Stated Value Auto Insurance

Alternatively agreed value coverage primarily offered by specialty insurers is based on the proven value of your car as determined by you and the insurance company according to appraisals photos or other relevant documentation.

Stated value auto insurance. Stated value and agreed value. The caveat here however is that the insurance company can choose to pay you either the stated value or the actual cash value whichever is less. Stated amount or stated value the second type of coverage would be stated amount. Most commonly used to provide insurance coverage for classic cars an item s stated value is determined by the individual not the insurance company.

State value is commonly mistaken for agreed value though the two vary dramatically in the extent of their coverage. In the absence of the endorsement physical damage coverage is not subject to a limit. We specialize in appraising antique classic customized and special interest vehicles newer makes and models trucks trailers motorcycles motor homes gray market vehicles heavy equipment airplanes etc. What winds up happening is consumers often get offered a stated value by the typical big auto insurance company.

Remember the short sweet payout clause for an agreed value. In many cases an individual will ask the insurance company that insures their other personal autos to add coverage for their collector car so the insurance company will add the car to the policy with the stated value endorsement. Jmi insurance is a local independent portland insurance agency that is dedicated to providing customers with the insurance coverage that they deserve and can depend on. In the event of theft or a total loss we will pay the stated value or the actual cash value whichever is less yikes.

Let s look at the two different types of auto insurance. Stated value is the insurance most of us have on our daily drivers which are depreciating. As an aside on depreciation most new cars depreciate by approximately 10 per year over the first five years with diminishing depreciation thereafter. The stated amount endorsement amends the limit of insurance provisions in the commercial auto policy.

What is stated value insurance. The stated amount of an antique or classic car is a bit more complex as there is a capped amount that will be paid based on the price of repairs actual cash value at the time of loss or the agreed upon stated amount. Stated value auto insurance policies. If a covered auto is damaged by a covered peril your insurer will pay the cost to repair or replace the damaged property or the property s actual cash value whichever is less.

Stated value insurance is a type of coverage for collectible items that will cover the stated value or actual cash value at the time of total loss whichever is lower. One of the things we specialize in that most insurance agencies don t offer is stated value insurance. This is what stated value says about a total loss.