Officially (not) totaled #799 Final Update

[polizzio]

Originally Posted by Zslash28

He had an AGREED value insurance agreement. So yes, I would be mad too if I was given a market value adjusted payout.

You don't understand insurance then. They will gladly accept your paid premium if you overvalue the vehicle. But when it comes time to resolve a claim, you get current market valuation.

Based on your logic, the OP could have insured his Z for a declared value of 120k, pay his premium and go out on the track and deliberately total it, then pick up a check for 114k.

Yeah good luck with that......

[pmili75]

Originally Posted by polizzio

You don't understand insurance then. They will gladly accept your paid premium if you overvalue the vehicle. But when it comes time to resolve a claim, you get current market valuation.

Based on your logic, the OP could have insured his Z for a declared value of 120k, pay his premium and go out on the track and deliberately total it, then pick up a check for 114k.

Yeah good luck with that......

Actually.......agreed value is agreed value. If I had declared 120k they would have not underwrote the policy until I could substantiate the upgrades making the car worth 120k. However once they do underwrite the policy you don't get current market value...you get the agreed value minus the deductible. (Yes of course you can't commit fraud on the application either or they can change the rules after the fact)

But I think your missing the point. It's not about the dollars. I took it into my own hands and made sure I'd didn't lose any money.

The issue is poor service breeds I'll will.

I was in limbo for two months with no car. The policy has a max rental car reimbursement of $500.00. As it turns out is wasn't my only car but that is just way too long. Plus I shouldn't have had to handle the salvage disposal myself.

[polizzio]

So how much did you get for the Z as salvage?

[brokencilence]

Sent you a PM pmili75

[Zslash28]

Originally Posted by polizzio

You don't understand insurance then. They will gladly accept your paid premium if you overvalue the vehicle. But when it comes time to resolve a claim, you get current market valuation.

Based on your logic, the OP could have insured his Z for a declared value of 120k, pay his premium and go out on the track and deliberately total it, then pick up a check for 114k.

Yeah good luck with that......

No one in their right mind would agree to those terms if they had an AGREED value insurance plan. How hard is it to expect that if you sign a 1 day HPDE insurance plan and have an agreed value policy, you should expect nothing less than the full payout minus deductible?...
By your logic, all Z/28s should be $50k no matter what. They are now a model year old ('15s) with an MSRP of over $70k, its still a $70,000 car despite the soft market. Therefore the AGREED value plan is justified and should be honored by the insurance.