Compare Best Car Insurance Companies That Offer Agreed Value in 2024 (Top 10 Providers)
Compare best car insurance companies that offer agreed value like State Farm, American Family, and Allstate. Investigate their customized policies, competitive rates, and outstanding customer service for robust protection.
Free Car Insurance Comparison
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Joel Ohman
Certified Financial Planner
Joel Ohman is the CEO of a private equity backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He has an MBA from the University of South Florida. Joel...
Certified Financial Planner
UPDATED: Feb 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 car insurance decisions. Comparison shopping should be easy. We are not affiliated with any one car insurance company and cannot guarantee quotes from any single company.
Our partnerships don’t influence our content. Our opinions are our own. To compare quotes from top car companies please enter your ZIP code above 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: Feb 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 car insurance decisions. Comparison shopping should be easy. We are not affiliated with any one car insurance company and cannot guarantee quotes from any single company.
Our partnerships don’t influence our content. Our opinions are our own. To compare quotes from top car companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
Company Facts
Average Monthly Rate For Good Drivers
A.M. Best Rating
Complaint Level
Pros & Cons
Company Facts
Average Monthly Rate For Good Drivers
A.M. Best Rating
Complaint Level
Company Facts
Average Monthly Rate For Good Drivers
A.M. Best Rating
Complaint Level
Compare best car insurance companies that offer agreed value with State Farm, American Family, and Allstate. They offer tailored coverage options and competitive pricing, taking into account variables such as credit score and driving habits. State Farm stands out for its extensive range of discounts, appealing to those seeking comprehensive coverage at a reasonable price.
- Top car insurance providers, State Farm, American Family, and Allstate, excel in offering agreed-value coverage for classic and high-value cars.
- Agreed value coverage ensures a predetermined payout for total losses, meeting the unique needs of classic and collectible car owners.
- State Farm’s numerous discounts make it an optimal choice, offering affordability without compromising coverage quality.
From identifying the appropriate coverage options that ensure ample protection to addressing the complexities of claims management and cost-saving strategies, we’ve got you covered. Additionally, we delve into supplementary safeguards that can offer peace of mind in an affordable way.
Company | Rank | See Pros/Cons | Maximum Multi-Policy Discount | Maximum Low-Mileage Discount | Best For |
---|---|---|---|---|---|
#1 | State Farm | Up to 17% | Up to 30% | Many Discounts | |
#2 | American Family | Up to 20% | Up to 20% | Student Savings | |
#3 | Allstate | Up to 25% | Up to 30% | Add-on Coverages | |
#4 | USAA | Up to 10% | Up to 10% | Military Savings | |
#5 | Travelers | Up to 13% | Up to 10% | Accident Forgiveness | |
#6 | Erie | Up to 25% | Up to 20% | 24/7 Support | |
#7 | Nationwide | Up to 20% | Up to 10% | Usage Discount | |
#8 | Farmers | Up to 10% | Up to 10% | Local Agents | |
#9 | Liberty Mutual | Up to 25% | Up to 15% | Customizable Polices | |
#10 | AAA | Up to 15% | Up to 15% | Local Agents |
Agreed value on car insurance means your provider agrees to pay you a specific amount for your covered item. Compare quotes from leading insurance providers and initiate the process of acquiring the best car insurance companies for yourself and your family. If you own a classic or collectible car, keep reading to discover tips to help you buy car insurance from companies that offer agreed-value policies for your specialty vehicle.
After learning about car insurance quotes from companies that offer agreed value, remember to enter your ZIP code into our free comparison tool above to receive rates from the top providers near you.
#1 – State Farm: Many Discounts
State Farm, American Family, and Allstate stand out as the top choices for agreed value coverage, offering unparalleled customization and protection for classic and high-value cars.
Brad Larson Licensed Insurance Agent
Pros
- Competitive discounts: State Farm offers up to a 17% discount, providing potential savings for policyholders.
- Substantial savings: With a discount of up to 30%, State Farm stands out for its significant cost-saving opportunities.
- Diverse discount options: State Farm provides many discounts, allowing customers to tailor their policies and maximize savings.
Cons
- Limited military savings: State Farm does not offer specific military savings, which might be a drawback for members of the armed forces.
- Potential for higher base rates: While discounts are available, some customers may find that State Farm’s base rates are relatively higher.
Read more: State Farm Car Insurance Review
Free Car Insurance Comparison
Enter your ZIP code below to view companies that have cheap car insurance rates.
Secured with SHA-256 Encryption
#2 – American Family: Student Savings
Pros
- Up to 20% student savings: American Family offers substantial discounts of up to 20% for students, making it an attractive option for student drivers.
- Competitive overall discounts: With additional discounts of up to 20%, American Family provides cost-saving opportunities for a broad range of customers.
- Flexible coverage: The company’s student savings highlight a commitment to catering to various customer needs.
Cons
- Limited military discounts: Similar to State Farm, American Family does not emphasize military savings, potentially excluding a specific customer segment.
- Availability restrictions: Student savings may have eligibility criteria or restrictions that not all students can meet.
Read more: American Family Car Insurance Review
#3 – Allstate: Add-on Coverages
Pros
- Up to 25% discount: Allstate offers a competitive discount of up to 25%, providing potential savings for policyholders.
- Substantial savings: With a discount of up to 30%, Allstate stands out for its significant cost-saving opportunities.
- Add-on coverages: Allstate distinguishes itself by offering a variety of add-on coverages, allowing customers to tailor their policies to specific needs.
Cons
- Potentially complex coverage structure: The availability of numerous add-on coverages may make the policy structure complex, potentially confusing some customers.
- Higher premiums for comprehensive coverage: While the add-on coverages enhance customization, opting for comprehensive coverage may lead to higher premiums.
Read more: Allstate Car Insurance Review
#4 – USAA: Military Savings
Pros
- Up to 10% military savings: USAA caters specifically to military members, offering up to a 10% discount, making it an excellent choice for the military community.
- Competitive overall discounts: With additional discounts of up to 10%, USAA provides cost-saving opportunities for a broad range of customers.
- Highly regarded customer service: USAA is known for its exceptional customer service, creating a positive experience for its policyholders.
Cons
- Limited eligibility: USAA membership is exclusive to military members and their families, limiting access to a broader customer base.
- Potential for limited physical presence: While USAA has a strong online presence, customers who prefer in-person interactions may find limited local offices.
Read more:
Free Car Insurance Comparison
Enter your ZIP code below to view companies that have cheap car insurance rates.
Secured with SHA-256 Encryption
#5 – Travelers: Accident Forgiveness
Pros
- Up to 13% discount: Travelers offers up to a 13% discount, providing potential savings for policyholders.
- Accident forgiveness: The inclusion of accident forgiveness is a significant advantage, allowing policyholders to maintain lower rates even after an accident.
- Flexible coverage options: Travelers provides various coverage options, allowing customers to tailor their policies to specific needs.
Cons
- Limited accident forgiveness terms: The terms and conditions of accident forgiveness may have limitations, and not all accidents may qualify.
- Potentially higher premiums for full coverage: While accident forgiveness is beneficial, opting for full coverage may result in higher premiums.
Read more: Travelers Car Insurance Review
#6 – Erie: 24/7 Support
Pros
- Up to 25% discount: Erie offers a competitive discount of up to 25%, providing potential savings for policyholders.
- Up to 20% additional savings: With an additional discount of up to 20%, Erie stands out for its significant cost-saving opportunities.
- 24/7 support: Erie distinguishes itself by providing round-the-clock support, ensuring customers have assistance whenever needed.
Cons
- Limited regional presence: Erie’s coverage may be limited to certain regions, potentially excluding customers in areas where it doesn’t operate.
- Fewer additional features: While 24/7 support is a key feature, Erie may offer fewer additional features compared to some larger competitors.
Read more: Erie Car Insurance Review
#7 – Nationwide: Usage Discount
Pros
- Up to 20% discount: Nationwide offers a competitive discount of up to 20%, providing potential savings for policyholders.
- Up to 10% additional savings: With an additional discount of up to 10%, Nationwide stands out for its cost-saving opportunities.
- Usage discount: Nationwide provides a usage-based discount, allowing customers to save based on their driving habits.
Cons
- Limited availability of usage discount: The usage discount may have eligibility criteria or restrictions, limiting its availability to all customers.
- Potentially higher base rates: While discounts are available, some customers may find that Nationwide’s base rates are relatively higher.
Read more: Nationwide Car Insurance Discounts
Free Car Insurance Comparison
Enter your ZIP code below to view companies that have cheap car insurance rates.
Secured with SHA-256 Encryption
#8 – Farmers: Local Agents
Pros
- Up to 10% discount: Farmers offer a competitive discount of up to 10%, providing potential savings for policyholders.
- Up to 10% additional savings: With an additional discount of up to 10%, Farmers provide cost-saving opportunities.
- Local agents: Farmers stand out by offering the support of local agents, providing in-person assistance and personalized service.
Cons
- Limited regional presence: Farmers may have a more limited regional presence compared to larger national insurers.
- Possibly higher premiums for certain coverages: While local agents offer personalized service, opting for specific coverages may result in higher premiums.
Read more: Farmers Car Insurance Review
#9 – Liberty Mutual: Customizable Policies
Pros
- Up to 25% discount: Liberty Mutual offers a competitive discount of up to 25%, providing potential savings for policyholders.
- Up to 15% additional savings: With an additional discount of up to 15%, Liberty Mutual stands out for its cost-saving opportunities.
- Customizable policies: Liberty Mutual distinguishes itself by offering highly customizable policies, allowing customers to tailor coverage to their unique needs.
Cons
- Potential for complex policy structure: The availability of extensive customization options may make the policy structure complex, potentially confusing some customers.
- Higher premiums for comprehensive coverage: While customization is a strength, opting for comprehensive coverage may lead to higher premiums.
Read more: Liberty Mutual Car Insurance Review
#10 – AAA: Local Agents
Pros
- Up to 15% discount: AAA offers a competitive discount of up to 15%, providing potential savings for policyholders.
- Up to 15% additional savings: With an additional discount of up to 15%, AAA provides cost-saving opportunities.
- Local agents: AAA stands out by offering the support of local agents, providing in-person assistance and personalized service.
Cons
- Membership requirement: AAA insurance may require membership, limiting access to those who are part of the AAA club.
- Possibly higher premiums for certain coverages: While local agents offer personalized service, opting for specific coverages may result in higher premiums.
Read more: AAA Car Insurance Review
Free Car Insurance Comparison
Enter your ZIP code below to view companies that have cheap car insurance rates.
Secured with SHA-256 Encryption
Maximizing Your Coverage: Unveiling Insurance Discounts for Top Providers That Offer Agreed Value
For individuals seeking car insurance with agreed-value coverage, understanding the pricing structures of different insurance companies is paramount. Agreed value coverage ensures that in the event of a total loss, policyholders receive a predetermined amount agreed upon at the start of the policy.
Insurance Company | Minimum Coverage | Full Coverage |
---|---|---|
State Farm | $90 | $180 |
American Family | $72 | $168 |
Allstate | $85 | $190 |
USAA | $110 | $200 |
Travelers | $75 | $210 |
Erie | $95 | $230 |
Nationwide | $82 | $245 |
Farmers | $80 | $225 |
Liberty Mutual | $88 | $235 |
AAA | $70 | $205 |
The table above outlines the average monthly car insurance rates for companies providing agreed-value coverage, offering insights into both minimum and full coverage options. This information allows consumers to make informed decisions based on their specific coverage needs and financial considerations.
If you own an exotic, classic, or collectible car, you may want an agreed value car insurance policy. Agreed value car insurance policies typically cost more than traditional insurance. Some companies even offer restoration coverage as a policy add-on if you’re restoring an older vehicle. You may use a car insurance company that doesn’t offer agreed value policies itself but instead partners with a classic car provider.
For example, of the national providers, Geico Car Insurance Company is a car insurance company that offers agreed value policies to drivers at a low cost. However, those policies are technically underwritten by Assurant. (For more information, read our “Assurant Car Insurance Review“). Similarly, Nationwide Car Insurance Company and Allstate Car Insurance Company work with Hagerty for classic car policies.
Hagerty Car Insurance Company is one of the classic car insurance companies, especially for drivers needing agreed value policies. (For more information, read our “Hagerty Car Insurance Discounts“). If you’re only finding affordable car insurance companies that don’t offer agreed value, then consider looking into local agencies that specialize in classic car insurance.
Read more:
- Allstate vs. Nationwide Car Insurance Comparison
- American Collectors Car Insurance Company
- American Family Car Insurance Company
- Geico vs. Allstate Car Insurance Comparison
- Grundy Car Insurance Company
- Hagerty Car Insurance Review
- Safeco Car Insurance Company
- State Farm Car Insurance Company
- What are the top 10 car insurance companies in the US?
What is agreed value insurance?
Agreed value car insurance policies have a payout amount that both you and the provider agree upon. So if your vehicle is totaled, you receive the agreed value as your payout instead of the actual cash value (ACV). To qualify for classic car insurance, drivers usually must be 25 years old with at least ten years of driving experience. However, there are exceptions:
Your driving record must also typically be clean for three to five years.
Qualifications for the car include age, conditions, use, and storage. Classic cars are often 10-20 years old, whereas antique cars are 25. But newer exotic and luxury vehicles may also qualify. Typically, you appraise your classic or collectible vehicle and submit the results to your provider. Your insurance company may also perform an assessment. However, some classic car companies already have set values for various vehicles.
You may need agreed value pricing for your car if it does not have a traditional value representing the car’s worth. Similarly, fixing a classic car usually requires specialized mechanics, which standard insurance policies likely do not cover. Also, most cars lose value year after year, but some rare vehicles increase in value over time. The cost of your agreed value policy varies heavily depending on the kind of car you own and how you use it.
For example, most providers put a cap on how many miles you can drive your car annually if you use an agreed value policy. Therefore, expect agreed value car insurance for a daily driver to be more expensive. But if you only use your car for pleasure or car shows, this may help lower the cost of your policy. Finally, how you store the car matters, some companies do not write agreed value policies for cars parked in public locations.
So if you keep getting car insurance quotes from companies that don’t offer agreed value, it may be because of where you park your car. So keep it in a private, secure garage to earn the lowest possible rates.
Free Car Insurance Comparison
Enter your ZIP code below to view companies that have cheap car insurance rates.
Secured with SHA-256 Encryption
What is the difference between agreed value and actual cash value?
Now that you know what agreed value means, how does it differ from the actual cash value or even stated value? One significant difference between agreed value insurance versus replacement costs is when the value is determined. Actual cash value or ACV is the amount your car is worth after factoring in age and depreciation. Most traditional car insurance policies use ACV.
Typically, it’s calculated at the time a claim is filed and excludes damage costs. So while your agreed value never changes unless the car is reevaluated, a car’s ACV does shift with time. According to the law experts at Nolo, you can negotiate your car’s actual cash value with your provider if you disagree with the adjustor’s assessment, but the process can be difficult. So, you’re better off establishing what the car is worth ahead of time for classic cars.
Finally, stated value insurance policies payout whatever is cheapest between the ACV and agreed value of a vehicle. You can even purchase agreed value insurance for things besides your car, including jewelry, antiques, or commercial property.
But remember, if you buy car insurance from companies that don’t offer agreed value policies but need one, never hesitate to switch providers. Just secure your new policy before canceling your old one to avoid a coverage lapse.
Case Studies: Tailored Agreed Value Coverage for Individuals
Case Study #1: State Farm – Preserving a Legacy for Sarah Thompson
State Farm has played a pivotal role in preserving the automotive legacy of Sarah Thompson, a passionate classic car enthusiast. Sarah, proud owner of a meticulously restored vintage car, faced a devastating incident resulting in a total loss. State Farm’s agreed value coverage, tailored to the unique attributes of Sarah’s classic vehicle, ensured that she received a payout reflecting the true value of her cherished possession.
The personalized attention and commitment to understanding Sarah’s specific needs showcase State Farm’s excellence in providing customized coverage for classic car owners.
Case Study #2: American Family – Nurturing a Student’s Automotive Passion
In a heartening case, American Family proved to be the ideal choice for nurturing the automotive passion of Alex Rodriguez, a student with a penchant for classic cars. Alex’s prized possession, a vintage vehicle, was protected by American Family’s agreed value coverage.
When an unforeseen event led to significant damage, American Family’s policy provided a payout based on the agreed-upon value, allowing Alex to restore his beloved car to its former glory. This case exemplifies American Family’s dedication to supporting and safeguarding the unique interests of individuals, especially students, in the realm of classic car ownership.
Case Study #3: Allstate – Safeguarding James Mitchell’s Collector’s Dream
Allstate’s commitment to safeguarding the dreams of collectors is exemplified in the case of James Mitchell, a dedicated collector of rare and unique automobiles. With a diverse collection, James relies on Allstate’s specialized agreed value coverage to protect his investments.
When one of his collector’s items faced damage in an unforeseen circumstance, Allstate’s policy ensured that James received a payout based on the agreed-upon value, facilitating the restoration process. Allstate’s tailored approach to collector’s needs establishes it as a trusted partner for individuals like James who seek comprehensive protection for their valuable collections.
Car Insurance Companies That Offer Agreed Value: The Bottom Line
Many providers offer agreed value car insurance to customers who drive classic, collectible, or exotic luxury cars. If you keep getting car insurance rates from companies that don’t offer agreed value policies, then you may want to consider specialty classic or collectible car insurance companies. Save money on your classic car insurance by earning safe driver, low-mileage, multi-car, and multi-policy discounts.
If you’re a member of a car club, you could also achieve rate reductions. Also, consider increasing your deductibles. Now that you’ve compared car insurance rates from companies that offer agreed value, you can compare quotes from the best providers near you by entering your ZIP code into our free tool below.
Frequently Asked Questions
What is agreed value car insurance?
Agreed value car insurance is a type of coverage that allows you to set an agreed-upon value for your vehicle with the insurance company. In the event of a total loss, you will receive the agreed value of your car, rather than its depreciated market value.
Which are some of the best car insurance companies that offer agreed value coverage?
Some of the best car insurance companies that offer agreed value coverage include State Farm, American Family, and Allstate, as highlighted in our comprehensive analysis.
What are the pros of choosing car insurance companies that offer agreed value coverage?
The pros of choosing car insurance companies that offer agreed value coverage include receiving a payout based on the agreed-upon value in the event of a total loss, providing more certainty and protection for the value of your vehicle.
Are there any cons to choosing car insurance companies that offer agreed value coverage?
While agreed value coverage offers benefits, potential cons may include higher premiums compared to traditional insurance and the necessity to accurately assess the value of your vehicle.
How can I determine the appropriate agreed value for my car?
To determine the appropriate agreed value for your car, you can consult various resources such as classic car valuation guides, appraisals by qualified professionals, or recent sales of similar vehicles. It is important to choose a value that accurately reflects the worth of your car in the current market.
Can I switch from my current car insurance policy to one that offers agreed value coverage?
Yes, you can switch from your current car insurance policy to one that offers agreed value coverage. However, it is important to review the terms, conditions, and coverage details of the new policy carefully before making the switch. Additionally, consider any potential cancellation fees or loss of benefits from your current policy.
Free Car Insurance Comparison
Enter your ZIP code below to view companies that have cheap car insurance rates.
Secured with SHA-256 Encryption
Joel Ohman
Certified Financial Planner
Joel Ohman is the CEO of a private equity backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He has an MBA from the University of South Florida. Joel...
Certified Financial Planner
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.