"Agreed Value" (was Recommendation on valuer for M

[Phil]

Be careful with 'agreed value' policies and check the small print or query
the salesperson. I came across one (don't recall who the underwriter was)
that reverted to 'market value' if the pre-loss value of the car was less
than a certain percentage (say 90%) of the agreed value.

i.e., Agree $10,000. Crash, vehicle written off. Pre-loss market value
calculated as $8,000. $8k is less than 90% of agreed value, therefore market
value applies, max settlement $8k. Probably minus deductible.

Sigh.