| I've thought about this exact situation as just about any hit on a 300ZX is going to be TOTALED. So, I went to my insurance agent 2 years ago, with pictures and got a "Agreed" value policy where I set the value ahead of time. If you want to be ahead of this happening, just go meet with your agent and get the policy changed to a value you'll be happy with instead of waiting for the accident. Agreed Amount or Agreed Value Policies are the only guarantee in writing of the amount you will receive if your car is stolen or totaled. There is no "Actual Cash Value" clause in the policy. The "Agreed Amount" policy says the insurance company will pay you, the lesser of: The "Agreed Amount," or The cost to repair the covered auto, not to exceed the "Agreed Amount". With an "Agreed Amount" auto policy, your agent and you must agree together what the "Agreed Amount" should be before the policy is issued. The "Agreed Amount" should represent the true market value of the car at the time the policy is written. If the market value changes during the policy period, the "Agreed Amount" can be adjusted to reflect any market changes during the policy period and should be reviewed at renewal.
|
