Gold Lifetime Member
Join Date: Jan 2000
Location: Wilton, Ca. USA
I've had State Farm for many years for my business vehicles. My agent told me that they have stated value only, not agreed value. Stated value insures the car for say $16,000 and in case of a total loss they will pay UP TO $16,000; however, according to him they MAY depreciate the car or look up similar cars and if they're going for less money, that's what you get. Agreed value is the only one that will pay what you are insured for in a total loss.
I use Grundy for a 72 Camaro and a Cobra replica; unlimited mileage, no restrictions , just can't be your only daily driver car.