Agreed value on a classic policy

[eltax91]

Hi guys

I've had a quote from an insurer for a car, it's a limited miles policy with an agreed value. One thing I forgot to ask them, is the agreed value then the fixed value you get from any payout?

For example, if you agree a value of £10k and during the policy year the values rise, should the worse happen and you have an accident, would they pay out market value or agreed value?

I guess what I'm saying is, is agreed value a 'minimum' or a fixed value regardless.

Also, what about proof? Would you have to prove the actual value before embarking on a policy? Or could you overstate it.

Lastly, if you have a non fault crash, if the 3rd party refuses to pay agreed value can you get the difference from insurance?

Edited by eltax91 on Tuesday 21st February 22:21

[eltax91]

bobtail4x4 said:

if you agree £10k thats it,
if it goes up in value you need to re arrange the valuation.

is the agreed value in writing?

Don't know about in writing. I assume so. I'm not sure what proof, if any they will want from me of value. Or if they simply don't care (higher value = higher premium)