Quote:
Originally Posted by Cobranut
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. |
This is helpful, thank you.
I went back and read through my insurance documents, and it was set to an "Agreed Value" in the declarations. I will give them a call this week and see if I can get any more detail on how they would treat the valuation in the instance there was an accident.
The fine print states that - "One or more automobiles showing in the enclosed declarations are insurance on an agreed value basis. In accordance with your policy's provisions, total losses will be settle on the agreed value of the automotive at the time of the loss as advised by "AV" in the declarations."