There are three settlement basis options in the automobile insurance market: stated amount, actual cost value (ACV), and agreed value. Stated amount lets the insurance company pay the lesser of two amounts, the stated amount on the policy or the ACV. An ACV settlement basis pays the depreciated value of the vehicle, applying the deductible, leaving policyohlders with a shortfall. The best option is a settlement basis Chubb called agreed value, offered by only a few insurers. It states the value of the automobile on the insurance policy and at the time of the covered total loss, the insured receives the amount on the policy—no deductions for depreciations, no deductible applied.