"Stated Value" is not the same as "Agreed Value".
Stated value just means that that is what the premiums are based on, not what the company will pay at the time of claim. Agreed value means that that is the value that is used when settling a claim.
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The stated value determines how the insurance company rates your vehicle, it does not necessarily determine how much the insurance company will pay you in a total loss. Insurance carriers word the coverage so that they are able to pay out the stated value amount or the actual cash value whichever is lower.
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https://www.thebalance.com/what-is-s...r%20is%20lower.
I don't like surprises. Stated value could lead to an unpleasant surprise.
07-08-2020, 09:48 AM
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