Steve Trac, Sec 303

i.e., could we pay so that our cars are insured for $50,000? Of course our premium would be higher, but if anything ever happened, we be taken care of.

fairenough

Good question. I'm not sure, but I'd guess no. Insurance would still probably only pay real value.

daphne

We have that on the Porsche. Can be a lot more expensive.

fairenough

What is stated value insurance exactly?

daphne

Usually insurance companies look at what you paid for the car, blue book, etc and come up with premiums and the payout.

Stated value allows you to negotiate what the value of the car is and that amount specifies what the max is they will pay. Now, insurance companies can still pay less than the stated value.

Agreed value is the best, but it is rare to find an insurance company who will do it. You agree on a value. Anything happens to the car, that's what they pay.

Roughedgez

i have insurance on my car and then extra so i dont loose mod money if the car is jacked