Be cautious about the use of terms like "agreed" value and "stated" value.
Technically "stated value" is just as it sounds. You insure the car for
$10,000 and if it's stolen or totaled, you'll get $10,000 less deductible.
"Agreed" value can mean that the policy premium or price is based on that
value. But,in the event of the loss, the insurance company will only pay "up
to " that agreed amount, but less if the value of the car has dropped or the
adjuster disagrees.
The problem is that the terms are used interchangeably by agents who have no
idea what they are selling to you.
Therefore - get it in writing. Don't believe your agent, because he might
honestly think he is selling you a stated value policy.
If you stick with Parish or any of the major Collector car agents like JC
Taylor, this is not a problem. It generally only occurs when your local agent
gets involved.
Don Queen
"Self Appointed Expert, call for an appointment"
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