<VV> Classic Car Insurance

[LastHamlet]

Be aware that there is an important difference between
"declared" or
"stated" value and "agreed" value.  (The latter is
what most classic car
insurers sell.)  With agreed value, you and the
insurer have agreed on
the value in advance and in the event of a total loss
that's what you
get.  With declared or stated value, you have set the
value of the car.
However, the insurance company is only obligated to
pay the lesser of: 
 -- The stated amount or 
 -- The cost to repair the covered auto not to exceed
the stated amount 
 -- The actual cash value

BIG difference between agreed and stated value
insurance!  Having a
current appraisal from a recognized appraiser will
help, but not
guarantee that you get the stated amount in the case
of a total loss.

Dave Keillor


Now that is a technicality I never knew about, many
thanks for bringing this up, I need to check my policy
and makes some calls myself.
Jeeeez, what will big Ins.Co's come up with next???
You would think if they are selling you a policy of
declared value, and charging you a rate for such, then
all is good... Sounds like the "Katrina Effect", on
another level???
Many Thanks For the Info Fellows, I sure didn't know
this.
Danny Barber

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