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Stated or Agreed Price?

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Stated or Agreed Price?

Posted: 8/7/12 10:50amMessage 1 of 3
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Stated Or Agreed Value: Custom Insurance

Insuring your custom car can be more confusing than big city street signs but it doesn't have to be. One of the biggest things to look for is Stated vs. Agreed Value.

Stated Value is what an owner presents when a policy is opened, leaving room for interpretation if a claim is made. Many policies say the insurer will pay the lesser of: a) The Stated Amount, b) the cost to repair the vehicle that doesn't exceed the Stated Amount or c) the "Actual Cash Value" meaning a claim adjuster can settle the claim for less than the Stated Amount.

Agreed Value is a figure reached by both parties where the full amount is given to you if there's a total loss on your car.

Some other things to look for in a policy are if towing and glass coverage are included, what the mileage limit is on the policy, if there's stipulations when showing your car or driving in events, and so on.

Overall, coverage on your street machine is much cheaper than your daily driver and has benefits suited to custom cars with non standard components. 

 

 

 

 


Bench Racing | 12301 Whitewater Drive | Minnetonka, MN 55343

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Re: Stated or Agreed Price?

Posted: 8/7/12 4:33pmMessage 2 of 3
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Wichita, KS - USA
Joined: 11/10/2003
Posts: 6870
Vette(s): 2005 Daytona Sunset Orange Metallic Coupe --------------------- Sold 1974 T-top, 4 spd to BillKS
I have an Agreed Price on my policy.  That's the only way to be sure you will get the full value of the car if something happens.
 
Larry
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The difference between men and boys is the cost of their toys!!              
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Re: Stated or Agreed Price?

Posted: 8/8/12 5:39pmMessage 3 of 3
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greer, SC - USA
Joined: 10/15/2007
Posts: 746
Vette(s): C(6-5+2)VR - 1964 convertible 327/365 & 2003 convertible - 50th Anniversary Edition & 2010 3LT Coupe
Agreed on Agreed !! 
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