Agreed value is the maximum amount that we will pay for your car when you make a claim. An agreed value is set with you when you first purchase insurance, then it’s reviewed each year upon renewal. This value doesn't change prior to your policy renewal date unless you contact us to make changes. You should make sure that your agreed value is enough to replace your car in its current condition, as this is what you will receive if your car is deemed a total loss, minus any applicable excess and any unpaid premiums.
Most of our insurance policies offer an agreed value to ensure you don't get any surprises at claim time. However, some of our Small Business Commercial Vehicle Insurance policies will use market value. Which option applies to your policy will be made clear during the process of setting up your cover.
Your agreed value is automatically reviewed at each renewal and may be adjusted as the value of your car decreases or increases, based on third-party data. It is important that you check the agreed value shown on your policy schedule and get in touch with us if you have any concerns or need to make any changes.