Automotive guides

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Stated Value Auto Insurance Massachusetts


For your everyday driver, a stated value auto insurance policy makes sense. It is depreciating in value, and an appraisal of its value from an insurance representative likely is accurate, according to current market values. However, for a classic or custom vehicle, you’re going to want a completely different type of policy. It’s usually best to avoid stated value auto insurance Massachusetts.

Agreed value auto insurance is different than stated value insurance in a key way. On a stated value policy, you will find a clause that allows the insurance company to pay you whichever is less in the case of a claim: the cash value of the vehicle or what you insured it for.

An insurance representative will make the determination of the cash value of your car and then, if it’s less than what you’ve covered the car for, that is the amount you’re likely to get. On the other hand, with an agreed value policy, all you have to worry about is getting an appraised value yourself so that an independent party familiar with classic and custom vehicles determines the value of the vehicle, not an insurance representative.

Should your car be damaged with an agreed value policy, you will receive the amount of money you covered the car for. The difference in the amount you would receive in a settlement can be drastic between the two policies.

After you have spent countless hours working on and paying for new upgrades and restorations for your classic or custom vehicle, it makes sense to protect your investment with the right type of insurance. Your vehicle is appreciating in value, and you want to make sure it is covered with a policy that recognizes that difference from your daily driver.

Agreed value policies are usually less expensive per month for classic and custom car owners because these vehicles are often not your daily drivers. Owners also typically put them in garages or other secured areas so that they are stolen or damaged while not being driven less often.

Submit your appraisal to several insurance companies to find the best value for your money. It is a great way to save money in the long run but to make sure that your investment is protected with the right insurance product.

Call us for a professional appraisal and to help you stay away from stated value auto insurance Massachusetts.

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