11-11-2024, 09:18 PM
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CC Member
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Join Date: Mar 2000
Location: Virginia, USA,
VA
Cobra Make, Engine: Genuine original Unique MotorCars 427 S/C, with a Genuine original Ford 427 Side-oiler.
Posts: 312
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Not Ranked
Stated vs agreed value
Quote:
Originally Posted by hazards280
I have a stated value policy for my Unique under Auto-Owners Insurance. They simply asked its value and applied the coverage to the policy.
I was coming from Grundy, which had mileage limitations and a higher yearly premium.
Finding that I could bundle the Cobra with our other vehicles, remove the mileage limitation, and save money was a no brainer.
I had a copy of a recent appraisal and offered to send it to them, but they declined.
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F.Y.I.
"Stated Value" means NOTHING when it comes to paying a claim. 
It is simply used to set your premium.
Read your policy's fine print, and you'll find that they'll pay actual cash value UP TO the stated value.
"Agreed Value" is an insurance contract with a value AGREED upon by both parties, and they will pay the agreed amount in the event of a total loss.
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David
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