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Classic Car Insurance: Actual Cash Value, Stated Value, Agreed Value

September 23, 2010 | Safety & Driving

Link to an article by Holly Bromberg about classic car insurance and the difference between "Actual Cash Value", "Stated Value" and "Agreed Value"

This is important reading for anyone who wants to properly insure their 356. Here's a quote from a key section of the article:

"Insurance companies will use one of three different policy forms. They are generally known as Actual Cash Value, Stated Value or Stated Amount and Agreed Value or Agreed Amount. Each of these three forms is different, misunderstood, and frequently misrepresented by insurance agents."

"Most collectible automobiles have stable values and slowly appreciate over time. Because the values are stable, an "Agreed Value" insurance policy should be obtained to protect your collectible automobiles. Under an Agreed Value policy, if your car is stolen or totaled, you will receive the Agreed Value listed in writing on your auto policy. Ninety-five per cent of all standard insurance companies do not offer an Agreed Value policy."