Guaranteed & Agreed Value Insurance
All our classic car policies are written on an agreed value basis. This means that once the agreed value car insurance process has been completed, your vehicle’s value is guaranteed. In the event of a total loss claim, we will pay the agreed value minus your excess and any agreed salvage value. Agreed value insurance is worthwhile and helpful if you own a vehicle that is unusual or hard to replace.
We believe this should be an integral part of any classic car policy so therefore we do not make a charge for this service. On obtaining a policy with us, we will supply you with an ‘Agreed Value Declaration Form’ as part of your policy documentation. This should be completed and returned together with six photographs of the vehicle, back/front/both sides, interior, and the engine bay.
Photographs sent on photographic paper must all be signed and dated on the reverse. The photographs should be of sufficient size (up to A5) to be able to clearly see the vehicle in question.
Photographs may also be submitted via email, together with the completed agreed value declaration form. The link for this option can be found at the bottom of this page.
In some circumstances, we may request that you obtain an independent or Club valuation.
This may be required for higher value vehicles, perhaps with provenance, or exceptional vehicles where it may not be possible to judge the true value from a set of photographs.
Occasionally the value requested may appear too low. In this instance we will discuss this with you and may suggest increasing the value, or obtaining a professional valuation to identify the vehicle’s true value. This may cause an increase in premium.
Once the value of the vehicle has been agreed any printed photographs will be returned to you and we ask that these be retained as they may be requested by your insurer in the event of a claim.
Agreed values are reviewed by PBIS every 3 years.
Should you feel the value of your vehicle has changed within the insurance period you can request the current agreed value insurance to be re-considered.
In any event, we would encourage you to review your vehicle’s value at policy renewal.
When your classic car policy is first taken out it will be on a ‘market value’ basis until the agreed value has been confirmed to you in writing. The agreed value will appear on your updated schedule.
You should ensure that photographs (one of each side, front, back, engine bay, interior (classic cars only) are received by us within 14 days of the inception of the policy to prevent further charges being applied to the policy.
It is important to note that if a vehicle is insured at ‘market value’ the most that our insurers will pay, in the event of a total loss claim, will be the value shown in the schedule or the actual market value, whichever is the lower amount. Peter Best Insurance Services Limited cannot act upon or enter a dispute on your behalf in the event you have not obtained an agreed value.