I had a long talk with a couple of state farm adjusters not that long ago about stated value insurance from thier company. They wanted me to switch my vehicles to them. They said that we could set up a stated value policy on my z, no mileae limitations and so on and it would be $xxx.xx a year. I then asked if the car was totalled in some horrible accident, does that mean I'd receive the "stated value" I'd been insuring the car for.
They said "No. It means you will get paid up to that amount, but no garuntee of receiving that amount. We will re-appraise the value of the car after thae wreck and decided what's worth then." You're still stuck deending the value of your car. I'm with hagarty with my Z. My brother went through a similar claim on his '61 caddy. It was insured for stated value through state farm and was hailed on. They totaled the car and gave him $3000.00. He obvioulsy bought it back, but the car was worth about $7-8,000 at the time. He fought for several months (but didn't lawyer up) and finally lost. Just an FYI