"Agreed Value" is an amount that the company agrees to pay in the even of a
total loss.
"Stated Amount" is a figure used by the company to rate the cost of physical
damage coverage and has nothing to do with the claims settlement agreement or
process.
Any use restrictions that may be part of the policy are separate from, and have
nothing to do with, either of the above. For example, A standard company may
write "Agreed Value" coverage with no use restrictions. AFAIK, the classic car
companies all have varying use restrictions on their policies.
--
jay fishbein
wallingford, ct
http://home.ix.netcom.com/~type79/ <http://home.ix.netcom.com/%7Etype79/>
Phil Profili wrote:
>That's pretty much the conclusion I came to when I researched auto
>insurance.
>
>"Agreed Value" seems to be accompanied by restrictions that prevent you
>from using your car as a daily driver.
>
>"Stated Value" is one of those things that might give you peace of mind
>until you actually have to make a claim, at which point you're at the
>mercy of the insurance company who can choose to ignore it and give you
>what the original price of the car was less depreciation, which comes
>to, um, not a lot!
>
>If AAA really will use that number as the value of the car, it sounds
>like a good option, but I'm suspicious, based on what I've read online
>and what the few agents I called told me.
>
>Phil
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