Agreed value and stated amount are fundamentally different insurance concepts. With an agreed value policy, the payout amount is fixed and guaranteed in full (minus your deductible) if a total loss occurs. A stated amount policy involves declaring a vehicle value that influences your baseline premium, but it often includes a "lesser of" clause. This means the insurer pays the lowest of your stated amount, the actual cash value, or repair costs, meaning depreciation can still reduce your final payout.
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