Agreed Value Insurance Quote
Before the policy activates you as the car s owner the agent and our underwriters agree on the car s value and insure it for that amount.
Agreed value insurance quote. It s mainly for cars that are worth more than the average for a similar age model. Your items will have to be appraised proving the value to the insurer. Agreed value car insurance is an option for drivers who wants protection for classic or luxury cars but it s not always worth it for every car. You will be able to find this inside your policy which should directly state that the insurer will cover the item s at the agreed value with agreed value coverage the insured value of your property doesn t depreciate at least not over the course of your policy term.
They pay out an amount you ve both agreed on for your car if it s written off or stolen rather than the average market value for it. In the event of a total loss that agreed upon value is the payout amount in a total loss. Agreed value car insurance policies pay out a pre agreed sum in the event of a total loss. An agreed value policy the same as hagerty s guaranteed value policy guarantees that you will receive the full insured amount of the vehicle with no depreciation and including all sales taxes in the event of a covered total loss.
In contrast a stated value policy sometimes called stated amount or maximum limit of liability gives the. Classic automobile insurance agency has been protecting collector classic and exotics since 1992. Along with classic or modified cars agreed. If you want to insure a collectible vehicle and have an insurance policy based on agreed value please request a classic car insurance quote.
Consider getting quotes for agreed value car insurance if your ride is worth much more than the average car. Drew yagodnik is vice president of classic automobile insurance agency inc. They re useful for classic cars that have held or increased their value with age or if you ve made expensive changes to a modified or kit car.
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