I think this varies by insurance company. From a legal standpoint, "agreed value" is not the same as "full replacement cost". My policy uses the term "agreed" value and defines it as determined by discussion between the insurer and the insured based on the prices of similar cars currently offered for sale. If they do not agree, the matter goes to mediation.
I don't have a final settlement figure yet from State Farm. But we did go over all the current internet listings for Dream Edition P's. The less than a dozen prices ranged from the low $120s to the high $150s, with most in the low-mid $130s. However, all these cars had considerably less mileage than the 17,000 miles on our original car.
I was given a preliminary settlement figure of ~$126K, with work still to be done to evaluate the value of the radar installation that originally cost just over $10,000. State Farm also adds sales tax onto the settlement figure, as I lost the trade-in that would lower the sales tax on the new purchase.
However, I didn't want this replacement car to get away, so I just purchased it out of pocket. I'm taking it on faith that State Farm will land in a fair ball park on the value when all is said and done.
The dealer was asking $136,995 and finally took $130,000. He had the car over three months and said he had paid considerably more to get it. I believe that, given that values on the Dream seem to be dropping now that other Lucids are arriving and the Sapphire is in the wings.
On another note, I talked to a PPF installer yesterday. He has already filmed four Lucids in Naples. Given how many we're seeing on the roads around here, I was not surprised.