^ that is why you get "stated value" coverage on a car with mods

i was 18 when i got the car. you think i knew what that meant



i didn't even know about it until right now https://www.nopistons.com/forums/pub...1047683785.gif

I plan to get full coverage on the FD since ill be making payments for it.

when you have a loan you have to have full coverage

Full coverage is NOT "stated value". THERE IS A HUGE DIFFERENCE

enlighten me oh "OLD ONE"!

Stated Value



This is the determination of the "replacement cost" of a vehicle for insurance coverage. This is only for vehicles that are antiques, classics, customized, special interest, etc. This is different from an ACV since the vehicle may have no true market analysis due to its age, customization or rareness. Therefore, each vehicle is evaluated on its own basis in many areas. These may include, but are not limited to, the following: uniqueness, originality, rareness, restoration quality, receipts, etc. Therefore, the vehicle is appraised in an effort to protect the owner's investment in a vehicle. Also, this benefits the owner and the insurance company to have the value properly stated so that the premiums are set accordingly.

Diminished Value Frequently Asked Questions



What is D.V.?



D.V. or diminished value is the anticipated loss of value after a vehicle has sustained damage.



What determines D.V.?



Their are several factors that determine if a vehicle has diminished value. These factors may include, but are not limited to,

the following:





Model year



Date of loss



Date of loss mileage



Has the function of the vehicle been restored?



Are repairs complete and within industry standard?



Has the market (retail) value been effected? (Actual cash value - prior and after)



Amount of damage/repairs.



Does every vehicle have diminished value?



No! Not every vehicle has diminished value. Each vehicle's characteristics and statistical data concerning the loss will assist in determining any anticipated loss of value.



Who can hire Stated Value's services?



We assist individuals, government agencies (IRS, DOT), banks, attorneys, major and independent insurance companies, etc.



How does Stated Value determine diminished value?



Since there is no standard set of rules and/or guidelines for determining diminished value. This company designed a methodical

process using a vehicle's characteristics and statistical data in an effort to eliminate arbitrary, capricious, or inconsistent determinations in its documents.



How much does a diminished value appraisal cost?



Fees are determined by the location of the vehicle and/or the due diligence needed to complete the document.



What is the turnaround time of a document?



3-5 Business Days



How long is your document?



15 - 20 pages (or more).

Agreed Amount or Agreed Value

This is the only policy form guaranteeing you in writing what amount you will receive if your “Collector Car” is stolen or totaled during the policy period. Note there is no “Actual Cash Value” clause in the form. The “Agreed Amount” form states the insurance company will pay you, the lesser of:



The “Agreed Amount,” or

The cost to repair the covered auto, not to exceed the “Agreed Amount”.

The “Agreed Amount” should be reviewed carefully with your agent before the policy is issued. Your agent and you must agree together upon the “Agreed Amount” before the policy is issued. The “Agreed Amount” should represent the true market value of the car at the time the policy is written. If the market value changes during the policy period, the “Agreed Amount” can be changed by endorsement. Before policy renewal each year the “Agreed Amount” should be changed, if necessary, to reflect current market value.