I get where you’re coming from, but I’ve actually had a decent experience with agreed value—at least with Hagerty on my old 911. They did ask for a ton of documentation and photos, but when I had a claim (hail damage, nothing major), they didn’t hassle me about the payout. I think it really depends on the company and how well you’ve documented your upgrades. Not saying it’s perfect, but it’s been less of a headache than “full coverage” with the big-name insurers, at least in my case.
I’ve heard Hagerty’s pretty solid for classics, but I always wonder about the “agreed value” thing—like, what happens if you make a bunch of small mods over time? Do you have to keep sending them new photos and receipts every time you swap out a part or add something? That sounds like a lot to keep up with, especially if you’re forgetful like me.
I’m still on my first real policy (just got my license last year), so I’m kind of paranoid about missing something and getting denied if I ever need to file a claim. The big-name insurers seem easier upfront, but I get nervous about all the fine print and whether they’ll actually pay out what my car’s worth if something happens.
Has anyone had issues with getting the agreed value adjusted? Or is it more of a “set it and forget it” deal unless you do major upgrades? Just trying to avoid any insurance horror stories before I even get started…
Honestly, I get where you’re coming from—the whole “agreed value” thing can be a bit intimidating at first. From what I’ve seen, most classic car policies (Hagerty included) only really want updates if you do something major that bumps your car’s value up a lot, like a full restoration or dropping in a new engine. Swapping out smaller parts here and there usually isn’t a big deal, but it never hurts to keep basic records just in case. I’ve heard stories of people being fine unless they totally transformed the car and didn’t tell their insurer. It’s a pain, but not as bad as it sounds... and way better than fighting with a regular insurer over “market value” if you ever need to make a claim.
That lines up with my experience, too. Agreed value policies can seem daunting at first glance, but once you get familiar with how they work, it’s actually pretty straightforward. I do think it’s worth noting that some insurers are a bit pickier than others about what counts as a “major” change—one company flagged me for a high-end carburetor swap, which surprised me. I guess it just depends who you’re dealing with and how they interpret “significant.”
Keeping receipts and photos has saved me a headache more than once. Even if it’s just minor upgrades, having a paper trail makes it so much easier if you ever need to update your policy or, worst case, file a claim. I totally agree: fighting over market value with a regular insurer is a nightmare, especially with classic cars where the market can be all over the place. Agreed value isn’t perfect, but it’s way less stressful in the long run.
Yeah, receipts and photos are a lifesaver—learned that the hard way after a minor fender bender. The adjuster wanted proof of every upgrade, even the stuff I thought was obvious. One thing I’d add: make sure you get everything in writing from your agent, especially if you’re making changes or adding mods. Some companies will say one thing on the phone and then act clueless when it’s time to pay out. Delaware insurers can be all over the place with what they consider “significant,” so I double-check every detail before signing anything. Not worth the risk otherwise.
