Auto Insurance
Stated Value Coverage
A policy where you declare the vehicle's value — but the insurer may pay only ACV at a total loss.
Last reviewed: May 2026 · Editorial methodology
Definition
Stated value coverage allows the policyholder to declare a specific value for the vehicle, which typically sets the maximum payout amount. However, unlike agreed value, stated value policies often contain language allowing the insurer to pay the lesser of the stated value or the actual cash value at the time of loss — meaning depreciation still applies. This distinction catches many classic and collector car owners off guard. Always read the policy language carefully: a true agreed value policy is preferable for collectibles. Stated value may be appropriate for vehicles where you simply want to cap the insurer's exposure at a known figure.
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Cover Forge USA Editorial Team
Editorial Lead
This article was researched and written by the Cover Forge USA editorial team against federal sources (NAIC, CMS, FEMA, DOL, SSA, state DOIs) and standard policy forms. Bylines organize content by topic — they do not assert individual licensure. See our editorial-policy for details.
Reviewed 2026-06-14
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