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classic car insurance: agreed value or stated value?
Been looking into insurance for my '68 Mustang and I'm kinda stuck between agreed value and stated value policies. Agreed value seems safer since you know exactly what you'll get if something happens, but stated value is a bit cheaper and easier to set up. I'm leaning toward agreed value just for peace of mind, but curious what others here prefer and why...
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2 replies
I've always gone with agreed value myself - yeah, it's a bit pricier, but knowing exactly what you'll get if something goes sideways is worth the extra bucks. Learned that lesson after my buddy's Camaro got totaled and the stated value payout was... disappointing, to say the least.
Yeah, agreed value definitely seems safer after hearing stories like that. But I'm curious - does anyone know exactly how insurers determine the stated value payout? From what I've read, it seems they factor in depreciation, market trends, and even local sales data. Makes me wonder if there's a reliable way to estimate what you'd actually get... or is it always kind of a gamble? Would be interesting to hear more real-world examples.