What is Stated Value Insurance?

Sometimes called "Assigned Value Insurance", this type of policy covers a vehicle for a previously agreed upon price.  This means you as a car owner can determine the replacement value of the insured car, instead of the insurance company determining the price using their predefined formulas.  For specialty and classic cars this is the best type of policy, since the insurance companies formulas don't adequately cover the repair costs of these cars.  Remember that insurance companies typically use generic parts and the cheapest labor possible when it comes to repairing a car.  If your car is all original you want New Old Stock (NOS) parts to be used in the repair.  Stated value insurance allows you to cover your vehicle for repairs using these types of parts.