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Thread: STATED vs AGREED value car insurance

  1. #1

    STATED vs AGREED value car insurance

    There are two types of car insurance and you need to know the difference. The terms are confusing and only truly come to life after a major instant.

    AGREED VALUE: (from the Grundy web page)
    http://www.grundy.com/faqs/#agreedValue
    An Agreed Value Policy as opposed to a Stated Value or Actual Cash Value Policy is the only way to know in advance how much you will receive from an insurance company if your car is destroyed or stolen. With Agreed Value you will get the amount listed on your policy and it is also the basis of your premium.

    STATED VALUE: The value of the vehicle is determined after the instant. The insurance carrier might lead you to believe that a price has been fixed, but that is only at the time of signing.

    Specialty cars like ours are hard for insurance carriers to determine value. Your best bet is to have a professional auto appraisal and to only get an Agreed Value policy from a good known insurance company.

  2. #2
    Senior Member TwilightZ's Avatar
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    Re: STATED vs AGREED value car insurance

    thanks,very good info. looks like wording is everything.

  3. #3
    Junior Member
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    Re: STATED vs AGREED value car insurance

    Thank for the info. very good to know.

  4. #4
    Senior Member
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    Re: STATED vs AGREED value car insurance

    Thanks for posting. I'll be headed down this road before too terribly long I hope and I'll be sure to get the car appraised and agreed value insurance based on your post.

    Tom

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