Stated value is what you say your classic car is worth to your insurance company when quoting or requesting a policy. You may need to provide documentation to back up your stated value. However, when an insurer uses stated value instead of agreed value, they don't necessarily pay out the stated value after a covered loss. Depending on your policy, they might pay either the actual cash value or the stated one, whichever is less. Insuring your classic car at a stated value that's less than its actual cash value may give you a lower premium, but you risk getting a lower payout if it's totaled.