How much is your classic car worth?

You can determine the value of your classic car by appraisal, using current and historical asking prices. Classic car valuation tools can also provide a range of prices that your classic car might fall into.

Why should you know your classic car's value?

Knowing the value of your classic car is critical when buying, selling, or insuring your car. For example, it can help you avoid overpaying for the car of your dreams or missing out on a nice payout by selling your classic car for less than it's worth.

When it comes to insuring your classic car, knowing its value will help you get the right level of protection. That's because a classic car insurance policy typically insures your vehicle for its true value, whereas a standard auto policy only covers the actual cash value of your classic car (the cost to replace your car minus depreciation). So, if you know your car's value before buying a classic car policy, you can get an accurate quote and insure your vehicle for what it's actually worth.

Agreed value vs. stated value insurance

Classic car insurance typically pays out based on either the agreed value or stated value of your car, not the actual cash value. While they may sound similar, these two valuation methods are quite different:

What is agreed value?

Agreed value, or Guaranteed Value®,* is the amount you and your insurer agree your classic car is worth. If your classic car is totaled in a covered loss, your insurance company is responsible for paying you the agreed value or full amount stated on your policy for your classic car. The agreed value of your car won't automatically change during the length of your policy, but some insurance companies may want it reappraised at the beginning of each new policy term.

What is stated value?

Stated value is what you say your classic car is worth to your insurance company (you may need to provide documentation to prove that value), but your insurer doesn't necessarily pay out that amount after a covered loss. Instead, your insurance company may choose to pay either the actual cash value or stated value, whichever is less. 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.

How to find the value of your classic car

Here are a few things you need to find out the value of your classic car:

  • Year/make/model
  • Body type
  • Vehicle identification number (VIN)
  • Condition of your vehicle

Use the Hagerty Valuation Tools to find out what your classic car is worth, then quote classic car insurance to get it covered at its true value.