Some state it this way, "In the event of a total loss we will pay either the stated amount or the actual cash value, whichever is less".
That IS a STATED VALUE POLICY.
In an agreed or as Hagerty calls it, a "guaranteed value", there is no need to establish a "market" or "actual cash value".
The total amount is what you agreed the value of the vehicle is.
You i SUSPECT are being told by SF, as am I, exactly the same, BUT the symptoms are leading to a diagnosis of "stated value".
There is no need to do that in an agreed/guaranteed. This is in fact an escape clause to let the insurer get out cheaper than what you though you were covered for.
THIS IS EXACTLY what my issue is with SF and I may need to hire a Law Firm to press SF to issue a written policy that states exactly what they will do in the event of a total loss.
So far it is too early to say that they refuse to do so, but it really looks like that IS AND WILL BE the case?
Ultimately I think that all the documentation that they offer should be saved, including an audio recording of what your Agent (my agent) tells me BECAUSE if at any point for any reason on any claim under this policy, BECAUSE I think,
>>> IF they have fallen to "determining the actual cash or market value" of the vehicle to determine what they will pay, then this is just a case of 100% fraud on their part.<<<
At the moment my Agent is dancing around me and was supposed to call me back EVERY DAY this last week on this exact subject.
What I predict he will tell me is that "he is sorry but has been very busy" but I suspect the reality is that he is in contact with "the main office" waiting for an answer on my questions and an explanation. I feel I can almost guaranty that?
All I can say to anyone, and what many of you will say to me, (so save the effort) is "Doug, there are other companies besides SF AND Hagerty".
Yup. Let's see what my SF Agent says to me when I tell him that too? Stay tuned, this may be developing into a "mini-series"?
Joules. Thank you for your information. That is "only backgound" at the moment but may become significant shortly.
I try to do as much research as I can in advance. SOMETIMES it helps, sometimes it just confuses the matter.
At the moment though the crux of the matter is the "determining market or cash value" clause in the contract.