Your car will either be insured for an agreed value or market value, depending on the type of cover your insurer provides and the level of cover you've chosen.
An agreed value is the maximum amount that your insurer will pay for your vehicle. You and your insurer will come to an agreed value when you first purchase insurance, then it’s reviewed each year upon renewal. This value doesn't change during your period of insurance with us, unless you contact us to make changes. Your agreed value should be enough to replace your vehicle 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 be covered for market value, which 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 vehicle depreciates with age and use. It is important you check the value shown on your policy schedule and get in touch with us if you have an concerns or need to make any changes.