Originally posted by PanteraDude:
I'm insured through Hagerty with a "stated value" plan. You essentially tell them what you want to insure it for, and they price the premium accordingly. It's not based on actual value as far as I know, though I'm sure there are limits (you can't insure a honda for $100k, for example).
With Hagerty I would hope and suspect that is 'agreed value", where you agree on the $$ they will pay out on a total loss and within reason you can insure your car for any amount if you are prepared to pay the premium for it. On the other hand "stated value" is where you state the value you think the car is and the insurer will pay out "fair market value".
It may be semantics but can make a huge difference that you don't want to discover after an accident. Most reputable classic insurers are "agreed value", whereas your run of the mill daily insurers are usually "stated value".