Again, if you have agreed insurance coverage, the insurance company pays you the agreed price period. If you got a $10,000 car and you and the company agree to insure it for $50,000, thats their problem. An appraisal really dont matter much. An appraisal DOES help you and the company come up with a value when your buying the coverage. Maybe its really only worth $10K in real value but maybe it belonged to your dead dad, or it took you 15 years to find. Things like that affect what its value to YOU is and if they agree to that value..whatever it is...they have to pay it. I seen a 62 Ferrari 250 GTO sell for $14 million dollars. Im sure its insured for that. If it got stolen, the insurance company owes the owner $14 million. It was only $5,000+ when it was brand new.
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02:24 PM
SCCAFiero Member
Posts: 1144 From: Boca Raton, Fl USA Registered: Apr 2006
I think everyone understands what agreed value is. The question is how does one get to that number. You seem to think that if I want $14 million of insurance on my Fiero because I said so, they will sell me a policy for $14 million. Somehow I don't think that is how it works, although I never tried to get it that high either.
Originally posted by rogergarrison: Again, if you have agreed insurance coverage, the insurance company pays you the agreed price period. If you got a $10,000 car and you and the company agree to insure it for $50,000, thats their problem. An appraisal really dont matter much.
That's not how it works in Canada, and I sincerely doubt that's how it works in the States. Insurance companies do not over-insure a vehicle otherwise there would be a lot of fraudulent car thefts the day after a small monthly premium was paid. The agreed price is predicated on an approved appraiser's evaluation and/or actual receipts... not just plucked out of thin air. But even then, I would be very surprised if American companies don't have an equivalent to the Supplemental Endorsement Form 19 (or SEF 19). It bears repeating because it is worth it for anyone who believes they will automatically get the full agreed value upon a total loss. SEF 19 is a condition called Limitation of Amount that states the Insurer shall not be liable for any amount in excess of the actual cash value at the time the loss or damage occurs, or in excess of the agreed value whichever is the lesser. Not knowing that these conditions exist doesn't make them go away, so you're better to read the fine print.
quote
Originally posted by SCCAFiero: Just because I choose to put way more money into a vehicle than anyone else will ever pay me for it, is it still worth the "appraised" value.
That is what the agreed value policies are supposedly for. If you have receipts, the appraisal should document the approximate value required to rebuild an identical car, not the current market value of the car if you were to sell it on eBay. Appraisals here cost all of $100 by industry recognized independent professionals using accepted reference materials and practices. People who keep good documentation are rewarded with a much higher likelihood of settling amicably with their insurance company. Without receipts or an independent appraisal, you'll likely be at the mercy of the insurance company's adjuster.
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03:59 PM
2.5 Member
Posts: 43225 From: Southern MN Registered: May 2007
Again, if you have agreed insurance coverage, the insurance company pays you the agreed price period. If you got a $10,000 car and you and the company agree to insure it for $50,000, thats their problem. An appraisal really dont matter much. An appraisal DOES help you and the company come up with a value when your buying the coverage. Maybe its really only worth $10K in real value but maybe it belonged to your dead dad, or it took you 15 years to find. Things like that affect what its value to YOU is and if they agree to that value..whatever it is...they have to pay it. I seen a 62 Ferrari 250 GTO sell for $14 million dollars. Im sure its insured for that. If it got stolen, the insurance company owes the owner $14 million. It was only $5,000+ when it was brand new.
If you did that though, jack up the insured amt really high...what would the insurance company use to determine how much to pay you if the car was only partly damaged? Where is the "totalled" line to get the full amt?
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05:09 PM
2.5 Member
Posts: 43225 From: Southern MN Registered: May 2007
That is what the agreed value policies are supposedly for. If you have receipts, the appraisal should document the approximate value required to rebuild an identical car, not the current market value of the car if you were to sell it on eBay. Appraisals here cost all of $100 by industry recognized independent professionals using accepted reference materials and practices. People who keep good documentation are rewarded with a much higher likelihood of settling amicably with their insurance company. Without receipts or an independent appraisal, you'll likely be at the mercy of the insurance company's adjuster.
Grundy (agreed value) never asked me for reciepts at the time of the policys beginning, or an appraisal, they asked how much I'd like to insure it for, and for me to send 2 pictures of the car...
"The Difference between Agreed Value, Actual Cash Value and Stated Amount Insurance
Since 1947, Grundy has insured antique autos with Agreed Value policies; and with our new products like the Motor Vehicle Program (MVP), Grundy extends Agreed Value coverage to protect all your vehicles including daily drivers.
AGREED VALUE policies set the limit that a policyholder will receive and an insurance company will pay in the event of total loss or theft of a vehicle. Obtaining an Agreed Value policy is a fairly simple process. The applicant submits an application, indicating the values that they would like to have insured. Both the vehicles and values are then reviewed by Grundy underwriters, who are knowledgeable both in insurance and a variety of automobiles- from antiques, classics and exotics, to daily driver autos, motorcycles and motor homes. When working with a new application, underwriters examine photos and any other supporting documentation the applicants submits; and, the vehicle’s value is compared to the agency’s guidelines on similar vehicles in similar condition.
Occasionally, a Grundy underwriter will request additional information, such as restoration receipts or additional photos to substantiate a requested value. Underwriters will also tell applicants if their requested value is too low or too high. Insurance companies do not like to underinsure or over-insure, and the goal of all parties is to insure your car for its market value and the owners investment. Once this simple process is complete, the Agreed Value policy is issued.
Although the specialty car hobby (from which Agreed Value developed) has grown dramatically over the last decade, it is still too small for big insurance companies to invest the money it would cost them to train their personnel (agents, underwriters and adjusters) to understand specialty vehicles and their values so they do not offer Agreed Value. Instead, they may offer Actual Cash Value or Stated Value policies.
ACTUAL CASH VALUE does NOT establish the amount a policyholder will receive in advance. It is the most commonly used form by the majority of the big automobile insurance companies. This is because big companies primarily insure newer vehicles that are produced in the hundreds of thousands and the value at the time of loss is determined by make, model, options, age and condition. This involves starting with the Cost New and deducting a certain percentage for each year the vehicle is old, plus deductions for observed or expected “wear and tear.” In rare cases additions or increases in value are granted to owners of vehicles who can “prove” that their car was maintained better than the expected average.
STATED VALUE does NOT establish the amount a policyholder will receive in advance. The term Stated Value is very misleading because a Stated Value policy is nothing more than an Actual Cash Value policy with an upward limit on how much an insurance company will pay.
As previously mentioned, there are certain instances where an Actual Cash Value policy will pay additions or increases to policyholders who can “prove” their investment. Stated Value was developed 50 years ago (when collectors started investing large sums in great vehicles) by insurance companies to protect them from paying “more than they bargained for.” Stated Value is the worst option for any vehicle, because it will depreciate and deduct on the downside , but limit to the Stated Value the upside of your settlement." http://www.grundy.com/agreed-value-insurance.aspx
[This message has been edited by 2.5 (edited 01-10-2013).]
Originally posted by 2.5: Grundy (agreed value) never asked me for reciepts at the time of the policys beginning, or an appraisal, they asked how much I'd like to insure it for, and for me to send 2 pictures of the car...
The reason you didn't need to submit anything more than a couple photos was because the amount you wanted to insure the car for fell within the range they found profitable to them (and if you want to kid yourself, that they considered fair to you). Had it not been the case, they would have requested the additional info as they stated very clearly.
The quoted info from Grundy is interesting. I find the wording very deliberately non-committal when it comes to defining how much money you will get upon a total loss of your car though. Notice the word choice:
quote
AGREED VALUE policies set the limit that a policyholder will receive and an insurance company will pay in the event of total loss or theft of a vehicle.
Stating that the policy "sets the limit" is a far cry from stating that it is the actual amount you will receive. I find it odd that they described how the other two types of policies were paid out in far greater detail, so one has to wonder why they chose ambiguous wording for the payout method under an agreed value policy. In my opinion, their statement is similar to SEF 19 I mentioned above, except that it is much more subtle in it's presentation. Regardless what any company says on their website, or that their agent tells you verbally, the contract you sign is the legal document that specifies the terms and conditions that you agree to.
I'm not trying to start an argument here, but some people get hoodwinked into believing they're getting something they're not by very savvy salespeople. No matter what, it's best to ask all the questions up front, and be shown the actual policy statements that back the answers to your questions. My 2 cents.
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06:45 PM
jscott1 Member
Posts: 21676 From: Houston, TX , USA Registered: Dec 2001
Liberty Mutual still has not answered if there is any way to get to an Agreed Value Ploicy with their company.
ACV+20% is better than ACV (by wait for it...20%) but it doesn't close the gap enough for many people on here to abandon their collector car insurance.
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07:57 PM
Boostdreamer Member
Posts: 7175 From: Kingsport, Tennessee USA Registered: Jun 2007
Liberty Mutual still has not answered if there is any way to get to an Agreed Value Ploicy with their company.
ACV+20% is better than ACV (by wait for it...20%) but it doesn't close the gap enough for many people on here to abandon their collector car insurance.
I don't know if Joe is new with the company but he is new to dealing with older cars with Better Car Replacement. He had to stop several times in our discussion to research and ask his supervisor to clarify some things. I appreciated that. I'd rather him do that than give me any false or misleading information. I hope that is the case here. I hope he'll be back with more info.
Along with his mention of NADA, he also mentioned an appraisal as a way to establish the value. I would like to hear it from him in more detail, though.
Jonathan
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08:22 PM
Jan 11th, 2013
2.5 Member
Posts: 43225 From: Southern MN Registered: May 2007
Originally posted by Bloozberry: I find the wording very deliberately non-committal when it comes to defining how much money you will get upon a total loss of your car though.
I'm not trying to start an argument here, but some people get hoodwinked into believing they're getting something they're not by very savvy salespeople. No matter what, it's best to ask all the questions up front, and be shown the actual policy statements that back the answers to your questions. My 2 cents.
I know what you mean. Reading it all though isnt that the only thing that differentiates "agreed value" from "actual cash" and "stated value"? It raises the limit to the agreed value, the limit equals a totalled car, damage less than totalled gets repaired unless it will reach the agreed value?
[This message has been edited by 2.5 (edited 01-11-2013).]
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10:52 AM
Boostdreamer Member
Posts: 7175 From: Kingsport, Tennessee USA Registered: Jun 2007
I sent an e-mail to Joe's work account this morning to see if he could come back soon. I got an auto response e-mail back saying he'd be out of the office til the 15th. Maybe he'll get on anyway. If nothing else, hopefully, he'll get back on when he gets back to work.
Originally posted by 2.5: I know what you mean. Reading it all though isnt that the only thing that differentiates "agreed value" from "actual cash" and "stated value"? It raises the limit to the agreed value, the limit equals a totalled car, damage less than totalled gets repaired unless it will reach the agreed value?
That's my point. Everyone is left guessing because it isn't spelled out clearly. Perhaps intentionally so.
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12:56 PM
PFF
System Bot
Boostdreamer Member
Posts: 7175 From: Kingsport, Tennessee USA Registered: Jun 2007
I wonder how many Fiero owners, or percentage of owners, thinks their cars would cost more than NADA's "high" estimate to replace? Of those, I wonder how many use "collector car" insurance vs. normal "full" coverage. If they are living with normal full coverage, I hope they will come over to this policy because this SEEMS to be the best out there now. By the way, I'm not associated with this company in any way other than being a new customer.
I feel like I got a good deal when buying my car so I think NADA value would be fine for me. However, I've never actually TRIED to replace it so I really don't know. When it comes to added value due to customization, we might end up having to wait to see how the company handles such a case for an actual accident. I don't wish that on anyone but it really is the only way to KNOW what they WILL do.
Having it in black and white is great but it is like any other guarantee. It is only as good as the company wants it to be (or is made to make it be). I'm still optimistic.
Jonathan
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01:33 PM
Jan 15th, 2013
Liberty Mutual Junior Member
Posts: 2 From: Knoxville, TN, USA Registered: Jan 2013
I don't know if Joe is new with the company but he is new to dealing with older cars with Better Car Replacement. He had to stop several times in our discussion to research and ask his supervisor to clarify some things. I appreciated that. I'd rather him do that than give me any false or misleading information. I hope that is the case here. I hope he'll be back with more info.
Along with his mention of NADA, he also mentioned an appraisal as a way to establish the value. I would like to hear it from him in more detail, though.
Jonathan
Afternoon all, Sorry for the delay. Believe it or not there is life outside of the office (although it doesn't always feel that way). Jumping back into the mix I will pick up the conversation by answering what seems to be the most popular question: "Liberty Mutual still has not answered if there is any way to get an Agreed Value Policy with their company. ACV + 20% is better than ACV (by wait for it... 20%) but it doesn't close the gap enough for many people on here to abandon their collector car insurance."
It is important to note; if your vehicle is NOT driven as an everyday vehicle and you consider it to be a collector / antique then abandoning the collector car insurance might not be in your best interest. Liberty Mutual does however offer a "Stated Amount Endorsement." This would be when you would need to obtain an appraisal. The appraisal would need to be "completed by a certified appraiser with pictures of the front and back of the vehicle. And must be completed within the last 12 months. The appraisal needs to be sent on the appraiser's letterhead with their title/certification."
With that said, if your vehicle IS driven on an everyday basis then I stand behind our BCR endorsement in that you will be given 120% of the ACV, less the deductible. In this situation the value given by NADA, Edmunds.com or KBB.com will suffice. It is also important to note that 1. the endorsement only applies to a TOTAL LOSS and 2. should you have an accident (whether at fault or not), you should contact Liberty at the time of the accident.
Joe
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02:48 PM
Boostdreamer Member
Posts: 7175 From: Kingsport, Tennessee USA Registered: Jun 2007
If using NADA, etc as the basis for the totaled value, how is it determined WHICH value is used? NADA has several categories for each model year such as Low Retail, Average Retail, and High Retail.
With my 86 GT with Auto and sunroof, the numbers vary from $1695 for Low Retail to $5893 for High Retail.
Jonathan
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03:30 PM
Jan 16th, 2013
jscott1 Member
Posts: 21676 From: Houston, TX , USA Registered: Dec 2001
But for many of us, NADA does not reflect the reality of a 25 year old car that has been extensively modified. (i.e. tens of thousands of dollars poured into it).
Is your "Stated Amount Endorsement." simply an Actual Cash Value policy with an upward limit on how much your company will pay? If yes then I don't see any added value to that type of policy.
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01:58 AM
jscott1 Member
Posts: 21676 From: Houston, TX , USA Registered: Dec 2001
I wonder how many Fiero owners, or percentage of owners, thinks their cars would cost more than NADA's "high" estimate to replace? Of those, I wonder how many use "collector car" insurance vs. normal "full" coverage. If they are living with normal full coverage, I hope they will come over to this policy because this SEEMS to be the best out there now. By the way, I'm not associated with this company in any way other than being a new customer. ... Jonathan
The better car replacement policy seems better by 20%, at the most, but that's about it. Not to sound negative, but this type of policy does not answer the original quest...and that was to find a way to fully cover an enthusiast Fiero that is driven daily.
NADA for a 25 year old car is a severely depreciated value. Nothing personal to Joe, but most insurance company adjusters will deduct for every little pre-existing scratch on the car or the worn out seats, or the delaminated taillight lenses or any other number of deficiencies in a 25 year old car. When everything is said and done that Fiero that you might have dumped $20,000 in to will cash out at about $1,500. Better Car Replacement in this example is worthless.
We are back to two basic choices for high dollar Fieros...
1) keep them sequestered in the garage on a collector car policy at full agreed value. Take them out and drive them on sunny days but not much else
2) insure them with Full coverage on a regular policy (or better car replacement) or whatever. You will be covered in the event of a loss up to NADA+20% but that's about it. If you have more than that invested in your car you will have no coverage from your insurance company and you will suffer a significant loss.
this type of policy does not answer the original quest...and that was to find a way to fully cover an enthusiast Fiero that is driven daily.
I believe my car's value is well represented by NADA High Retail. If that is the value that is used on my car in the event of a total loss, then the original quest HAS been accomplished. I have asked Joe which value is used so I hope to hear back from him.
If your car is highly modified, you may still be looking. Let's give Liberty Mutual a chance to answer all of these questions to see what exactly they can do.
Jonathan
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10:05 AM
Boostdreamer Member
Posts: 7175 From: Kingsport, Tennessee USA Registered: Jun 2007
I know you're busy but one post a day is keeping the discussion hung up. Is there any way for you to get a block of time set aside to participate here? If not, is there a new employee who needs research practice who could take over for you? Perhaps you could get more agents involved to help answer these questions as they get free moments throughout the day?
Jonathan
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10:10 AM
Marvin McInnis Member
Posts: 11599 From: ~ Kansas City, USA Registered: Apr 2002
Let me add the following to the discussion, based on more than 50 years as an insurance consumer:
I concur that Agreed Value (not Stated Value) is the best basis to insure a unique vehicle that is worth substantially more than "book" value ... but you have to determine the "agreed" value carefully. There are several huge pitfalls, since the choice to repair or to decare a total loss rests almost solely with the insurance company. Consider a hypothetical case: You have a Fiero that you have $20,000 invested in. Consider two loss scenarios:
1) You insure it for an agreed value of only $5000. Your car is substantially damaged in a collision or storm, but the damage is all cosmetic and the car is still easily repairable. Your insurance company will choose to total the car and pay you $5000 if that's cheaper for them than repairing the car. It's their choice. You can try buying the car back from them, but because it's a "special" vehicle they may have someone willing to pay them a substantial amount ... perhaps $5000 ... to buy it and part it out. Would you be willing to buy your car back for $5000, leaving you with a net insurance payout of $0?
2) You insure it for an agreed value of $100,000. Your car is rolled up into a ball in a serious accident. Your insurance company will insist upon repairing the car, no matter how severe the damage, because that will be cheaper for them than totaling the car. The insurance company does not have an obligation to restore your car to its value immediately before the loss, only to repair it to its approximate pre-crash condition. It's their choice.
I'm not saying it's right, but that's the way it works. My best advice is to consult with an independent insurance broker before insuring any item of exceptional or unusual value.
[This message has been edited by Marvin McInnis (edited 01-16-2013).]
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11:46 AM
2.5 Member
Posts: 43225 From: Southern MN Registered: May 2007
If using NADA, etc as the basis for the totaled value, how is it determined WHICH value is used? NADA has several categories for each model year such as Low Retail, Average Retail, and High Retail.
With my 86 GT with Auto and sunroof, the numbers vary from $1695 for Low Retail to $5893 for High Retail.
Jonathan
Condition and location I believe.
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01:11 PM
PFF
System Bot
2.5 Member
Posts: 43225 From: Southern MN Registered: May 2007
1) keep them sequestered in the garage on a collector car policy at full agreed value. Take them out and drive them on sunny days but not much else
Under grundy I can drive unlimited miles (yes even if it is not sunny). But cannot use it as a daily driver would be used. I can drive to car events no matter how far, even staying at hotels along the way, or for pleasure. Some towing included, free glass, no decuctible. This is the best I could find. If you must use it for a daily driver it makes it more difficult, the chances of damage go up alot. I daily drive a $2000 1998 Saturn with liability on it.
Also look into Grundy's claim that they insure daily driven cars for agreed value. My insurance with them is not on a daily driver.
"Since 1947, Grundy has insured antique autos with Agreed Value policies; and with our new products like the Motor Vehicle Program (MVP), Grundy extends Agreed Value coverage to protect all your vehicles including daily drivers."
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01:19 PM
Jan 19th, 2013
Boostdreamer Member
Posts: 7175 From: Kingsport, Tennessee USA Registered: Jun 2007
I got a call from Joe yesterday. Liberty Mutual did not like him participating here on the forum. Either that or they have rules about what sites can be used from company computers. Anyway, he's done posting. He did agree to answer questions that I would forward to him through e-mail.
He also agreed to work up a policy for a hypothetical car. We can either make one up with any options we choose or we could use a pre-existing and highly modified car. I suggest the latter. If someone would volunteer the specs on their car and their coverage limits and costs, we could compare apples to apples.
He also told me that although Liberty Mutual leans toward NADA or Kelly Blue Book for values, they also can do "add ons" for custom work. He said he recently wrote a motorcycle policy with thousands of dollars of chrome and paint add-ons.
So, while we're waiting on a volunteer, what questions would you like for me to forward to him?
Jonathana
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11:26 PM
Jan 20th, 2013
jscott1 Member
Posts: 21676 From: Houston, TX , USA Registered: Dec 2001
Your car is rolled up into a ball in a serious accident. Your insurance company will insist upon repairing the car, no matter how severe the damage, because that will be cheaper for them than totaling the car.
I had never heard of this happening, until a buddy of mine (who I think I mentioned earlier) his M3 is still in the shop many months later because the Insurance Company refused to total it out. They are waiting for parts that are not available anywhere in the free world. Meanwhile they are paying for his daily rental which I'm sure has costed into the thousands at this point. But rather than admit a mistake they will continue to try and repair his M3.
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01:24 AM
jscott1 Member
Posts: 21676 From: Houston, TX , USA Registered: Dec 2001
I got a call from Joe yesterday. Liberty Mutual did not like him participating here on the forum.
Jonathana
I'm sure they didn't appreciate Joe making statements on here which could later be used against Liberty Mutual in a lawsuit. They only want carefully regulated statements to be posted on their own websites.
I know that Grundy has unlimited miles, but the OP was talking about DAILY DRIVERS so Grundy is probably not going to help. Not sure about their Agreed Policies for daily drivers. I haven't seen that advertised anywhere before.
I'm sure they didn't appreciate Joe making statements on here which could later be used against Liberty Mutual in a lawsuit.
quote
Originally posted by Bloozberry: Surprise, surprise, surprise.
Those were my thoughts also. Unfortunate. Still no way to nail anything down but at least they have better coverage for less than Allstate. I'll give Joe an "E" for effort. At least he came on and tried to help. No other insurance company or rep has done the same.
Nope. He didn't contribute any new information so no "A". I put the "E" somewhere above an "I" for incomplete.
I have submitted some questions about their stated value policies. Apparently that's an option, also. I don't know if that would include any usage restrictions, or if it could be used in conjunction with Better Car Replacement.
They also have Antique Auto coverage but that has similar restrictions to Grundy, etc.
Jonathan
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01:35 PM
jscott1 Member
Posts: 21676 From: Houston, TX , USA Registered: Dec 2001
I have submitted some questions about their stated value policies. Apparently that's an option, also. I don't know if that would include any usage restrictions, or if it could be used in conjunction with Better Car Replacement.
They also have Antique Auto coverage but that has similar restrictions to Grundy, etc.
Jonathan
Stated value is worthless. Don't even bother. That is just Actual Cash Value with a LIMIT to the amount you are covered. Agreed value is the only way to go with a collector car.
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02:37 PM
Marvin McInnis Member
Posts: 11599 From: ~ Kansas City, USA Registered: Apr 2002
I'm sure they didn't appreciate Joe making statements on here which could later be used against Liberty Mutual in a lawsuit.
I'm sure they objected even more to Joe's use (in good faith, no doubt) of their trade name, which could imply that he had more authority to represent the company than is actually the case. Good or bad, companies are required by law to actively protect their trade names, else they risk losing control of them
If he had registered under a different screen name and just said, "Hi ... I'm Joe and I work in the insurance industry ..." he probably wouldn't have had any trouble.
quote
Originally posted by jscott1:
Stated value is worthless. Don't even bother. That is just Actual Cash Value with a LIMIT to the amount you are covered.
Correct! Stated Value just places a ceiling on what insurance will pay in case of a loss. Its primary use is set the premium level, and it can be used to insure an item for less than its actual cash value, in return for which you will pay somewhat lower premiums. In case of a total loss the insurance company will pay the lesser of 1) the value stated in the policy, or 2) the actual cash value at the time of the loss.
Extending my earlier example, assume you have a Fiero with a (high) book value of $5000 that you've put a total of $20,000 into, and you have insured it for a Stated Value of $100,000. You will pay premiums based on the $100,000 value, but in case of a total loss you will only receive the ACV of the vehicle at the time of loss ... about $5000.
[This message has been edited by Marvin McInnis (edited 01-21-2013).]
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02:59 PM
PFF
System Bot
Boostdreamer Member
Posts: 7175 From: Kingsport, Tennessee USA Registered: Jun 2007
Stated value is worthless. Don't even bother. That is just Actual Cash Value with a LIMIT to the amount you are covered.
quote
Originally posted by Marvin McInnis: Correct! Stated Value just places a ceiling on what insurance will pay in case of a loss. In case of a total loss the insurance company will pay the lesser of 1) the value stated in the policy, or 2) the actual cash value at the time of the loss.
I got this from Liberty Mutual Tech Support:
The stated value endorsement has the same restrictions as the antique vehicle endorsement. This endorsement would provide physical damage coverage for the antique vehicle due to the increase in value of these types of vehicles.
With this endorsement, if the vehicle would have a total loss, our “limit of liability for the loss” will be the lesser of the:
· Stated amount shown in the Schedule or in the declarations,
· ACV(actual cash value) of the stolen or damaged property, or
· The amount necessary to repair or replace the property.
' ' ' So this confirms what you guys were saying. Stated value is really a bad way to go. It limits what you can get AND it limits how you can use the car.
No thanks!
I'm waiting on info about add-on coverage for custom work.
Jonathan
[This message has been edited by Boostdreamer (edited 01-21-2013).]
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09:06 PM
Jan 22nd, 2013
2.5 Member
Posts: 43225 From: Southern MN Registered: May 2007
Yeah, I think that is a new product for Grundy. They require 3 vehicles to get agreed value on a daily driver.
Jonathan
I wonder how their rates compare to main stream insurance companies for daily drivers? I have 6 or 7 vehicles, depending on how you count. Three would be an easy target to meet.
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12:25 AM
Boostdreamer Member
Posts: 7175 From: Kingsport, Tennessee USA Registered: Jun 2007
I got another e-mail from Liberty Mutual Tech. This is their response to my question about how an apprasial would factor in when an adjuster had to determine the Actual Cash Value of a car in the event of a total loss accident.
Their response:
Our claims team will provide an assessment of the total value of the vehicle at the time of the loss. As said, they will use many sources to find the most accurate value. Your professional appraisal would be one of these sources however, would not trump and valuation that the adjuster determines. If you wish to have a professional appraisal at the ready, in case of an accident it would be up to you to keep it up to date. Our adjusters will still use what you have even if it is a few years old to assist in determining the most accurate value for your vehicle at the time. It is always best to keep all documentation regarding modifications and customizations available for the adjuster to review. . . . That's pretty much what I was afraid of. There is still an element of uncertainty no matter what you do when dealing with a daily driver. You can do add-on endorsements for custom work with documentation and they do have Better Car Replacement, though. If they will use NADA's or Kelly Blue Book's high values, plus the newer model year with 15K miles less, I'll be well covered. The problem is not knowing where in the values range they will "determine" your car to be at the time of the accident. I could e-mail monthy pics to Joe but I don't know if it would help. I hate not knowing!
I will prolly take a closer look at Grundy's Agreed Value policies for Daily Drivers. If so, I'll post the quote and restrictions, etc.
