So I read in another thread about agreed value coverage. What does this mean? Does it allow me to "insist" that my car be repaired in case of an (lord forbid) smashup?

thanks!

Julie

 

every insurance company does this a little different. You need to ask what the value they are placing on the car.

It is the agreed value payoff- if the car should it be totaled in a wreck under the collision policy or by outside damage/ theft in the comprehensive part of the policy.

Some companies offer an increase in the agreed value over the standard policy - often 25%. Other companies do not offer the coverage

 

Yeah..., I found out Geico doesn't offer it.

Is it possible to get a 2nd policy from another company for agreed value?


Julie

 

The reason to purchase an agreed policy is when you are not happy with the value the insurance company is placing on the car -- most people never read the policy they are sent or ask how it is determined. But it is one of the factors in setting the final rate/cost of the policy.

This has nothing to do with getting the car fixed -- companies have other rules they follow regarding what parts and how/ who they will pay to fix a car. They will always fix your car if you have the coverage - how is something else.

Often older cars in very good shape fall into this category. Your car is seriously wrecked and you think its worth 15k and the insurance company thinks 10K - you have a problem. Some companies (mine) allow for a percentage increase in the stated value.

The potential for fraud is high with this coverage on standard policies - so not offered

Never heard of secondary insurance on a regular policy -- it would not be worth it.