Agreed value vs stated value coverage; What does it mean?

[mikelutestanski]

Hello;      I am a bit confused about what the different terms mean. Is there any difference between agreed and stated value?
   If so why is one better than the other.   
     I finally have  a bus appraisal so now I can try to figure out if any options are available.
     THere are usually hooks in the insurance coverage game and obviousely we all want to get the most value for the money spent. 
   Regards and happy bussin   mike

[robertglines1]

Mike,fwiw  I stated a valve to be paid in case of total loss $75,000.and pay a premium to guarantee that value..the other agreed to sounds like their and your apraisal has to be adjusted to a final value..I pay $49.00 a month...Bob

[Nusa]

Stated value is insurance speak for the type of insurance most people are used to. The stated value is the cap on what they will pay, and the number they base your premiums on. The actual amount they will pay is the LESSER of the cost of repairs or the value of the vehicle. And they don't bother figuring that number out until it's time to process a major claim, but expect it to be lower than you'd like it to be. And be prepared to fight.

Agreed value is sometimes used by owners of collectible, classic, or specialty vehicles. The value of the vehicle is established when the policy is written, and that's exactly what is due in the event of a total loss during the policy period. Often a professional appraisal/documentation is required beforehand, secure storage may be required and it will probably cost more, unless you're willing to accept mileage limits and/or operating restrictions.

That's it in a nutshell. But always read the fine print.

[JackConrad]

Mike,
  Our underwriter (National Interstate) requires a new appraisal every few years for our agreed value policy. Our Appraisal was done by a company called ADP. Basically ADP determines the value of our coach (based on comparables) and National Interstate and us agree that is what our coach is worth and that is what National Interstate will pay if our coach is totaled. At least that is my understanding of how it was explained by our agent Poliseek (Formerly AOn-formerly RV Alliance-formerly Alexander&Alexander).
   We just received our new appaisal yesterday. Appraised value went from 89K to 79K. In addition to details of our coach, they showed details of the comparables. I think the reduction in value was mostly due to the economy. Our last appraisal was done 4 years ago.  Jack