C Ray

I thnk I understand all the concepts everyone is discussing but I was looking for actual experience to see if the concepts prove accurate, I currently have a stated value policy with American Family on my 67 but I have had appraisals every few years and have the stated value matching the last appraisal. So I'm just trying to figure out if anyone has done something similar and what they got paid if the car was distroyed/damaged. It seems like like if the appraisals are current and match the stated value, you should get the full value. But again I was just trying to find a real example.

JohnZ

Nope. All "stated value" does is place a cap on the maximum liability of the insurer. What they'll actually pay in the event of a total loss is totally up to the insurer's depreciation/actual cash value formulas, exactly the same process used for your everyday daily driver insurance. "Agreed value" is very simple - if there's a total loss, they send you a check for the "agreed" amount, period, with no negotiation, no hassle, no arguments, no formulas.

Read your policy in the section where it explains "what we'll pay" - if it has a bunch of weasel-words about "the lesser of", "actual cash value", "comparable market value", etc., you have the wrong kind of insurance. "Stated value" does NOTHING for the policyholder - it only caps the insurer's liability, and leaves the calculation of what they'll pay entirely up to the insurer.

tommyn

NCM insurance offers 9-5 so you can drive to work a few times a week.