Jun 9 2016, 11:51 AM
QUOTE(19 Degree South @ Jun 8 2016, 06:11 PM)
If your policy is attached with 'agreed value clause', the insurenace company will pay the full insured amount less excess if any in the event of theft or constructive total loss! No market value involved! Agreed value means the insured and the insurance company agreed on a fixed sum insured at the point of erecting the policy! I still insured my car at rm 280k after 3 years with the above clause! If according to mkt value, my car worth only 180k max! The GVP to me is a gimmick, you have to purchase another mercs to activate this coverage!
its not a gimmick is more like an additional Insurnace. Put in this way, you mention you still insured your car Insurnace at 280K agreed value after 3 years. Is the Cost of purchase of your car also 280K?
From what I know agreed value of the Insurnace (for cars) drop every year
Just curious
This post has been edited by Jim.tan: Jun 9 2016, 11:53 AM
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