84 300d sold for $20,000 - PeachParts Mercedes-Benz Forum

97 SL320 · #1 09-22-2019, 02:33 PM

Quote:

Originally Posted by tangofox007

It's always great to hear from an expert. Tell me, does my insurance company have a record of not honoring its obligations?

E mail your insurance agent and ask to have a binding answer to the following questions in writing, on their letter head and sent by USPS.

1) What is the valuation of my car right now?

2) If my car should become damaged, at what % of value would it be considered a total loss and not be repaired?

3) If my car becomes a total loss for any reason, how much will the check written to me be?

tangofox007 · #2 09-22-2019, 02:48 PM

Quote:

Originally Posted by 97 SL320

E mail your insurance agent and ask to have a binding answer to the following questions in writing, on their letter head and sent by USPS.

1) What is the valuation of my car right now?

2) If my car should become damaged, at what % of value would it be considered a total loss and not be repaired?

3) If my car becomes a total loss for any reason, how much will the check written to me be?

First, I will need for you to send me, via certified mail, a copy or your insurance qualifications. On official letter head (sic), of course.

In any case, the agreed value of $17,150 is specified right on the declarations page.

97 SL320 · #3 09-22-2019, 07:16 PM

Quote:

Originally Posted by tangofox007

First, I will need for you to send me, via certified mail, a copy or your insurance qualifications. On official letter head (sic), of course.

Wow, this and your previous rants in this thread prove that untreated diesel exhaust isn't toxic and also promotes good grammar.

Quote:

Originally Posted by tangofox007

In any case, the agreed value of $17,150 is specified right on the declarations page.

You could have been more specific about what type of coverage you have. Some here have been caught out by thinking Stated Value and Agreed Value were interchangeable only to find that their Stated Value policy would not fully cover them.

For the benefit of others, here is a bit from https://www.hagerty.com/insurance/insurance-tips-and-resources/stated-value-vs-guaranteed-value

Quote:

Actual Cash Value.Because most cars begin depreciating the moment they’re driven off the lot, standard insurance companies insure your cars accordingly. They will adjust your payout based on what the car would be worth the day of the accident (prior to any damage occurring), instead of what you originally paid. This is referred to as a vehicle’s Actual Cash Value.

Stated Value is coverage that reflects an amount that is “stated” at the onset of the policy. You tell your insurer what your car is worth (with proper documentation) and it is insured for that amount. The caveat here, however, is that the insurance company can choose to pay you either the Stated Value or the Actual Cash Value, whichever is less.

Alternatively, Agreed Value, coverage primarily offered by specialty insurers, is based on the proven value of your car as determined by you and the insurance company, according to appraisals, photos, or other relevant documentation. With Agreed Value coverage, the insurance company will guarantee that they will pay this agreed-upon value in the event of a covered total loss.

tangofox007 · #4 09-22-2019, 08:11 PM

Quote:

Originally Posted by 97 SL320

You could have been more specific about what type of coverage you have.

I didn't ask for insurance advice, so there was no need for me to be specific about anything. If YOU feel the need to provide unsolicited advice, maybe YOU find out what kind of coverage is involved.

koooop · #5 09-23-2019, 03:41 PM

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