Everyone resents having to spend money on insurance but unfortunately it's a necessary element of motoring. With the many thousands of classic car insurance policies available to drivers, don't be fooled into thinking all are the same. This is especially important to bear in mind when insuring a classic car.

One of the most valuable benefits that a classic car contract should offer is the option of specifying an 'agreed value'. An 'agreed value' is a figure, approved by both client and insurance company, of a vehicle's true value. For their owners, classic cars are a passion, with many spending huge amounts of money on their vehicles. This often results in owners ploughing far more cash into a vehicle than it would ever be worth on the open market. This mismatch of money spent versus actual market value is where problems can arise.

Many owners have not specified an 'agreed value' with their insurance company. Others simply total all monies spent on the vehicle and assume this is what they will receive. Sadly, in both instances, this assumption will almost certainly lead to disappointment. Insurance companies only pay up to the market value of the vehicle at the time of the incident.

HOW DO YOU SPECIFY AN AGREED VALUE?
Specifying an 'agreed value' with your insurance company is simple. You will need to provide a selection of images of your vehicle taken from various angles, together with a written valuation. A written valuation can be obtained either through a specialist dealer or a club Secretary/Archivist unless you are insured with ClassicLine Insurance.

Nobody knows your car better than you do, so ClassicLine gives their drivers the option to produce their own vehicle valuation.

HOW WILL YOU KNOW IF A VALUE HAS BEEN AGREED?
You should have received confirmation from your insurance company/broker stating the exact 'agreed value' for your vehicle. This could be in the form of a letter, certificate or schedule. As ClassicLine Insurance prides itself on clarity, our customers also receive a separate letter clearly confirming the vehicle value that has been agreed, along with the period that this amount is valid for (usually two years).

DARREN'S TOP TIPS
It pays to make sure that the value of your vehicle is agreed at all times, including before and during a restoration.

Treat the issue of insurance seriously and as much a part of classic car ownership as selecting the right oil or tyres for your vehicle.

Remember; insurance brokers are here to help. Keep your broker informed of any work carried out on your vehicle that may affect its value.

With any luck you'll never have to worry about claiming your 'agreed value' and your car will give you many years of happy motoring, but just in case the worst happens, I hope this guide will have come in useful.