Agreed Value vs. Stated Value Auto Insurance
TagsAll blog car appraisal cars tires Auto insurance Safer driving Divorce appraisals Car consultant Diminished Value VIN Vehicle Identification Number Collector Cars Appraisal Clause Pre purchase inspections Vehicle Inspections Charitable Donation Total loss Prior to loss Totaled car Wrecked car Modified vehicle Extended warranty Probate Estate settlement Boat appraisals Financing Stolen vehicle Auto theft Hyundai Restomod Amelia Island Auction Nissan Cadillac Auto accident Collector car math Porsche Stolen car Ferrari Agreed value insurance RM Sotheby Monterey
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.
Tim M’s 2014 Kia Sorrento was stolen in December 2018, never to be seen again! His insurance company offered to compensate him $11,329 for his total loss. Tim felt this was less than fair market value so contacted us to help him. We advised him to inform his insurance company that he wished to invoke the ‘Appraisal Clause’ in his policy. We all have one in our policies!
By law, if a car owner wants his or her car to be legal to drive, then that car must have a car insurance policy in force, which is a law that also extends to modified cars. This is true even if the owner drives the car or not, whether the car has a registration plate or not, and whether it runs or not. However, insuring a modified car is not the same as insuring a non-modified car, and there are strict rules and regulations the modified car owner must follow. While many modified car owners purchase full tort insurance policies from specialized insurance agents experienced with modified car insurance policies, getting any policy for the car has some downfalls.
Even if you've never been involved in a car insurance scam, rest assured that you have felt their effects in the form of higher premiums. There is no national authority that keeps track of all types of auto insurance scams, but reports from various sources indicate the phenomena can cost insurance companies upwards of $6 billion per year and may account for up to 15 percent of all claims filed. Having to pay these claims results in higher premiums for policy holders, including you and me.