Thread: Custom Car Insurance Companies?

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buc, I'm sure it's unintentional, but you've mixed opposite result terms. For the sake of future readers I think it's important to make the distinction. A Stated Value policy is not the same as an Agreed Value policy. Both are similar in that the policy holder and insurer negotiate the value of the policy. The difference will come when/if there is a claim. In a Stated Value policy the initial valuation is subject to depreciation, so say a vehicle is insured at policy initiation for $10k, if a total loss claim is done say two years later, the insurer could depreciate the value of the pay out to some determination it calculates, say only pay $8k. In an Agreed Value policy the total loss would result in a payment of the full initial agreed valuation (less deductible, and/or any salvage value the owner would choose to retain).