More thoughts on Ins Coverage

[Cthyng]

I am an insurance adjuster/appraiser who specializes in antique vehicles. What the last thread is talking about is found under the Physical Damage portion of your policy and is commonly called "stated value". That will state the maximum amount that you can recover if your vehicle is stolen or totaled. It is not a guarranted amount. For example if you insured your ratted out, basket case 76 Honda for $50k, you would not get 50k if it was stolen. You still have to prove the value of your vehicle to the insurance company in case of a loss. I would strongly suggest at least two appraisals and photos of your vehicle on file with your agent. It also would not hurt to have some comparable vehicle sales amount in your file as well. I often use auction results to determine value. One final thought, VERY few people know the actual cash value of thier vehicles. It is almost alway less then they think.