Maximum Insured Value (MIV) is the maximum limit payable under Basic Autopac for loss or damage to a vehicle. The MIV for a passenger vehicle, truck, or truck tractor is $50,000 (including taxes).
MPI offers Excess Value coverage as optional coverage. Customers with vehicles valued over $50,000 may wish to purchase optional Excess Value coverage to ensure they are reimbursed for the actual cash value, should an insurable loss occur.
If Excess Value coverage is purchased, the maximum insured value is raised from $50,000 to the new limit purchased. Excess value coverage is not a guaranteed value. The value of the claim is limited to the actual cash value up to the amount purchased.
Certain types of vehicles are eligible for optional Excess Value coverage. See an Autopac agent for details.