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Agreed Valuation

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We understand how much you value your pride and joy and we’d like to make you aware that your Classic Car Insurance policies could be extended to include our Agreed Valuation for just £18.00 per year.

If you’re interested in an Agreed Valuation with Lancaster, or would like to find out more, please read the important information below and either call us on 01480 484806 or click here to send us an e-mail.

What are the benefits of agreed valuation?

Adding an agreed value option helps to mitigate the risk of financial loss, and arranging your classic car insurance through Lancaster Insurance Services means that your agreed value will now be valid for up to two years!

Our two year agreed valuation means that after the first year of supplying photos and documentation, should nothing happen or change, then the value can be carried over with your renewal through Lancaster Insurance Services. If you want your agreed value looked at again, all you need to do is speak to an agent at the time of renewal.

How do you qualify for a two year agreed value?

To qualify for a two-year agreed value: your vehicle must have been manufactured before 1980 and current vehicle value be under £70,000. If your vehicle does fit this criteria it is possible that you will still only be given a one year agreed value it is at the valuers discretion based on the market at the current time.

Your Agreed Value Certificate will confirm the number of years it has been agreed for.

How does an agreed valuation help with a claim?

In the event of a total loss claim, the amount paid will be the sum agreed on the current agreed valuation certificate less any policy excess. In the event that the vehicle’s condition has been inaccurately described either intentionally or unintentionally to seriously affect its value, Insurance Services can dispute the agreed value.

N.B. All Agreed Valuations are subject to a valid valuation certificate having been issued by Lancaster Insurance Services.

Agreed Valuation Process

Organising an agreed value with Lancaster Insurance Services is simple and is completed via our bespoke online portal. The form will ask a series of questions including personal details and information about the vehicle being insured. You are also asked to supply a minimum of six current colour photographs of the vehicle (taken within the last couple of months) and these should consist of; four exterior body exposures, one of the interior engine bay and one of the vehicle interior.

There is also the option to upload further information to support your application such as invoices for work or purchases. These should only be relevant to works carried out to the vehicle within the previous three years. Photocopies are acceptable provided the originals would be available in the event of a claim.

Our independent classic carexpert will then set a value of the vehicle and you will be provided with a certificate confirming the sum for the insured vehicle which will then be valid from the date we received the completed form and photographs (not the start of the insurance policy).

Who carries out the valuation process?

Under no circumstances do we request or accept an independent valuation from a vehicle dealer or restorer. Our valuations are carried out by an independent Classic Car expert.

What happens if the value of the vehicle changes?

Should the value of the vehicle change during the certified period, then simply give us a call and we will send you a new application form for a re-valuation. Please be aware that an additional charge applies for each valuation completed. In addition, a change to the insured vehicle value may result in a change in the insurance premium.

In cases where an agreed valuation certificate has not been issued by Lancaster Insurance Services, a total loss claim will be paid at the current market value of your insured vehicle (the annual depreciating price given to all cars).

Purchase an Agreed Valuation Today

If you’re interested in an Agreed Valuation with Lancaster, or would like to find out more, please read the important information below and either call us on 01480 484806 or send us an e-mail at agvals@lancasterinsurance.co.uk.