What is agreed value coverage?

Agreed value is an insurance term you'll encounter while shopping for classic car insurance. It refers to the value of your collector car as you and your insurer agreed upon. If your car is totaled, you'll receive a claim payout equal to your car's agreed value, minus any deductible. In contrast, a typical auto insurance policy only insures your car for its actual cash value which factors in depreciation.

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How does agreed value coverage work?

When you quote classic car insurance, your insurer will work with you to assess the value of your collector car. Some insurers require photos or appraisals, though they will also review any documentation you have about the vehicle's history and current condition. In almost all cases, Progressive collector car insurance powered by Hagerty does not require an appraisal.

Once you have finalized your policy, your car will be insured for the agreed-upon value. If you have a claim, your insurer will pay up to that amount for repairs or directly to you if your car is totaled (minus any deductible).

What's the advantage of agreed value coverage?

Regular auto insurance generally insures vehicles for their actual cash value, i.e., the cost to replace the vehicle minus depreciation. That's because most daily driver vehicles depreciate when they leave the dealer's lot. However, collector cars may hold or increase in value, which means owners risk losing a substantial amount of money if they were to insure their collector vehicle with regular auto insurance.

With agreed value coverage, classic car owners can insure their vehicle for its real value within the collector car market. Learn how to find the value of a classic car.


Some insurers offer stated value coverage, which insures your vehicle for the amount you say it's worth (with supporting documentation). However, your insurer isn't obligated to pay out the stated value of your vehicle if it's totaled. Instead, it'll either pay out your vehicle's stated value or actual cash value, whichever is lower. With agreed value coverage, you're guaranteed coverage for the agreed-upon value of your car.

Get covered for your collector car's true value

With Guaranteed Value® coverage from Progressive Classic Car by Hagerty, you're covered for your vehicle's real value. Quote today to get the protection your ride needs.


Get a classic car insurance quote and choose the coverages you want for your classic car.

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Call 1-888-534-8980 and speak with a representative from Progressive Classic Car by Hagerty.

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Please note: The above is meant as general information to help you understand the different aspects of insurance. Read our editorial standards for Answers content. 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. Descriptions of all coverages and other features 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. Coverages and other features vary between insurers, vary by state, and are not available in all states. Whether an accident or other loss is covered is subject to the terms and conditions of the actual insurance policy or policies involved in the claim. References to average or typical premiums, amounts of losses, deductibles, costs of coverages/repair, etc., are illustrative and may not apply to your situation. We are not responsible for the content of any third-party sites linked from this page.