Question 1

What is a stated amount policy?

stagingeckburg · Accepted Answer

A collector policy allows someone to insure a vehicle for the market value at the time of application. If a total claim ensues, they receive that amount of coverage. This is contrary to a typical auto policy, where you would only receive NADA (National Automobile Dealers Association) book value. Stated amount coverage is always superior coverage to actual cash value coverage, which is how a typical auto is insured.

Question 2

What is a stated amount policy?

stagingeckburg · Accepted Answer

A collector policy allows someone to insure a vehicle for the market value at the time of application. If a total claim ensues, they receive that amount of coverage. This is contrary to a typical auto policy, where you would only receive NADA (National Automobile Dealers Association) book value. Stated amount coverage is always superior coverage to actual cash value coverage, which is how a typical auto is insured.