Right, supposedly the deal with "stated value" policies is in the case of a car being totaled they will pay either the stated value or, actual cash value, whichever is less. I've seen this movie before. "Agreed upon" policies usually require some kind of appraisal. Stated value never made any sense to me. Hell, 'll just "state" my tetanus-rod is worth, oh, I dunno, say $100k sounds pretty good, and then get my brother in law to steal it.