Insuring Your Antique Car – Actual Cash Value vs. Agreed Value

a red car parked on the side of the road
Insuring Your Antique Car – Actual Cash Value vs. Agreed Value

When it comes to car insurance, a common concern – and rightfully so – of classic, antique, or high-value car owners, is how much your policy will payout in the event of an accident if your vehicle is considered a total loss. If your vehicle is totaled, will you receive a fair value for it? How would you know? At Staples & Associates, we understand that the world of insurance can get difficult and a bit confusing, allow the experts to assist you in choosing the best insurance options for your vehicle!

There is a way to be certain that you will receive a fair settlement in the event of an insurance claim, allow the experts at Staples & Associates to walk you through them!

Car Insurance with Actual Cash Value

Actual cash value means “what your vehicle is worth in cash just before it is crashed”. This means that after your accident, your insurance company adjuster will look over your vehicle, and decide on what the typical value should be for your car. The value that they determine will be your settlement offer. If you disagree with the adjuster’s determined value and have strong evidence to back up this claim they may or may not adjust their offer. Putting your fate in the hand of an insurance adjuster is not an ideal situation for many owners of classic, antique, and high-value vehicles. Vehicle owners purchase insurance to be taken care of in the event of an insurance claim, not to be left researching and battling to receive a fair value. 

Insuring with Agreed Value

You might be used to seeing the term ‘Guaranteed Value’ while shopping around for vehicle insurance, which is just a marketing-savvy way of saying ‘Agreed Value’. Agreed value is when you and your insurance company agree upon the value of your vehicle when you sign up before the policy is issued, and any money is exchanged between the policyholder and insurance company. 

In the event of a disaster or a potential insurance settlement, your insurance company will agree to pay the value that you (the policyholder) and their company agreed upon. No matter what. If you think that you are enrolled in this sort of coverage, be sure to have your agent show you in the policy language it says “In the event of theft or a total loss we will pay the Agreed Value” or something similar. If your agent can not point that out on your policy, then your insurance does not cover any agreed value. 


At Staples & Associates, we firmly believe that if you want to guarantee that you are getting the value that you expect on your classic, antique, or high-value vehicle, you should not settle for anything less than an Agreed Value insurance policy. Many clients believe that their valuable vehicles are covered adequately on an Actual Cash Value policy, when in fact, the vehicles are not valued properly. An Agreed Value policy is what you need to be sure that your vehicle is insured properly, and that you will get the value that you deserve in the event of an insurance claim.


Contact an Agent at Staples & Associates today and ask about coverage for your classic, antique, or high-value vehicle today! 

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