Agreed Value Coverage
Agreed value coverage is a policy feature designed specifically for classic and collector cars, where you and OpenRoad agree on your car's value upfront at the time the policy is written. Unlike standard auto insurance, which factors in depreciation and pays out only what your car is worth at the time of a loss, agreed value coverage ensures you'll receive the full predetermined amount in the event of a total loss, protecting your investment fully without any unpleasant surprises if you have a claim.
While many collectors have a pretty good idea of what their vehicles are worth, sometimes we all need a little guidance. We recommend consulting a pricing guide if you're unsure of your vehicle's value. Please visit our partners at Classic.com if you need support in determining your vehicle's value.
At OpenRoad, we rarely need an appraisal or inspection! Sometimes, usually with heavily modified or custom cars, we may ask for photos or additional information to help verify your vehicle’s value. For most policyholders no additional information will be necessary.
Example
When you insure your 1966 Mustang with an OpenRoad Agreed Value Policy, the value of your vehicle is locked in from day one. So if your car is ever deemed a total loss, you'll receive exactly what you and OpenRoad agreed it was worth, not what a similar car might be selling for on the market that day. If you insured your Mustang for $45,000, you get $45,000. It's that simple.
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