I know everyone here are professional collision industry repair specialists and I'm not, but that picture shows superficial wound. Can you give more details of the incident? Looks like a parking lot 2mph "didn't see ya" sort of deal.
2024 Lucid Air Touring — $22K Repair Estimate, Insurance Wants to Total It. Advice?
- Thread starter CougarSpeed10
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Was that policy written during the first year of ownership? ie, before any nominal depreciation took place?
I ask because my Cincinnati policy’s agreed upon value was $84,900, effectively the purchase price of my 2025 AT this year….I switched to them when my prior annual coverage ran out, which was Oct 2025, 10 months after taking delivery, and so still not quite considered a year old by the depreciation outfits.
The renewal, taking effect in a few days, drops it to $55,000. That’s probably pretty close to a fair market value (or replacement cost) now for an almost 2 year-old AT, that’s reflecting 1yr of depreciation.
This is my first true luxury vehicle, so my first experience with agreed value insurance. Is what I’m seeing more or less the typical approach, with the value still dropping annually with depreciation, but at least anchoring in a figure at the beginning of the coverage year, rather than potentially getting much less back if the car was totaled near the end of the coverage year (ie using then-current replacement market value)?
(FWIW, I was unable to get a response from Pure; Safeco was significantly more expensive, so Cinci was my best enhanced coverage option….the much higher and longer lasting rental car coverage is also key, thanks to interminable body shop times)
Agreed value insurance is typically not impacted by depreciation. What you describe is more typical of stated amount insurance. Those policies do consider depreciation.
- Joined
- Sep 29, 2024
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- 230
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- Kennebunk Maine
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- 25 Air Touring
- Referral Code
- LZGDOL99
Huh. Cincinnati definitely calls this “agreed value”…?
The key to an agreed value policy is agreement on the value. It should be mutual. It looks like Cincinnati is restating the value at renewal to the current actual cash value. If that’s acceptable to you that will become your new “agreed” value. What you are essentially getting is a guarantee that the payout will be no less than the current ACV if a total loss happens at any point during the year. Essentially negating up to 12 months of depreciation. You could arrive at a higher new agreed value if Cincinnati is willing to do so.
Agreed value insurance is more typically used with collector cars or restored vehicles that can be harder to value. It makes sense for both parties as the market for these vehicles may rise or fall.