Agreed Value vs. Stated Value Auto Insurance
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The two secrets the auto insurance industry doesn't want you to know are "Appraisal Clause" and "Diminished Value." Almost every auto insurance policy has an Appraisal Clause, giving the policyholder, in the event their vehicle is declared a total loss, the right to an independent appraisal of the prior-to-loss fair market value. Diminished Value is the sudden loss of value because of an accident. If you were not at-fault in the accident, you can make a Diminished Value claim against the at-fault driver's insurance company. Call/text 786-853-0711 with any questions.
Daily driver (Stated Value) insurance is well suited for your daily driver car that is depreciating in value, but your custom or restored collector car that is going up in value, needs different (Agreed Value) insurance coverage. Do NOT lump your daily drivers and collector cars on the same policy! In the event of a claim for your collector car, you could be greatly disappointed!
Has your vehicle been damaged in an accident? Total Loss, or repaired now with Diminished Value?
A 1962 Ferrari 250 GT SWB Berlinetta will cross the block at no reserve during RM Sotheby’s August 15-17 Monterey Auction.
Before you accept a check from the insurance company for your wrecked or totaled vehicle, doing this one thing could mean getting thousands more dollars for your car.
Quote/Joke of the Week If the automobile had followed the same development as the computer, a Rolls Royce would today cost $100, get a million miles per gallon, and explode once a year killing everyone inside. ~ Robert Cringley
Find out what your car was worth prior to the accident. If you have been in an accident and it has been determined that your car is a total loss, your insurance company will need to pay to replace your car.
Sadie’s husband bought her a brand spanking new Cadillac for Christmas! With a big red bow on it just like you see in the TV ads! On December 30, with just 759 miles on it, coming home from Publix she was T-boned at an intersection by a red light runner!
The Restomod is a relatively recent phenomenon in the collector-car world. As an alternative to the “survivor restoration” process, these new cars mix old and new technology to create the best of both worlds, matching classic styling with modern comfort, performance and reliability. From giant, retro-styled wheels to Singer’s hand-built Porsches, enthusiasts are able to have their cake and eat it too!
Through no fault of her own, Amanda’s 2017 Hyundai Elantra was involved in an accident. It needed $3,902 in repairs, which was paid for by the at-fault driver’s insurance company. As a result of the accident, and despite the fact that Amanda’s Elantra was professionally repaired, it suffered ‘Diminished Value’, or a sudden loss of value.