With your help, we’ll come to an agreement on the value of your vehicle, and insure it for that amount. You receive that exact agreed upon amount in the event your vehicle is totaled in a covered loss, no surprises.
The value of your vehicle is determined by the insurance company – not you. If you have a claim, the payment is influenced by the current market value of the vehicle at the time of the loss. If the value of your vehicle is lower than the stated amount, your insurance can and will pay you less.