thanks for the info Jack. Stated value can be the only option for those who daily driver their classics, and as long as a guy knows what he's got for coverage it works well. The problem is many people with State Farm, Allstate, etc.
think they have an agreed value policy and are guaranteed of a dollar amount in a full loss, and that is simply not true. The ACV (Actual Cash Value) part of the policy tells you it is stated, not agreed. How do they determine ACV? By finding comparable cars to yours and seeing what they're selling for. The value on your stated policy is the
most they'll pay, not the guaranteed amount like an agreed policy.
I always want people to know the difference and then make a decision on what's best for them.
Good first post and welcome to the site!
Jody