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Originally Posted by camcojb
That is not true. You agreed to a number they use to set the cost of the insurance. It is NOT a guaranteed payout though, they can still look at comps and adjust accordingly. Look in your policy for the words "actual cash value".
State Farm doesn't have a true agreed value policy, it is stated value. Stated Value is coverage that reflects an amount that is “stated” at the onset of the policy. You tell your insurer what your car is worth (with proper documentation) and it is insured for that amount. The caveat here, however, is that the insurance company can choose to pay you either the Stated Value or the Actual Cash Value, whichever is less.
Alternatively, Agreed Value, coverage primarily offered by specialty insurers, is based on the proven value of your car as determined by you and the insurance company, according to appraisals, photos, or other relevant documentation. With Agreed Value coverage, the insurance company will guarantee that they will pay this agreed-upon value in the event of a covered total loss.
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from state farm
"State Farm® offers agreed-value policies which means if the vehicle experiences a total covered loss, we will pay this agreed-upon value rather than the actual cash value of the car"
Quote:
Originally Posted by camcojb
Alternatively, Agreed Value, coverage primarily offered by specialty insurers, is based on the proven value of your car as determined by you and the insurance company, according to appraisals, photos, or other relevant documentation. With Agreed Value coverage, the insurance company will guarantee that they will pay this agreed-upon value in the event of a covered total loss.
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This is the process that I had to go thru with state farm. Appraisal, tons of photos then agreement on value.