Insurance for Cobras

[Matt_Wheeler]

Originally Posted by jwd

For someone who sells insurance, I'm surprised that you would make such a statement. Nothing could be further from the truth. Talk to anyone that is knowledgable on the subject and you'll find that they are two very different types of policies. I don't sell insurance but I've been insuring my collector cars for almost 40 years so I'm well aware of the differences. You should be too.


This is from Grundy's Insurance.

"There is a huge difference between our Agreed Value policy and a Stated
Value policy. Some people (including insurance agents) mistake Stated Value for Agreed Value. And, that's a big mistake. If you buy a Stated Value policy and experience a total loss or have your car stolen, you may learn the hard way that your car isn't covered properly. Stated Amount forms say that the insurance company will pay the lesser of: a) The Stated Amount, b) the cost to repair the vehicle that doesn't exceed the Stated Amount or c) the "Actual Cash Value." And, with that third statement, a claims adjuster is
allowed to settle your claim for LESS than the Stated Amount! And, this is why all collector car owners need a Grundy Agreed Value policy.


Jim

This is true and I'm incredibly sorry for my error. I appreciate you pointing this out to me. Although the only companies I offer have Agreed Value policies, I will continually be on the lookout to make sure I never sell a single stated value policy as long as I'm an agent. I apologize for my mistake.