Secure True Worth with Agreed Value Insurance Secrets
Cost Considerations and Real-World Examples
While agreed value insurance can be more expensive than standard policies, the benefits often outweigh the costs. For example, insuring a classic car with an agreed value policy might cost between $300 and $1,000 annually, depending on the car's value and your location1. However, this premium ensures that you receive the full agreed value without depreciation deductions, offering significant peace of mind.
In the art world, agreed value insurance is essential for collectors. A painting insured for $50,000 under an agreed value policy will yield that exact amount if it’s lost or damaged beyond repair, regardless of market conditions at the time of the claim. This stability is invaluable for collectors who rely on their art as both an investment and a passion2.