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

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…

Credentials
  • 7+ years of Experience in the Insurance Industry

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...

Does the name on my insurance policy need to match the name on my mortgage loan and deed?

Generally speaking, that shouldn't be an issue for your homeowners insurance company. For the sake of avoiding any sort of confusion down the road, however, it may be beneficial to update your existing accounts with your mortgage provider. In the event of a claim payout there could be a delay …
Jun 24, 2017 Elyria, OH

Will having historical plates on my car lower the cost of insurance?

If you are going to have historical or classic plates you are going to fall into special types of plans. Personal auto plans that most companies offer will not adequately cover what you need. That, or they will charge you more than they should. I highly recommend checking out Hagerty for their serv…
Dec 9, 2019 Albany, NY

If I am leasing a car and die before the end of the lease term, can I buy insurance to cover that?

For this situation I'd actually recommend getting a life insurance policy if this is something you are concerned about. To my knowledge, there is no type of auto insurance coverage that would help with the death of a policyholder.In general, dealing with car insurance when a policyholder dies …
Feb 2, 2019 Cleveland Heights, OH

Can I insure a car with a rebuilt title?

Thanks for reaching out to The Zebra! Rebuilt, or salvage-titled vehicles, can be a little more tricky to deal with but you can still insure them.To get insurance on a vehicle with a rebuilt title, you need to find the proper insurer since not every company will offer coverage. It’s important to no…
Sep 16, 2021 Garfield, OH