Do You Have The Right Insurance Coverage?
Agreed Value verses Stated Value insurance coverage - Solving the mystery- made easy.
No matter if I'm attending a classic motorcycle, boat or car show, there's one thing that's consistent--pride. Owners love to share their "baby's" story. I'm always fascinated by the relationship men and women share with their mechanical child.
Every owner is proud to tell you about all the labor of love hours and dollars invested in restoring or maintaining their baby. However, when the topic of insurance coverage arises, the answer is often the same -- "I'm friends with my agent, I have great coverage."
Speaking from personal experience, most of my friends have the best of intentions, but not always in my best interest. Let's face it, in today's professional marketplace, there's a lot less specialists then a decade ago. Big business sacrifices expertise in exchange for the super-human, be all employee who knows enough to get by in their job.
Here's an easy way to remember the difference between a Stated Value policy and an Agreed Value policy. I will use two examples of a typical conversation reference between friends setting up a time to meet.
"We really need to meet up. Let's get together sometime next week for dinner." - This is an example of a Stated Value policy.
"We really need to meet up. Let's get together at Barney's Bistro on Tuesday at 5p.m." - This is an example of an Agreed Value Policy. It clearly sets a definitive expectation.
Agreed Value policies require an appraisal to set a defined payout during a loss. In addition to assisting you with all your appraisal needs, Auto Appraisal Network - Detroit provides pre-purchase inspections, diminished value appraisals, and much more. Set up your appointment today.
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COVER YOUR ASSet- Solving the mystery of stated vs agreed value insurance policies, and why it should matter to you.