Agreed value insurance works by establishing a fixed, guaranteed valuation of a vehicle at the time the policy is written, determined through a combination of purchase receipts, restoration invoices, photographs, or professional appraisals. Both you and the insurance company agree on this exact dollar figure. If the vehicle is subsequently totaled or stolen, the insurer pays out that exact predetermined amount without reducing the payout for age-related depreciation. Policyholders typically review and update this valuation annually to account for market appreciation or major vehicle upgrades.
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