The short answer
Agreed-value policies pay a value set in advance, so the number should be documented and current. An independent appraisal with sold comparables, photos and a signed statement of independence is what most insurers and owners rely on. Requirements vary by insurer, so confirm before ordering.
Agreed value, stated value and actual cash value
Agreed value means the insurer and owner settle on a value up front, and in a total loss the policy generally pays that amount, subject to its terms. Stated value usually means the insurer can pay the lesser of that figure or the actual cash value. Actual cash value is the market value at the time of loss, often with depreciation.
Because the agreed number is the whole point of the policy, it should be supported by evidence, not a guess or a purchase price from years ago.
Why values go stale
Collector markets move. A car insured at a figure set several years ago may now be worth far more or less. Under-insuring leaves a gap at claim time, and over-insuring pays premiums for coverage you cannot collect. Many owners review the value every one to three years or after a major market move or change to the car.
What the appraisal should include
Clear identification with VIN and specification, current photographs and condition notes, comparable sales with dates and sources, an effective date, and an independent author. We do not buy or sell the vehicles we value and take no contingent fees.
Read more: agreed-value insurance and appraisals: what insurers need.
What it costs
A photo-based valuation starts at $199. A certified appraisal is $350, or $595 for classic, exotic and collector vehicles. Fleet and bulk work is priced per vehicle. The fee never depends on the value we reach. See full pricing.
Independent, by design
Frequently asked questions
Do I need an appraisal for agreed-value insurance?
Many specialty insurers ask for one or for strong documentation. Requirements vary, so ask your insurer what they accept and how recent it must be.
How often should I update an agreed value?
Many owners review it every one to three years, or when the market changes significantly or the car is restored or modified.
Is a valuation enough for my insurer?
Some accept a signed valuation and some require a certified appraisal. Confirm with your insurer before ordering.
Do you work with insurance agents and brokers?
Yes. Agents and brokers can send clients to us or request a report on a client's behalf.
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