In a message dated 10/31/01 11:11:42 PM Eastern Standard Time,
Ankitterer@aol.com writes:
> Collision and comprehensive are based on a stated value
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Just keep in mind that a "stated value" is the MAXIMUM the insurance company
will pay you, in the event of a total loss. It is still up to them to
determine how much they will offer you, and your stated value only limits the
top end of the payment.
Try this, total your car and put in a claim. Then see how much they offer
for a 40 year old car that cost less than $2000 new. (Actually, I'm just
kidding. PLEASE don't try that.)
But, that is the difference between a stated value and an agreed value. The
collector car insurance companies agree to pay you the full amount in the
event of a total loss, with no deductible, and then they are done with the
claim. (And with you, if you try this too many times.)
I am not saying that your insurance is bad in any way. It works for you
because of how much you drive the car. Just be ready in the event of a big
problem.
Allen Hefner
SCCA Philly Region Rally Steward
'77 Midget
'92 Mitsubishi Expo LRV Sport
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