Coverages and other features vary between insurers, vary by state, and are not available in all states. Descriptions of all coverages and other features on this page are necessarily brief in order to fully understand the coverages and other features of a specific insurance policy, we encourage you to read the applicable policy and/or speak to an insurance representative. This information is not an insurance policy, does not refer to any specific insurance policy, and does not modify any provisions, limitations, or exclusions expressly stated in any insurance policy. Please note: The above is meant as general information to help you understand the different aspects of insurance. Insuring your classic car at a stated value that's less than its actual cash value may give you a lower premium, but you risk getting a lower payout if it's totaled. Depending on your policy, they might pay either the actual cash value or the stated one, whichever is less. However, when an insurer uses stated value instead of agreed value, they don't necessarily pay out the stated value after a covered loss. You may need to provide documentation to back up your stated value.

Stated value is what you say your classic car is worth to your insurance company when quoting or requesting a policy.

* This value won't automatically change, but some insurers may want your vehicle revaluated at the beginning of each new policy term. At Progressive Classic Car by Hagerty, it's known as Guaranteed Value®, which doesn't require an appraisal. Here are some key differences between these two classic car valuation methods: What is agreed value?Īgreed value is the amount your classic car is worth as settled on by you and your insurer when writing or updating your policy. Neither is the same as the actual cash value of your car, as that would have to factor in depreciation based on age. Stated value is what you say your car is worth (potentially requiring proof), while agreed value is the insured amount you and your insurer agree on. stated valueĪgreed and stated values for insurance are two common methods insurers use to determine classic car payout limits. So if you know your vehicle's value before buying a classic car policy, you can get an accurate quote and insure it for what it's truly worth. That's because a classic car insurance policy typically insures your vehicle for its true value, whereas a standard auto policy may only cover the actual cash value of a car (the cost to replace the car minus depreciation).

When it comes to insuring your classic car, knowing its value can help you get the right level of coverage. For example, it can help you buy the car of your dreams for an appropriate price, sell your classic car for what it's worth, and properly insure it in case an expensive accident happens. Knowing the value of your classic car is critical when buying, selling, or insuring your car. Why should you know your classic car's value?

Black book car value