Agreed Value
Insurance Glossary
A settlement basis under which the insurer and the owner fix the amount payable for a total loss when the policy is written, instead of calculating depreciation after the loss. It is used mainly for classic, collector and specialty vehicles, whose worth does not track the standard valuation guides insurers use for ordinary cars. Insurers generally require photographs, an appraisal or documentation of condition, and may attach mileage limits or storage requirements.
This content is for general informational purposes only and is not insurance, legal, or financial advice. Coverage, exclusions, eligibility, and pricing vary by insurer, by policy, and by state, and only the policy documents control what is covered. Always confirm the details of any coverage with a licensed insurance agent or the issuing carrier before you buy.
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