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Unfortunately, "stated value" policies are not that good.
For collector cars or cars with special value (like any air cooled 911), you really want to have "agreed value." In an agreed value policy, in the event of a total loss, you are paid the agreed value. So, if you have the car insured at a value of $10,000, that's what you will get if the car is totaled. Nothing more, nothing less.
Many people with "stated value" policies think they have "agreed value" policies, b/c they don't understand the difference.
Anyways, as far as "stated value," you get either (1) the "stated value" of the car in your policy, OR (2) the actual value of the car (per appraisal), but . . . wait for it . . . whichever is LESS.
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