How to Value a Classic Car For Insurance (3)

To avoid the above problems that may occur, most specialist automobile insurers of classic and other collectors vehicles have devised a cover option or policyowner element called an 'Agreed Valuation'. The purpose of the Agreed Valuation cover is that in the event of a total loss claim where the classic automobile is beyond repair and written off, the underwriting company will guarantee to pay the claim in full to the agreed value of the classic automobile,


less any excesses that may be applicable. In most cases the agreed value of the automobile is guaranteed for sure period of time. If the value of your motor changes significantly at any time you will need to tell your insurance company who will arrange for a revaluation. Plenty of specialist automobile insurers offer the valuation service as part of the basic policyowner cover and it is included in the cost, others will charge a small fee and offer it as optional cover. The valuation method is easy with most classic automobile insurance companies requiring a set of photographs and accompanying purchase or restoration documentation by post.
If your classic automobile is valuable or difficult to value you ought to think about taking out a policyowner where agreed valuations are included as part of the technique to keep away from problems with the insurance company in the future. Usually an Agreed Valuations Certificate is issued by and often only valid for, the participating insurance company. If you are planning to switch classic automobile insurance to take advantage of the plenty of offers that are currently available from specialist companies on the Net 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.