Market value vs Agreed value
Posted: Sun Jan 20, 2008 8:08 am
As some of you will know, I was recently involved in an accident which resulted in my car being written off. When I first signed up to my insurance company (Famous Insurance) a couple of years ago, I signed an Agreed Value policy. However, when I got the letter from them stating what my payout would be, the payout was for market value instead. After going back over my paperwork, it seems that when my policy was renewed after the first year, I was switched from an agreed value policy to a market value policy. Now, since it was just a renewal form I expected I was just renewing the policy - I guess thats why I missed that particular detail.
Anyway, is that a normal thing for an insurance company to do? I'm going to contact them tomorrow, but I'd like to know roughly where I stand.
Anyway, is that a normal thing for an insurance company to do? I'm going to contact them tomorrow, but I'd like to know roughly where I stand.