{"id":235,"date":"2025-01-24T04:00:00","date_gmt":"2025-01-24T10:00:00","guid":{"rendered":"https:\/\/www.jimboyceinsurance.com\/blog\/?p=235"},"modified":"2025-01-15T14:03:30","modified_gmt":"2025-01-15T20:03:30","slug":"understanding-stated-value-vs-agreed-value-in-classic-car-insurance-policies-in-matthews-nc","status":"publish","type":"post","link":"https:\/\/www.jimboyceinsurance.com\/blog\/understanding-stated-value-vs-agreed-value-in-classic-car-insurance-policies-in-matthews-nc\/","title":{"rendered":"Understanding Stated Value vs. Agreed Value in Classic Car Insurance Policies in Matthews, NC"},"content":{"rendered":"<p>Whether you&#8217;ve always been a car aficionado or have recently become a classic car enthusiast, understanding the difference between stated value and agreed value in your insurance policies in Matthews, NC is essential. Knowing how your classic car insurance policy works is a way to ensure your investment is protected, whether you&#8217;re in an accident or storing your vehicle during the off-season. At Jim Boyce Insurance, we can help you understand your options to protect your classic collectibles for years to come.<\/p>\n<h2>Stated Coverage<\/h2>\n<p>When it comes to classic car insurance policies, stated value policies allow the owner of a vehicle to declare the estimated value of the vehicle they own. There are limitations you&#8217;ll want to remember if you&#8217;re considering a state coverage policy, including:<\/p>\n<ul>\n<li><span style=\"box-sizing:border-box; margin:0px; padding:0px\"><strong>Underinsured Risk:<\/strong>&nbsp;If the stated value doesn&#8217;t reflect the market value of your classic vehicle at the time of a claim or loss, you may experience a financial shortfall.<\/span><\/li>\n<li><strong>Depreciation:<\/strong> It&#8217;s important to consider that depreciation may be factored in when filing a claim with an insurer.<\/li>\n<\/ul>\n<h2>Agreed Value Coverage<\/h2>\n<p>Agreed value policies include input from both the policyholder and the insurance agency, determining the value of a particular vehicle together. Notable advantages of an agreed value coverage policy include:<\/p>\n<ul>\n<li><strong>Custom-Tailored:<\/strong> Restorations and unique modifications are factored into the agreed value of your classic car, adding a layer of protection to your policy.<\/li>\n<li><strong>Payout Guarantee:<\/strong> If you lose your classic car for any reason, you will still receive the full agreed value payout (without depreciation issues).<\/li>\n<\/ul>\n<p>Understanding the difference between the stated and agreed values is imperative whenever you plan to invest in a new classic or collectible vehicle. If you&#8217;re interested in assessing existing insurance policies for your classic car or in a reliable appraisal of your most prized possession, we can help. Contact Jim Boyce Insurance in Matthews, NC, today to determine if a stated or agreed-upon value policy is right for your collectible or classic car.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Whether you&#8217;ve always been a car aficionado or have recently become a classic car enthusiast, understanding the difference between stated value and agreed value in your insurance policies in Matthews, NC is essential. Knowing how your classic car insurance policy works is a way to ensure your investment is protected, whether you&#8217;re in an accident [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[15,14,5,11,16],"class_list":["post-235","post","type-post","status-publish","format-standard","hentry","category-insurance","tag-agreed-value","tag-classic-car","tag-jim-boyce-insurance","tag-matthews-nc","tag-stated-value"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.jimboyceinsurance.com\/blog\/wp-json\/wp\/v2\/posts\/235","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.jimboyceinsurance.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.jimboyceinsurance.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.jimboyceinsurance.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.jimboyceinsurance.com\/blog\/wp-json\/wp\/v2\/comments?post=235"}],"version-history":[{"count":1,"href":"https:\/\/www.jimboyceinsurance.com\/blog\/wp-json\/wp\/v2\/posts\/235\/revisions"}],"predecessor-version":[{"id":236,"href":"https:\/\/www.jimboyceinsurance.com\/blog\/wp-json\/wp\/v2\/posts\/235\/revisions\/236"}],"wp:attachment":[{"href":"https:\/\/www.jimboyceinsurance.com\/blog\/wp-json\/wp\/v2\/media?parent=235"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.jimboyceinsurance.com\/blog\/wp-json\/wp\/v2\/categories?post=235"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.jimboyceinsurance.com\/blog\/wp-json\/wp\/v2\/tags?post=235"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}