What is the difference between Agreed Value, Actual Cash Value and Stated Value?
Agreed Value is a value determined by you, the collector car owner, and agreed upon by the collector car insurance company underwriters based on information and photographs you provide to them. Actual Cash Value is the value of a vehicle determined by depreciation of age, mileage, condition, and other factors used by insurance company claims underwriters. Stated Value is the value determined by you but is no guarantee of the settlement amount if a total loss occur, or the insurance company will pay the lesser of the Stated Value or the cost to repair the covered auto not to exceed the Stated Value.
