Valuations and insurance for total loss

[vaningen]

The recent total loss of 1300+ cars in a Liverpool multi-storey car-park in the course of a few hours has prompted me to re-examine my insurance arrangements. As part of the renewal process with RH Specialist Vehicle Insurance, I forwarded them copies of valuations for insurance purposes from Red Triangle of my TD21 drophead and TE21 saloon. The valuation figures duly appear on the Policy Schedule in the VALUE column. However, the AGREED VALUE column has the entry NO.
If a car was completely destroyed would I automatically receive the VALUE? However, the policy documentation says that they will pay "the market value of your vehicle (including its accessories) immediately before the loss up to the value shown on your schedule, or if it applies, the agreed value shown on your schedule...". That raises the question of how the market value would be determined. So should I seek to set up AGREED VALUEs for my cars and, if so, how does one achieve this?

[Philip]

Yes, you should DEFINITELY add "agreed value" to your policy. RH will do that if you ask them, providing you have a valuation done by the AOC or an agreed provider such as Red Triangle (which it seems you have already). I don't think there is any additional fee for this with RH. Note they also do free full salvage value as well - most other insurers charge for this.

[johnlayzell]

Unsure how it works in other markets, but the USA there are two types of automobile insurance: AGREED value and STATED Value.

Agreed means just that. The policy holder and the provider agreed to pay the agreed value in the case of total loss. Stated means the provider will pay what they state the vehicle is worth based on their evaluation.

Daily drivers normally have STATED Value insurance. Collector cars should always have AGREED Value. If RH doesn't/wont offer, shop elsewhere!