Yenko Duece

[YENKO DEUCE REGISTRY]

COPO69 is correct, the key is a 'value' policy vs. an 'amount' policy. Some policys call it a 'stated' value while others call it 'Agreed' value, from what I understand it's the term 'value' that is important. No luck yet with this process, looks like I'll have the insurance but no tag by the next cruise-in - back on the trailer, no burnouts!
M

[copo69]

Marlin, Actually the key is agreed vs stated. Stated amount or stated value is the same thing. Agreed amount contracts mean you and the insurer have agreed on the value of the item and that is what they will pay in event of total loss.

[YENKO DEUCE REGISTRY]

I am certainly no expert when it comes to insurance, so I can quote from this tech article written by Terry Shaw, Automotive Legal Service, 215-659-4947, Box 626, Dresher, PA 19025.

Terry writes:

"Additional research revealed there are, in fact, two types of stated policies. One is a 'stated amount' policy in which the premium is based on an amount stated by the insured. Losses, however, are still based on the actual cash value (ACV)of the property at the time of loss, but not to exceed the stated amount. To pay the stated amount automatically would create a moral hazard in that policy holders could overvalue their cars, thus making a profit. This is contrary to the basic principle of indemnity which is to restore a person to the position they were in before the loss.

The other is a 'stated value' policy, which is a true 'valued' type of policy where both parties agree, in advance, as to the value of the property. In the event of a total loss, the company will pay the full face value of the policy. It turns out this is an Inland Marine type of policy generally used with works of art, boats, and other marine equipment. There are a few companies, however, that do offer it as an automobile policy. This difference may be the reason for the wide misconceptions about stated value policies. Mr. Flippen, (person in article with total loss, who thought he had a stated value policy, but actually had a stated amount policy), asked eleven different Nationwide agents how the company would settle his stated value policy. None of them corrected him by saying it was actually a stated amount policy, five of them said the company would pay the full stated amount and five of them did not know. Only one actually knew the company would not pay the stated amount in the event of a total loss. He said he chose not to sell that type of policy because the insured pays an additional premium and receives no additional protection. In fact, the insured received less protection. The standard indemnity policy pays the ACV at the time of loss with no limit on the company's liability. The stated amount policy still pays the ACV at the time of the loss, but the company's liablility is limited to the stated amount... The insured pays an additional premium for the 'privilege' of limiting the insurance company's liability."



I have found that my normal auto insurer would offer me a 'stated value' policy, and they knew it was normally for boats, art, ect... but they charged 3x the premium that the classic car insurance company's do.
M

[Dan 68 Chevy II]

Marlin,
My policy on my 68 Nova ss 396 is listed as a agreed value with Hagerty insurance. Dan

[YENKO DEUCE REGISTRY]

Dan & Paul;
Will you be at the Ottsville show this Friday??
M

[PxTx]

I think I will go since I just brought my 65 Malibu SS L79 car out of storage. It has been sitting since 1995 (in a barn)and it's pretty dirty. Just for HA HAs I'm putting it in the Glenside PA car show in it's filthy form. Kinda a real life Cars in Barns experience for all to se at the show. next year it'll be cleaned up.

I consider my car a "survivor" since it survived my hot rod days in high school (grad 1993) and with some of it's older pics and stuff I think a bunch of people will get a kick out of it. I sure hope some of my old high school buddies will be at the show!

All are welcome to look for a dirty Artisian Turquoise 65 Malibu. See you there!

[YENKO DEUCE REGISTRY]

Hey;
There will be no show in Ottsville tonight, or next month. Apparently, there were too many people doing burnouts last month, with one car getting way out of shape and almost hitting some spectators. The show has asked the State Police to monitor the event, but they can't catch them all. A bunch of morons have ruined this cruise for the rest of the year, hope it's back for next spring!
M

[Belair62]

All it takes is a couple of jerkoffs to ruin it for everyone.Too bad.It's usually the hot dogs who can't handle it that do it....

[sixtiesmuscle]

Are you refering to anybody in particular, BA '62?

[Belair62]

Don't know anybody out that way.........just a darn shame a good cruise got messed up...Im sure Marlin will take care of them.It happens to a lot of cruise spots....It's always Vinnie in the late model smokin the baloneys ! Kind of like Strats out my way...I stay clear....it's even worse when the guys take over with the gigantic nuclear sized speakers !