Date: Tue, 3 Mar 2015 15:59:29 -0600
Reply-To: mcneely4@COX.NET
Sender: Vanagon Mailing List <vanagon@gerry.vanagon.com>
From: Dave Mcneely <mcneely4@COX.NET>
Subject: Re: Roadside service - Stated Value Policy
In-Reply-To: <z93p1p00i08X5Fr0193tbF>
Content-Type: text/plain; charset=utf-8
My understanding is that stated value policies do not have annual mileage limits. The way two different AAA CA representatives and a representative from Farmer's explained it to me, is that stated value is just that -- the customer tells the company what the customer thinks the value is, and the company records that as a part of the policy record. The company has not agree to pay out that amount, and indeed, will try to pay the lowest book value. Agreed value policies differ in that the company has agreed on the valuation and agreed to pay out that amount in the event of a loss. Therefore, it exercises more requirements on use of the vehicle, to protect its contractual interest in the vehicle.
When I was considering a stated value policy (dropped the idea once I understood the policy), it did cost more than a standard policy.
I may revisit the agreed value policy, but will have to put a pencil to the mileage limit thing. My camper is exactly that, a camper. Other than camping, I only drive it for essential purposes, mainly maintenance. On occasion when my other vehicle is tied up I may run an errand with it, but mostly it stays in the garage when it is not being used for camping.
You can also get "classic car" insurance on any vehicle that is old enough. That is even more restrictive, such as requiring maintenance, garaging, and driving only for car club activities or shows. But it insures the vehicle for what it is worth as a collector's item.
mcneely
---- Anthony Egeln <regnsuzanne@YAHOO.COM> wrote:
> Do "stated value" policies have annual mileage limits? And are they more expensive?
> Thanks, Ant
> From: Stuart MacMillan <stuartmacm@GMAIL.COM>
> To: vanagon@GERRY.VANAGON.COM
> Sent: Tuesday, March 3, 2015 3:54 PM
> Subject: Re: Roadside service
>
> Like you said, argue with them that yours is representative of high book. I'd also get a picture of your van in the garage (anybody's garage) to show you take really good care of it. I don't think a $350 appraisal will help much, but Go Westy's service may be more valuable because they buy and sell a lot of these, and they are a neutral expert third party that can also talk to the adjuster.
>
> I currently have about $8000 in receipts for my rig, and climbing. Not all are repairs, most are upgrades. I've got "stated value" of $15,000 with Traveler's Insurance. I may raise that!
>
> Stuart
--
David McNeely
|