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Re: Agreed...
Posted by BruceTurk (more from BruceTurk) on Fri, 1 Feb 2008 08:27:18
In Reply to: Agreed..., UpstateNY Bill , Tue, 29 Jan 2008 16:40:20
Depending on the state you live in “agreed value” means different things. In New York agreed value means you can collect “up to” that amount if the car is totaled but the insurance company is in NO WAY obligated to pay that amount. The insurance adjuster that looks at your wreck will ultimately determine how much the insurance company has to pay. If he feels you were over insured you will not get the agreed value. Furthermore, In New York if the car is deemed totaled, the insurance company owns the wreck after the payout. If you want to keep the car for repair (in my case this happened TWICE, the insurance carrier said they were totaled when clearly they were not.) you must buy it back. So now the question is: How does the insurance carrier determine the cars value after it’s “totaled”? In my case the car was listed with photos on a national web site where wrecked cars are sold at auction. Kind of like an Ebay for wrecks. At auctions end the insurance company notified me of the highest bid, and that was what I HAD to pay them to keep the car! And to make it more ridiculous, they refused to CONFIRM the highest bidder by giving me their contact information.

Bottom line- depending on where you live you can really get screwed on a Historic vehicle. Beware.
Bruce Turk


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