We added a vehicle to our Commercial policy. It was a limousine used for personal use only at this time. We went to the office and picked up a declaration page and proof of insurance cards. On the declaration page there was no amount written in the space under "Stated Value". I had an accident, filed a claim and the insurance company totaled the vehicle. When I was called by the adjuster and told the payout was $6,000 I was SHOCKED. I asked him why it was that amount when the vehicle was just appraised at almost $13,000. He said because the "Stated Value" on it was $6,000 and would not and could not pay anything more. We never agreed on this amount with our insurance agent, was never informed of this amount, nor were we explained the consequences or meaning of what "Stated Value" meant on a policy. What can I do about this unfair practice?

About The Expert

Amy Bach

Amy Bach has been a professional advocate for insurance policyholders since 1984 and an attorney since 1989. She co-founded United Policyholders in 1991 and serves as the organization's Executive Director and primary spokesperson; shaping and overseeing the Roadmap to Recovery™, Roadmap to Preparedness, and Advocacy and Action programs. She is a nationally recognized expert on insurance claim and legal matters; frequently interviewed in print and broadcast media, and the author of numerous publications including "The Disaster Recovery Handbook", "WISE UP: The Savvy Consumer's Guide to Buying Insurance" and consumer tips and guides in the UP Claim Help Library.  Recognized by Money Magazine as a Money Hero, Bach is in her eighth consecutive term as an official consumer representative to the National Association of Insurance Commissioners, and is a member of the Federal Advisory Committee on Insurance.