Re: Someone tried to steal my Ty
You DON'T want a Stated Value Policy. Read the policy language! It is NOT to your benefit. You want an Agreed Value Policy!
Here is how they work;
Stated Value: You insure the vehicle for "X". You pay a premium based on "X". When there is a loss, the insurance company has the right to review the market value and then STATE to you, what the value is. The market changes and they make it change to their advantage. An insurance policy is a legal and binding contract that YOU sign. You have no recourse against them. You will not win in court if you take the case to trial.
Agreed Value: You insure the vehicle for "X". This amount is agreed upon, by contract, between you and the insurance company. This amount ("X") is how much will be paid out in the event of a Total Loss. You insure the vehicle for "X" and get paid "X". Any Total Loss vs repairable determination is based on "X".
Progressive does not offer an Agreed Value policy (here in CT anyway), only a Stated Value policy. I cannot stress enough how important it is to read the policy. If you do not understand the language, get an attorney to read it and explain it. Allot of agents do not fully understand the language and will tell you something to make you comfortable enough to buy the policy.
Hagerty only offers an Agreed Value Policy. (Others do as well). They have great claim service from their inside reps. Unfortunately they use appraisers that are local you you and at times, these appraisers don't know the specialty market. This will apply to almost all of the companies that write these specialty type policies. The appraiser can make or break your claim. If he (or she) does not know the vehicle and the market and only knows what the policy limit is, he (or she) may decide to make things easy for themselves and generate an estimate that declares the vehicle to be a Total Loss so they never have to deal with the claim again. There are cases where the vehicle was easily repairable (by the numbers) but the appraiser took the easy road and made it a T/L.
Please, know what you are buying.
You DON'T want a Stated Value Policy. Read the policy language! It is NOT to your benefit. You want an Agreed Value Policy!
Here is how they work;
Stated Value: You insure the vehicle for "X". You pay a premium based on "X". When there is a loss, the insurance company has the right to review the market value and then STATE to you, what the value is. The market changes and they make it change to their advantage. An insurance policy is a legal and binding contract that YOU sign. You have no recourse against them. You will not win in court if you take the case to trial.
Agreed Value: You insure the vehicle for "X". This amount is agreed upon, by contract, between you and the insurance company. This amount ("X") is how much will be paid out in the event of a Total Loss. You insure the vehicle for "X" and get paid "X". Any Total Loss vs repairable determination is based on "X".
Progressive does not offer an Agreed Value policy (here in CT anyway), only a Stated Value policy. I cannot stress enough how important it is to read the policy. If you do not understand the language, get an attorney to read it and explain it. Allot of agents do not fully understand the language and will tell you something to make you comfortable enough to buy the policy.
Hagerty only offers an Agreed Value Policy. (Others do as well). They have great claim service from their inside reps. Unfortunately they use appraisers that are local you you and at times, these appraisers don't know the specialty market. This will apply to almost all of the companies that write these specialty type policies. The appraiser can make or break your claim. If he (or she) does not know the vehicle and the market and only knows what the policy limit is, he (or she) may decide to make things easy for themselves and generate an estimate that declares the vehicle to be a Total Loss so they never have to deal with the claim again. There are cases where the vehicle was easily repairable (by the numbers) but the appraiser took the easy road and made it a T/L.
Please, know what you are buying.
