Agreed Value Classic Car Insurance
Protecting Your Pride and Joy Should The Worst Happen
Agreed Value can be added to the policy for a classic, collectable or modified vehicle. Thanks to modifications and other quality-enhancing additions, the listed market value of such a vehicle may not reflect its actual value, aka the price that would be achieved if you were to sell it on the open market.
If you choose to include an Agreed Value in your insurance policy and your vehicle is a total loss after an accident, then any resulting offer will be based on the agreed value of your car, rather than the current market price – ensuring that you get a price that really reflects the hard work and dedication that you invested into your pride and joy.
To obtain an Agreed Value as part of your Quote My Classic insurance policy, all you’ll need to do is supply us a few photographs of the vehicle and receipts of any work carried out on it. We will only collect a small fee when the entirety of the Agreed Value Application is sent through to us. Once this information has been reviewed, we will then issue you with an Agreed Valuation Certificate.
To add Agreed Value to your policy or for more information on the subject, speak to one of our advisors today. Whether you own a lovingly restored classic, a modern sports car, or a heavily converted racer, you want to make sure you can claim the real value of your car should you have a road accident. Many insurers cover very different car varieties with blanket, cover-all policies, regardless of each individual vehicle’s market value. With classic cars in particular, this can mean that you end up getting a policy that pays out far below what your car is actually worth. For example, a 1967 Beetle convertible with 70,000 miles on the clock books at about £18,000, as does a Mini Cooper S with only 5,000 miles on the clock, but the owners have refused offers of over £40,000 and £50,000 respectively!
In such cases, your pay out could end up being the bare minimum after a crash, despite all the hard work and time you’ve put in to getting the car in tip top condition. In fact, some policies pay less than the car is worth – often just around trade price – which will leave you out of pocket when you eventually come to buy a replacement.
The work and care that you put in to your car can often save it from depreciation as well, but many insurers don’t take that into account, which again means that your work/effort could be wasted should you have to make a claim.
With an Agreed Value, though, your car is valued at the start of the policy, based on a small amount of information and a few photos provided by you. That way, you know exactly what you are going to be getting, should the worst happen. You can be secure in the knowledge that you will receive enough money to buy a replacement car of similar value, so you’ll be able to get back on the road as quickly as possible!