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Agreed Value Cover involves getting a recent valuation for your classic car and agreeing on the value with your insurance provider.
The idea is that certain classic cars can be worth more as they get older because they become fashionable, rare and sought after vehicles. This is different to a regular car that depreciates in value over time.
So if you can get your classic car valued for what it is worth as a prized vehicle, the agreed value cover will mean that your insurer can cover the real value of the vehicle in the event that it is:
Agreed value cover is not just for classic cars as it can also be used for other purposes such as contents or life insurance. However, you can understand that because classic cars can go up in price over time that it makes sense to have agreed value cover.
For many, their classic car is their pride and joy. Whether you drive it on weekends, weddings or classic car shows, it is more than just a way to get from A to B.
But in the event that your classic model is damaged or involved in an accident, the insurer might only provide compensation for what the model is worth as a standard vehicle. Since classic vehicles can be over 30 years old, the insurer might consider the value to be very low, not realizing that being so old is what makes it valuable.
This is why having agreed value cover is essential. You are able to agree the real value of your classic car and get the financial cover you need to replace it properly.
There are several ways to find out the value of your classic car. You can take it to the garage of the manufacturer, speak to a classic car club or use online valuation tools. Some insurers will ask you to fill out an agreed valuation form and include information from the V5 and MOT documents.
There are several factors that are important to maintain a high value for a classic car. This includes:
Source: This is Money
You can get your classic vehicle valued every couple of years, but there is no reason why you can’t ask your insurer to revalue it annually. This will require the standard checking and documentation but it might be a clever way to protect your vehicle if it ever needs replacements or repairs.
Above all, you can never be sure if your classic vehicle will ever go up in price year-upon-year. Perhaps it reaches the 30th anniversary or the model becomes very popular, it can be worth getting the vehicle re-valued for insurance purposes.
At Call Wiser, we can help you get agreed value cover for your classic vehicle. It is one of the things that we will offer with our classic car insurance policies.
As a leading independent insurance broker in the UK, we are dedicated to finding the right policy for you. We work with over 30 top insurance providers in the UK and will find different ways to get you the best price by looking at things like the agreed value, excess cover and annual mileage.
If you have more than one classic vehicle or have another standard vehicle, you can look at our multi car insurance policies to see how you can save by purchasing insurance in bulk.
At Call Wiser, we believe it is better to talk over the phone because it allows us to ask follow up questions and process your insurance application as quick as possible.
All new policies with Call Wiser include free breakdown cover from the RAC, free claims and legal assistance, free handbag, gadget, wallet and helmet cover too. So why not call today for a free and no obligation quote?