When your policy renews, your agreed value is reviewed based on a figure provided by Redbook, an independent company that specialises in vehicle valuations. They calculate valuations using current market conditions such as sales at auction, dealerships, manufacturers and field research. Redbook update us with new values on a regular basis. This means that you may see an increase or decrease to your agreed value when you receive your renewal documents.
Independent third-party data helps to inform the agreed value ranges we have available, however it doesn't take into consideration the condition of your vehicle. Each vehicle has its own story, including mileage, condition, and how lived and loved the vehicle has been, that only you as the owner can really know.
It's important you check the agreed value shown on your policy schedule and get in touch with us if you feel that the amount we've offered doesn't match your vehicle, so we can agree a new agreed value with you.