Agreed value insurance question - fast answer appreciated!

My wife and I recently purchased a new toy car (details coming in the future). It has agreed value insurance on it since it will be a part time driver. However, when I received my updated policy today, they were 10x under the agreed value price (i.e. agreed value for $2000, when the real value is $20,000 - not the real numbers, btw.)

Is it still OK to drive?  If something were to happen would they honor the real agreed value? I've left a message for the insurance company because it was after hours when I discovered the error.

Thanks!!!

If that's "the policy" I wouldn't drive it until the policy is corrected. 

If the most recent paperwork has it wrong, that's what they will drag out in event of a loss, especially if it's in their favor...

Do not drive it until fixed!

I would clarify it before risking it. 

Scary thing is I did a fly and drive from St. Louis, MO to Detroit Metro.  And driven it a bunch since.  I was assuming insurance was correct.  If something happened prior to paperwork arrival I don't know what would have happened .

If you have a copy of the application they accepted showing the correct amount and this is a clerical issue, you're fine.  If not, I wouldn't risk it 

SKJSS (formerly Klayfish) said:

If you have a copy of the application they accepted showing the correct amount and this is a clerical issue, you're fine.  If not, I wouldn't risk it 

It was done over the phone as an addition to my current policy.  Not written down.  Should be fixed tomorrow, but we won't drive it until verified.

Thanks for the feedback!

Or if it's like the morons at Snake Farm, they may have decided what it's "really worth" after you made the application. They refuse to insure my 93 Ford Lightning for it's actual value, citing it's high miles (176,000). Well, if the miles were lower, it would be worth 4x what they want to insure it for. Idiots. (And I can call them idiots, since I work in the same industry)

ddavidv said:

Or if it's like the morons at Snake Farm, they may have decided what it's "really worth" after you made the application. They refuse to insure my 93 Ford Lightning for it's actual value, citing it's high miles (176,000). Well, if the miles were lower, it would be worth 4x what they want to insure it for. Idiots. (And I can call them idiots, since I work in the same industry)

Yep, and you know this as well as anyone...underwriters are not car people.  They don't know an Accord from a Camry.  A specialty car needs a carrier who has people that understand cars and the market better.  Grundy, Hagerty, etc...

I could be mistaken, but to my knowledge if you request an agreed value for X amount, they can't just write it for 1/10th X without your knowledge and consent.  They can just flat decline to write it but they can't change the value at time of writing.

Called this a.m. and got it corrected.  Will check online later to make sure before driving it.  Thanks again for the feedback!  Much appreciated!