Non-Technical Question: Insurance

[Larry S.]

Re: Unattended

I would say if your making a decistion on insurance and need a correct answer then you must get it in wrighting.One of my classic cars is garaged in a neighbors locked garage.And I have a letter from my insurance under wrighter refrencing my policy why it was not covered in a loss when parked in that garage.I asked how it would be covered and after installing a passive alarm in the car and my insurance agents inspection and fowarding picture of the garage.I now have a rider to my policy covering the car when stored in this garage.All ways have the answer faxed to you on there company leter head.I have not contacted my carrier yet about the unattended clause yet leaving the car in a hotel parking lot while at a event such as carlilse.

Last year I did call them and explained I was going to travel to carlilse was I covered for the trip and they said absolutely but I did not ever dig into the details of how the policy was written on being unattended I guess I realley have to dig into this prior to taking the 66 to carlilse next year.

[John H.]

Re: Non-Technical Question: Insurance

Not really - if you have an "agreed value" policy or endorsement, that amount is what they write the check for in the event of a total loss. If you have a "STATED value" policy, that's no different than a normal everyday driver policy, and only "caps" the amount they're obligated to pay in the event of a total loss - and they make the determination themselves with their own formulas and procedures relative to the amount of the check they write. "Stated Value" does absolutely NOTHING to benefit the policyholder - it only protects the insurer.

[Bruce Boatner]

Re: Non-Technical Question: Insurance

I stand corrected. I thought "agreed" and "stated" were one and the same. My policy is actually a "stated" value policy. I will disagree that "stated" coverage does nothing to protect the policyholder--it certainly increases the chances of getting a fair settlement than what would be offered by a standard policy. I imagine obtaining an "agreed" value policy is quite a bit more complicated and/or expensive for a DRIVER car.