Quote:
Originally Posted by scottj
You have to look at how they define "agreed value". Midwest Classic wouldn't "agree" to over market value no matter what I was willing to pay.
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I submit to my insurance company (Hagerty) every year my estimated value. It has to be reasonable for the car otherwise they won't agree to it. My premium is based on the agreed value. If I have a claim, there is no argument about the value. It has already been agreed.
Stated or Declared value is a one-way conversation. You tell them, state, declare what you think the car is worth. It is noted in the record. If you have a claim, the value is then up for review, discussion, estimation, negotiation, etc. The discussion takes place after the claim is made. The insurance company can then say that your car is not worth the stated value and you have a disagreement.