The insurance glovebox
Agreed value classic car insurance
By ULEZ Classic · · General information
Agreed value insurance records a vehicle value accepted by the insurer before a loss. A market value policy assesses the vehicle's value at the time of a claim. Check the schedule, excess and conditions before choosing cover.
How does agreed value differ from market value?
An agreed value belongs in the policy documents. Entering a value on a quote form does not by itself mean the insurer has accepted an agreed valuation. Ask which settlement basis the proposed policy uses and when that basis takes effect.
For a restored car, separate the asking price, money spent on restoration and the value the insurer will accept. These figures answer different questions. Use the broker's valuation process rather than assuming a seller's price settles the matter.
What evidence should you prepare?
Ask the broker for the current evidence requirements. Adrian Flux has a dedicated agreed value submission process; photographs and supporting vehicle information form part of that process. Keep copies of what you submit and the insurer's acceptance.
- Recent photographs that show the car's condition.
- Restoration invoices, specification and details of modifications.
- Any valuation you already have, with its date and basis.
- Written confirmation of the accepted value and any review requirement.
What should you ask before accepting a quote?
Read the proposed cover alongside your plans for the car. Ask about the excess, exclusions, valuation fees and what happens before the valuation is approved. If you restore or alter the car later, ask whether the accepted value needs updating.
- Is the valuation approved, or still pending?
- What deductions and excesses apply to a total-loss claim?
- Does the cover include my intended driving and storage arrangements?
- When should I submit a new valuation?
This guide helps you prepare questions. Your policy documents and the broker's explanation determine the cover available to you.