Stated Value vs Stated Amount...again

[69MyWay]

I am no longer a claims adjuster, but have had a long run of experience in that field.

The important thing to do is spend some time talking to your agent and making sure you understand exactly what you are buying. You need to explore different companies as well and ask them the "what if" questions.

You will find that an insurance policy that might work very well for me would never suit you and your situation.

Many of the classic car policies are so restrictive on the use and coverage provided that you really aren't getting much for your money. We were recently shopping for different coverage on our personal hot rods. The premiums, conditions, and requirements to set up speciality policies are significantly different from one to the other.

Most of all, be honest about how you intend to use the car, who will drive it, where you will garage it, and be realistic about what it is worth. Start there and work backwards to get what will work for you.

 

[ZRGator]

I don't know why we are discussing this. Just get agreed value insurance and get on with your life, assured that your toy will be protected to the fullest extent. Have I missed something?

Yes, quite obviously you missed reading paragraphs two and three in the endorsement listed in the first post. This thread did not start out as a discussion between the relative merits of the terms, but rather as an offer of explanation for an endorsement that lists coverage as "Stated Value" but actually is "Agreed Value."
This discussion is no more or less repititious than the endless posts on what tires to buy or who sells the best parts. It is an offer of new information so people can make a more informed decision with better information.
Many here have painted all Stated Value policies with the same brush, i.e., Stated Value = bad. I offer this as more current info that the stereotyping of Stated Value, in this endorsement at least, is not bad and is, in fact, Agreed Value.

 

[paul67]

You make a good point. I apologize to the membership.

 

[ZRGator]

You make a good point. I apologize to the membership.

Paul, knowing you from your many posts on here, I've always seen you as a gentleman. Thank you for furthering that perception.

 

[67HEAVEN]

My agreed value (Ontario 19A Rider) policy renewal came in on Friday. It dropped over $200.00 from last year.

 

[paul67]

Good behaviour?

 

[67HEAVEN]

No Claims Renewal Discount

 

[ZRGator]

Gee, I wish we had a smiley for "knock on wood."

Keep up the good work!