InsBro
Ring Warrior
This is a question we get asked on a number of occasions so I thought I'd answer it here.
You may be familiar with the agreed value being applied to classic cars well basically its the same as that.
I'll explain:
The value is set at the commencement of the policy so if the vehicle is subject to a total loss or un-recovered theft you get the value agreed on day 1 - WITHOUT quibble
This can really benefit hi spec cars after they are 12 months old - I say after 12 months because most policies have a new for old clause for 12 months (if you are the first registered keeper)
Imagine your cars list price is £75,000 and you spend £15,000 on options (not that difficult to do)
In the event of a claim you want to be compensated for all those additions you paid for to enable you to buy a similar specification car again. Obviously you insurance policy is designed to put you back in the position prior to the loss but when they refer to the trade guides they have fixed amounts for very few spec items (SatNav & Aircon!!) so you could have a battle getting the true value.
Having agreed value obviously alleviates this
Jeremy
You may be familiar with the agreed value being applied to classic cars well basically its the same as that.
I'll explain:
The value is set at the commencement of the policy so if the vehicle is subject to a total loss or un-recovered theft you get the value agreed on day 1 - WITHOUT quibble
This can really benefit hi spec cars after they are 12 months old - I say after 12 months because most policies have a new for old clause for 12 months (if you are the first registered keeper)
Imagine your cars list price is £75,000 and you spend £15,000 on options (not that difficult to do)
In the event of a claim you want to be compensated for all those additions you paid for to enable you to buy a similar specification car again. Obviously you insurance policy is designed to put you back in the position prior to the loss but when they refer to the trade guides they have fixed amounts for very few spec items (SatNav & Aircon!!) so you could have a battle getting the true value.
Having agreed value obviously alleviates this
Jeremy
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