04-17-2009, 03:38 PM
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CC Member
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Join Date: Feb 2006
Cobra Make, Engine: Hurricane HM1073 Keith Craft Genesis 427FE/482 CI
Posts: 390
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Not Ranked
Quote:
Originally Posted by jhv48
State Farm generally determines the value of your car at the time of a loss.
It is based on the average private party sales price of a similar vehicle as yours on the day of the loss.
So, if you spent $85k on the car, but similar cars are selling for $50k at the time of the loss, yours will be valued at $50k.
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Well that doesn't seem right. Let's see, car costs $85K, insurance company looks at other "replicas" that were built on the cheap and says mine is the same value as theirs. Yeah, that's fair.
That's why I went with Robbin at Midwest. AGREED Value, which means I get what both he and I agree to as the vehicles value at time of insuring it. The agreed value also goes up each year automatically, but my cost hasn't.
+1,000,000,000 for Robbin |
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