Insurance - Agreed Upon Value?

leanned · Post by **leanned** » 24 Apr 2013, 07:03

I have a 2002 V70 T5 Manual that I purchased last year. I recently put a new suspension on it as well as a few other upgrades. Considering how rare my car is plus the recent upgrades, I have been wondering what is the best way to go about insuring my car for its true value rather than what the insurance co. would value it.
I have contacted a few "classic car" insurers like Grundy, Hagerty and looked at others but they either don't consider it a "classic" or want another daily driver (which I don't have).

I was wondering if others had suggestions or experiences they could share. Thanks much.

Post by **JDS60R** » 24 Apr 2013, 10:34

Most insurance companies offer an agreed value endorsement that is supported by a verified, licensed appraisers, written, and document supported, opinion.

Call the company first to see if the endorsement is offered. It will likely be based on the amount of the appraisal and then its value will depreciate with the market. Other companies will offer a written replacement value (Value stays the same regardless of market) . Get a copy of the endorsement and examine it for how it values the car. Some are not advantageous as they say they will pay for the lesser of the agreed value or the market value.

As you said the classic car market may not fit your vehicle and driving needs.

leanned · Post by **leanned** » 24 Apr 2013, 11:04

Thank you very much. I will see if my insurance co. offers an AGV endorsement.

Post by **JDS60R** » 24 Apr 2013, 13:23

I would not use the term "AGV" as it sounds like ACV ( actual cash value) which is the standard in auto policies. I would suggest calling it "Agreed Value" for clarity.

leanned · Post by **leanned** » 25 Apr 2013, 08:56

Gotcha. Will stick with the "agreed value" lingo. Thanks again.