Best Auto Insurance Companies That Offer Agreed Value (2021)

Auto insurance companies that offer agreed value are generally specialty companies such as Grundy Insurance, but some top companies such as State Farm also offer coverage. A car must meet certain qualifications to be considered classic, usually related to age, limited mileage, and condition. Car insurance companies that offer agreed value work with an appraiser and the owner to determine value.

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insuranc...

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years (BBB A+). He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com and Safeco. He reviews content, ensuring that ex...

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Reviewed by Daniel Walker
Licensed Auto Insurance Agent

UPDATED: Nov 3, 2021

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Things to Remember

  • Since classic cars don’t depreciate, auto insurance companies agree on the value of the car in case of claims
  • Only a few large companies offer agreed value insurance, such as State Farm
  • Top insurance companies that offer agreed value insurance include Grundy Insurance and Hagerty Insurance

Most cars lose value over time, but classic cars can continue to gain value as time goes on. However, the best auto insurance companies for classic cars may not be names you expect.

Auto insurance companies that offer agreed value have certain qualifications that must be met, and they use a professional appraiser to come to an agreement on the value of the car.

Shop around to find affordable auto insurance companies that offer agreed value. Compare multiple companies to find your best deal.

Enter your ZIP code now to compare free quotes from auto insurance companies that offer agreed value in your area.

What auto insurance companies offer agreed value coverage?

Unlike newer cars, classic cars only increase in value with age. Auto insurance companies recognize that standard insurance won’t offer drivers the coverage they need to protect classic cars.

That’s where agreed value auto insurance comes in. With agreed value coverage, the insurance company comes to an agreement with the owner about how much the vehicle is worth.

Coverage and rates are based on that agreed-upon value, whereas stated value insurance doesn’t take the appraised value into consideration.

The top five auto insurance companies that specialize in classic cars are:

  • Grundy Insurance
  • Hagerty Insurance
  • American Collectors Insurance
  • American Modern Insurance
  • Heacock Classic Insurance

Although many major insurance companies don’t offer agreed value coverage themselves, they do offer coverage through a subsidiary.

Hagerty Insurance is under Progressive, American Collectors Insurance is under USAA, and American Modern Insurance is a subsidiary of GEICO.

However, you can get coverage through some of the major companies, such as State Farm collector car insurance.

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What qualifies as a classic car?

Just because a car is old, that doesn’t mean it’s a classic. Certain criteria have to be met in order to get that distinction.

For example, Kelley Blue Book reports that condition makes a huge difference in the price of classic cars.

Even if a car is considered a classic, poor condition can result in very low value. Cars with low value would not be eligible for agreed value insurance.

Does my car qualify for classic car insurance?

In order to qualify for classic car insurance, these requirements must be met:

  • The vehicle must be at least 10 years old. Many companies consider cars that are at least 25 years old to be antique.
  • Classic cars must be well maintained.
  • Classic cars must be stored in a locked garage to avoid theft and damage.
  • Drivers must have another vehicle they use as a daily driver. Classic cars are generally only driven for shows and other special events.
  • Drivers must be at least 25 years old, have 10 years of driving experience, and have a clean driving record.

Classic car auto insurance coverage will generally be the same as with a newer car. For example, Grundy classic car insurance includes liability, collision, comprehensive, and uninsured and underinsured coverages.

Although agreed value coverage is usually more expensive than traditional insurance, you could lose a lot of money if your car is damaged and you only have stated value coverage.

Drivers with classic cars can save money by taking advantage of auto insurance discounts and raising their deductibles.

Auto Insurance Companies That Offer Agreed Value: The Bottom Line

Although large auto insurance companies that don’t offer agreed value are most common, there are many car insurance companies that do cover classic cars.

Cars must meet certain requirements to be considered classic related to age, condition, and use. Appraisers determine the car’s value based on those requirements.

Shop around to find the best car insurance companies that offer agreed value on your classic car. Compare rates and coverages to find the insurance that fits your needs.

Enter your ZIP code now to compare rates from auto insurance companies that offer agreed value near you today.

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