Agreed Value Insurance

[Keep it stiff]

I have three classics insured through Lancaster, two of these on agreed value.The policy is due for renewal.

I don't understand what process, if any, is applied to agreed values in this rising market and indeed could it be that classic cover is now better suited to non-fixed value cover to allow values to fluctuate with the market?

My concern is compounded by the fact that two of my cars are very rare, I have one car of which perhaps 20+ survive and another for which you would be counting UK examples on one hand. In both cases it is very difficult to find evidence of market transactions simply because there are so few. When I added one of these cars to the policy last year I could not get any clarity from Lancaster as to how they assessed the fixed value, I sent them what evidence I had (links to auction results), I challenged their original assessment which later increased however they could not provide any explanation other than offering the comment "that is what our underwriters came up with".

I would be interested to hear views as to the relative merits of fixed value v non fixed value cover and also if there are any recommendations as to providers who are more responsive on the issue of setting/adjusting fixed values.