As with all types of insurance, there can be some confusion about what you’re actually getting.

Actual Cash Value

The most popular type of policy written for daily drivers will only pay out the value determined by the insurance company at the time of your total loss accident. Usually based on used car prices rather than the value in the collector car market.

Stated Value

Very popular with collector car owners. You determine the amount that your car is insured for. If you have a total loss claim, that amount is the starting point for depreciation or other adjustments made by the insurer before settlement. You receive the lower of the stated value or actual cash value amounts.

Agreed Value

You and the insurer agree to the amount of coverage and the premium is adjusted accordingly. If you have a total loss claim you receive the full amount of the agreed value for your vehicle.

Insurance for your Insurance

How do you know if you are insured for the correct amount? An AAG auto appraisal can help you establish proof of your car’s condition and document its current value for insurance purposes.