mpruden

Sounds like you're in good shape. There must be some "agreed value" secret handshake at State Farm and my agent isn't in the club. I get the sense he doesn't have a clue.

Check out this from LW. They explain it better than I could. https://www.lelandwest.com/stated-va...-insurance.cfm

In case the link dies some time in the future, I'll attempt to paraphrase.

Agreed value:

1. You and the insurer agree on a value
2. Your premium is based on that value.
3. In the event of a total loss, you get the agreed value.

Stated value:

1. You and the insurer agree on a value
2. Your premium is based on that value.
3. the event of a total loss, you get the agreed value or the current cash value as determined by the insurance company, whichever is lower.

Translation = stated value is for suckers or cheapskates that want to partially insure their classic vehicles.

oLuB8UchKxp

Nope.

My State Farm guy says no agreed value either.

Ron

If policy says current cash value I think that means immediately prior to loss. That sum can be determined by plaintiffs expert. Insurance does not agree let them hire their own expert. Let the jury decide, throw in q bad faith claim.

Juries love insurance companies.

Ed Hughes

With so many specialist companies, and the silly rising market, it's foolish not to go agreed value through a focused insurance company.

As noted above, stated value isn't worth the paper it was written on. When I had my wife put a value on the 993 when I insured it 5 years ago, I thought stated value covered me.....until Bonni got in her wreck a year or so ago, and I then started looking at my policy and stated value. Once I saw the wording "whichever is less", the gong in my head started clanging. I shopped, and selected Heacock.

il pirata

which is what I have

You need a new agent

So does mine

In fairness I had to ask my agent three times. I am guessing the agents get no training on the classic car policy, and highly likely the same applies to the underwriters the agents call up.

You agent is wrong as well.

CarreraX

I have agreed value thru my State Farm agent. She is my sister in law for whats its worth. I just emailed her and this is what she sent back:
"It is an agreed value rather than actual cash value. The agreed upon value will be paid in the event of a total loss"