Re[2]: Advice on insurance

[Toby Erkson <Toby_Erkson@ccm2.hf.intel.com>]

This brought up a good point with me and my insurer.  He told me that if a 
car obviously isn't unique in its nature then this "stated value" and 
"agreed value" can be an issue.  However, if the vehicle is definitely 
different than a stock one then the "stated value" will have full effect.

I have my baby insured under "stated value" for the appraised value of $4000.00.
Since I have done so much to the vehicle to alter it from one of similar stock 
and have the receipts and appraisal as backup there is no question that the 
vehicle is insured under "stated value".

Granted, many of us have a vehicle that we are really attached to but insurance 
companies don't have "sentimental value" policies.  Basically, if you are going 
to have a "stated value" policy then make sure you keep all your receipts and 
have the vehicle professionally appraised (and make copies of the appraisal 
sheet!) -- that's what the insurance companies look at.  So if you want your 
bone stock VW insured under "stated value" it will need to be in almost cherry 
condition (I don't know if car show awards count towards legitimacy of value).

Talk to your insurance agent for more details and ASK QUESTIONS!  If you're not 
happy with the answers or they down play your request get another opinion from a
different agency.
     Toby Erkson
     air_cooled_nut@pobox.com
     '72 VW Squareback 1.6L bored and stroked to 2.0L
     '75 Porsche 914 stock 1.8L for sale

______________________________ Reply Separator _________________________________
Subject: Re: Advice
Author:  type-3-errors@umich.edu at SMTPGATE
Date:    3/23/97 7:42 AM


At 11:24 AM -0000 3/23/97, Shannon Darosett wrote:
>
>full amount of damage due to the age.  I hadn't yet gotten stated-value
>insurance (yes I have been kicking myself all day long).

     I've done a (tiny) bit of research into insuring your VW for its
real value... one bit I came across on one insurer's web site is the
distinction between "stated value" and "agreed value."  Apparently with a
stated value policy, the ins. company still has final say as to the
settlement--and it can be less than the stated value.  With an agreed value
policy, you & the insurer agree to the exact amount of the settlement in
the event of a complete loss (theft or a "totalled" accident).

     If anybody has any additional info on this topic, please speak up!
(My cars are not nearly so nice as to justify such insurance, but my folks
just bought a cherry one-owner '69 Beetle & need to protect it.:)

-Greg
'71 squareback
'63 Beetle