10 Best Auto Insurance Companies That Offer Agreed Value in 2024
Hagerty, American Modern, and Safeco offer the best auto insurance companies that offer agreed value, offering plans for as low as $100 per month. We aim to assist you in comparing quotes from these insurers, guaranteeing that you secure ideal coverage while capitalizing on tailored discounts for your vehicle.
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Tim Bain
Licensed Insurance Agent
Tim Bain is a licensed insurance agent with 23 years of experience helping people protect their families and businesses with the best insurance coverage to meet their needs. His insurance expertise has been featured in several publications, including Investopedia and eFinancial. He also does digital marking and analysis for KPS/3, a communications and marking firm located in Nevada.
Licensed Insurance Agent
UPDATED: Oct 21, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident auto insurance decisions. Comparison shopping should be easy. We are not affiliated with any one auto insurance provider and cannot guarantee quotes from any single provider. Our partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.
UPDATED: Oct 21, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident auto insurance decisions. Comparison shopping should be easy. We are not affiliated with any one auto insurance provider and cannot guarantee quotes from any single provider. Our partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
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Hagerty is recognized as best auto insurance company that offer agreed value, providing competitive pricing starting at only $100 per month for comprehensive coverage.
In collaboration with American Modern and Safeco, they offer budget-friendly rates and an extensive array of comprehensive coverage options tailored to meet your individual driving requirements.
Our Top 10 Picks: Best Auto Insurance Companies That Offer Agreed Value
Company Rank Multi-Vehicle Discount A.M. Best Best For Jump to Pros/Cons
#1 10% A- Specialized Coverage Hagerty
#2 15% A+ Tailored Policies American Modern
#3 20% A Customizable Plans Safeco
#4 20% A Personalized Service Farmers
#5 17% B Reliable Coverage State Farm
#6 20% A+ Extensive Options Nationwide
#7 15% A++ Technology Integration Travelers
#8 12% A+
Friendly Experience Progressive
#9 25% A+ Comprehensive Policies Allstate
#10 22% A Flexible Policies Liberty Mutual
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#1 – Hagerty: Top Overall Pick
Pros
- Specialized Expertise: Hagerty specializes in classic and collector car insurance, offering expertise and tailored coverage options specifically designed for vintage vehicles. Read more through our Hagerty auto insurance review.
- Agreed Value Coverage: The company provides agreed value coverage, ensuring that in the event of a covered total loss, policyholders receive the predetermined value of their vehicle, providing peace of mind and protection for their investment.
- Comprehensive Policy Options: Hagerty offers comprehensive policy options, including coverage for spare parts, automotive tools, and travel expenses related to breakdowns, catering to the unique needs of classic car owners.
Cons
- Limited Availability: Hagerty’s coverage may not be available in all areas, limiting options for individuals seeking specialized classic car insurance outside of their service areas.
- Strict Eligibility Requirements: The company may have strict eligibility requirements for classic car insurance, including age, condition, and usage restrictions, which could exclude some vehicles or owners from obtaining coverage.
#2 – American Modern: Best for Tailored Policies
Pros
- Tailored Policies: American Modern offers tailored policies for specialty vehicles, including classic cars, motorcycles, and boats, providing customized coverage options to meet the unique needs of collectors and enthusiasts.
- Flexible Coverage Limits: The company provides flexible coverage limits, allowing policyholders to adjust their coverage based on the value of their vehicles and specific insurance needs, ensuring adequate protection for their investments.
- Excellent Customer Service: American Modern is known for its excellent customer service, with responsive representatives who can assist policyholders with claims processing, policy adjustments, and other inquiries in a timely manner.
Cons
- Limited Availability: American Modern’s coverage may be limited to certain regions or states, potentially restricting access for individuals residing outside of their service areas. Read more through our American Modern auto insurance review.
- Potentially Higher Premiums: While American Modern offers specialized coverage for specialty vehicles, including classic cars, premiums may be higher compared to standard auto insurance policies due to the unique risks associated with these types of vehicles.
#3 – Safeco: Best for Customizable Plans
Pros
- Customizable Plans: Safeco offers customizable insurance plans, allowing policyholders to tailor their coverage options to suit their specific needs and budget requirements, providing flexibility and choice.
- Wide Range of Discounts: The company provides a wide range of discounts, including multi-policy discounts, safe driver discounts, and anti-theft device discounts, helping policyholders save on their premiums while maintaining comprehensive coverage. Read more through our Safeco auto insurance review.
- Strong Financial Stability: Safeco boasts strong financial stability and a solid reputation in the insurance industry, providing policyholders with confidence and assurance that their claims will be handled promptly and efficiently.
Cons
- Limited Specialty Coverage: Safeco’s specialty coverage options, such as classic car insurance, may be limited compared to other insurers that specialize specifically in vintage vehicles, potentially resulting in less comprehensive coverage for collectors and enthusiasts.
- Claim Processing Time: While Safeco strives to handle claims promptly, some policyholders may experience longer claim processing times during peak periods or in cases of complex claims, which could lead to delays in receiving compensation for damages or losses.
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#4 – Farmers: Best for Personalized Service
Pros
- Personalized Service: Farmers offers personalized service, with dedicated agents who can help policyholders understand their coverage options, navigate the claims process, and make informed decisions about their insurance needs.
- Comprehensive Coverage Options: The company provides comprehensive coverage options, including specialized policies for classic cars, ensuring that policyholders have the protection they need for their valuable vehicles.
- Strong Financial Strength: Farmers boasts strong financial strength and stability, backed by its long-standing presence in the insurance industry, providing policyholders with confidence and peace of mind.
Cons
- Potentially Higher Premiums: Farmers’ premiums may be higher compared to other insurers, particularly for specialty coverage such as classic car insurance, due to the unique risks associated with these types of vehicles.
- Limited Availability: Farmers’ coverage may not be available in all areas, limiting options for individuals seeking specialized insurance for their classic cars outside of their service areas. Find out more through our Farmers auto insurance review.
#5 – State Farm: Best for Reliable Coverage
Pros
- Reliable Coverage: State Farm offers reliable coverage backed by its solid reputation and financial stability, providing policyholders with confidence that their claims will be handled promptly and efficiently. Find out more in our State Farm auto insurance review.
- Extensive Options: The company provides extensive coverage options, including specialized policies for classic cars, ensuring that policyholders can find the right coverage to suit their specific needs and budget requirements.
- Nationwide Network: State Farm has a nationwide network of agents and offices, making it convenient for policyholders to access personalized service and support wherever they are located.
Cons
- Potentially Higher Premiums: State Farm’s premiums may be higher compared to other insurers, particularly for specialty coverage such as classic car insurance, due to the unique risks associated with these types of vehicles.
- Limited Discounts: While State Farm offers some discounts, such as multi-policy discounts and safe driver discounts, the range of available discounts may be more limited compared to other insurers, potentially resulting in higher overall premiums for policyholders.
#6 – Nationwide: Best for Extensive Options
Pros
- Extensive Options: Nationwide, as mentioned in our Nationwide insurance review, offers extensive coverage options, including specialized policies for classic cars, ensuring that policyholders can find the right coverage to suit their specific needs and budget requirements.
- Strong Financial Stability: The company boasts strong financial stability and a solid reputation in the insurance industry, providing policyholders with confidence and assurance that their claims will be handled promptly and efficiently.
- Wide Range of Discounts: Nationwide provides a wide range of discounts, including multi-policy discounts, safe driver discounts, and anti-theft device discounts, helping policyholders save on their premiums while maintaining comprehensive coverage.
Cons
- Potentially Higher Premiums: Nationwide’s premiums may be higher compared to other insurers, particularly for specialty coverage such as classic car insurance, due to the unique risks associated with these types of vehicles.
- Claim Processing Time: While Nationwide strives to handle claims promptly, some policyholders may experience longer claim processing times during peak periods or in cases of complex claims, which could lead to delays in receiving compensation for damages or losses.
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#7 – Travelers: Best for Technology Integration
Pros
- Technology Integration: Our Travelers auto insurance review reveals that Travelers is known for its integration of technology into its insurance offerings, providing policyholders with convenient online tools and resources for managing their policies, filing claims, and accessing support.
- Customizable Plans: The company offers customizable insurance plans, allowing policyholders to tailor their coverage options to suit their specific needs and budget requirements, providing flexibility and choice.
- Strong Financial Stability: Travelers boasts strong financial stability and a solid reputation in the insurance industry, providing policyholders with confidence and peace of mind that their claims will be handled promptly and efficiently.
Cons
- Potentially Higher Premiums: Travelers’ premiums may be higher compared to other insurers, particularly for specialty coverage such as classic car insurance, due to the unique risks associated with these types of vehicles.
- Limited Specialty Coverage: Travelers’ specialty coverage options, such as classic car insurance, may be limited compared to other insurers that specialize specifically in vintage vehicles, potentially resulting in less comprehensive coverage for collectors and enthusiasts.
#8 – Progressive: Best for Friendly Experience
Pros
- Friendly Experience: Progressive is known for providing a friendly and intuitive experience for policyholders, with easy-to-use online tools and resources for managing policies, obtaining quotes, and filing claims.
- Agreed Value Coverage: The company offers agreed value coverage for classic cars, ensuring that in the event of a covered total loss, policyholders receive the predetermined value of their vehicle, providing peace of mind and protection for their investment.
- Wide Range of Discounts: Progressive provides a wide range of discounts, including multi-policy discounts, safe driver discounts, and multi-vehicle discounts, helping policyholders save on their premiums while maintaining comprehensive coverage.
Cons
- Potentially Higher Premiums: Progressive’s premiums may be higher compared to other insurers, particularly for specialty coverage such as classic car insurance, due to the unique risks associated with these types of vehicles. Read more through our Progressive auto insurance review.
- Claim Handling: While Progressive aims to handle claims efficiently, some policyholders may experience delays or complications in the claims process, particularly in cases of complex claims or disputes, which could result in frustration or dissatisfaction.
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#9 – Allstate: Best for Comprehensive Policies
Pros
- Comprehensive Policies: Allstate offers comprehensive policies with a wide range of coverage options, including specialized coverage for classic cars, ensuring that policyholders have the protection they need for their valuable vehicles.
- Strong Financial Stability: The company boasts strong financial stability and a solid reputation in the insurance industry, providing policyholders with confidence and peace of mind that their claims will be handled promptly and efficiently.
- Wide Network of Agents: Allstate has a wide network of agents and offices across the country, providing policyholders with personalized service and support wherever they are located. Use our Allstate auto insurance review as your guide.
Cons
- Potentially Higher Premiums: Allstate’s premiums may be higher compared to other insurers, particularly for specialty coverage such as classic car insurance, due to the unique risks associated with these types of vehicles.
- Limited Discounts: While Allstate offers some discounts, the range of available discounts may be more limited compared to other insurers, potentially resulting in higher overall premiums for policyholders.
#10 – Liberty Mutual: Best for Flexible Policies
Pros
- Flexible Policies: Liberty Mutual offers flexible policies, allowing policyholders to customize their coverage options to suit their specific needs and budget requirements, providing greater control and choice.
- Excellent Customer Service: The company is known for its excellent customer service, with responsive representatives who can assist policyholders with claims processing, policy adjustments, and other inquiries in a timely and efficient manner. For further insights, refer to our Liberty Mutual auto insurance review.
- Strong Financial Stability: Liberty Mutual boasts strong financial stability and a solid reputation in the insurance industry, providing policyholders with confidence and assurance that their claims will be handled promptly and fairly.
Cons
- Potentially Higher Premiums: Liberty Mutual’s premiums may be higher compared to other insurers, particularly for specialty coverage such as classic car insurance, due to the unique risks associated with these types of vehicles.
- Limited Specialty Coverage: Liberty Mutual’s specialty coverage options, such as classic car insurance, may be limited compared to other insurers that specialize specifically in vintage vehicles, potentially resulting in less comprehensive coverage for collectors and enthusiasts.
Auto Insurance Companies Offering Agreed Value Coverage
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Classic Car
Auto Insurance Companies That Offer Agreed Value: The Bottom Line
While many major auto insurers may not provide agreed value coverage, numerous insurance companies do cater to classic cars, including those offering liability-only coverage.
These cars must meet specific criteria regarding age, condition, and usage, with appraisers determining their value accordingly. To find the best coverage for your classic car, shop around and compare rates and coverages offered by various insurers. Enter your ZIP code now to compare rates from insurers offering agreed value coverage in your area today.
Frequently Asked Questions
What is agreed value auto insurance?
Agreed value auto insurance is a type of coverage that allows you to insure your vehicle for a specific value agreed upon by you and the insurance company. This agreed value is determined based on factors such as the vehicle’s condition, age, and market value. In the event of a covered total loss, the insurance company will pay out the agreed-upon value rather than the actual cash value of the vehicle.
Why should I consider agreed value auto insurance?
Agreed value auto insurance is particularly beneficial for owners of classic cars, antique vehicles, or unique automobiles whose value may not be accurately reflected in standard market valuations. By choosing agreed value coverage, you can ensure that you receive the full predetermined value of your vehicle in case of a covered loss, providing peace of mind and protection for your investment. Enter your ZIP code now to begin.
Which are the best auto insurance companies that offer agreed value coverage?
Well-regarded options include:
- Hagerty: Hagerty is a reputable insurance company specializing in classic and collector cars. They offer agreed value coverage and provide additional benefits such as spare parts coverage, roadside assistance, and flexible usage options.
- Grundy: Grundy Insurance has been in the classic car insurance business for over 70 years. They offer agreed value coverage and tailored policies for antique, collectible, and high-value automobiles.
- American Collectors Insurance: American Collectors Insurance is another popular choice for agreed value coverage. They provide coverage for a wide range of classic and collector vehicles, including cars, motorcycles, and trucks.
Above mentioned information includes the insurance companies that offer agreed value coverage and liability auto insurance.
How do I determine the agreed value of my vehicle?
The process of determining the agreed value of your vehicle varies between insurance companies. Typically, you’ll need to provide detailed information about your vehicle’s condition, mileage, modifications (if any), and supporting documentation such as appraisals or photographs. An insurance representative will then assess these factors to determine the appropriate agreed value for your vehicle.
Are there any specific requirements to qualify for agreed value auto insurance?
Insurance companies offering agreed value coverage may have certain requirements for eligibility. These requirements can vary but may include factors such as the age of the vehicle, its condition, storage arrangements, usage restrictions, and the driver’s history. Consult with the insurance company directly or work with an insurance agent specializing in classic or collector car coverage to understand specific requirements. Enter your ZIP code now to start.
Is agreed value coverage more expensive than traditional auto insurance?
Agreed value coverage can be slightly more expensive than standard auto insurance or collision insurance because it provides coverage based on a predetermined value rather than the actual cash value of the vehicle. However, the cost will depend on various factors such as the vehicle’s value, your driving history, and the insurance company’s rates. Obtain quotes from multiple insurance providers to compare prices and coverage options.
Can I get agreed value coverage for any type of vehicle?
While agreed value coverage is commonly associated with classic cars and collector vehicles, some insurance companies may offer this option for other types of vehicles as well. It’s best to check with the insurance company directly to determine if they provide agreed value coverage for your specific vehicle type.
Can I change the agreed value of my vehicle over time?
In many cases, you can adjust the agreed value of your vehicle at the time of policy renewal. However, some insurance companies may have limitations or require updated appraisals or documentation to support any changes. Review your policy terms and conditions or speak with your insurance provider to understand their specific procedures for modifying the agreed value. Enter your ZIP code now.
What happens if my vehicle is damaged but not deemed a total loss?
In the event of a covered partial loss (damage that doesn’t result in a total loss), agreed value coverage may work differently in various types of auto insurance. Depending on the policy terms, the insurance company may cover the cost of repairs up to the agreed value, minus any deductibles. It’s essential to carefully review your policy or discuss this scenario with your insurance provider to understand the extent of coverage for partial losses.
Can I switch from traditional auto insurance to agreed value coverage mid-policy?
In most cases, you can switch to agreed value coverage during your policy term. However, insurance companies may have specific guidelines or requirements for making this change. Contact your insurance provider or agent to discuss the possibility of transitioning from traditional coverage to agreed value coverage and any potential implications or adjustments to your policy premium.
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Tim Bain
Licensed Insurance Agent
Tim Bain is a licensed insurance agent with 23 years of experience helping people protect their families and businesses with the best insurance coverage to meet their needs. His insurance expertise has been featured in several publications, including Investopedia and eFinancial. He also does digital marking and analysis for KPS/3, a communications and marking firm located in Nevada.
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.
