Cars about done! Now an Insurance Question. |
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Cars about done! Now an Insurance Question. |
TM_Corey |
Apr 19 2017, 09:59 AM
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#21
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Member Group: Members Posts: 231 Joined: 28-March 16 From: Indianapolis Member No.: 19,809 Region Association: Upper MidWest |
I can't believe I am just now thinking about this after 14 months of bring my car back from the dead. I have had my car on my "normal" insurance plan since the day I bought it, even though its value has changed dramatically since then.
So from what I understand it is a pretty normal that most of our cars that have had extensive work on them either by the owner, or by a shop, are worth less then we have in them. (except the 6's I would assume) How does that work for insurance? Am I just out the "gap" of what the books say it should be worth and what I actually have in it if it were stolen or totaled? Will a normal insurance agency do a "agreed upon value", or will places like Hagerty's? I have about a week to figure it out!! |
ConeDodger |
Apr 19 2017, 10:05 AM
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#22
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Apex killer! Group: Members Posts: 23,612 Joined: 31-December 04 From: Tahoe Area Member No.: 3,380 Region Association: Northern California |
As to what they will do, that is a question for them.
Agreed Value - where both you and the company agree on the value. Safest bet. Stated Value - where you State what it's worth. When it comes to a loss, they will likely disagree with you. Best to get an appraisal from an accredited appraiser every couple years and update your policy accordingly.. |
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