"Agreed" value verses "Stated" value policy
What is the difference between Agreed Value and Stated Value Insurance coverage?
An Agreed Value policy -- the same as Hagerty’s Guaranteed Value™ policy --guarantees that you will receive the full insured amount of the vehicle (with no depreciation, and including all sales taxes), in the event of a covered total loss.
In contrast, a Stated Value policy (sometimes called “stated amount” or “maximum limit of liability”) does not promise to pay the full vehicle value that’s indicated or “stated” on the policy. Concerning a covered total loss, you may receive less than that stated amount, because the insurer has the right to pay either your vehicle’s depreciated actual cash value OR the cost to replace your vehicle -- whichever is less. Also, many insurers that offer stated value policies (typically standard insurers) require periodic appraisals to affirm the insured amount, adding cost and inconvenience to the client.