Insurance cover explained!
By Lancaster Insurance Services |
26th September, 2016
In a new series each month we’ll be focusing on a different area of insurance and explaining how it may be relevant to you and your policy, and this month we’re talking about agreed value.
When it comes to your classic car policy, agreed value is arguably the single most important part of your cover. A standard insurance policy will only pay out your car’s current market value after an accident has occurred, whilst a classic policy with an agreed value, means your pay-out in the event of a total-loss claim is determined before the incident has occurred. Therefore if you need to make a claim, it will reflect the true current value of your vehicle, meaning you won’t be under insured.
If you have chosen agreed value as part of your policy, it’s worth making sure it is up to date and reflects your classics true worth. If you’re unsure on whether this benefit is covered, please refer to your policy or check with your insurer.
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