Insurance is totaling my truck.

[thepenguin99]

Originally Posted by LONGHAIR

The "proof" of value comes way before any claim can ever happen. The premium that you pay is based upon the "agreed value" when the policy goes into effect. You don't just get a policy based upon what you(the customer) say it is worth. It is, at best, a compromise between your opinion (receipts,etc) and what an appraiser says it's worth.
If you can't "agree" with them, you move on to another company. Either way the cost is based on the agreed value, so you have to reconcile that too. The more it's "worth" the more it costs to insure....and there is a point of "diminishing returns".
It is very possible to "over insure".

That is the difference between a stated value policy and an agreed value policy. Stated value you can insure your car/truck for say 20k but unless you can prove the trucks value when you have an accident, they aren't going to pay out the full 20k. Agreed value everything is taken care of on the front end. You supply pictures/receipts and/or an appraisal when getting your policy. The insurance company and you agree on a price and when something happens to your car/truck that is exactly what you will get if it is a total. I actually went through this with my corvette a few years ago and the stated value policies struck me as a scam more than anything else because I still had to prove the value of my car if I had a claim that might total the car.

EDIT: After reading dammitmitchell's post below I thought it worth mentioning the specialty insurance companies like Hagerty were the only places that gave me the option of an agreed value policy.