Agreed Valuation Classic Car Insurance

Before you apply for classic car insurance quotes you need to determine the actual value of what your classic car is currently worth. Premiums are often determined by the sum insured or declared value of the classic car. Your estimate of the classic cars value will differ from the car insurance company especially if you have had restoration work or done modifications to the vehicle. How do you value your classic car for insurance purposes?

Unless you approach this potential problem from inception, that is the day you take the policy out, if the worst happens and you need to make a claim where your car is written off, you may not get the full market value for your classic. This problem is exacerbated if your particular classic is rare, vintage or a historic collectors car.

On standard car insurance policy on a replacement or like for like basis, the value of the car is often set by the market value of the time, taken from Glasses guide to motor vehicle prices. The amount you will be probably be paid for a write-off will be at the current market value of your car, an annual depreciating price given to all cars and vehicles.

Problems can arise when a classic car has been involved in a total loss accident.

It is highly unlikely that an owner will know the actual value of their classic car at any point in time beyond when the bought it, and this applies equally to an Insurer who has to calculate a price for the risk. The cost of repairs of the classic car affect the premium price. Specialist tools and replacement parts might be required and it important for a prospective purchaser of a classic policy to understand the levels of repair cover offered, and whether you are bound to take your car to an approved repairer in the event of a damage claim

To avoid the above problems that may occur, most specialist car insurers of classic and other collectors vehicles have devised a cover option or policy element called an ‘Agreed Valuation’. The purpose of the Agreed Valuation is to recover the real value in the event of a total loss. In most cases the agreed value of the car is guaranteed for the term of the policy, usually a year.. If the value of your classic car changes significantly at any time during your cover period, you will need to tell your car insurer who will arrange for a revaluation. Often classic car insurance companies offer the valuation service as part of the basic cover and it is included in the cost, others will charge a small fee and offer it as optional cover. Getting a classic car valuation agreed is fairly easy with most classic car insurance companies requiring a set of photographs and accompanying purchase or restoration documentation by post.

All classic cars should be covered under an agreed valuation policy to avoid disputes if a claim is made. Usually an Agreed Valuations Certificate is issued by and often only valid for, the participating insurance company. If you are planning to switch classic car insurance to take advantage of the many offers that are currently available from specialist companies on the Internet where the market is softer and premiums cheaper, be sure to first check that a certificate issued by your previous company is accepted by the new insurer or that the new company offers an agreed valuation service.

It is better to pay more in premiums for a quality claims service than face future disappointment. Ensure you protect yourself with a classic car insurance company which has the experience of dealing with cars like yours, and can offer you a policy where the value of your classic car is guaranteed.

Many drivers are familiar with and indeed have used a price comparison on the Internet before.. Many users have had a bad experience of comparison websites.

Those that did some research before searching for a term such as car insurance on the first device in front of them, will have had good experiences. Successul clients will have narrowed down the options to those websites that specialise in comparing policies for particular types of cars or young driver cover. This is especially true for drivers seeking to find cheap classic car insurance to cover their pride and joy.

Classic car owners should have classic car insurance, if they want to benefit from the classic policy features. These covers are not usually available on a standard policy.

Therefore it is what differentiates a classic insurance policy from standard cover that you need to look at carefully when comparing quotes for classics on comparison sites.

When comparing classic car insurance policies or quotes make sure that you compare the following items which are standard risks for most classic policies.

1) The discounts for limiting your mileage.

2) The rates charged for agreed valuations.

3) Are policy benefits such as Rally Cover are included as standard or charged extra.

4) The amount of discounts for being a classic car club member.

5) The amount of premium discounts for limited period cover.

6) Garaged Car Discounts.

Specialist classic vehicle comparison will still need to collect most of the information that is required by a standard price comparison site, and this will of course determine the levels that you are quoted. You will still need to make comparisons of all the standard covers.

There are now many classic car insurance websites on the Internet. in the UK the largest is Car Insurance.tv lets you compare classic car insurance quotes from over 100 schemes and polices designed for classic cars. It certainly pays to visit a specialist car insurance website when it comes to claims. Under a classic car insurance policy you will benefit from original spare parts and the comfort of knowing that only someone who knows what he is doing fixing your car.

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