' of American Modern Insurance Group
through the Classic Automobile Agency in Indianapolis.
The following definition is added:
"Agreed Value" means the value of the vehicle at the inception date of the
policy that your (sic) and we agree on. You agree that we may change this
amount when the policy is renewed to reflect current costs and values.
COVERAGE FOR DAMAGE TO YOUR AUTO
LIMIT OF LIABILITY
A. If the vehicle is insured for an "Agreed Value" and the vehicle is stolen or
totally destroyed we will pay the "Agreed Value". The limit of liability shown
for each vehicle is increased by 2 percent at the end of each 3 month period
after the effective date. Upon expiration of the policy period, the limit
reverts back to the "Agreed Value" stated in the declarations. This amount is
used to process your renewal unless you request a change in the amount of
insurance. We will reduce our payment by any amount paid for a previous loss to
that vehicle if the damage was not repaired. ...
If the vehicle is insured for an "Agreed Value" in the event of partial damage
to the vehicle we will pay the amount required to:
1. repair; or,
2. replace it;
whichever is less, up to the amount of coverage for each occurrence. Our repair
or replacement will be with labor and parts of like kind and quality.
In the event of payment of "Agreed Value" of any covered auto, at our option,
the salvage value becomes our property.
This sounds reasonable to me. Does anyone see anything hidden in here?
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