Agreed Value Auto — Insurance Claims Definition
Auto
A classic or specialty auto policy that sets a fixed value for the vehicle in advance of a total loss.
Agreed value policies suit collector cars where market comps are difficult. Total loss pays the agreed amount without ACV dispute, subject to policy conditions and proof of value at inception.
Examples
A 1969 muscle car is insured for $85,000 agreed value; theft total loss pays $85,000 minus deductible.
Common Mistakes
Failing to update agreed value after major restoration changes market worth. Using agreed value on daily drivers without carrier appetite.
