Stated Amount
A stated amount is the value that you place on your vehicle and provide to Progressive. If you sold your vehicle today, the stated amount is the price you would ask the buyer to pay.
At Progressive, we think that a stated amount gives you superior value by allowing you to customize your policy to reflect your vehicle's true worth. A stated amount incorporates the condition of your vehicle, and it gives you credit for the value of any special equipment or upgrades you've added.
How to Determine a Stated Amount
The best way to begin determining a stated amount is to consult a publication that specializes in valuing vehicles, such as:
Other sources to help you determine the value of your vehicle can include:
- Dealerships
- Manufacturers
- Lending or financial institutions
When determining a stated amount, remember to account for the following:
- Vehicle condition and mileage
- Special equipment you've added
- Any vehicle upgrades
- Engine or major component rebuilds
Minimum Stated Amounts
To ensure your vehicle is properly protected, Progressive has set a minimum value of $5,000, except in Indiana, Massachusetts, New Hampshire and West Virginia, where the minimum value is set at $2,000. This means that if your vehicle is valued at less than the minimum stated amount, Progressive will automatically increase the stated amount to the minimum value for your state.
Accurate Stated Amounts
When you make an insurance claim, Progressive looks at your stated amount and the actual cash value (ACV) of your vehicle and pays whichever is less. So it's important to be as accurate as possible when estimating the value of your vehicle.
Intentionally overvaluing your vehicle won't benefit you since Progressive will only pay up to the actual cash value (ACV). Plus, it can result in a higher price for your insurance and can even get you in trouble with the law.
On the other hand, some people choose to undervalue their vehicle to try and save money, but this can leave you stranded if you ever need to make an insurance claim.
If your vehicle is totaled in an accident, your insurance will only pay up to the stated amount. If you've undervalued your vehicle, this will not cover the full value for replacement of the vehicle. And if your vehicle is damaged and needs repairs, your insurance will only pay repair costs up to the stated amount or actual cash value (ACV), whichever is less.
To ensure you get the coverage you need, we recommend being as accurate as possible when estimating your vehicle's stated amount. If you already own a policy but feel the value of your vehicle has changed significantly, contact us to let us know. That way your insurance always reflects your actual needs.