Thread: One way to total a '32 Roadster

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Damm, I'm really sorry to see that happen to such a nice car that I've looked at many times at shows. Hope he recovers quickly.

This is the same kind of accident that my wife was involved in several years ago on the 241 toll road. Someone cut her off and in the process of advoiding the other car she rolled her SUV several times. Even though eyewitneses chased the other car down and got the license number the CHP said they could not charge the other car with the accident, or leaving the scene because the two cars did not "actually touch", LOL.

I'm sure many of us are looking at the chrome/stainless drilled I-Beam axle and are saying the same thing, THAT'S ON MY CAR ALSO! Yikes, I really try to buy, and/or build with "safety first" in mind but that broken axle gets you thinking. I would have felt better if it bent and did not separate.

A "Stated Value" policy is what we need on these type of cars.

Hope all turns out well.

* Actual Cash Value (ACV)This coverage can usually be provided by standard auto policies. At the time of a complete loss the insurance company claims adjuster will decide what your car is worth. You may have some input, if you do not agree with the claims adjuster, but in the end the insurance company decides the final settlement. If you don't agree with the settlement, you may have no choice except to seek legal action, or arbitration if specified by your policy agreement.
* Stated Amount or Stated Value This policy is often misunderstood, and frequently used for collector cars. Most insurance agents represent stated amount or state value policies as being the same as "Agreed Amount." It is not!

* A "Stated Amount" policy usually says the insurance company will pay the lesser of: The Stated Amount or The cost to repair the covered auto not to exceed the "Stated Amount" or The "Actual Cash Value"
The "Stated Amount" helps determine the premium cost but is no guarantee of the settlement amount of the car if a total occurs. The "Actual Cash Value" is explained above and allows the claims adjuster to determine the loss often for less than the "Stated Amount". Most insurance agents are not aware of this claims detail. Many agents, unaware of the actual policy language, will insist if your collector car is stolen or totaled, you will receive the stated value. They are Wrong!

* Agreed Amount or Agreed Value Policies are the only guarantee in writing of the amount you will receive if your car is stolen or totaled. There is no "Actual Cash Value" clause in the policy. The "Agreed Amount" policy says the insurance company will pay you, the lesser of: The "Agreed Amount," or The cost to repair the covered auto, not to exceed the "Agreed Amount".
With an "Agreed Amount" auto policy, your agent and you must agree together what the "Agreed Amount" should be before the policy is issued. The "Agreed Amount" should represent the true market value of the car at the time the policy is written. If the market value changes during the policy period, the "Agreed Amount" can be adjusted to reflect any market changes during the policy period and should be reviewed at renewal.


My son sells insurance. You want agreed, not stated.