Cobra Insurance

[hazards280]

I have a stated value policy for my Unique under Auto-Owners Insurance. They simply asked its value and applied the coverage to the policy.

I was coming from Grundy, which had mileage limitations and a higher yearly premium.

Finding that I could bundle the Cobra with our other vehicles, remove the mileage limitation, and save money was a no brainer.

I had a copy of a recent appraisal and offered to send it to them, but they declined.

[patrickt]

Originally Posted by hazards280

I had a copy of a recent appraisal and offered to send it to them, but they declined.

And why do you think they did that?

[patrickt]

Originally Posted by patrickt

And why do you think they did that?

Hint: They would have said and done the same thing even if your estimated car value was triple what it was.

[Cobranut]

Originally Posted by hazards280

I have a stated value policy for my Unique under Auto-Owners Insurance. They simply asked its value and applied the coverage to the policy.

I was coming from Grundy, which had mileage limitations and a higher yearly premium.

Finding that I could bundle the Cobra with our other vehicles, remove the mileage limitation, and save money was a no brainer.

I had a copy of a recent appraisal and offered to send it to them, but they declined.

F.Y.I.

"Stated Value" means NOTHING when it comes to paying a claim.
It is simply used to set your premium.
Read your policy's fine print, and you'll find that they'll pay actual cash value UP TO the stated value.

"Agreed Value" is an insurance contract with a value AGREED upon by both parties, and they will pay the agreed amount in the event of a total loss.

[hazards280]

Originally Posted by Cobranut

F.Y.I.

"Stated Value" means NOTHING when it comes to paying a claim.
It is simply used to set your premium.
Read your policy's fine print, and you'll find that they'll pay actual cash value UP TO the stated value.

"Agreed Value" is an insurance contract with a value AGREED upon by both parties, and they will pay the agreed amount in the event of a total loss.

This is helpful, thank you.

I went back and read through my insurance documents, and it was set to an "Agreed Value" in the declarations. I will give them a call this week and see if I can get any more detail on how they would treat the valuation in the instance there was an accident.

The fine print states that - "One or more automobiles showing in the enclosed declarations are insurance on an agreed value basis. In accordance with your policy's provisions, total losses will be settle on the agreed value of the automotive at the time of the loss as advised by "AV" in the declarations."