What is Agreed Value?
Agreed Value is a critical a part of classic car insurance. It’s the amount your insurer is willing to pay you in case your classic is written off after a crash. This is a piece of excellent news for classic automobile proprietors because the cash you have got pumped into your classic is taken into account by using your insurer, instead of just the trade price. On the face of it, an Agreed Value policy is a massive bonus for peace of mind. You set up what your classic is worth, the insurance company consents, and that’s the sum you get again in case you’re unlucky enough to go through a complete loss.
All our standard vehicle policies are written on an agreed value basis. This means that when the current cost automobile insurance process has been finished, your automobile’s value is assured. In the occasion of a total loss claim, we will pay the agreed fee minus your extra and any agreed salvage price.
At Agreed Value Classic Car Insurance Winnetka CA, we believe this should be an integral part of any conventional car policy so therefore we do not make a charge for this service.
Guaranteed & Agreed Value Insurance
On obtaining a policy with us, we at agreed value classic car insurance Winnetka Ca will supply you with an ‘Agreed Value Declaration Form’ as part of your policy documentation. This needs to be finished and again collected with six pictures of the vehicle, back/front/both aspects, indoors and the engine bay.
Photographs dispatched on photographic paper ought to all be signed and dated on the reverse. The snapshots must be of enough size (up to A5) as a way to without a doubt see the automobile in question. Photographs can also be submitted via electronic mail, collectively with the completed agreed value declaration form.
Professional assistance in classic car insurance
In some instances, agreed value classic car insurance Winnetka Ca may also request that you purchased an independent or Club valuation. This may be required for higher value automobiles, possibly with provenance, or excellent cars in which it could not be feasible to decide the real value from a set of photographs.
Occasionally the value requested may appear too low. In this instance, we will discuss this with you and may suggest increasing the cost, or obtaining a professional valuation to identify the vehicle’s true value. This may cause an increase in premium.
Once the cost of the car has been agreed any revealed photographs will be given to you, and we ask that these be retained as they’ll be requested with the aid of your insurer in the occasion of a claim. Should you feel, the price of your car has changed inside the insurance length you can request the present day agreed value to be re-considered.
In any occasion, we would encourage you to study your car’s value at coverage renewal. When your classic car policy is first taken out, it will be on a ‘market fee’ basis until the agreed price has been confirmed to you in writing. The agreed price will appear in your updated time table.
It is important to notice that if an automobile is insured at ‘market value’ the most that insurers will pay, inside the event of a complete loss declared, and might be the value shown inside the schedule or the real marketplace price, whichever is the decrease quantity.
