When would a stated value policy be written and why?

Question

My Insurance agent wrote me a stated value policy for half the value of my car without my permission. Heck I didn't even know what a stated value was. Then when we had an accident it was totaled due to the policy amount . FYI this is the State of Washington

Answer 1

Usually because it's an old car, or a modified car, and the 'book value' (an average) does not apply. But usually an agreed value is higher. Sounds like your broker lowered the value to make the premium lower, and now you are paying the price.

Answer 2

Once its written into a policy, you're to examine why and how it is done.On the other hand,we need to check into a value of the agent requests on different guide lines. Maybe you need to search into foot rail.