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How to get agreed value insurance on a collector car

What insurers usually ask for, how an appraisal fits in, and how to keep the value current.

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Reviewed November 2026 · Written by the Aprazio team

The short answer. To get agreed value coverage, you generally need to show the insurer what the car is worth and what condition it is in, then settle on a figure that goes into the policy. Most insurers want current photos and supporting records, and many want an independent appraisal for higher-value or unusual cars. Requirements, eligibility rules and usage limits vary by insurer, so ask yours what it accepts before you order anything.

What agreed value does for you

With agreed value coverage, the value of the car is fixed in the policy before anything happens. If the car is later a total loss, the policy is built to pay that amount, subject to its terms, instead of an adjuster's estimate of market value made after the loss. For cars that are hard to replace or that have climbed in value, that removes the biggest source of disputes. Our guide on agreed vs stated vs actual cash value explains how it differs from other kinds of coverage.

What insurers usually ask for

Every insurer has its own underwriting rules, but these requests come up often:

  • Current photos of the whole car, including interior, engine bay, undercarriage, odometer and VIN plate.
  • The VIN, mileage, and a description of originality, modifications and restoration work.
  • Documentation: service records, restoration receipts, window sticker or build sheet, and any provenance.
  • An independent appraisal, especially for higher-value, rare or heavily modified cars. Some insurers set a value threshold above which they require one.
  • Details on how the car is used and stored, such as a locked garage, limited annual mileage and an owner who also has a regular-use vehicle.

Some insurers have approved-appraiser lists, or ask for their own form. Ask which applies to you.

Step by step

  1. Ask the insurer first. Ask what they need to set an agreed value, whether they accept an independent appraisal and whether they have credential or format requirements.
  2. Document the car. Take photos and gather your records before the appraisal so nothing is missed.
  3. Get the appraisal. Choose Insurance as the reason so the report concludes the right type of value for the policy.
  4. Submit it and agree the number. The insurer may accept the appraised value or propose a different one. If the figures differ, ask what they are relying on.
  5. Put it in writing. Make sure the agreed figure and any conditions appear in the policy documents.
  6. Review it on a schedule. Markets move. An annual review keeps the agreed value close to what the car is really worth.

Read the conditions

Agreed value policies often come with conditions. Mileage limits, storage requirements, restrictions on daily driving, and rules about who may drive the car are common. A claim can be affected if a condition is not met, so check them against how you actually use the car. Also confirm how the policy treats partial losses and what happens if the car is repaired rather than totaled.

Where an appraisal fits and what it costs

An independent appraisal gives the insurer a documented basis for the figure, and gives you a record of what the car was worth and in what condition on a given date. Insurance appraisals start at $395 as a Virtual Appraisal. Luxury makes and higher-value vehicles are priced a level up, and the exact flat price is shown before you pay. You can add a second value conclusion (+$95) if you also want a replacement value alongside fair market value. An annual update within 12 months for the same vehicle is 50% of the original Virtual price. The report is delivered within 72 hours (business days) of receiving your complete details. See how much a car appraisal costs.

Frequently asked questions

Will my insurer accept an independent appraisal?

Many do, but each insurer sets its own rules. Some require a specific format, an inspection or an approved appraiser. Ask first. Our guide on whether insurers accept online appraisals lists the questions to ask.

How often should I update the agreed value?

Review it at least once a year, and sooner if the market for your model moves sharply or you have done significant work on the car. If the agreed value is lower than the market value, you can be underinsured.

Does a higher agreed value mean a higher premium?

Usually the premium reflects the insured amount, so a higher agreed value tends to cost more. Ask your agent to price a few figures so you can see the trade-off.

What if the insurer wants a different number than the appraisal?

Ask what data they are using and compare it with the comparables in the appraisal. Differences often come from a different condition assumption or a different comparable set.

Do I need an appraisal for a newer car?

Often not. Agreed value is most common on collector, classic, exotic and high-value vehicles. For an ordinary newer car, actual cash value is typically what is offered.

Setting or updating an agreed value? Get an independent, USPAP-based insurance appraisal from $395, ordered entirely online. Start My Appraisal →

This guide is general information, not legal or insurance advice. Aprazio is not a law firm or an insurance adjuster, and rules and deadlines vary by state and by policy. Check your own policy and your state's rules, and speak with an attorney if you need legal advice.

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Agreed vs stated vs actual cash value · How a classic or collector car is appraised · Will insurers accept an online appraisal?