Jay_Laifman@countrywide.com writes:
<< So, please, if you think you are safe with "stated value," please read
you
policy and realize that you are not. >>
Jay,
That is exactly what I said by using Stark's destroyed-Corvette example.
With Stated value Insurance the Company decides what the replacement value of
the car is at the time of the loss.
With Agreed value Insurance the replacement or insured value is predetermined.
You are correct, depending on the Company or the car they may require an
appraisal or repeat appraisals over the years. I was not required to get an
appraisal of my Tiger or my Minx for Haggerty as they are not freshly
restored high-dollar cars. It's agreed value is similar to many other cars
in similar conditions that Haggerty covers. They asked for a series of
pictures for their files...I "agreed".
Jim
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