Ask an Agent
Have a question? We're here to help.
Ask an agent for free
Question

Stated value vs replacement cost

I have a vehicle owned by Dale Earnhart. The actual amount of the vehicle is much more than the Kelley Blue Book value. My agent says I need to insure it for the state amount. What does that mean? I want to make sure my vehicle is properly insured.

Feb 16, 2019 Austintown, OH

Answer
Author profile picture

Ava Lynch

Insurance Analyst

Credentials
  • 7+ years of Experience in the Insurance Industry

Ava joined The Zebra as a writer and licensed insurance agent in 2016. She now works as a senior insurance contributor, providing insights and data a…

Stated value coverage is used for vehicles that are worth more than the Kelley Blue Book value. It is what your insurance companies rates the vehicle, but not necessarily what they will pay you if your vehicle was totaled. You need to be careful with this and need the coverage specifics clearly to make sure you're insuring your vehicle properly. Another option is known as Agreed Value. This is based on the proven value of your vehicle. You and your insurance company agree to this value. Some companies, such as Hagerty, specialize in these particular vehicles. Hagerty offers Agreed Value. If you'd like more information, check out our guide to classic car insurance.

Ask an Agent
Have a question? We're here to help.
Ask an agent for free

Insurance is complicated, but it doesn't have to be.

The Zebra searches all of the top insurance companies, in one place, so you can compare the cost and coverage you need to protect your car, home and other property.

Step 1: Tell us a little about yourself

Choose an insurance product and enter your zip code to get started.

Step 2: Sip your coffee while we find the best quotes

Enter the necessary information and then sit back while we find quotes from 100 top insurance carriers.

Icon Fill Form

Step 3: Compare your quotes

Compare quotes side-by-side to find the right match for you, whether it's home, auto, or more.

Icon Agent

Step 4: Let our agents do the hard work for you

Once you pick your policy, our agents are here to get you over the finish line. Then just relax and enjoy your savings.

Compare insurance rates today!

Location pin icon
No junk mail. No spam calls. Free quotes.

Related Questions

Other people are also asking...

Do car insurance companies share information?

The new insurance company is likely to find out about the accident, but that will come from your driving reports when you buy your policy. The majority of insurance companies request a motor vehicle report (MVR) and a comprehensive loss underwriting exchange (CLUE) report to verify the accuracy of …
Jun 29, 2016 Findlay, OH

Is it necessary to get umbrella insurance with uninsured / uninsured coverage?

Umbrella insurance provides additional liability coverage above and beyond what you have on your auto and homeowners policies. This protects your assets if you are sued for injury or damage that you may have caused to another party for which you are liable. Umbrella insurance generally does not pro…
Aug 2, 2017 Columbus, OH

I was rear-ended but the driver drove off before we exchanged information

The safest course of action would be to contact your insurance company with all the information possible. Including the police report and the at-fault driver's license plate information. Your insurance company's claims department will be able to sort out the other driver's informatio…
Dec 11, 2017 Fairfield, Ohio

What happens if a stolen vehicle is recovered before the insurance payout?

You need to report to the insurance company, that the car was recovered right away. The insurance should cover you for any damage that was caused, like having the keys stolen. Either way, you need to notify your insurance company right away. Not reporting that the car was recovered, and accepting t…
Dec 14, 2018 Cleveland, OH