<VV> Re: insurance question (not Corvair specific)

[Dave Keillor]

Beware of the difference between "agreed" value and "declared" or
"stated" value.  In the former, you and the insurance company have
agreed on the value of the car in advance.  In the case of a total loss,
that's what you'll get.  Hagerty and other reputable collector car
insurance companies sell agreed value insurance.

"Stated" value means YOU have stated or declared the value of your car
to be a certain amount.  However, in the case of a total loss the
insurance company will pay the lesser of: 1) the actual cash value or 2)
the stated amount.  If you have stated amount insurance, be sure you
have a good appraisal to back up any claim.  It seems to me that the
only purpose of stated value insurance is to raise your premium.

Dave Keillor