Market Value Limo Insurance

We have all probably made the decision when finalising our car insurance about whether or not to put the replacement value of our car at an agreed or market figure. This decision can depend on whether it is a company or personal car and who will pay for the insurance, and on whether you thought you got an exceptionally good deal on your car and to replace it to the same value would cost you a lot more than you paid the first time.

Limousine hire companies are no different. They have to decide whether to opt for an agreed or market value on their insurance policy for their limousines and this can also depend on a lot of factors. Sometimes the insurance company will assess the value a limo hire company has put on their limousine and advise that the value be recorded as higher than was originally stated.

This could be because the limousine has a lot of extras, the limo hire company got a good deal because they did a lot of the running around for the sale themselves, or because the limo hire company simply didn’t realise how much their limo was worth. Of course there are always people who are willing to take advantage of insurance companies and will put a higher value on their limos to allow them to claim for more than the vehicle is really worth.

For those limo hire companies who are honest and are not looking to take advantage of their insurance companies, they may feel reluctant about valuing their limos at more than they think they are worth. This can often be the case when the people doing the right thing want to make sure that no one thinks they are doing the wrong thing, and that they don’t actually do the wrong thing, because they know that the people who do the right thing often pay for those people who do the wrong thing.

However, it is important for limo hire companies to consider the fact that their limousines are very unique vehicles and to replace them is likely to cost more than what the limo hire company paid for them. It is also important to insure the limos correctly to save costs down the track when they need to be replaced, or if they are in an accident, they can be replaced with equally good quality limos.

 

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