RE: [DML] Re: Agreed Value

[<rob@xxxxxxxxxxx>]

Hi Dave,

 

You said "The only time agreed upon value will come into play is if the car
is totaled or stolen and not recovered (or totaled)." That statement is
correct but with one big exception.  An "agreed  value" also is a
determining factor in WHETHER OR NOT a car is totaled when involved in a
heavy collision. In most states a "mandatory total" clause kicks in at 75 or
80% of the value of the car. In my experience owners of clean well
maintained (therefore more valuable examples) Delorean's almost never want
their cars totaled if they know they are repairable. A case in point
follows.

I have a customer with a very pampered car who was recently involved in a
fairly severe rear end collision and had insured the car for about $10G
under it's current value due to rising prices over the last four years. The
repairs came to about 75% percent of the "agreed value" but the car is worth
much more and can be repaired to "as new" condition. While a financial (and
sentimental!) loss was narrowly avoided if the damage was just a little more
severe the hapless owner would be SOL if you pardon my French! The morale of
the story is you never want to underinsure your car as the premium
difference is not that much as to justify the risk. Many owners are probably
underinsured if they haven't recently reviewed their "agreed value" policy.

 

Robert Grady,

 

P.J.Grady Inc.

 

  _____  

From:jtrealtywebspannet
Subject: [DML] Re: Agreed Value

One way to arrive at a # to use for "Agreed Upon" value is to decide what it
would cost you today to buy another Delorean just like yours in the same
condition yours is in today. Be honest.


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