[The Champ]

"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.

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.

https://www.thebalance.com/what-is-s...r%20is%20lower.

I don't like surprises. Stated value could lead to an unpleasant surprise.

[grivera]

Originally Posted by 64speed

I have 55,000 on a car that isn’t even on the road. It’s 61 dollars a month. Just tell them what you got, they will cover it

Originally Posted by 64speed

Well I have double your amount for a little over double your premium, plus I have had a theft claim that they settled above and beyond with no hassle. I don’t mind 150-200 extra to know I won’t have to jump thru flaming hoops if my parts get stolen

All good, it's your money - but your math is a bit off.

$61/month is $732/year . I pay $224 a year for $30K coverage. 2 X $224 is $448; 3 X $224 is $672...

so you're paying more than 3 X my rate for less than 2 x the coverage.

[punkin]

This is really good advice. An additional quote can't hurt. Thank you.

[ZeGermanHam]

I think the most important takeaway is to read the fine print of the policy in question, and do NOT focus solely on the monthly premium. So many people just look for the lowest price, but are unaware possible policy shortcomings.