Above is how most specialty car insurance policies are.
'Stated' is they agree to the 'stated price' the first day of the policy. From hence forth they can depreciate the value at an unknown rate that you won't know for sure until you make that claim and meanwhile the rates stay the same or go up.
'Agreed' is the only way to know for sure what you are going to get paid.
I have stated on my hot rod, but only because I want to have it covered with the company I've been with since the 60's and will take the depreciation and they don't do 'agreeded'. I did start with the 'stated' somewhat higher and a value I'd be happy getting even depreciated some a few years later.
Our small boat is on the home owner's policy and also the large one but it is for liability only on that boat. I've only had liability on my cars for over 50 years of driving except for the hot rod. They have always been older vehicles and I've never needed a claim in that time period so I'm way ahead money wise with liability only. We just were too cheap to pay comprehensive on an old boat with the Endeavour where the yearly premium would of been about 10% of the boats value. We do have our necks stuck out though. My main concern is a 'named storm' and would be the main reason I would want insurance so having the policy diminished because of one would not make me happy,
Sum
[FONT=Arial, sans-serif]============================[/FONT]
Our Endeavour 37
Our MacGregor 26-S Pages
Our Trips to Utah, Idaho, Canada, Florida
Mac-Venture Links
