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« on: February 23, 2007, 10:51:18 PM »
You have a stated value policy unless your policy says this: (and only this)
"In the event of loss to a "your covered auto" described in the Schedule or in the Declarations for which a specific premium charge indicates that Antique Auto Agreed Value Coverage is afforded:
1. We will, subject to the applicable limit of liability shown in the Schedule or in the Declarations for this coverage:
a. Repair or replace the damaged or stolen property with like kind and quality if the amount necessary to repair or replace such property is equal to or less than the limit of liability shown in the Schedule or in the Declarations; or
b. Pay the amount shown in the Schedule or in the Declarations."
If there are any statements about depreciation, or "value at the time of the accident", the insurance company will find some comparible cars in your area (usually the ones with no drive train and missing the floorboards sitting in a marsh) and use that to establish a lowball value, and then they will depreciate it further for excessive mileage or some other factorsthey dream up you will be lucky to get a couple of thousand dollars out of the insurance company. Check your policies and read them carefully.
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