Agreed Value Insurance
Agreed value insurance pays a fixed sum agreed in advance if the car is written off, common for classic cars.
What is Agreed Value Insurance?
A valuation or photos are often required. Policies may include mileage limits. It avoids disputes over a classic’s market value after a loss. Club membership can sometimes reduce classic insurance premiums.
How it works
Insurer and owner agree the value when the policy starts, rather than using market value at the time of loss.
Why it matters for your car
Update the agreed value after restoration or price rises. Check usage limits, such as mileage and storage conditions.
Other terms
- A/C Condenser
- Battery Swapping
- C-Pillar
- Coolant Temperature Warning Light
- Crankcase Ventilation (PCV)
- Eco Mode (Economy Drive Mode)
- Heated Rear Window
- Hub-centric Rings (Centring Rings)
- Lane Change Assist
- Limited-slip Differential (LSD)
- Low SAPS Oil (Low-Ash Oil)
- Oil Pump
- Pedestrian And Cyclist Detection
- Pillarless Hardtop
- Piston
- Rear-Wheel Drive (RWD)
- Spaceframe Chassis
- Transmission Control Module (TCM)
- Vinyl Roof
- Wire Wheels (Spoked Wheels)