In the unfortunate case of a total loss whether by accident or theft, most insurance policies are geared to pay out only the lowest amount they can on the vehicle. Decisions on what that value is vary by insurer, but if you have spent a great deal of time and money on your classic, custom, hot rod or converted car or van, chances are the true value is considerably higher than the price the insurer will place on the vehicle and there is a very real potential of you losing out. Whilst insurers do make every effort to get vehicle valuations right, inevitably there can be a large grey area of disagreement, which can be avoided.

With most of our classic car insurance policies and a select few modified and van policies we can offer an agreed value with the policy. This means that should you suffer a total loss, the insurer will pay the pre-agreed value of the vehicle rather than the amount they place on it at that time.

Remember an agreed value is secured for a set period, normally 2 years, which means even if the market value reduces during that time, the higher amount that has been agreed will be paid out.

To obtain an agreed value, we ask you to provide the evidence of the proposed value by way of photographs, professional evaluation or declaration. We can accept ‘self valuations’ if a Car Club or independent valuation is not available – discuss this with option with a member of staff. We will then assess the information and either grant the agreed value endorsement, or will discuss a suggested figure for consideration. We have over 30 years experience offering agreed values so you can be sure that any discussions will be sensible and at all times you will be advised of how and decision has been reached.

If you have a vehicle on a modified car insurance scheme, an agreed value isn’t generally needed as we request a full list of modifications and replace on a like for like basis where possible but by all means, if you do still wish to have an agreed value, we’d be happy to take a look.

If you have a vehicle on a campervan insurance scheme, if it started out it’s life as a standard van the value would usually increase significantly when it’s fully or even partly converted and with all the time, effort and money put into these the last thing you would want to happen is have an accident and the pay-out not reflect what’s been put in.

For more information, give us a call on 01792 650933 or download one of the forms from below.

Agreed Value Forms

All files are in PDF format, please download Adobe Reader if you can’t open them.

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