Re: [DML] Agreed Value

[Peter Lucas <lucas@xxxxxxxx>]

On May 15, 2010, at 4:19 PM, From the Mailbox of Ty, Kelli and Lexi Craig wrote:

> When I insured my DeLo, they just believed me when I stated my value at $30,000. 
> 
> 
Why would they care?  They are charging you for every dollar of coverage--their risk doesn't change if they sell you more than you need.

Are you sure you need Agreed Value coverage? Keep in mind that car insurance doesn't protect your car, it protects your pocketbook.  Essentially, you are betting against the insurance company, and you only "win" if your car is totaled. (and, how many Ds have ever been totaled?)  You pay for every dollar of coverage, and as in Las Vegas, the odds favor the house.   I am not saying that insurance is a bad thing, but you should only buy what you need. If you could afford to absorb a high deducible in the unlikely case that you have a claim, then you will be far better off in the long run by taking the high deductible and putting the money you save in a "rainy day" fund.   The fact that we all love our Little Silver Cars doesn't change this logic.   In any event, having an Agreed Value policy in excess of the replacement value of the vehicle makes little sense--you are just betting that you will have a claim.

--Pete Lucas
  VIN #06703


> From: Aaron Crocco 
> Sent: Friday, May 14, 2010 10:21 PM
> To: DML 
> Subject: [DML] Agreed Value
> 
> During the past DMA Spring Social, insurance came up in conversation and a few people talked about Agreed Value for their DMC. I was going through my paperwork tonight and being that I have JC Taylor, my value is agreed but I'm thinking it may be time to up the value. Right now I'm agreed for $21k and $30k seems more in-line with the value of the cars these days.
> 
> My question is what are people using as their agreed value these days for their classic policies? Do the companies just take the value or do they question it? I've never done this, so I'd like to know what I'm in for, if anything.
> 
> Thanks!
> 
> -Aaron Crocco
> VIN 5591
> NY Plate: OUTATYM
> 
> [Non-text portions of this message have been removed]
> 
> 



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