[DML] Re: Agreed Value
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[DML] Re: Agreed Value



You are correct in stating that the "Agreed Upon" value is used to determine the worth of the vehicle and is the basis of the calculation used to determine if the car is to be totaled. Most of the time if the cost to return the vehicle to it's condition prior to the accident is within 10% of the total value of the car the insurance company will "total" it meaning they pay off the policyholder in full and take ownership of the car. These rules vary State to State and insurance company to insurance company. In all cases the policyholder must understand and be aware of the rules and limitations. Also understand what "Diminished Value" is. No matter how good the repair can EVER be, the car can never claim to have NO accident history. Therefore the car has diminished in value. Most insurance companies do not cover this. That is why someone may consider having the car "totaled" and use the money to replace rather than repair. It can also be a LOT faster. Repairs can take a lot of time. Bottom lining this you should insure the car for what it would cost to replace. Since this # increases over time you must check to see that you are keeping up with current prices. Don't forget there may also be a deductible reducing what you actually receive.

David Teitelbaum


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