Example: Up in flames<\/h4>
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<\/p>
John had spent nearly 15 years restoring a classic Mercedes-Benz 600, which he kept parked in an exterior shed of his property. John had the car insured under agreed value cover for \u00a390,000.<\/p>
Late one evening, John awoke to see the garage up in flames from his bedroom window. By the time local firefighters had arrived, all that was left of the garage and car were mounds of ash and scrap metal.<\/p>
The insurance company declared the vehicle to be a total loss. John is paid the agreed value of \u00a390,000. If he\u2019d had a car insurance policy based on market value, the pay-out would have likely been much lower.<\/p>
* This is a fictional, but realistic, example.<\/strong><\/small><\/p>\n\n\n<\/div><\/article> All of the usual car insurance terms and conditions, and exclusions<\/a>, also apply to agreed value car insurance. Just because you\u2019ve paid for a higher agreed value doesn\u2019t mean you\u2019ll necessarily be able to claim it. For example, you won\u2019t be able to claim if you\u2019re found to be using your car for purposes that you didn\u2019t include in your policy \u2013 such as renting out your classic car for weddings if you don\u2019t have business cover. And you won\u2019t be able to claim for wear and tear, or driving under the influence.<\/p> Some additional pitfalls you may encounter with agreed value insurance include:<\/p> Agreed value insurance is mainly for rare or unusual cars, where insurers may not have accurate information on a car\u2019s true cash value, or where a car is worth more than average compared to those of a similar age. Examples include:<\/p> To get an agreed value car insurance quote, you\u2019ll need to supply everything you need to get a regular car insurance quote, including:<\/p> In addition, you\u2019ll also need to provide evidence of your car\u2019s resale value.<\/p> To get agreed value car insurance based on the likely sale value of your car, you\u2019ll need to provide the insurer with evidence of that value.<\/p> Some insurers may accept a price you provide directly, backed by evidence such as small ads for similar vehicles in a similar condition. You may also need to supply photos of the car, inside and out, plus the engine. Bills for recent restoration work you\u2019ve had done may support the fact it\u2019s worth more than a car of its age would otherwise be.<\/p> Alternatively, you can get a professional valuation, for example from a recognised classic car club. Some insurers require a professional valuation, and it may be more straightforward than trying to put your own value on the car. You\u2019ll probably be charged a fee.<\/p><\/div><\/div><\/div><\/article> Yes. Reasons for this include:<\/p>Are there any exclusions for agreed value car insurance?<\/h3>
What are the different types of agreed value car insurance?<\/h3>
Who are agreed value policies best for?<\/h3>
What do I need to get an agreed value car insurance quote?<\/h3>
How do I get evidence of my car\u2019s value?<\/h3><\/div>
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<\/p>Are agreed value policies more expensive than market value policies?<\/h3>