Agreed Value Insurance

It is a policy that pays out an ‘agreed value’ in the event of a claim where the vehicle is written off or stolen and not recovered. Put simply, you know how much the claim will pay because it’s already been agreed.

If your vehicle is rare or unusual, or in better condition than similar models of a similar age – and worth more than the market value – you may want to arrange an agreed value policy. It can be especially useful if you have restored a vehicle or kept it in mint condition.

In the simplest terms, it means you have agreed the value of your vehicle with your insurer when arranging a policy. In the event of a Motor Insurance claim, your insurer will pay the agreed amount, rather than the current marketing value of the make and model.

In practice, you may need to agree to a valuation and to supply images of the vehicle when arranging a policy in order to ensure that the figure is accurate.

The price of a policy varies depending on the vehicle in question. It is typically more expensive than standard Car Insurance policies because it pays out a set amount.

Get in touch today and we’ll arrange a quotation for the best Agreed Value Car Insurance for your needs. 

A wide variety. Although most insurance brokers only offer Agreed Value Car Insurance for classic cars, we can arrange cover for ex-military and former agricultural vehicles.

We can also arrange Agreed Value Car Insurance for vehicles over 10 years old, including those with minor modifications. These must be parked off the road, either in a garage or covered on a driveway.

You can. We can arrange Agreed Value policies for modified cars if the modifications are minor. It’s important to mention that there may be conditions associated with the policy, such as being parked off the road or in a garage, but these will be explained to you.

Simply get in touch when your Motor Insurance renewal is due. We’ll talk you through the policy and make sure it’s suitable, before sending you a simple form to fill in. You’ll need to return it to us along with 6 colour photographs of the vehicle and a mileage declaration.

If your vehicle is valued in excess of £10,000, you may need to supply the insurer with an independent valuation or a car club valuation.

It’s important to note that you may have to get the vehicle valued regularly in order to ensure you receive the correct payment. In most instances, you’ll need to send new photos and a form every two years, too.