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What is an Agreed Value Car Insurance policy? It is a policy that pays out an 'agreed value' in the event of a claim where the vehicle is written off or stolen and not recovered. Put simply, you know how much the claim will pay because it's already been agreed.

As a leading provider for period, listed and thatch properties, Heritage is a well-established and trusted broker to private clients and brokers throughout the UK.

The key difference is that with a stated value policy, you might not get that agreed-upon number, even if you provided an appraisal up front. For a high value or specialty car, agreed value insurance has benefits over a stated value policy since it provides greater peace of mind in the event of a claim.

Agreed value waives any coinsurance penalty and pays 100% of the stated amount (agreed upon amount) for any covered loss. Replacement cost covers the amount it takes to replace your property with new property of like kind and quality up to the limits of insurance. Like ACV, replacement cost is subject to coinsurance.

Agreed value — sometimes referred to as “guaranteed value” — is an amount you and your insurance company agree a specified item is worth. Unlike most other coverages, if an item is covered at agreed value, you are guaranteed to receive the full amount stated in the policy in the event of a loss.

Many insurers use a cut-off date of 15 to 25 years old and others have a list of makes/models that they refer to. There are also rare models, prototypes, restorations/recreations etc. This is why placing your insurance needs in the hands of an expert classic car insurance broker is essential.

The Top 8 Online Classic Car Insurance Companies Hagerty Insurance. Footman James. Classic Line Insurance. Adrian Flux. RAC. Lancaster. Heritage Classic Car Insurance. Carole Nash.

Under the agreed value clause, the most your insurer will pay for a loss to damaged property is the proportion that the limit for that property bears to the agreed value of that property shown in the statement of values.