Agreed Value
Car Insurance

What is agreed value car insurance?

Agreed value is a pre-agreed settlement figure if you find yourself in the unfortunate situation where your vehicle becomes a total loss.

Having your UK car insurance policy endorsed with agreed value is generally a straightforward process and can be done at any point during your policy term. We do not charge for issuing the agreed value documents. Any additional costs would be due to an increase in the vehicle’s value.

How is your value agreed?

All of our UK insurance providers require six colour photographs of your vehicle in its current condition. The photographs should show the front, back, both sides, engine bay and interior. We always require the registration number to be visible in at least one photograph. You can send us your photographs by email.

A few of our insurance policy providers will require a valuation form, which in most instances can be self-completed. The form is a declaration relating to the condition of the car’s various components. For example:

• Bodywork – First Class
• Interior – First Class
• Engine Bay & Transmission – Good

The form has a guide for you to follow on how to evaluate your vehicle.

Once we have your evidence, the value is compared to market trends. There is a wealth of information available online such as auction results, classic car guides and these market reference points are used to agree on the value.

We also look at other circumstantial factors such as the history and prominence of your car. For example, has it had any famous owners or has the model been featured recently in a popular TV series or film?

How can I get an agreed value car insurance quote?

Call our team on 0121 550 2380 for a quick quote, suited to your needs. We are available 9 am to 5 pm, Monday to Friday.

Or you can leave your details using our quote form and the best time for us to call you back.

Do you provide agreed value on restoration projects?

Many people who have just finished restoring their car report issues relating to restorations costs. A common question is whether such costs should be taken into consideration when placing a value? Sadly, the answer is no.

Restoring a vehicle is not cheap and a professional restoration can be costly. You are employing the talents and skills of master craftsmen. To put this into context, you can spend £30,000 restoring your vehicle, however, that doesn’t mean these costs reflect the market value.

Here are some frequently asked questions about agreed value car insurance.

What’s the difference between car market value vs agreed value?

Agreed value is a pre-agreed settlement. Car market value can depreciate or appreciate depending on external factors. So agreed value car insurance may not always be the best option, however, this is all dependent on your car and other circumstances.

For example, one of our clients owned a Porsche 993 RS which had an agreed value of £150,000. Due to market trends fuelled by auction collectors, the value increased to over £300,000. Our client was prudent because he was planning to sell the irreplaceable car to fund his retirement. He contacted us to adjust the agreed value accordingly, however, if he had not kept his finger on the pulse of his car’s value and it was written off, he would have made a loss.

This is an important factor to take into account if you are considering agreed value car insurance. Always ensure you know exactly how much your car is worth and call our team or your dedicated account manager to report changes in value so we can adjust your policy. Additional costs are only charged due to an increase in your vehicle’s value, we do not charge to re-issue your documents.

Do you provide agreed value insurance for modified cars?

Yes, we do. We insure a wide range of performance and cosmetic modifications.