Mark
Trinity,#2Consumer Suggestion
Sun, August 06, 2006
Declared value is a misnomer. Declared value means only that the company can pay up to that value, it's still an actual cash value policy. Say you declare a value at $30,000.00, if the value of your vehicle is ony $20,000.00 that's what the company owes you. On the other hand, if you declare a value of $30,000.00 and the value is $40,000.00 then all they owe you is $30,000. It is very important to have your classic car appraied by a qualified appraiser that is schooled in classic cars. I don't know the particular practice of this company in changing policies, but hope this helps you understand that you were probably paid that real value of your vehicle.