Dave,
There was an article in the latest issue of C Notes (The American MGC
Registry's rag) where the writer pointed out that "stated value" is an upward
limit for the policy. In other words, the insurance company would pay the
stated value as a maximum pay out even if a total loss were to exceed the
stated value or they assessed the total loss to be less than the stated
value...He summarized, and he claims that some insurance agents agree with
him, that 'stated value' is a big rip off - in other words you paid more to
have a policy that essentially covered less than a regular indemnity policy.
He did mention that 'agreed value' was the better policy but not many
companies offer 'agreed value'. Personally, this was all a real eye opener
for me and I need to dig into this some more because I just always assumed
that I would be covered for the total amount I'm paying a premium on. Anyway,
I also have American Collectors insurance and have a call into them (609 779
7212) to see if I have agreed or stated value coverage and to see if I can
uncover any other tid bits.
I do not have the article in front of me and only read through it quickly so
I'm citing the above from (perhaps a questionable) memory.
Dr. Doug
-----Original Message-----
From: owner-mgs@autox.team.net On Behalf Of baldycotton@pop.mindspring.com
Sent: Wednesday, September 16, 1998 8:43 AM
To: Eugene Balinski
Cc: mgs@autox.team.net
Subject: Re: Insurance Questions
At 10:54 PM 9/15/98 -0400, you wrote:
> Any comments ?
I have a few good things to say about it.
I bought my policy from American Collectors Insurance, but if you go look
at a copy of Hemmings Motor News, you'll fin others advertising.
I disagree with Barney about it being lose/lose, if I read his letter right.
If the Company sells you insurance based on "Agreed Value" and you total
your car, the "agreed Value" is by both parties. You buy your insurance
based on that value, and pay premiums accordingly. How can they agree the
value is... say, $15,000, and then after you wreck it say... "Well, we feel
it is worth $10,000."? They asked you to pay premiums for $15k, so that's
what you and they agreed it is worth.
Other rules.
1. You must be over 25.
2. You must have a clean driving record.
3. The car must not be your daily driver, and you must own another insured
car as your daily driver. (You can't drive thecar to work.)
4. You can drive the car 2500 miles per year. (see Barney's note about
extensions)
5. You can drive the car for pleasure driving... to shows, parades, Sunday
drives, etc.
That's about it.
My insurance for my Dodge Intrepid is $1500 per year, for my MGA, $118. I
consider that a bargain.
Has anyone on the list wrecked a car or had a seriously high claim?
Dave Iwansky
'62 MGA 1600 MkII
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