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For cars less than 10 years old agreed valuation insurance is largely irrelevant as you will have a fair idea of your cars market value, and price guides such as Parkers will be also be able to point you in the right direction.
Insurance is a necessary requirement in law, so that we are covered in an accident. It is fair to say at some point in our lifetimes we may need to claim on our insurance due to an accident, theft or fire. We have many choices when taking out an insurance policy from third party insurance which covers our mistakes on others through to comprehensive insurance which will cover our cars if we are at fault. Many specialised insurers will also offer an agreed valuation with insurance policies.
Problems however exist for cars like ours which are over 10 years old and certainly aren't getting any younger. Insurance companies are not experts in the prices for Rover 200mk2 and 400mk1 and their price guide is normally based solely on the age of the vehicle, regardless of its condition and mileage. Unfortunately this means insurers often undervalue them irrelevant of condition.
An 'Agreed Valuation' however agrees the value of each car individually at the onset of taking out the policy. This means in the event of an accident or total loss there can be no argument on the value of the vehicle when claiming. For our cars and in particular those which are concours or rare models an agreed valuation would be recommended.
It is important to double check when taking out a policy, that if your policy doesn't state that there is an agreed value insurance despite your opinion being asked on the value of your cars vehicle then you haven't got it.
Unfortunately the club often hears of members who did not have agreed valuation insurance, or misunderstood their insurance cover and are now struggling with the insurance companies to recover the true value of their vehicle.
The club has teamed up with Chris Knott where you can not only benefit from a discount on your premium, but they are also able to offer an agreed valuation.
In the event of an insurance dispute, members may ask the club to provide them with an estimated value. For more information please contact Lindsey Smith