No. It's just a different type of coverage. The consumer chooses who to have for insurance and what coverage they want. Sadly, a lot of consumers are ill informed and think they are buying one thing, but really getting something different.
Stated Amount = you tell the insurance company what you think the car is worth. They insure it for the LESSER of that amount or the Actual Cash Value. This is disclosed in the policy, which most people don't read. This coverage also has no additional exclusions/restrictions like a collector car policy would. It also costs more because the exposure is greater due to the lack of restrictions. This coverage is a good fit if you drive you classic regularly. The best way to utilize this coverage is to pay for a professional appraisal prior to insuring the car so that you can support your Stated Amount should something happen. The vast majority of carriers will offer Stated Amount coverage.
Agreed Value = you and the insurer agree that the car is worth this amount. If it's totaled, you get that amount, period. This coverage typically has lots of exclusions/restrictions and costs less than a Stated Amount policy. Only some carriers provide Agreed Value coverage.
Am Fam made me get an appraisal before issuing my policy. The stated amount is $94,500, 100,000/300,000, 1,000 deductible. Premium $255.30 a year no restrictions. Multi car and house discounts included.
I would strongly encourage you to check your policy. I was with Am Fam for 28 years. At 25 years my WORKING agent retired and I went through 4 or 5 agents before bailing to an independent. During this frustrating 3 years I became aware that my two CC policies had been changed from AGREED VALUE to STATED VALUE. likely during a renewal period in which i didn't read the 14 pages of BS.
I also had business, house, workman's comp and others with them. We had ONE claim in the last 15 years due to a dishwasher leak. At renewal time the house policy jumped by 35%. They also sublet the business policy. During the 28 years the only other claim was for hail damage.
I asked them to total up what I had paid them vs what they had paid out over all of the policies during that 28 years. No response.
IMO they are not the company they used to be.
Again check your policy or you could get shafted
